Job Description Summary:
*Cover letter is required*About the National Academy of Medicine (NAM)
The National Academy of Medicine (NAM), established in 1970 under the name Institute of Medicine (IOM), is an independent organization of eminent professionals from diverse fields including health and medicine; the natural, social, and behavioral sciences; and beyond. With the authority of the 1863 Congressional Charter of the National Academy of Sciences, requested and signed by President Abraham Lincoln, the NAM serves alongside the National Academy of Sciences and the National Academy of Engineering as adviser to the nation and the international community. The NAM’s mission is to advance science, inform policy, and catalyze action to achieve human health, equity, and well-being.
About the Position
The Director of Finance at the National Academy of Medicine (NAM) provides strategic financial leadership, overseeing all budgeting, financial planning, and management activities. Reporting directly to the Executive Officer, the Director ensures the efficient and effective operation of NAM’s financial functions, aligning them with the organization's long-term objectives. This role involves direct supervision of finance staff, coordination with program and administrative units, and maintaining compliance with regulatory and organizational policies. The Director plays a key role in guiding the financial strategy and supporting the financial integrity of NAM through innovative problem-solving and strategic resource allocation.
The Director of Finance is responsible for managing the full range of financial operations within NAM, including budget development and monitoring—at the organizational and individual activity levels—financial analysis, investment management, and compliance. This position ensures close coordination between the finance team and program leaders to maintain alignment with organizational goals, including close liaison with counterpart financial leadership in collaborative projects and implementation of organization-wide financial policies and practices.
The Director will lead the preparation and monitoring of the NAM operating budget, oversee the preparation of financial reports for senior leadership and the NAM Council, and manage the financial aspects of proposals, contracts, and grants. Additionally, the role includes supervision and development of finance staff, ensuring adherence to established financial procedures, and acting as the primary liaison with the Office of the Chief Financial Officer for the National Academies and other key stakeholders. The Director will also oversee NAM’s investment activities, manage financial audits, and maintain high standards of confidentiality in handling sensitive financial information.
Job Description:
ESSENTIAL JOB DUTIES:
1. Financial Leadership and Strategy: Provides comprehensive financial leadership at the National Academy of Medicine (NAM). Develops and implements the NAM’s financial strategy, which is crucial for long-term planning and sustainability. Establish and oversee the budgeting process, ensuring that resources are allocated efficiently and aligned with the organization's strategic goals. Requires a deep understanding of NAM’s mission and the ability to forecast future financial needs accurately. Responsible for making critical financial decisions that impact the overall direction of NAM, ensuring that all financial activities support the organization’s objectives and maintaining NAM’s financial health and integrity.
2. Financial Management and Analysis: Oversees the day-to-day financial management activities, including preparing financial projections, authorizing expenditures, and allocating discretionary income. Ensures that all financial reports are accurate, timely, and meet the needs of NAM’s senior leadership and unit directors. Analyzes financial data to provide insights and recommendations that support decision-making at the highest levels of the organization. Ensures that all financial activities adhere to auditing requirements, contractual obligations, and budgetary limitations, including specialized areas such as the NAM President’s travel reimbursements and executive compensation. Provides robust financial analysis and management and ensures NAM operates within its means while achieving its strategic objectives.
3. Supervision of Finance Staff: Leading and managing the finance team at NAM ensuring that their activities are well-coordinated with those of program and administrative teams. Fosters a collaborative work environment where communication and teamwork are prioritized. Assists in the development of skills that are essential for the finance team by ensuring that staff are adequately trained for their current roles and encourages their professional development for future responsibilities. Sets a tone of excellence and provides the necessary support and guidance. Responsible for building a high-performing finance team that can meet the evolving needs of NAM.
4. Proposal and Grant Management: Manages the financial aspects of proposals, contracts, and grants. Oversees both pre-award and post-award activities, ensuring that proposals submitted to sponsors are financially sound and compliant with organizational policies. Collaborates across Divisions and Academies, requiring the development of strategies and understandings that satisfy the objectives of the activities, the goals of the NAM, and the requirements of the National Academies. Reviews cost estimates and ensures that proposed budgets include adequate financial support. Ensures that agreements are in compliance with National Academies’ policies and procedures and coordinates closely with the Office of Contracts and Grants to monitor the status of proposals. Establishes clear expectations and execution methods for contract expiration, sponsor financial reporting, and the management of trailing costs. Ensures that NAM’s financial interests are protected throughout the lifecycle of each grant or contract.
5. Investment Management: Responsible for overseeing NAM’s investment activities, which include managing both long-term/endowed funds and short-term investments. Monitors spending, allocations, and reports on the use of endowment funds to ensure they are used in accordance with donor intentions and NAM’s strategic priorities. Maintains rigorous accounting controls and safeguards to protect NAM’s assets, including accounts receivable, inventories, and fixed assets. Effectively manages NAM investments to secure NAM’s financial future and provides the necessary resources to support its ongoing operations and initiatives. Regularly reports on investment performance and alignment with NAM’s financial goals is also a key aspect of this responsibility.
6. Compliance and Continuous Improvement: Ensures that NAM’s financial management adheres to standardized processes and procedures. Aligns NAM finances with NRC Financial Services Teams to ensure consistency across the organization and seeking opportunities to improve overall financial operations. Responsible for the quality assurance of all critical financial deliverables and must ensure that finance-focused systems are utilized effectively to enhance operational efficiency and integrity. Oversees the implementation of new or revised finance policies and procedures, ensuring that staff and other applicable parties are informed and compliant. Focuses on continuous improvement and maintaining high standards of compliance, creating a robust financial infrastructure that supports NAM’s mission and goals.
NONESSENTIAL JOB DUTIES
Related duties and special projects as assigned.
JOB SPECIFICATIONS
Required Knowledge, Skills, and Abilities: Extensive knowledge of accounting and financial management principles, federal regulations, and OMB Circulars. Comprehensive knowledge of spreadsheet, forecasting, and other computer-based financial tools, with advanced skills in Microsoft Excel. Ability to solve intellectual problems that reflect substantial variety and complexity. Ability to manage and maintain privileged, sensitive, and confidential information and matters appropriately. Ability to serve as a resource to others in the resolution of complex financial problems and issues. Ability to operate with substantial latitude for independent judgement and action. Ability to work successfully in a team environment and to form and maintain effective teams. Experience working in complex environments with a high degree of organizational effectiveness. Ability to develop relationships with co-workers and employees in other National Academies’ departments.
Minimum Education/Training Requirements: Bachelor’s Degree in Accounting, Business Administration, Finance, or related field, or equivalent knowledge.
Minimum Experience: Eight years of related professional experience, three of which were in a supervisory capacity.
Preferred Education: Master’s in Business Administration.
Physical Capabilities: Ability to work at a computer for extended periods of time.
Compensation Range: The National Academies of Sciences, Engineering, and Medicine support equity, fairness, and transparency in our compensation programs. An estimated compensation range for this position is $101,130 - $158,015. Compensation offered to the selected candidate will be based on the candidate’s relevant knowledge, skills, and work experience, commensurate with compensation of current employees in comparable positions with similar knowledge, skills, and work experience, and subject to budget parameters. Note it is not typical for a candidate to be hired at the higher end of the range. This position is a benefits-eligible position. Our Benefits Plan offers competitive and comprehensive benefit options, including medical, dental and vision insurance, life insurance, disability coverage, retirement and savings benefits, leave benefits such as paid holidays and paid personal leave, transportation subsidies, and education assistance. For more information, please click here.
Work Environment: Hybrid Office/Telecommute environment, expected onsite percentage 60%, with occasional travel between National Academies’ facilities and to off-site meeting/sponsor locations.
The National Academies’ Statement on Diversity and Inclusion:
We, the National Academies of Sciences, Engineering, and Medicine (the National Academies), value diversity among our staff, members, volunteers, partners, vendors, and audiences. We recognize that talent is broadly distributed in society and that many perspectives enhance the quality of our work and drive innovation and impact.
We pledge to cultivate a workplace culture and climate that promotes inclusion, belonging, accessibility, and anti-racism; upholds equity; and values the participation of all who are engaged in advancing our mission. By embracing the values of diversity, equity, and inclusion in our programs, institutional policies and practices, and products, we will be able to better advise the nation on the most complex issues facing society and the world.
Equal Opportunity Employer:
It is the policy of the National Academies to recruit, hire, transfer, compensate, and promote people in all job categories and to administer all other personnel actions, terms and conditions of employment in a manner that is consistent with equal employment, and does not discriminate on the basis of race, creed, ethnicity, color, national origin, sex, sexual orientation, gender identity, age, religion, disability, medical condition for which a person has been rehabilitated or cured, marital status, family responsibilities, genetic information, political affiliation, personal appearance, matriculation, unemployment status, veteran status, or any other characteristic protected by applicable laws. It is also the institution's policy to recruit, hire, promote, and provide reasonable accommodation to qualified individuals with disabilities and covered veterans who are otherwise qualified.
Any qualification to be considered equivalent, in lieu of stated minimum, requires the prior approval of the Office of Human Resources.
The above statements are intended to describe the general nature and level of work performed by employees assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties and skills required of personnel so classified. Some functions in this description may be specific to a particular unit of the National Academies and not applicable to other units.
Job Family:
ACCT