Chief Finance Officer (CFO)

Tuesday, August 1, 2017
Advanced Educational Staffing
Position Details: 




This position is responsible for providing direct oversight and supervision to non-instructional Innovative Teaching Solutions and support staff in the areas of:

  • Food Service
  • Fiscal Operations
  • Payroll


Oversight and supervision are provided through the adherence to Old Redford Academy Board of Directors adopted policies and guidelines.


Critical Components



Financial Operations 

  • Responsible for the formation and monitoring of each annual general fund operating budget. 
  • Responsible for monitoring budget appropriations on a monthly basis to ensure all operational expenditures are within adopted budget allocations. 
  • Responsible for all periodic budget amendments in compliance with State of Michigan and charter compliance guidelines. 
  • Provides fiscal approval for all school related expenditures and allocate funds within the operating budget amounts.
  • Responsible for ensuring the final adopted budget is within 1% of the actual final budget through close monitoring of year end expenditures.
  • Responsible for the fiduciary review of all short term and long term contractual agreements to align such agreements within appropriate budget allocations.


State & Federal Revenue

  • Responsible for tracking all state, local and federal revenue allocated to the Academy based on enrollment data for the current fiscal period.
  • Responsible for tracking and properly allocating all federal program funds to appropriate categories in compliance with applicable state and federal guidelines.
  • Responsible for tracking federal food revenue to appropriate food related expenses through the monitoring the operations of food service management within Innovative Teaching Solutions. 
  • Responsible for preparing an annual Cash Flow Worksheet for the upcoming fiscal year in estimation of the required borrowing.
  • Responsible for preparing and completing annual State Aid borrowing agreement with competitive financial institution based loan program.
  • Responsible for monitoring and reporting any State Aid or revenue adjustments through amendments presented to and approved by the CEO and adopted by the Board of Directors.




School Related Expenditures

  • Responsible for tracking expenditures in compliance with Board adopted policies and procedures for purchasing.
  • Responsible for ensuring the most cost effective means of allocating resources throughout the school district.
  • Ensures compliance with State and federal bid requirements for vendor contracts.
  • Responsible for periodic review of all expenditures to prevent negative spending or allocations within all budget line items.
  • Ensure that the Academy maintains a positive fund balance consistent with the adopted resolution of the Board by demonstrating fiscal prudence. 


Fiscal Operations

  • Responsible for the review and approval of monthly fund transfers for operational expenditures that are completed and prepared by the Fiscal Procurement Specialist.
  • Responsible for submitting payroll in a timely manner.
  • Responsible for the bi-weekly review of payroll and payroll time reports expenses for Innovative Teaching Solutions and transfers for Advanced Educational Staffing provided by Payroll Specialist.
  • Responsible for the review of all fiscal operations bi-weekly time reporting.
  • Responsible for reviewing general ledger posting of all payroll related expenditures on a bi-weekly/monthly basis as completed by the Payroll Specialist.
  • Responsible for tracking bond related lease payments through the general ledger on a monthly basis.
  • Ensures prompt receipt of accounts receivables.
  • Conducts audits on payments submitted to contractors.


Financial Reporting

  • Responsible for the preparation of monthly financial statements which include:  1) statement of revenues and expenditures and 2) a balance sheet to be presented to the Academy Board of Directors at each scheduled monthly meeting.
  • Responsible for compliance with all financial operations charter related guidelines including the timely submission of quarterly financial statements to the charter authorizer. 
  • Responsible for preparation of all schedules and reports for the annual independent audit in compliance with state and federal accounting guidelines.
  • Responsible for scheduling and coordination of Independent Audit Site Review and related audit activities. 
  • Responsible for the timely submission of the Independent Audit Report to local, state and federal departments prior to the state deadline through the completion of all audit related reporting.
  • Responsible for submission of the Financial Information Database (FID) Report to the State of Michigan on an annual basis within the prescribed state deadline.
  • Responsible for the timely submission of State of Michigan Year End reporting for grant revenue and federal spending.
  • Responsible for reporting Debt Service Coverage Ratios and quarterly financial statements to bondholders and investors in compliance with bond related finance agreement. 
  • Additional Reporting as requested by financial institutions.


Other Duties Include

  • Responsible for fully understanding the role and responsibility of each related entity and educational program including the Pre-K Academy, C.R. Smith Charitable Foundation and support organizations. 
  • Responsible for maintaining communication and correspondence with legal counsel representing Old Redford Academy and Innovative Teaching Solutions as instructed by the CEO.
  • Responsible for providing a comprehensive monthly report to the CEO on operational activities for all operations departments.
  • Responsible for scheduling regular operations meetings and status reporting of such meetings to the CEO.
  • Demonstrate proficiency in communicating with bank and financial professionals within the business and industry as an ambassador of the company and gatekeeper for the financial stability of Old Redford Academy.
  • Demonstrate knowledge and compliance with labor contract of instructional staff.
  • Ensure that Board policies and directives are followed in relation to ORA policies and guidelines.
  • Work in close coordination with CEO, Director of Compliance and Educational Coordinator.
  • Responds to all levels of supervision.
  • Review and approve requisitions.
  • Maintain confidentiality of all information.


Other Duties as Assigned


  • Represent the mission of Old Redford Academy in an effective manner generating public support for the school’s program.
  • Serve as a role model for the moral and ethical growth and socialization of the children.
  • Establish and promote cohesiveness and leadership among staff members.
  • Responsible for punctual, regular and consistent attendance.



  • Earned an accounting or business related degree from an accredited 4 year college or university.
  • Comprehensive knowledge of all laws, rules, regulations, policies and practices applicable to charter schools.
  • Comprehensive knowledge of administrative matters applicable to Human Resources, budget, finance, facilities, maintenance, purchasing and all components pertaining to the operations of ITS.
  • Excellent written and oral skills are essential for the performance of the Director of Operations duties.
  • Must have knowledge and ensure compliance with teacher labor laws.
  • Ability to plan, delegate and supervise work through subordinate staff.
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