The New 42nd Street was founded in 1990 by New York City and State in response to the urban decay that described 42nd Street between Seventh and Eighth Avenues. When no one else would restore the historic theaters of Times Square, The New 42nd Street was entrusted with determining the uses for seven theaters and leasing them for adaptive reuse.
To prove that new life on the block was possible, The New 42nd Street courageously chose the least commercially viable property under its aegis the Victory Theater with only 499 seats and created New York’s first theater for kids. A founding principle of The New Victory Theater was the vital importance of arts education. As such, educational outreach and programming are central functions of the theater, delivering high-quality live performances to over 40,000 school kids each year.
The opening of The New Victory Theater was soon followed by The New 42nd Street Studios and The Duke on 42nd Street. The New 42nd Street established itself as an innovator for urban revitalization and cultural expansion. The organization then created The New 42nd Street Youth Corps, a program that offers high school and college-age youth paid employment and professional training through jobs in the arts. This program annually employs, trains, mentors, and inspires nearly 100 young people aged 16-plus.
Now, almost 30 years after The New 42nd Street was founded, West 42nd Street between Seventh and Eighth Avenues boasts five legitimate theaters, two multiplex cinemas, and several major tourist destinations in addition to a vibrant mix of food and retail venues, welcoming nearly 90,000 visitors each day.
Today, The New 42nd Street is a proud leader in the national and international arts communities, and remains devoted to finding new ways to deepen, expand, and develop its projects and services, and diversify its constituencies.
The New 42nd Street fulfills its mission to make extraordinary family-friendly performing arts and cultural engagement part of everyone’s life:
- Through The New Victory Theater, New York City’s professional theater for kids and families, presenting the highest quality performing arts at affordable ticket prices, providing model arts education programs and youth employment opportunities.
- By maintaining and fully using The New 42nd Street Studios and The Duke on 42nd Street to support performing artists in the creation of their work.
- By continuing to make 42nd Street a lively cultural and entertainment destination and ensuring the ongoing vibrancy of The New 42nd Street’s subleased historic theaters: Apollo, Empire, Liberty, Selwyn, and Times Square.
The New 42nd Street staff is comprised of 100 full time; four full-time seasonal (e.g., full time when The New Victory Theater is in season); 143 part time and 65 over-hire (extra stagehands who work calls as needed during the year). The FY20 (ending 6/30/20) operating budget will be approximately $20 million.
The Vice President, Finance is a member of the senior executive team. He/she manages: a permanent staff currently consisting of a Controller and three Finance Associates, as well as outside consultants. Business relationships including insurance, accounting, banking, government, legal, and investments. Areas of direct responsibility include Finance and Human Resources.
In partnership with the executive team, the Vice President, Finance will continue to build on and strengthen the financial and business segments of the organization, providing executive leadership and direction for financial policy and hands-on management of all financial operations. The individual will work collaboratively throughout the organization to ensure that sound budgets, efficient systems, financial reporting and controls,business analysis, planning, and forecasting are in place to support The New 42nd Street’s complex business model, which includes real estate management, theater box office, education, capital projects, maintenance, and the development of environmentally sound programs and operations.
It is expected that the Vice President, Finance will:
- Quickly get to know The New 42nd Street as a whole its history and culture, purpose and programs, structure and organization, finances, funding, policies, and the substantive issues critical to the organization and its future;
- Establish a strong working partnership with the President, Executive Vice President, the Vice President of Development, and the Vice President of Operations built on trust and shared vision; and together, create a flexible, multiyear financial plan, and provide support to the entire management staff;
- Motivate and build a collaborative relationship with his/her staff; provide coaching when necessary; organize and delegate work and evaluate performance;
- Provide financial reports and analysis which help to inform programmatic and artistic decision making, long-range strategic planning, creativity, flexibility, and responsiveness; communicate financial information and recommendations to the President, the Finance Committee of the Board, and other senior executive management staff in a timely manner;
- Review all financial systems and functions throughout the organization their processes, procedures, and infrastructure to support the organization’s programs and operations and facilitate financial decision making and discipline at the program/department level;
- With input from The New 42nd Street’s Certified Public Accountants, evaluate recordkeeping and accounting systems, controls and practices to ensure their compliance with Generally Accepted Accounting Practices (GAAP);
- Maintain financial tracking systems for all operating departments, including box office and concessions;
- Oversee HR functions and support organizational growth and transition.
SCOPE AND RESPONSIBILITIES
The Vice President, Finance will ensure that financial policies and procedures are carried out with integrity and in keeping with effective corporate governance. Additionally, this position will be responsible for the following:
Organizational and Financial Strategy
- Work with the President, Board, and Senior Executive team to create informed operational and financial strategies for the organization.
Financial Management and Analysis
- Ensure that optimal financial controls and reporting systems are in place and continuously monitored;
- Monitor program and operations budgets and provide timely information to the President, senior executive team, department heads, and appropriate Board committees;
- Provide financial reports in accordance with the requirements of The New 42nd Street’s master lease as well as with the requirements of other agreements;
- Oversee the financial aspects of capital projects, including bridge financing and development financing (if any);
- Negotiate and close loan financings (if any);
- Support proposal and reporting requirements of the development department;
- Ensure the management and tracking of all accounts payable and receivable;
- Present financials at Board, Executive, and Audit and Finance Committee meetings.
Audit and Compliance
- Work with outside auditors and internal accountants to ensure that the organization is current on all accounting procedures; ensure compliance and anticipate the implications of any accounting rule changes;
- Coordinate and oversee annual audit preparation and tax filings;
- Supervise quarterly sales tax filings;
- Work with counsel on real estate, banking and governmental issues.
- Develop annual program and operations budgets in cooperation with Vice Presidents and provide confidence to the President and relevant Board committees on the integrity of the budget;
- Develop and track capital budgets and operations budgets on a monthly, annual, and 10-year (projection) basis;
- Provide quarterly reports of budgeted versus actual activity to the President and the Board Audit and Finance Committee;
- Support all financial aspects of development department proposals and reports.
- Manage banking relationships and provide support to the appropriate Board committee responsible for the investments of the organization;
- Ensure management of accounts payable and accounts receivable;
- Supervise and be responsible for cash management/banking activity for the organization.
- Manage relationships with insurers, monitor and evaluate policies and optimize risk management.
- Negotiate employee benefits and vendor contracts as necessary;
- Administer personnel policies and employee benefit programs, including compliance with all regulations. Oversee all matters pertaining to employee lifecycle, including wage, pension, and benefit systems, the administration of recruitment and hiring, termination and leave administration, disciplinary or corrective action, and compliance with union contracts;
- Liaise with outside counsel as needed.
- Hiring, supervision, and termination responsibilities for finance department staff;
- Provide a team-based environment focused on integrity, efficiency, and excellence.
IDEAL EXPERIENCE AND QUALIFICATIONS
The Vice President, Finance will be an experienced, professional executive with a concentration in finance, business planning, administration, and human resources. This experience will be demonstrated through years of progressively significant positions and relevant educational credentials. Specifically, the ideal candidate will possess the following skills and experience:
- Analytical problem-solving experience having dealt with a variety of financial and business issues required to support a complex performing arts, cultural, or other nonprofit institution or corporation;
- Recognized expertise in financial controls, business planning and strategy, administration, and nonprofit accounting;
- Facilitating with information systems and technology, as well as comfort with multiple transactions and rapidly changing circumstances;
- A proven track record of working collaboratively with executive and creative teams, as well as with board and external stakeholders;
- Proven ability to manage a team of professionals;
- Demonstrated ability to analyze complex financial matters, including those related to real estate development, commercial real estate leasing and renovation;
- Knowledge of governmental and quasi-governmental development agencies.
The ideal candidate will be:
- Committed to the mission, purpose, and values of The New 42nd Street and its programs;
- A dedicated leader/manager, collaborative, and team oriented, who can take charge, build consensus, motivate others, and affect change, and who will impart credibility, trust, enthusiasm, integrity, and ethics;
- Analytical and strategic yet tactical, with an understanding of the business implications of plans and strategies; able to creatively adapt and implement systems and procedures that fit current and long-term needs;
- Outgoing and straightforward, with the skill to share information, listen, and learn as well as give advice; able to collaborate in a performing arts and education-oriented environment.
He or she will possess:
- Confidence and innate intelligence to work with and support the activities of a nonprofit organization and its board of directors;
- Strong communications skills combined with political acumen; an interest and/or passion for the performing arts, urban redevelopment, and the interrelationship between arts and cities.
Please send nominations or applications, including all contact information, to Susan Meade at [email protected]