Riverdale Country School
Chief Financial Officer
DEERFIELD ASSOCIATES has been retained by Riverdale Country School, located in the Bronx, New York, to conduct a national search for a Chief Financial Officer.
Riverdale Country School is a Pre-K through Grade 12 independent school in New York City committed to empowering lifelong learners by developing minds, building character, and creating community in order to change our world for the good. Riverdale seeks to reflect that belonging is the foundational core of community building in how we work collaboratively and support the school’s mission and empower all community members to thrive in mind, character, and community.
Riverdale enrolls about 1,300 students who collectively reside in 117 different zip codes. The school is located on 27.5 acres and includes two campuses. The Pre-K through grade 5 campus is located on 8 acres along the Hudson River with the middle and high school campus located on a historic and spacious campus of 19.5 acres with sweeping views of Van Cortlandt Park. The total campus physical plant includes 19 buildings not counting residences. The school is entering the phase of starting several new significant building projects.
Chief Financial Officer
Riverdale Country School is seeking an experienced, energetic, collaborative professional with exceptional financial and analytical skills and deep-rooted experience in business and finance matters for the position of Chief Financial Officer.
The Chief Financial Officer reports directly to the Head of School to support the mission and values of the school by providing direction for long-range strategic planning and financial leadership within the Riverdale community. The CFO will lead the Business Office staff in day-to-day functions, which include responsibility for all aspects of accounting, financial reporting, accounts payable, accounts receivable, payroll and benefits, and an annual audit, while also ensuring the implementation and maintenance of internal control systems, including fiscal policies and procedures to comply with GAAP and applicable federal, state, and local regulatory requirements.
This senior leadership position also manages and oversees Human Resources, Auxiliary Programs and Technology. This role also works closely with and supports the Board of Trustees and senior leadership team in issues pertaining to the financial governance of the School and is responsible for preparing, reviewing, and submitting the annual budget. The Chief Financial Officer will serve as a staff liaison to board committee meetings and provide timely and accurate analysis and reporting when requested.
The position requires interaction and teamwork with the head of school, senior administrators, local community members, faculty members, staff, vendors and the Board of Trustees. The successful candidate will manage and lead a team of professionals and support staff of 8 – 10.
This opportunity is available immediately and will be filled following a comprehensive national search and the candidate of choice is identified.
Key Relationships
CFO reports directly to
- Kari Ostrem, Head of School
Direct reports to the CFO
- Business Office staff (including the Controller)
- Director of Human Resources (payroll and benefits)
- Director of Auxiliary Programs
- Chief Information and Technology Officer
Other key relationships
- The CFO partners closely with school leaders, including the Assistant Head of School of Strategy and Operations, Associate Head of School/Lower Division, Assistant Head of School/Middle School Division, Head of Upper School, Associate Head of School for Enrollment and External Affairs and the Chief Development Officer.
- Other crucial constituencies include the Board of Trustees, faculty, staff, parents, students, and alumni.
Primary Responsibilities
- Develop and maintain a highly collaborative working relationship with the Head of School to ensure cohesive messaging of the head’s institutional strategic goals and objectives, including alternatives and their financial implications, for consideration by board committees and other constituencies.
- Oversees the development, administration, and reporting on the operating budget to Riverdale’s Board of Trustees, the auditors, federal, state, and local authorities, rating agencies and bond information agencies, donors and various Riverdale administrative offices.
- Assumes administrative responsibility for the school’s endowment, providing appropriate information on invested funds and implementing decisions of the Board Endowment Committee; coordinates with the endowment consultants, investment managers, and custodian(s) implementing effective endowment allocations, performance, and reporting.
- Organizes and coordinates agendas and meeting material for the Finance/Audit Committee, Investment Committee.
- Collaborates with general counsel regarding all financial Risk Management matters.
- Collaborates with other school administrators to manage positive relations with the Bronx, one of five boroughs of New York City.
- The CFO will have the opportunity to hire a new Controller.
Leadership
- Collaborate closely with the Head of School on risk management and insurance coverage oversight.
- Manage, lead and delegate team responsibilities, set clear goals, model and implement professional standards and internal controls, and provide for professional growth and development.
- Ensure provision of timely and accurate analysis and reporting of financial data, including monthly reports for use in expense control, forecasting, reporting, and preparing quarterly projections.
- Collaborate with the leadership team to implement strategic automation within the business office.
- Work collaboratively with the Associate Head of School for External Affairs/Head of Enrollment on admission policies, procedures, tuition, contracts, and other documents, in collaboration with the Finance Office and the Admission Office, particularly on reenrollment.
- Manage, lead and motivate current staff, including promoting and supporting staff development and training where necessary.
Planning & Analysis
- Collaboratively build forward-looking financial models and activity-based analyses to provide insight and recommendations for the school’s short-term, mid-term, and long-term plans.
- Develop the yearly operating budget and lead quarterly forecasting.
- Supply regular financial data and key performance indicators to guide the leadership team toward strategic alignment with school priorities.
- Conduct thorough analysis to inform the budget process and decision-making for school leaders.
- In collaboration with the school’s investment advisors, monitor and track investment and retirement portfolios.
- Provide oversight of all finances relative to major capital projects; communicate with all constituencies regarding construction planning and progress.
- Work with auditors to ensure compliance with applicable accounting procedures and standards; oversee and actively participate in the annual audit process.
- Manage accurate and timely filing of all required financial reports in accordance with GAAP and in compliance with the IRS and other regulatory standards and requirements.
- Collaborate effectively with and provide support services to other offices on campus, including Advancement, Auxiliary Programs, and Admissions.
- Manage the planning, analysis and building out of auxiliary programs including overseeing the plan and budget on a regular basis.
- In collaboration with the Head of School, maintain positive relationships with the School’s neighbors and local town officials.
- Prepare appropriate periodic reports for the Board of Trustees.
Accounting and Finance Operations
- Oversee all compliance matters, including state and local tax audits.
- Implement policies, procedures, and processes that support the development of more efficient business office operations.
- Manage cash position, ensuring appropriate management of funds, preparing cash flow projections, and monitoring cash flow needs.
- Examine and provide guidance on the school’s extended funding and monitor adherence to all certificates and debt agreements.
- Review and authorize bank reconciliation reports and compile monthly cash reports.
- Work closely with the Advancement Office to ensure consistency between financial and fundraising systems and promptly reconcile any differences.
- Manage the school’s finances, including installing controls, setting budgets, processing payroll, and coordinating debt, endowment draws and cash flows.
The successful candidate should possess the following work experiences and skill sets:
- Possess an excellent accounting and financial analysis skill set and background.
- Have a demonstrated track record of managing and implementing sophisticated and complicated budget and tracking processes.
- Be ready to consistently engage, teach, and motivate staff and build consensus across a mission-driven organization.
- Demonstrated experience working with external auditors, implementing internal controls, and managing compliance-related issues.
- Possess a thorough understanding of compliance with statutory and regulatory standards, including filings such as 5500, 990, and retirement plans including 401A, and 403B.
- Be a consummate team player.
- Have the ability to work effectively with all levels of a socially and culturally rich and diverse independent day school, ultimately serving as a role model to promote a positive and productive work climate.
- Demonstrated expertise in leading the financial planning, modeling, and oversight of major capital and construction projects.
- Knowledge and experience in setting up and monitoring effective financial controls, and proven financial modeling and forecasting skills.
- Effective negotiation skills in developing contracts with external vendors.
- The ability to serve as a critical business thinker, capable of providing positive and proactive solutions to business issues.
- Excellent communication skills, both oral and written.
- Creativity, analytical skills, project development and management skills.
- Ability to manage, lead, motivate, and train staff and hire new talent when necessary.
Required Skills/Abilities
- 10 – 15 years of direct experience in accounting and finance, including experience and skill sets to serve in a senior leadership position.
- Previous experience overseeing financial planning and analysis, as well as experience managing finance operations.
- Exceptional financial modeling, presentation, and communication skills.
- Excellent communication skills, both oral and written.
- Experienced in creating documents to accompany board and committee meetings.
- Detail-oriented with the ability to manage multiple projects and competing deadlines.
- Strong analytical and problem-solving skills with the ability to exercise sound judgment.
- Excellent Google Suite skills and Microsoft Office (especially Excel).
- Working knowledge of Veracross Accounting software is preferred.
- An effective financial and business manager, capable of earning the respect and trust of the Head of School, faculty, administration, staff, students and the Board of Trustees.
- Experience in an independent secondary school preferred though individuals with college, university or a sophisticated not-for-profit organization and superior financial and exceptional leadership skills in a related field are encouraged to explore this high visibility opportunity.
Education
- Bachelor’s degree required with an M.B.A. or a master’s degree in Finance or Accounting strongly preferred.
- A CPA is a plus but not required.
Kari Ostrem
Head of School
Kari Ostrem is Riverdale’s Seventh Head of School. She began her official position with Riverdale in July of 2023.
Kari brings 25 years of experience to this position. She is a devoted educator, having spent her career at a combination of independent, public, and charter schools. She most recently served as the founding Head of School at the Haile-Manas Academy, the first nationwide residential school in Ethiopia dedicated to accepting students from different ethnic backgrounds. Kari built the academy from the ground up based on the principles of design thinking.
During her extensive career in education, Kari has also served as Academic Dean at The Lawrenceville School in New Jersey, where she advanced the school’s strong academic and experiential programs; Co-Director and Co-Founder of the Bronx Lab School, a public school tasked with providing an innovative and rigorous college-preparatory education to students in the Bronx; and Director of Science for KIPP NYC, a public charter school in New York City, leading the design of a new curriculum based on critical thinking and data analysis for elementary and middle school students. Kari also has extensive teaching experience at both the high school level (math and science) and collegiate level (adjunct professor of mathematics education) and was a founding faculty member of The Island School.
With her appointment as Riverdale’s next Head of School, Kari will continue to enthusiastically pursue the question of “how do we help kids thrive?”
And, Kari is passionate about deepening Riverdale’s connection with our neighbors in the Bronx, as well as expanding the School’s commitments to experiential education and sustainability.
Kari is also an experienced engineer with a bachelor of science degree in Engineering from Princeton University and a master of science degree in Environmental Engineering from Columbia University. Kari also attended and participated in the School Based Leadership Program at Baruch College.
Our Mission
Riverdale Country School is a Pre-K through Grade 12 independent school in New York City committed to empowering lifelong learners by developing minds, building character, and creating community in order to change our world for the good. With a deep commitment to diversity, equity, inclusion, and belonging, we empower our students to develop intellectual agency and achieve academic excellence within a warm and ethical community. Through a program of interdisciplinary and experiential education, we provide numerous opportunities that foster a love of learning. Ultimately, we want our students – and our alumni – to create meaningful change in their lives, communities, and the world around them.
Our Two Campuses
River Campus (PreK-5th Grade)
- 8 acres along the Hudson River
- 4 classroom buildings
- Black box theater
- Learning lab and build space
- Full-size playing field
- Tennis courts
- Greenhouse, hydroponic and traditional gardens
Hill Campus (6th-12th Grade)
- 19.5 acres with sweeping views of Van Cortlandt Park
- 6 academic buildings
- 2 science buildings
- Freestanding arts center including visual arts studios, rehearsal spaces, and maker space
- 3 playing fields
- Athletic Center
- Aquatics Center
Financial Overview
As a result of disciplined fiscal management, prudent endowment oversight, Riverdale Country School is on sound financial footing. The endowment stands at approximately $100M, and the school consistently balances its budget. Riverdale’s revenue sources include tuition, endowment income, and the Annual Fund which brings in approximately $8M. The school awards financial aid of approximately $12M to support socio-economic diversity, assisting approximately 20% of the student body.
Riverdale Country School continues to maintain its status as one of the nation’s most competitive schools. The combination of disciplined spending, capable endowment management, and strong annual fund support will position the school well. Increasing the endowment is seen as a high priority if the school is to remain in the position of strength it currently holds. The most recently completed accreditation affirmed the school’s many strengths and identified several initiatives and areas that the school needed to allocate additional resources as it seeks to retain its status as one of the nation’s top independent day schools. The CFO will be a key leader in positioning the school to be the educator of choice in preparing students for their future.
Target Hiring Salary Range
This position is expected to pay an annual salary in the range of $400,000 – $500,000. The final compensation offered to the candidate of choice will be determined based on work experiences, qualifications, and leadership skill sets.
Riverdale Country School Benefits
The CFO position at Riverdale offers a competitive salary and benefit package, which includes medical and dental plans, a pension plan, tuition remission (for children who are admissible to a most competitive admission process), four weeks of paid vacation, and, if needed a school-provided apartment (a taxable benefit).
The CFO position is based in Riverdale, The Bronx, New York and will require on-campus presence 5 days a week.
Working at Riverdale Country School is a purposeful and meaningful career choice that comes with many benefits. Please read more about the School’s generous and comprehensive range of benefits at:
https://www.riverdale.edu/riverdale-careers/benefits/
Riverdale Country School Benefits
| Riverdale offers and subsidizes health, dental, and vision insurance. In addition, the school offers a flexible spending account through which employees can use pre-tax dollars to pay for health-related expenses. | Employees are eligible to join our Defined Contribution retirement plan through TIAA. The school contributes 7% of an employee’s annual salary to their retirement account. | Riverdale Country School has a generous time-off policy for staff in addition to vacations afforded by the school calendar. | A generous professional development budget provides for conferences, skills training, and onsite training in areas such as mindfulness, coaching, and diversity, equity, inclusion, and belonging. |
Equity at Riverdale Country School
Riverdale Country School seeks diversity in its faculty, staff, and student body. In admission and employment policies and practices, in financial aid and loan programs, and in all its educational programs, Riverdale does not discriminate on the basis of race, color, religion, national and ethnic origin, disability, sexual orientation, sex, gender, gender identity or expression, and any other protected categories under applicable law.
It is the policy of Riverdale Country School to provide equal employment opportunities without regard to race, color, religion, sex, gender, gender identity or expression, sexual orientation, age, national and ethnic origin, citizenship, marital status, disability, military status, or any other basis protected by applicable law to all qualified employees and applicants for employment.
Background Check
For the candidate of choice, a thorough background check, including a criminal background check, is required as a condition of employment.
Contact Information
Riverdale Country School has retained the executive search firm of Deerfield Associates to conduct this search.
To explore this career opportunity on a confidential basis, please send your resume, a letter of interest articulating your interest, skill sets and work experiences for this opportunity, and a list of five (5) references (which will only be contacted if mutual interest is determined) to:
Doug Cooney
Executive Search Consultant
DEERFIELD ASSOCIATES Executive Search, Inc.
572 Washington Street, Suite 15
Wellesley, MA 02482
Telephone: 781-237-2800
Email: jobs@deerfieldassociates.com