The Organization

Headquartered in St. Paul, Minnesota, the Bush Foundation was founded in 1953 by Archibald and Edyth Bush. They set up the Foundation with few restrictions, ensuring that board and staff members through the years would have the flexibility needed to meet the challenges of the day. This ultimately set the stage for some of the Foundation’s highest impact work.

The Foundation operates with a staff of 36, stewards an endowment that has grown to $1.4 billion and has a combined operating and philanthropic budget for 2024 of $69 million. 

More information about us can be found at bushfoundation.org.

Position Summary

The Controller advances the goals of the Bush Foundation by chiefly coordinating, developing, discussing and making decisions around the Foundation’s internal controls, budgetary/forecasting processes and the investment portfolio’s cash management activities. This position also manages the development and maintenance of the employee benefit plans to align with the overall compensation and benefits philosophy of the Foundation. 

The Controller is expected to actively demonstrate core organizational values in performing all duties, and contribute to and support cross-foundation work and learning that advances the Foundation’s overall strategic goals. This would include activities like foundation priorities, community engagement, learning sessions, equity projects, ad hoc work groups, events and committees.

Key Responsibilities

Internal Controls 

1. Develop, maintain and document strong internal controls, including proper approvals, separation of duties and independent reconciliations in close communication and with the oversight of the FD&T.
2. Direct accounting processes to ensure that financial transactions and procedures meet organizational objectives and regulatory requirements.
3. Research and recommend new policies and procedures including best practices and trends, raising for discussion as needed. Work with the FD&T to promote staff understanding of strong internal control environment. 
4. Periodically test processes to ensure internal compliance.

Budgeting and Forecasting

1. Manage and coordinate the annual budget and quarterly forecast processes in close partnership with the FD&T. Coordinate with Foundation teams to develop timeline and meetings while ensuring active communication throughout the process. 
2. Provide significant financial input, analysis and ideas to the process. 
3. Continue to develop and improve the budgeting and forecasting process, with regular review of approach and tools.
4. Train, coach and support Foundation staff in their efforts to develop and maintain effective and accurate budgeting and forecasting practices. 

Financial Reporting

1. Review monthly financial statements and supporting documentation and ensure preparation of accurate and timely financial statements and reports for management and board. 
2. Monitor financial performance and report on trends and variances. Prepare any financial analysis as needed. 
3. Document and produce meeting minutes for the Finance and Audit Committee meetings. Assist the FD&T in preparing any related meeting materials and any follow-up actions required.
4. Prepare miscellaneous required reporting such as Moody’s annual report in coordination with the investment team and US Census Bureau Quarterly and Annual Reporting.
5. Collaborate cross-functionally to integrate technology and improved data centric systems with a focus on optimizing performance, organizing data, reducing risk and achieving goals. 

Annual External Audit

1. Continuously improve and simplify processes ensuring sound internal controls.
2. Manage the annual audit process with external auditors. Work with the FD&T to set and manage audit timelines through opening meetings, fieldwork, closing meetings to financial reports and clean audit opinion.
3. Assure all schedules, control documents, investment valuation materials and grant support information are prepared in advance of fieldwork.
4. Coordinate with the investment team to ensure investment-related footnotes are accurately presented.
5. In coordination with the FD& T, manage the recommendations and follow-up for any specific findings. 

Investment Activities

1. Manage capital call and distribution activity, in conjunction with the Investment team, including:
2. Processing capital calls and monitoring commitment balances to ensure capital is appropriately called and within our commitment amounts. 
3. Ensuring capital calls are properly recorded between a capital commitment versus non-commitment draws such as manager fees. 
4. Ensuring distributions are properly recorded to reflect return of capital versus realized gains and losses. 
5. Working with custodian or investment managers as necessary when errors occur.
6. Maintaining internal databases to track private investment capital commitments and distributions current and historical activity through the life of the private investment.
7. Reconcile monthly/quarterly investment manager statements with Foundation’s custodian and ledger records. 
8. Annually verify and assure that the valuation provided by the investment managers is proper and reasonable.
9. Involve the investment team if persistent reconciliation issues arise due to inconsistent or problematic reporting from fund managers. 

Cash Management

1. Manage operating cashflow projections (grants and expenses) to determine optimal cash transfers to operating checking account from the investment account at custodian.
2. Communicate regularly with investment team regarding investment decisions that impact cashflow (rebalancing, redemptions, new investments) and operating cash needs to ensure target cash balance is available in the temporary cash account.

Employee Benefits and Risk Management

1. Manage insurance renewals or bid process and plan design changes for employee benefits which include medical, dental, short-term and long-term disability, life/AD&D, flexible benefits and retirement plans. 
2. Manage the coordination and implementation of the annual open enrollment process with the Senior Accountant to ensure employees have timely and accurate information to make choices regarding benefits offered. Implement changes to ensure appropriate levels of coverage are in place in a timely manner.
3. Serve as a core member of the Retirement Plan Oversight Committee. Work with the retirement plan vendor representative to coordinate an annual individual retirement planning session for employees and participate in planning other learning opportunities with committee members as needed. 
4. Maintain the Foundation’s property and liability insurance needs. Seek periodic bids from agents to assure market coverage at appropriate pricing and levels of insurance. Manage insurance renewals or bid process and plan design changes for property and liability insurance.
5. Monitor and respond to federal and external surveys related to investments and finance as needed.

Ideal Candidate Profile

The ideal candidate will be a finance professional with expertise in accounting and internal controls, budgeting and forecasting, investment reporting and liquidity management and employee benefits. Critical success factors include the ability to build collaborative relationships with key internal and external partners and authentically demonstrate a work style that conveys trust and confidence.

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