Overview
Boston Impact Initiative (BII) is a nonprofit impact investment fund founded in 2017 that is working to build a future where entrepreneurs of color and their communities have the financial, social and political power to create a sustainable, inclusive and equitable economy. To do this, BII invests integrated capital—defined as equity, debt and grant capital —in social enterprises (both for-profit and nonprofit organizations) and community-owned or controlled real estate to increase wealth and asset-building opportunities for communities of color. BII is also transforming the impact investing field through our field-building and education programs so that economic and racial justice become integral to any place-based investment strategy.
As a newly certified Community Development Financial Institution (CDFI), we currently manage two distinct funds:
- BII Fund I: Established 2017, deployed $6.9M across 50 enterprises
- BII Fund II: Launched 2022, raised $15M, invested $5.8M in 24 companies and is actively raising and deploying capital.
In addition, BII offers impact investing education and training and has successfully trained 69 fund managers from 30 organizations through our fund manager cohort program, resulting in 18 launched funds that have deployed over $9M in investments to diverse small businesses.
BII is growing from a 10 person team to 15 employees over the next year, with a net $3.5M annual operating budget.
Position Summary
The Director of Finance serves as a key strategic leader during a period of institutional growth, reporting directly to the Chief Executive Officer. This newly created position will provide comprehensive oversight of BII's financial operations, including management of internal accounting staff and coordination with our external accounting firm. The role carries primary responsibility for developing and implementing the organizational financial infrastructure and reporting necessary to support BII's continued expansion as a certified CDFI.
Primary Responsibilities
Financial Operations & Risk Management (40% Time Allocation)
- Oversee day-to-day financial and accounting functions, for both operational and investing/lending activities, including treasury, ACH transfers, reporting, accounts payable, accounts receivable, notes payable/receivable, and payroll processing
- Oversee firm finances, monitor and manage cash flow needs, liquidity, and investment covenant compliance.
- Evaluate, develop, and implement comprehensive financial control systems and processes, including a policies and procedures manual that aligns with CDFI and fund best practices, while providing strategic policy recommendations to the CEO and Board of Directors.
- Implement and maintain robust investor and investment portfolio management systems, including the upcoming transition to a new fund management platform for investor and portfolio management
- Ensure compliance with investor and CDFI regulatory requirements
- Manage quarterly and annual budget development, monitoring, and reporting processes
- Establish and maintain sophisticated internal control systems
- Manage organizational risk assessment and mitigation strategies
Accounting & Regulatory Compliance (30% Time Allocation)
- Oversee preparation and accuracy of financial statements in partnership with external accounting firm
- Provide monitoring, analysis and reporting of the organization's financial position to funders, investors, and Board of Directors
- Manage annual independent financial statement audit processes and tax filing preparations to ensure a smooth, timely, and clean annual audit
- Support CDFI certification reporting and compliance documentation
- Supervise external accounting firm, internal accounting staff and system operations (QuickBooks, bill.com and Nortridge or successor fund management system)
Strategic Financial Leadership (20% Time Allocation)
- Formulate and execute comprehensive financial strategies aligned with organizational objectives, including revenue generation
- Develop and implement multi-year capital plans encompassing grant revenue, debt capital, earned revenue and strategic partnerships
- Design and maintain sophisticated financial models and analytics to inform strategic decision-making
- Assist and collaborate on funding and fundraising activities, including applying for government funds, including CDFI and other sources.
- Participate in senior leadership strategic planning and policy development
- Represent BII to financial partners, including financial institutions, investors, donors, auditors, public officials, etc.
Administrative & Operational Leadership (10% Time Allocation)
- Administer payroll, compensation and benefits programs
- Oversee organizational insurance portfolio and risk management programs
- Supervise information security protocols and compliance
- Facilitate cross-departmental coordination of financial processes
Required Qualifications
- Minimum 7-10 years of relevant finance and accounting experience, including nonprofit accounting, community development, and lending
- Minimum 5 years in management roles within financial institutions with small business lending operations
- Comprehensive knowledge of GAAP and nonprofit accounting principles
- Direct experience with CDFI loan fund operations or advanced knowledge of CDFI industry and reporting requirements.
- Demonstrated expertise in financial modeling and strategic analysis
- Proven excellence in project management, follow-through and timeliness
- Advanced proficiency in computer software and financial software systems (Google Suite, Microsoft office, QuickBooks, bill.com, loan management software such as Nortridge)
- Documented success in team leadership and development
- Exceptional written and verbal presentation communication abilities
- Demonstrated commitment to economic justice and racial equity
- Cultural competency in serving diverse stakeholders and small businesses
Preferred Qualifications
- Advanced degree in Finance, Business Administration, Accounting, or related field
- Proficiency with implementing new technologies, such as CRMs, accounting, and financial systems
- Experience with federal grant management
- Knowledge of impact investing principles and practices
- Systems thinker who transforms processes and systems for efficiency
