News & Insights

How does a school find the chief financial officer (CFO) it needs?

A first step is recognizing that CFOs (like presidents) are not one-size-fits-all. CFOs have different skill sets and temperaments, and the person who is right for one kind of school in one type of financial situation may not be right for another school.

Winston Ling, former CFO at Tyndale University College & Seminary in Toronto, assisted the school’s president, Brian Stiller, in saving the school from near bankruptcy. As Jay Blossom and Holly Miller noted in "Neither Yes Man nor Dr. No" (which appeared in the Summer 2012 issue of In Trust), Tyndale avoided bankruptcy because Ling and Stiller had the specific skills needed at this difficult time. But when Ling stepped down twelve years later, the board realized that his replacement would need a different set of skills.

“Winston came to Tyndale at a time that required a lot of quick and tough decisions,” said Randy Henderson, Ling’s successor. “That’s not my strength, and I’d have trouble in that kind of environment.”

Ling agreed. “I left the CFO job because I knew we needed someone to move the school forward. I don’t have the patience to accomplish that.”

Different skills for different situations – even at the same school. In the article, Ling and Henderson offered advice based on decades of experience as financial leaders in the public, private, and nonprofit sectors. Some of their conclusions:

  • CFOs do not need to be accountants, but they do need to be able to interpret financial data and ask the right questions.

  • Most schools will not find the best CFO candidate internally.

  • Screening committees should rule out “yes men” who agree with every idea the board brings to the table. But they should also rule out someone who says no to everything; a school’s CFO must not be allowed to stifle all new programs, missions, and innovations due to excessive caution.

Read the full article for much more about how boards can best approach this essential task of finding and working with the best CFO for their school.

Top Topics

Roles & Responsibilities

Challenges

Opportunities

Board Essentials

Upcoming Events

The In Trust Center hosts learning community spaces throughout the year. Check out our upcoming events below.

Called to the Chair: Board Leadership for Unsettled Times

ON DEMAND

Dr. Rebekah Basinger addresses the opportunities and challenges that come with chairing the board of a theological school, which include how to design effective board meetings, enhance board member engagement, and develop the board for long-term effectiveness, while giving attention to the board chair and president partnership and the critical importance of call in both roles.

Stakeholder Management Planning

ON DEMAND

Every organization should be prepared with a plan that establishes specific communication goals for key stakeholders in order to ensure the success of its programs, initiatives, or ongoing communication strategy. In this webinar, Josh Peskin, Ph.D., an expert in organizational communications, will walk through the elements of developing a stakeholder management plan to help you engage with your audiences in a more effective way. Click to view.

Conflict + Crisis: Navigating the Shoals Part 1

ON DEMAND

Presenter Donna Alexander, President & CEO of Advoxum Global Strategies, offers best practices for navigating conflict and crisis. She examines the crucial elements of defining conflict and crisis, identifying, and prioritizing affected stakeholders, utilizing effective communication strategies, and ultimately, executing a plan of action.

Can’t Find What You’re Looking For?

In Trust Center provides Resource Consulting to our members at no charge. Contact us today and let us guide you to the most helpful resources for your situation.

Contact Us