The University of Minnesota seeks a collaborative, innovative, and strategic leader to serve as the Executive Vice President for Finance and Operations (the Executive Vice President or EVP). This EVP is responsible for leading the financial and administrative operations at the Universityâ™s flagship campus in Minneapolis/St. Paul and oversight of the University of Minnesota campuses in Duluth, Crookston, Morris, and Rochester, and the University of Minnesota Medical Center.

Reporting to the President, the Executive Vice President serves as the Universityâ™s chief financial officer, chief operations officer, and treasurer. The Executive Vice President is responsible for the Universityâ™s $4.5 billion operating budget, oversees a staff of over 2,700 FTE, effectively manages its fiscal and physical environment, and ensures overall fiscal and operational excellence. The Executive Vice President plays a critical role in providing strategic vision and tactical leadership for the University, advising the President and the senior leadership team on accomplishing strategies and initiatives, and ensuring that its financial and operational resources effectively support the universityâ™s mission and institutional priorities. 

As a key member of the Presidentâ™s cabinet and leadership team, the EVP is also a trusted and reliable partner to the Board of Regents, all four campus Chancellors, and other senior leaders on all issues related to the Universityâ™s finances and operations. The Executive Vice President also works closely with the Executive Vice President and Provost to ensure that the Universityâ™s finance, information technology, and university services align with and support its strategic educational and research objectives and fully serve the needs of students, faculty, staff, and the communities served by the University.

Candidates will have demonstrated success in leading a large and complex organization. The EVP must be a visionary leader and strategist with strong financial and business acumen, with the ability to motivate teams, drive results, and apply best practices to ensure continuous improvement of services in alignment with the Universityâ™s strategic plans. They must feel comfortable engaging with external constituent groups such as the state legislature and community organizations. The EVP supports the University by providing leadership on both legacy (long-term and consistent over time) and progressive (changing rapidly due to market conditions) services and programs. The EVP must have experience running a diverse business operation in which extensive coordination and alignment, sometimes with competing interests, regularly occurs. 

THE ROLE OF EXECUTIVE VICE PRESIDENT FOR FINANCE AND OPERATIONS 

The Executive Vice President for Finance and Operations serves as the Universityâ™s Chief Financial Officer, Chief Operations Officer, and Treasurer, providing system-wide leadership with oversight of the offices of University Budget, Investments and Banking, University Finance, Information Technology, and University Services. The EVP will build relationships across the university and various shared governance structures, continuing the strong service orientation within which these business units have operated. With a vision for systems change and a strong understanding of the technology tools available to facilitate institutional effectiveness, they will have the energy and enthusiasm to ensure a stable financial and operational framework for future planning.

Principal functions and direct reports of the Executive Vice President include oversight and management of the following areas and roles:

• Budget Office: The Budget Office provides system-wide leadership for biennial budgeting in alignment with the State of Minnesota, overseeing the development of the state request, creating the annual all-funds operating budget of the University of Minnesota (currently $5 billion) through management of a robust participatory budget development process, monitoring institutional and unit-level financial activities and management, and engaging in financial planning, forecasting, analysis, and oversight.
• Investments & Banking: This 11-person team is responsible for stewarding the Universityâ™s financial assets, aiming to produce high-risk-adjusted investment returns while delivering first-inclass investment operations and enterprise-wide treasury management services. Assets under management total ~$4.5 billion and include the endowment, operating pool, captive insurance company, and bond proceed reinvestment accounts, as well as a venture program managed on behalf of the state of Minnesota and a direct equity program supporting companies spinning out of the University's technology commercialization office.
• Finance: University Finance provides systemwide leadership and accountability in areas such as debt management, tax management, insurance, accounting, purchasing and payables, accounts receivable, financial reporting, travel and expenses, internal and external sales, and oversight and support of financial systems. U Finance is also responsible for short- and long-term financial planning, forecasting, analysis, management, and financial oversight of the University of Minnesota system in partnership with the University Budget Office. The Office of Institutional Data and Research is also within University Finance. 
• Information Technology: The Office of Information Technology (OIT) is the University's central IT unit and provides enterprise-level technologies and services that are broadly consumed, core to central administrative business operations, and offer substantial economies of scale. In addition to OIT, distributed IT departments, which are embedded within the University's administrative and academic units, offer discipline-specific, niche, and complementary IT services to the 21 central services provided by OIT.
• University Services: University Services creates and sustains exceptional spaces, places, and services that inspire people to learn, discover, live, and work at the University of Minnesota. The team delivers the non-academic operations across the University of Minnesota system, including Auxiliary Services; Capital Project Management; Facilities Management; Planning, Space, and Real Estate; and Sustainability. The portfolio includes over 28,000 acres of land, 33 million gross square feet of space, and 900 buildings cared for by a team of 3,700 (including 2,000 student workers).
• Health System: The governance structure of a future University of Minnesota Medical Center (UMMC) is yet to be determined, but the University, and thus its EVP, will need to assess and implement a structure with an appropriate degree of financial and operational oversight by the University. The University will want to ensure Minnesotans have access to a first-rate academic health system, bringing them the benefits of integrated research, teaching, and top-level care.
• Two offices, Health, Safety, and Risk Management, and Public Safety, previously reported to the EVP but are currently temporarily reporting to the Office of the President. Reporting lines for these offices are subject to realignment once the new EVP is in place.

As the CFO of the University, the EVP will oversee the financial affairs of the university, including general accounting, budget planning, purchasing, risk management, real estate, investments, banking, debt management, tax management, short and long-term financial planning, management, and institutional analysis. The EVP will ensure that the financial systems of the University are transparent and can provide necessary data for effective decision-making and understanding of this data throughout the institution. The EVP for Finance and Operations will also serve as administrative liaison and staff to the Board of Regents Finance & Operations Committee and the primary liaison and advocate with the legislature and bond rating agencies for all university financial matters. 

The Executive Vice President will create a vision and integrated strategy that effectively serves the mission and fosters collaboration, communication, and efficiency in alignment across all business services and operations. They will also work with the Universityâ™s academic and administrative leadership to assist with the strategic growth of the healthcare system, fulfill the University of Minnesotaâ™s goals, and implement business process improvements, information technology infrastructure enhancements, and financial reporting systems that will support effective multi-fund planning for the entire enterprise. 

The EVP will join the University during the PEAK Initiative. The PEAK Initiative began in April 2021 and currently includes the following work function areas: Finance, Human Resources, Information Technology, and Marketing and Communications. PEAK Phase 1 was implemented in December 2023, and PEAK Phase 2 is currently scheduled for implementation in November to December 2024.

QUALIFICATIONS AND CHARACTERISTICS:

The successful candidate will bring a strategic vision for the future of the University of Minnesota with a demonstrated track record of leading various financial and administrative functions. While no single candidate will have all the qualifications, the search committee seeks candidates with a well-rounded combination of the following abilities:

• Master's degree in finance, accounting, or business administration or equivalent combination of education and experience.
• 15+ years of fiscal and operational management experience, with a preference for infrastructure and operations management.
• Experience with fiduciary and operational responsibilities across a complex organization.
• Financial and budgetary acumen, including evidence of fiscally responsible management practices and a record of fiduciary transparency and accountability.
• Superior financial planning and analytical skills, and an in-depth knowledge of strategic financial analysis, budgeting, and modeling, and demonstrated ability to analyze complex financial and accounting data.
• Strong business acumen in operations, project management, administration, and/or business services with experience facilitating process efficiencies, change management, and improvement initiatives
• Considerable experience as a trusted and transparent manager with a track record of successful collaborative leadership within a large, complex, and highly decentralized organization with multiple stakeholder groups.
• Leadership Experience to include:
  • Multiple reporting relationships, both direct and matrixed
  • Change management on large-scale projects
  • Wisdom and the political savvy to determine which initiatives to champion or relinquish
  • Strategic plan creation, analysis, and implementation
  • Fiscal understanding and experience working within increasingly tight financial parameters
  • Professional experience in managing a unionized environment.
• An understanding and appreciation of the values embraced by the University of Minnesota
• Commitment and prior experience in supporting diversity, equity, and inclusion in the workplace.
• Exceptional verbal and written communication skills; adept at briefing senior leaders.
• Excellent interpersonal skills.

About University of Minnesota Twin Cities

The University of Minnesota, founded in the belief that all people are enriched by understanding, is dedicated to the advancement of learning and the search for truth; to the sharing of this knowledge through education for a diverse community; and to the application of this knowledge to benefit the people of the state, the nation, and the world.

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