Vice President of Investments and Administration

About The Foundation
Polk Bros. Foundation (www.polkbrosfdn.org) is a private independent foundation dedicated to building and strengthening Chicago's families and communities, especially those most affected by poverty and inequity. The Foundation focuses its work at the intersection of Chicago's most pressing issues to address the complex roots and devastating effects of poverty, challenge inequity, and ensure that all Chicagoans can reach their full potential. Polk Bros. Foundation is one of the largest funders of Chicago nonprofits, granting more than $25 million to 400 nonprofit partners every year, and managing assets greater than $400 million. The Foundation actively partners with local nonprofit organizations, other foundations, corporations, and government agencies, working to reduce the impact of poverty and provide area residents with better access to quality education and vibrant arts organizations, preventive health care and basic human services.

Since its founding in 1988, the Foundation has partnered with more than 3,000 Chicago nonprofits to build strong communities and families, increase access to quality education and the arts, improve health, and strengthen organizations and the sectors in which they work. During 2020-22, the Foundation’s Board approved an additional $17 million in Equitable Recovery grants to help Chicago rebuild in a way that addressed longstanding racial inequities. Since then, Foundation staff and board have been doing a deep dive to identify how learnings from the Equitable Recovery grants and our focus on racial equity can be more fully and more intentionally infused into the Foundation’s overall grantmaking.
More information can be found at: https://www.polkbrosfdn.org

About You
You embrace the Foundation’s service orientation and culture of accessibility, transparency, humility, and fairness. You demonstrate an open, caring attitude in working with others, and possess a high level of written and oral communication skills. You enjoy collaborating with stakeholders with integrity, forthrightness, and genuineness and hold a deep appreciation and passion for Chicago and its residents, and a commitment to the Foundation’s mission.

About the Position
The Vice President of Investments and Administration (VPIA) is a critical partner to the CEO. The VPIA is the top financial and administrative position with responsibility for overall financial management, formulating financial policy and plans, investment oversight (the Foundation’s assets currently exceed $400 million), human resources, and other administrative responsibilities.

The VPIA leads a team of two direct reports in financial and administrative functions in support of the Foundation’s investment management, accounting, audit, budgeting, tax, human resources, and grant administration.

Work Schedule
The Foundation is currently working a hybrid schedule, with at least two common days (Wednesdays and Thursdays) in its downtown office and occasional other days as needed. The hybrid schedule is potentially subject to change; any such change would be with ample notice.

Compensation/Benefits: Salary range: $225,000 to $260,000, commensurate with experience. The Foundation offers an excellent and very generous benefits package, including health, dental and vision insurance (employee coverage is 100% employer-paid, and 60% of any spouse/dependents), life insurance; short and long-term disability coverage, a 401(k)-retirement plan (with a 12% employer contribution, beginning in the second year of employment), generous paid time off including holidays, and a substantial matching gift program.

Essential Responsibilities:

• Investments (approximately 50% of the position)
  • Serve as the primary organizational liaison with the Foundation’s Investment Committee
  • Manage and serve as primary contact with the Foundation’s Outsourced Chief Investment Officer (OCIO)
  • Track and evaluate investment asset allocation, cash flows, performance, and ESG attributes, as well as the performance of the Foundation’s OCIO in accordance with its contractual relationship with the Foundation and the Foundation’s Investment Policy Statement
  • Coordinate with the OCIO to maintain adequate funding for the Foundation’s spending
  • Manage legacy investments (originated prior to the hiring of the Foundation’s current OCIO), including cash flows and associated documentation
  • Participate in peer groups, and participate in and analyze results of peer surveys about investment practices and performance

• Administration (approximately 50% of the position), including:
  • Finance
    • Supervise the Foundation’s Controller (a 60% FTE) to:
      • Perform annual budgeting for administrative spending
        Administer payroll
      • Produce monthly, quarterly, and annual internal financial statements
      • With auditors and as primarily liaison to the Audit Committee, produce annual audited financial statements, and monitor and manage the Foundation’s risk profile
      • With advisors, produce annual 990-PF, 990-T, and various state tax returns
      • Participate in and analyze results of peer surveys with respect to compensation and administrative costs
  • With the Controller’s assistance, administer employee benefits, including 401(k) and 457(b) plans; health, dental, vision, life, and disability insurance; and commuting benefits
  • With the CEO, develop recommendations to the Board regarding annual grantmaking spending guidelines, according to spending policy

• Human Resources
  • Update and implement personnel and related policies. Ensure compliance with all HR, hiring, and termination processes
  • Interact with and inform the Foundation’s Personnel Committee regarding annual topics including benefit plan and salary administration
  • Manage employee life cycle processes, documentation and compliance, including onboarding and termination
  • Interview, make hiring recommendations to CEO, onboard, coach, and supervise staff direct reports. Make recommendations for and conduct termination of assigned staff when necessary
  • With the CEO, oversee periodic compensation and benefits review by consultant

• Governance
  • Support the CEO, Board, and Board Committees (including Investment, Audit, and Personnel) in various activities, including duties about resolutions, minutes, and other record-keeping
  • In consultation with legal counsel, ensure that the Foundation’s practices and policies are compliant with laws and regulations covering private foundations
  • Serve as a resource to program leadership to ensure grant-level compliance

• Office Administration
  • Administer the Foundation’s office lease
  • Annually evaluate and renew the Foundation’s commercial insurance policies, including Business Owner’s, D&O, and Cyber
  • Update and implement operational policies, including document retention and business continuation

• Grants Administration
  • Supervise the Foundation’s Grants Manager in the work of grant approval (including those approved by the Board, as well as discretionary, matching and family grants) and payment, ensuring timeliness and accuracy

• Miscellaneous
  • Participate in and meaningfully contribute to Foundation-wide strategic planning and implementation efforts
  • Actively participate in required staff, Board, and committee meetings. Participate in educational opportunities and professional networks
  • Other special projects and duties as assigned

Core Competencies:
To carry out the responsibilities outlined above successful candidates will have a minimum of 10 years of related experience (or equivalent) with the following core competencies:

Investment and Financial Management Skills

• Previous substantive experience with large-scale institutional investment management, including asset allocation, performance analysis, cash flow and valuation projections, and investment manager and OCIO evaluation
• Investment and private foundation accounting best practices knowledge and experience
• Advanced level experience with Microsoft Excel and proficiency with other components of the Microsoft Office Suite
• Accounting system experience, ideally QuickBooks

Organizational Skills

• Demonstrated ability to multitask, manage, and coordinate multiple domain responsibilities and to produce highly detailed and accurate work product
• Commitment to organizational excellence, mission accomplishment, and stewardship of organization assets

Collaboration and Interpersonal Skills

• Demonstrated ability to work as part of a team and with people who hold diverse perspectives
• Personal and professional commitment to justice, equity, diversity, and inclusion is evident in how they think, act, and contribute to a team
• Highly developed emotional intelligence and demonstrated ability to use interpersonal skills and political acumen in respectful and collaborative ways
• Flexibility, commitment to teamwork, curiosity, and a sense of humor. Capacity to work amicably in a small office with high volume of work, as well as a deep sense of responsibility and accountability
• A record of recognizing and acting on opportunities to continuously improve
• Experience working directly with a Board of Directors

Nonprofit Expertise

• Competent in understanding the financial characteristics of a private foundation and associated regulatory requirements and tax and other compliance filings
• Prior supervisory experience is a plus
• Prior experience overseeing the HR function is a plus
• Demonstrated passion for the mission-driven sector

The Foundation’s Work Environment

• While performing the duties of this job, the employee is regularly required to talk, see or hear and use hands to operate equipment such as computers, phones, and other typical office equipment. Reasonable accommodation will enable qualified individuals with disabilities to perform the position’s essential functions.
• The office is fully accessible, but other sites to which the employee is required to travel may not be.
• The Foundation is committed to and seeks to maintain a diverse, fair, and equitable workplace where everyone is a valued member of the team. We are proud to be an equal opportunity employer. All qualified applicants and employees receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, pregnancy, disability, age, veteran status, or any other characteristic protected by applicable federal, state, or local law.

Application Process

• Applications will be reviewed on a rolling basis and interested parties are encouraged to apply early. Please submit applications to [email protected] with only YOUR NAME in the subject line. Applications should include: 1) a resume, 2) a cover letter that speaks to how your experience meets the needs outlined above and 3) where you learned of the opportunity. Incomplete applications will not be considered.
• Applicants may request accommodation for any stage of the hiring process, including the employment application or interviewing process. Individuals who need to request accommodation, please contact: [email protected]