Top finance executives ensure success of current programs, look ahead for opportunities

When Yvonne Kankam-Boadu joined the American Speech-Language-Hearing Association in 2009, she had a more hands-on role overseeing the organization's finances.
As ASHA continued to grow and become more complex, her position as the group's top financial officer evolved as well.

"It's become more strategic, almost being a consultant, not only in finance but a consultant to other areas within ASHA, Kankam-Boadu said. "Certainly (I'm) a consultant to our leadership."

Kankam-Boadu said a key requirement for the role is understanding the entire organization and its programs so that the CFO can better support those initiatives and objectives.

"You don't want a disconnect between finance and programs. That's what I try to accomplish … us working together to accomplish the goals of the organization," she said.

Kankam-Boadu was recently named Association TRENDS 2022 Nonprofit CFO of the Year. This year's other CFO honorees told CEO Update that their jobs have also become more strategic and forward-looking over time. (Association TRENDS is a brand of Columbia Books & Information Services, owner of CEO Update.)

[Nonprofit CFO of the Year Awards announced]

Association CFO of the Year Brian Green has worked at the Consumer Healthcare Products Association, where he is senior vice president for finance and operations and CFO, for eight years.

The role is "much less tactical than it used to be," said Green. Part of that change is attributable to longevity at an organization, he said: "You go in and make things better initially tactically, and then move on to things more strategic in nature."

His emphasis now is on looking ahead for things that can grow the association, whether that's through additional revenue or new areas to serve members. Green works closely with the head of business development and industry relations to look for ways to show the value of membership and to identify and add members. CHPA represents manufacturers and marketers of over-the-counter medicines, dietary supplements and consumer medical devices.

He looks at the five strategic priorities set by the board and works to determine where resources are going and how that aligns with what the membership thinks is most important. CHPA total revenue in 2020 was $23 million.

"You need to continue to manage day-to-day operations. But I just spend so much more time thinking forward than working on day-to-day and looking backward," Green said.

Green's role also includes oversight of information technology, administration and human resources. He has spent much time over the past 2 1/2 years on CHPA's response to COVID and figuring out how to bring back staff safely and to keep the culture positive.

Financial turnaround

Mahomed "Mo" Ouedraogo is CFO of ACCESS Community Health Network, one of the nation's largest networks of Federally Qualified Health Centers with 35 locations in Chicago and the surrounding suburbs. It is the largest provider of primary care for Medicaid beneficiaries in Illinois.

Ouedraogo, Association TRENDS's Philanthropic Organization CFO of the Year, joined ACCESS in 2006 and was promoted to CFO in 2011. That year, ACCESS lost $12 million and had zero days of cash on hand, Ouedraogo said. His foremost role then was to address the crisis.

He restructured the finance department and was transparent with board members and other stakeholders to win their support. Within a few years the organization was more financially sustainable, Ouedraogo said. ACCESS revenue was $159 million in 2021, with almost $40 million in the bank and an annual surplus of more than $3 million a year.

Though the finance responsibilities are still core, Ouedraogo said his role has evolved into being a business partner for the CEO "as we transform ourselves, as we try to maximize our potential and, more importantly, improve our patient health outcomes. It's more operational than financial."

With technology an essential tool in health care delivery, Ouedraogo has also taken on the role and title of chief information officer.

Keys to CFO success

ASHA, which reported revenue of $67 million in 2020, is a professional and credentialing association for 223,000 members and affiliates, including audiologists and speech-language pathologists. Kankam-Boadu said she has implemented two budget systems, new accounting systems and given more attention to improving compliance and controls.

Kankam-Boadu said she has had good mentors through the years; networking also helps her understand this particular role within associations. She is an alum of ASAE's Diversity Executive Leadership Program.

Her advice for aspiring CFOs is to go beyond the numbers to talk with coworkers and understand the organization: "We are in this role to support the program areas."

Earlier in his career, Ouedraogo audited nonprofits through his work at a public accounting firm, which allowed him to see how different organizations are run. His initial role at ACCESS, as director of analysis and grants accounting, helped him understand all aspects of the organization and "really helped prepare him for the CFO role."

When approaching the CFO role, "number one … you have to spend a lot of time building the right team," Ouedraogo said. "Once you have the right team, then you really need the right tools," so that that team can spend more time adding value than doing mundane tasks. Then, he said, an organization needs the right processes for producing accurate and timely financial data.

Green said it is important to be in a "constant learning phase" and always looking for what's coming in the future. Green reads multiple newsletters, newspapers, professional publications, management books and other material.

He advises finding a peer group outside the organization and being a business partner to your peers within the organization.

Being transparent in all matters is key: "If you lose the trust of your CEO, your board, your finance committee what have you, all is lost. Sometimes delivering bad news isn't great. But it needs to be done."

Nonprofit CFO of the Year Awards Announced

Association TRENDS announced the winners of the Nonprofit CFO of the Year Awards Aug. 1.

• Yvonne Kankam-Boadu of the American Speech-Hearing-Language Association was named the 2022 Nonprofit CFO of the Year.
• Brian Green of the Consumer Healthcare Products Association was named Association CFO of the Year.
• Mahomed Ouedraogo of ACCESS Community Health Network was named Philanthropic Organization CFO of the Year.
• Two CFO Rising Stars were also announced: Christina Hadden, managing director of finance and accounting at Global Impact, and Zarina Manapova, senior director of finance and personnel at Airports Council International-North America.

The 2022 winners will be honored at an awards luncheon Oct. 13 at the Grand Hyatt Washington.
Association TRENDS launched the nonprofit CFO awards program in 2006. The annual awards "recognize the often-unsung leadership role that finance leaders have in the important works nonprofits do."

Candidates for the awards were nominated earlier this year by their organizations or their peers. The founding supporters of the awards—West, Lane & Schlager Realty Advisors and RSM US, a provider of audit, tax and consulting services—convened an independent panel of industry professionals and former honorees. After reviewing the nominations, the panel selected the winners.