Finding the right mission-driven CFO plus an outstanding board member

case study

“We Could Not Have Found Such a Talented CFO on our Own – and a Fantastic New Board Member as a Bonus”

Case Study

The challenge 

An Oregon-based nonprofit supporting vulnerable children approached Acumen with an urgent need to find a seasoned CFO with a strong orientation towards equity and trauma-informed care, a keen understanding of the populations they serve, as well as the ability to navigate complex funding streams. This person was needed in short order to help them prepare for an upcoming audit. 

Other challenges: the organization was cash strapped due to funding delays, the Board was sorely in need of accurate financial statements and greater transparency, and some relationship repair was needed. The search had continued for many months without success in finding the right candidate. 

The process

After completing intakes with leadership and staff at all levels, Acumen was able to serve as a true business partner to the organization and make recommendations based on their need, the complexity of the role, their mission and values around equity, the culture, the business case, and their limited budget. 

Posting the position did not net the exact profile they were seeking, so targeted reach out to Acumen’s broad networks was required. They proceeded to supply a variety of mission-aligned candidates who had dealt with complex fund accounting. 

A leader who had been well-known to Acumen was approached but was entertaining multiple other opportunities and offers. Acumen authentically and honestly explained the unique value proposition and mission of the organization which Acumen understood to be in alignment with her life’s work and lived experience. She also had relationships at the county and state levels that would prove to be beneficial in the organization’s critical need for additional funding sources. 

The CFO knew she could make more money closer to where she lived, but that was not what she wanted the final phase of her career to be about. After meeting with the Executive Director and team, she developed a strong level of excitement and engagement. 

The result

Upon meeting their soon-to-be CFO, the Executive Director proclaimed:

“… [the CFO] is amazing! Best news ever!!! Thank you for such an amazing outcome. Bravo.”

“We are also excited that you brought us an incredible new Board member – she will make an excellent addition to our Board.”

Comments from Board members also included “We could not have secured such a talented CFO on our own.”

The CFO went to work repairing the “3 legs of the stool” – addressing people, processes, and systems. This translated into cleaning up the books, creating reporting systems and financial statements, conducting much-needed relationship repair, supporting an alreadysuccessful capital campaign, securing additional funding, and redesigning policies to ensure they were more equitable. 

The new CFO also set expectations around behaviors and is prioritizing building trusting relationships at all levels, strengthening the culture, and contributing to the organizational goals and values. 

During her first 6 months, her work helped improve the financial information flow for decision-makers, which had the added benefit of yielding additional funding, and the organization is more harmonized at all levels. And she’s now been asked to sit on the Board of a partner organization. 

During the search for the CFO, Acumen also identified a new Board member; a talented nonprofit executive and immigrant with lived experience that aligned deeply with the organization’s mission.

Working with Acumen 

“Molly took the time to understand my values and continued to (gently) press me to consider this opportunity. I did not know this organization from Adam and I had multiple other opportunities I was considering. So we continued to discuss the opportunity because there was trust built from previous interactions we’d had. I knew she had a solid understanding of my needs and my fit for the role and the organization. 

The role turned out to be an excellent fit with their mission. It’s clear that this has been a legacy opportunity for me. The Executive Director and I complement each other well and I am enormously happy I joined the team and have been able to make a difference in a relatively short amount of time. Happy that I selected this to be the organization I retire with.” ~ ~ Wendy, nonprofit CFO