Other Title:
- Chief Financial Officer
- Vice President - Finance
- Manager of Finance
In some organizations, the top financial manager also oversees the administrative function of the organization. Their titles are:
- Director of Finance and Administration
- Vice President of Finance and Administration
- Manager of Finance and Administration
Reporting relationships
The title that the position reports to and the title of the role(s) that reports to it.
Hours of work
The number and nature of expected work hours. Examples include full-time, part-time, traditional business hours, occasional or frequent evenings and/or weekends, and the length of the position’s work term, such as permanent, temporary, or seasonal.
Job purpose
The Director of Finance contributes to the organization’s overall success by effectively managing all financial tasks for the organization.
Primary duties and responsibilities
The Director of Finance performs a wide range of duties, including some or all the following:
Financial accounting and reporting
- Develop and maintain timely and accurate financial statements and reports that are appropriate for the users and in accordance with Accounting Standards for Nonprofit Organizations (ASNPO).
- Develop, implement, and ensure compliance with internal financial and accounting policies and procedures.
- Ensure that all statutory requirements of the organization are met, including Charitable Status, Withholding Payments (CPP, EI), Income Tax, Goods and Services Tax, Employer Health Tax.
- Prepare all supporting information for the annual audit and liaise with the Board’s Audit Committee and the external auditors as necessary.
- Document and maintain complete and accurate supporting information for all financial transactions.
- Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash.
- Reconcile bank and investment accounts.
- Review monthly results and implement monthly variance reporting.
- Manage the cash flow and prepare cash flow forecasts in accordance with policy.
- Oversee the bookkeeping function, including maintenance of the general ledger, accounts payable, accounts receivable and payroll.
- Develop and implement policies and procedures to ensure that personnel and financial information is secure and stored in compliance with current legislation.
- Manage the acquisition of capital assets and ensure that assets are properly recorded, amortized, and disposed of as appropriate.
- Prepare annual charitable return in a timely manner as appropriate.
- Liaise with the Treasurer, Finance Committee and Audit Committee as appropriate
- Assist the Executive Director and the Board Treasurer with financial reporting as required at Board meetings and the Annual General Meetings.
Payroll preparation and administration
- Oversee all payroll functions to ensure that employees are paid in a timely and accurate manner.
- Negotiate and manage the employee insurance and benefits plans.
- Process and submit statutory and benefits remittances on time.
- Issue annual T4s and T4As.
Budget preparation
- Establish guidelines for budget and forecast preparation, and prepare the annual budget in consultation with the Executive Director, Treasurer and Finance Committee.
- Assist Program Directors and Project Managers with the preparation of budgets for funding applications.
Project management accounting
- Maintain financial records for each project in a manner that facilitates management reports.
- Ensure that accurate and timely financial statements are prepared in accordance with contract agreements with funders.
- Provide accurate and timely reporting on the financial activity of individual projects.
Information technology
- Evaluate the need for new technology to meet the organization’s financial data processing, control, and reporting requirements.
- Advise on appropriate technology that meets the organization’s information requirements and financial resources.
Risk management
- Monitor risk management policies and procedures to ensure that program and organizational risks are minimized.
- Advise the organization’s leadership on appropriate insurance coverage for the organization and the Board of Directors.
- Maximize income where possible and appropriate.
- Negotiate with the Bank(s) for lines of credit or other financial services as required and appropriate.
Office administration
- Oversee and supervise the administrative function of the organization including reception, property/facility management, safety of the work environment, and provision of furnishings and equipment necessary for effective operations.
- Oversee the management of all leases, contracts and other financial commitments.
- Monitor all legislation relevant to the organization (employment standards, occupation health and safety, human rights, etc) and all regulations on professional certification to ensure that the organization is compliant.
Qualifications
Education
University degree or College degree in a related field, such as Accounting, Commerce, or Business Management/Administration, or equivalent experience.
Professional designation
Chartered Accountant, Certified General Accountant, or Certified Management Accountant designation is considered an asset.
Knowledge, skills, and abilities
- Knowledge of generally accepted accounting principles.
- Knowledge of federal and provincial legislation affecting charities.
- Knowledge of provincial legislation on Employment Standards, Occupational Health and Safety, and Human Rights.
- Knowledge of the voluntary sector.
- Proficiency in the use of computer programs for:
- Accounting.
- Word processing.
- Database management.
- Spreadsheets.
- E-mail.
- Internet.
Behavioural competencies
The Director of Finance should demonstrate competence in some or all the following:
- Ethical behaviour: Understand ethical behaviour and business practices and ensure that your own behaviour and the behaviour of others is consistent with these standards and aligns with the organization's values.
- Relationship development: Establish and maintain positive working relationships with others internally and externally to achieve the organization’s goals.
- Effective communication: Speak, listen, and write in a clear, thorough, and timely manner using appropriate and effective communication tools and techniques.
- Client focus: Anticipate, understand, and respond to the needs of internal and external clients to meet or exceed their expectations within organizational parameters.
- Teamwork development: Work cooperatively and effectively with others to set goals, resolve problems, and make decisions that enhance organizational effectiveness.
- Leadership: Positively influence others to achieve results that are in the best interest of the organization.
- Decision-making: Assess situations to determine the importance, urgency and risks, and make clear decisions that are timely and in the best interests of the organization.
- Organization: Set priorities, develop a work schedule, monitor progress towards goals, and track details, data, information, and activities.
- Planning: Determine strategies to move the organization forward, set goals, create, and implement action plans, and evaluate the process and results.
- Problem-solving: Assess problem situations to identify causes, gather and process relevant information, generate possible solutions, make recommendations, and resolve the problem.
Experience
Three to five years of progressive financial responsibility.
Working conditions
- Directors of Finance work in an office environment.
- Directors of Finance usually work a standard work week.
- Directors of Finance may be required to work overtime hours to attend the board meetings and during specific periods of the accounting cycle such as the Annual Audit.
Compensation
Compensation for the position should be stated clearly including the position’s wage or salary, whether as a range or band, and any other direct compensation that the position is eligible for such as bonus pay or overtime pay. Benefits such as vacation, health insurance, pension, and other key employment policies can also be included in the job description, whether through links to relevant policies or detailed in full.
Benchmarks
Equity clause
We provide equal employment opportunity for all applicants and employees and do not discriminate on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual orientation, gender identity, gender expression, age, record of offences, marital status, family status, disability, or any other characteristic protected by local law.
We particularly encourage applications from Black people, Indigenous people, and people of colour, people with disabilities, members of the LGBTQ2+ community and those with varied areas of expertise and lived experiences.
Accessibility clause
We welcome and encourage applications from people with disabilities. Accommodations are available on request for candidates taking part in all aspects of the selection process.
Important: Ensure multiple contact options are provided (such as phone and email).