The MassArt Foundation is an independent 501©(3) charitable organization founded nearly 25 years ago. Designed to offer financial assistance and support to the college’s educational programs and vision for the future, its primary focus is supporting scholarships and financial aid. An independent board of directors and professional staff manage the foundation and its yearly fundraising programs. The foundation’s endowment includes permanently and temporarily restricted funds, which are professionally invested by an independent financial manager and overseen by an investment committee. Its financial records are subject to an independent annual audit. The foundation’s IRS 990 forms are available at GuideStar.org.
The Controller’s key working relationships include the Foundation Treasurer, Asst. Vice President of Fiscal Affairs, Chair of the Investment Committee, Foundation Executive Committee, outside accounting firm, financial institutions, and many individuals in a range of areas across the College, including but not limited to Institutional Advancement, Administration and Finance, Student Development, Academic Affairs and the President’s Office. This position requires a strong knowledge of generally accepted accounting practices and software financial programs, as well as an understanding of a range of tax reporting requirements, and leadership skills.
Monitor and control the Foundation’s endowment (valued at approximately $9 million). Work effectively with the Foundation’s investment committee and representatives of Foundation’s investment management firm. Stay informed of best practices in the industry.
Oversee all distinct endowment funds, including scholarships, restricted and unrestricted accounts. Process, approve and enter all fund activity, monitor status of endowment and investment accounts, ensure payment of awards and scholarships in compliance with endowment spending policy.
Ensure that the Foundation stays in compliance with federal, state and Board of Trustees reporting requirements. Stay current with IRS 990, and UPMIFArequirements and any other relevant legal and tax matters.
Furnish data analysis, reports and make recommendations to the members of the Foundation and investment, executive, and audit committees. financial and statistical reports; monthly, quarterly and annual account reconciliations; and other periodic account reporting.
Work closely with the Foundation Treasurer and the Foundation’s accountants in organizing the annual audit as well as preparing all necessary reports and filings in accordance with internal reporting needs and new FASBand GASB requirements, as well as the college’s business office and their accountants to coordinate the consolidated financial statements. Preparation, maintenance and generation of reports and spreadsheet files on an as needed basis as well as monthly, quarterly and annually (including Trial Balance, Income Statement and Balance Sheet).
Develop and enforce all internal controls, policies and procedures required by accounting standards, and manage the performance, maintenance and utilization of the accounting database.
Work with Foundation Secretary/Assistant to the vice-president for advancement to manage Policies and Procedures for all Foundation activities, including activities from cash receipts and year end audits, office procedure and systems, supporting schedules and reporting requirements, special events. Attend all Foundation meetings.
Serve as the primary Foundation liaison to the college’s business office.
Promote the University’s commitment to diversity, collegiality, and service excellence by:
•Build effective partnerships with co-workers throughout the University by freely sharing appropriate information and providing assistance when needed.
•Ensuring optimum service to all internal and external partners in response to all requests for service and information.
•Maintaining an environment that is welcoming to persons of all backgrounds, nationalities, and roles.