The Kresge Foundation is metro Detroit’s largest private, national foundation with $3.6 billion in its endowment, a growing staff of nearly 100 employees and a mission to expand opportunities in America’s cities for low-income people. We do this through grantmaking and social investing nationally in arts and culture, education, environment, health, human services and community development in Detroit.
The foundation’s state-of-the-art headquarters is located in metro Detroit. The modern facility is anchored by a 19th century farmhouse and a new expansion that houses both a cafeteria and a convening center. Kresge also operates an office in Detroit’s Midtown district.
The Kresge Foundation offers a competitive total compensation package including health, employer-paid dental and vision, basic life insurance, short- and long-term disability, generous paid time off and an attractive 401k plan with employer match and a 10 percent employer contribution. We also provide breakfast, lunch, and snacks daily for a nominal charge, robust professional development opportunities and tuition reimbursement. Kresge promotes and supports a healthy and green work environment and encourages intellectual curiosity, as we embrace and live out our values of creativity, respect, opportunity, partnership and stewardship.
About the position
Our investment team supports our mission of expanding opportunities in America’s cities by overseeing a $3.6 billion portfolio of long-term investment assets. These assets are invested in a complex mix of diversified strategies on a global basis and are overseen by the CIO and the Investment Committee of the Board of Trustees.
The primary responsibilities are to ensure accurate valuations, performance calculations and cash flow reconciliations are performed each month. The ideal candidate possesses and demonstrates the ability to enhance existing investment risk and operation’s processes and controls by proactively identifying areas where efficiency can be improved and/or risks mitigated. Works collaboratively with the Investment team, the Finance department and the foundation’s custodian, auditors, third party investment managers, counterparties, and our software vendors. Holds custodian and software vendors accountable to their contractual service level agreements. Assists with operational risk assessments of third party investment managers.
Data Integrity and Portfolio Reconciliation
- Maintains and adheres to monthly Investment processing calendar and coordinates schedules and tasks with custodian, systems and risk and operations staff.
- Reviews and logs third party investment management market values and calculates estimated market values as required.
- Reconciles portfolio market values, returns, cash flows, unfunded commitments, and benchmark returns with custodian and systems and resolves discrepancies.
- Opens and closes new custodial accounts following established internal controls. Sets up and closes investments accounts across systems.
- Directs custodian on the reporting of unusual transactions and correction to postings to ensure proper accounting treatment.
- Generates Investment portfolio reports and analysis on a monthly, quarterly, and annual basis.
- Generates and communicates custodian and software vendor scorecards identifying successes and failures.
Trade Processing/Settlement (Back-Up)
- Backs up lead Investment cash analyst as necessary; understands Investment department’s cash flow and trade settlement processes and acts as liaison between custodian, third party investments, and counterparties in resolving cash flow or settlement issues.
- Performs other duties as assigned.
- Bachelor’s degree required, preferably in Accounting or Finance. CFA or CPA preferred.
- Minimum three to five years of investment or accounting related work experience in investment office, fund administrator, audit/accounting firm or similar role preferred.
- Working knowledge of operational issues associated with multi-asset class portfolios, including hedge funds and private partnerships (private equity, venture capital, etc.) a plus.
- Expertise in reviewing and interpreting capital statements, audited financial statements and related footnotes as it relates to investment valuation a plus.
- High level of proficiency with Microsoft Office, particularly Excel.
- Creative ability to pursue improvement in the policies, processes, and systems currently utilized.
- Excellent time-management skills and a detail-oriented method of working.
- Strong personal code of conduct that emphasizes accountability and approaching challenges with enthusiasm as well as initiative.
- Strong commitment to the foundation’s vision and values with the ability to demonstrate that commitment in daily interactions.
How To Apply
Please submit a cover letter and updated resume by July 15, 2017 to firstname.lastname@example.org.
Kresge is proud to be an Equal Employment Opportunity and Affirmative Action employer. We do not discriminate based upon race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.