Fractional Chief Financial Officer
Job Description
Position Description:
Status: Contract / Fractional (Estimated 4 hours per week)
Location: Northfield, MN (Rice County): Hybrid with periodic on-site presence
Reports To: Executive Director
Compensation: $125-150 per hour | $2,000-2,400 monthly flat fee
About the Role
HCI seeks an experienced, mission-aligned Fractional Chief Financial Officer (CFO) to serve as a strategic financial partner to the Executive Director, Leadership Team and Board of Directors. This role provides high-level financial strategy, complex grant management, and long-term sustainability planning. The Fractional CFO will provide executive-level financial leadership on a part-time, contract basis (4 hours per week on average with fluctuations and flexibility for month end close, the annual audit and board reporting) while HCI's internal staff and contract bookkeeper manage day-to-day transactional finances.
The ideal candidate brings deep nonprofit finance expertise, a nuanced understanding of restricted fund accounting and government grant compliance, and the ability to translate complex financial information into clear, accessible insights for non-financial partners.
Responsibilities
Strategic Financial Leadership
● Serve as a strategic advisor to the Executive Director, providing financial modeling and scenario planning to support organizational growth and program expansion.
● Lead the annual budgeting process in collaboration with the Leadership Team and Finance Committee, ensuring alignment with HCI's strategic goals and mission priorities.
● Develop and maintain cash flow forecasts to anticipate liquidity needs and proactively manage seasonal funding variations.
● Identify and assess financial risks; develop mitigation strategies and contingency plans.
Grant Management
● Oversee the complex accounting required for multiple funding sources; primarily state and federal government grants.
● Ensure strict compliance with all grant requirements, including accurate indirect cost allocation, allowable cost determinations, and timely financial reporting.
● Partner with grant and program leaders to create accurate proposal budgets for new funding opportunities and ensure financial feasibility of grant applications.
Financial Reporting and Board Governance
● Prepare clear, accurate, and timely monthly financial statements.
● Translate complex financial data into accessible dashboards and narratives for the Board of Directors and Finance Committee.
● Attend Finance Committee meetings to present financial results, answer questions, and provide expert financial guidance.
Audit, Compliance, and Internal Controls
● Lead the preparation for the annual independent audit and coordinate the filing of the IRS Form 990.
● Assess, implement, and monitor robust internal controls to safeguard organizational assets and mitigate financial risk.
● Review and update financial policies and procedures in accordance with nonprofit best practices and regulatory requirements.
● Ensure compliance with Minnesota state nonprofit regulations and applicable federal requirements.
Systems and Process Optimization
● Evaluate and optimize HCI's accounting software and financial reporting systems to improve efficiency and accuracy.
● Develop and maintain financial dashboards and reporting tools that provide real-time visibility into organizational financial health.
● Collaborate with the Data Manager to align financial data systems with program evaluation and impact reporting needs.
Required Qualifications
● Minimum of 10 years of financial leadership experience, with significant experience serving as a CFO or Finance Director in the nonprofit sector.
● Deep expertise in nonprofit fund accounting, government grant management, and compliance with government grant regulations.
● CPA or CMA designation, or an advanced degree in Finance, Accounting, or Business Administration.
● Proven ability to translate complex financial concepts to non-financial partners.
● Strong technological proficiency, including experience with cloud-based nonprofit accounting software (i.e., QuickBooks).
● Demonstrated experience preparing and presenting financial reports to boards of directors and funders.
● Excellent written and verbal communication skills; highly organized with strong attention to detail.
● Ability to work independently with minimal supervision while collaborating effectively as a partner to HCI's leadership team.
Preferred Qualifications
● Experience working with community health, education, or human services nonprofits in rural or semi-rural settings.
● Experience supporting organizations managing 30 or more concurrent grant awards.
Engagement Terms & Benefits
● Compensation: $125-150 per hour | $2,000-2,400 monthly flat fee commensurate with experience.
● Engagement Type: Independent contractor agreement; no benefits or payroll taxes required.
● Flexibility: Primarily remote with occasional on-site presence.
● Mission Impact: Contribute meaningfully to your community and make a direct impact on the lives of youth and families in Rice County.
About the Company
Healthy Community Initiative (HCI) is a dynamic 501(c)(3) nonprofit organization based in Rice County, MN. Since 1992, HCI has cultivated transformative health, education, and career outcomes for children, youth, and families through collaboration, innovation, and continuous learning. HCI serves as the backbone organization for numerous community coalitions and manages a complex $4M annual revenue portfolio focused on federal, state, and local grants.
HCI is committed to social justice, equitable opportunity, diverse representation, and creating a healthy, inclusive organizational culture. Healthy Community Initiative (HCI) supports, values, and empowers youth in Rice County. We believe our partners and staff are our most valuable resource. We are committed to building a diverse, inclusive, and collaborative team that reflects the communities we serve.
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