About BlackNorth Initiative
The BlackNorth Initiative (BNI) is a national non-profit organization dedicated to ending anti-Black systemic racism and building a more equitable and prosperous Canada. Through corporate engagement, leadership development, economic empowerment, education, and community partnerships, BNI advances opportunities and outcomes for Black communities across Canada.
As the organization grows in scale, complexity, and impact, BNI is engaging a Fractional CFO to provide senior financial leadership, strengthen forecasting and reporting, raise governance and control standards, and rebuild confidence in the reliability of financial information that reaches management, the Audit Committee, and the Board.
Position Summary
The Fractional CFO is BNI’s most senior finance leader, reporting to the CEO and serving as management’s primary financial advisor to the Audit Committee and Board. The role carries functional oversight of the finance function: the Fractional CFO sets standards for financial planning, reporting, controls, and governance, and directs the work of finance staff to meet those standards.
A central priority of the engagement is to strengthen the accuracy, timeliness, and reliability of financial reporting, and to establish scalable practices that support continued growth and increasing program complexity. The Fractional CFO will assess the current finance function — including people, processes, systems, and controls — and recommend the structure and capabilities BNI needs going forward.
Key Responsibilities
Finance Function Oversight & Leadership
- Provide senior leadership and direction to the finance function, with authority to set standards for reporting, controls, and financial processes.
- Direct, review, and quality-assure the work of finance staff and any external providers.
- Assess current finance capabilities, processes, and systems, and identify gaps in accuracy, timeliness, and control.
- Define the finance function’s future structure, roles, and capability requirements, and provide coaching where appropriate.
- Lead remediation where reporting, controls, or processes fall short of required standards.
Strategic Financial Leadership
- Serve as the CEO’s and leadership team’s primary financial advisor on decisions, risks, and growth strategy.
- Advise on long-term sustainability, reserves, and liquidity management.
- Identify financial risks and recommend mitigation strategies.
Budgeting, Forecasting & Planning
- Lead annual budgeting and multi-year financial planning.
- Build and maintain rolling forecasts, and monitor actuals against budget and forecast.
- Lead revenue forecasting and funding-scenario planning, including for funding volatility.
- Advise on spending priorities and resource allocation based on variance and trend analysis.
Financial Reporting & Decision Support
- Establish executive-level dashboards and standardized monthly and quarterly reporting packages.
- Ensure reporting is timely, accurate, and decision-oriented, with clear variance analysis.
- Provide financial modeling and scenario analysis, translating complex information into practical recommendations.
Audit Committee & Board Support
- Serve as management’s senior financial advisor to the Audit Committee and attend meetings as required.
- Prepare and present quarterly reporting packages, forecasts, and budget updates that are decision-ready.
- Support Board discussion of sustainability, risk, reserves, and growth, and help management respond to Committee recommendations.
Cash Flow, Liquidity & Sustainability
- Own cash flow forecasting and liquidity management, including a rolling short-term cash forecast.
- Monitor restricted and unrestricted funding positions and maintain runway and reserve analyses.
- Surface emerging financial pressures early, with recommended responses.
Audit, Controls & Compliance
- Act as senior liaison with external auditors and lead audit planning and execution on the management side.
- Assess and strengthen internal controls, accounting policies, and financial governance practices.
- Ensure compliance with applicable accounting standards (including not-for-profit standards, ASNPO), CRA charity requirements, and audit recommendations.
Qualifications
Required
- CPA designation in good standing.
- Minimum 10 years of progressive senior financial leadership experience.
- Prior experience as a CFO, VP Finance, Director of Finance, Controller, or Fractional CFO.
- Experience advising CEOs, Boards, and Audit Committees.
- Experience assessing and strengthening finance functions, internal controls, and reporting reliability.
- Working knowledge of not-for-profit accounting (ASNPO) and charity/CRA compliance.
- Exceptional communication and executive presentation skills.
- Preferred
- Experience in charitable, nonprofit, public-sector, or mission-driven organizations.
- Experience managing restricted funding, grants, sponsorships, and donor-funded programs.
- Experience supporting organizations through rapid growth or transformation.
- Experience implementing financial dashboards and forecasting frameworks.
Success Measures (First 6–12 Months)
Success in the engagement will be demonstrated by concrete, time-bound deliverables, including:
- A rolling 13-week cash flow forecast in place by month 2.
- A standardized monthly close and board/management reporting pack adopted by month 3.
- A quarterly forecasting and variance-reporting framework operating by month 4.
- A documented assessment of the finance function — people, processes, systems, controls — with recommendations by month 4.
- Measurably improved reporting timeliness and reliability for management, the Audit Committee, and the Board.
- A clean annual audit with no significant adjustments or unresolved findings.
- A long-term roadmap for finance function structure, capability, and succession.
Compensation & Time Commitment
This engagement is structured as a monthly executive retainer of $11,000, reflecting the strategic and advisory nature of the role. The expected commitment is approximately 1–2 days per week on average, with flexibility to provide additional support during key periods such as budgeting, quarterly and year-end financial reporting, Audit Committee and Board meetings, and the annual audit.
The engagement is outcomes-based rather than hourly, with the Fractional CFO accountable for delivering the agreed strategic priorities, strengthening the finance function, and providing executive financial leadership to the CEO, leadership team, Audit Committee, and Board.
- Initial term: 6 months, with the potential for renewal by mutual agreement.
- Hybrid and flexible working arrangement, with attendance at key leadership, Audit Committee, and Board meetings as required.
To Apply: Email your resume to [email protected] with Fractional CFO in the subject line.
Note: The incumbent must be able to work a hybrid schedule with at least 60% in office. The office location is in downtown Toronto.
Equity Statement
BNI is a staunch advocate for diversity in all its forms and especially welcomes applications from members of the BIPOC (Black, Indigenous, and People of Colour) community, women, people with disabilities, the 2SLGBTQ+ community, and those of diverse, intersectional identities. Accommodations are available on request for candidates taking part in all aspects of the selection process as well as part of employment with BNI.
Pay: $11,000.00 per month
Education:
- Bachelor's Degree (preferred)
Experience:
- Finance: 10 years (required)
Licence/Certification:
- Chartered Professional Accountant (required)
Work Location: Hybrid remote in Toronto, ON M5H 3G2
