Director of Debt Management

Employer
University of Minnesota
Location
Minneapolis, Minnesota (US)
Salary
$172,000-$210,000 Annually
Closing date
Feb 10, 2023

View more

Job Role
Director/Board
Sector
Banking, Education & Training, Finance, Nonprofit, Other
Contract Type
Permanent
Hours
Full Time
Level of qualification
CPA, Degree
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Relocation opportunity. Consider a move to the Twin Cities!

The University of Minnesota is the state’s land-grant university and one of the most prestigious public research universities in the nation. We’re ranked by Forbes as one of the 10 best educational employers in the nation and currently have an extraordinary leadership opportunity within University Finance.

The University of Minnesota seeks a proven financial leader to provide strategic direction, leadership, and operational excellence of its debt management operations. The Director serves as chair of debt operation governance within the University and reports directly to the Associate Vice President and Assistant CFO.

This position is based in Minneapolis, Minnesota at our Twin Cities campus, but will serve all five system campuses and support the University’s critical financial needs. The Director is responsible for the oversight and management of the University's $2 billion debt portfolio, including planning and coordination of debt issuances, post-issuance compliance to maintain the tax-exempt nature of the applicable debt, completion of reporting requirements, maintenance of applicable external relationships; and responsible for all aspects of the internal lending program including development of policies and procedures,  issuance of internal loans,  collection of internal debt service charges, and funding of external debt obligations. In addition, this position will be responsible for direct supervision of a newly-created debt financial analyst staff position and provide guidance to staff in other areas who have overlapping responsibilities related to the debt portfolio.  This position works closely with the institution's top executive leadership to achieve the University's capital financing and debt management objectives, and is considered the University's "expert"  in this specialized area of business and finance.

Job Responsibilities:

Plan and coordinate the issuance or refinancing of debt 

  • Act as primary liaison with bond counsel, debt advisor, debt counterparties, and rating agencies to coordinate the timetable & other matters throughout the issuance process. 
  • Update University disclosure (Appendix A), read and review the Preliminary Official Statement (POS), the Official Statement (OS) and all bond documents.
  • Prepare presentation and other materials for debt rating agency meetings, with assistance from the University’s debt advisor and underwriters; coordinate ratings presentations with participants & rating analysts; review drafts of ratings reports prior to report issuance. 
  • Participate in debt pricing & structuring discussions. Understand the implications of various structures.
  • In conjunction with the University’s Office of the General Counsel and outside parties, coordinate University activities for closing on debt issuances.
  • Monitor capital project cash flows (in conjunction with University Services Finance team); Request issuance of new commercial paper notes as needed.
  • Maintain cash flow models for monitoring commercial paper activity, including the reissuance (“rolling”) or paydown of outstanding commercial paper notes when appropriate.

Provide leadership in the design, enhancement, and maintenance of a complex internal debt management program, to plan and manage the ongoing activities related to the University’s debt portfolio

  • Analyze, develop, design, implement, and evaluate university-wide debt management operations, including the long-term capital financing and internal lending program.
  • Plan for the expansion of the University’s internal lending program, to maximize the University’s recent issuance of $500 million in interest-only bonds
  • Understand IRS regulations regarding gifting for capital projects, spending/timing requirements of proceeds, and private use regulations; work with the University’s Tax Management Office to ensure compliance. 
  • Oversee Debt Process Team (DPT) meetings; approve cash draws of bond proceeds for appropriate expense reimbursements; maintain spending exception summaries for each bond series. Coordinate with DPT participant team members/departments to ensure bond proceeds are invested, spent, and accounted for appropriately.
  • Prepare and submit required annual continuing disclosure and voluntary disclosure on EMMA, and annual disclosure forms for Moodys and S&P Global, and respond to requests for information as appropriate.
  • Work closely with key University units, including Office of Tax Management, Office of General Counsel, Office of Investments and Banking, University Budget Office, Accounting Services, and University Services.

Prepare and maintain documentation and oversee processes for key stakeholders and decision makers (ie Board of Regents)

  • Develop  and/or maintain updated Debt Management Guidelines, Long-term Capital Financing Program Guidelines, Board of Regents debt policies, Debt Management website content, Annual Debt Management and Capital Financing Report and  other debt-related policies/procedures, as necessary.
  • Set agendas, prepare materials and present information for the Debt Management Advisory Committee, a committee of external professionals appointed by the University president to advise on the University’s debt portfolio and debt management activities.

Required Qualifications:

  • BA/BS degree in finance, accounting, or a related degree plus 12 years of related experience such as management of an organization’s debt program, as a municipal debt underwriter(s), as a debt ratings agency analyst, or as an independent municipal debt advisor.
  • Experience managing a significant debt portfolio in a large, complex organization.
  • Knowledge of capital financing markets, especially the tax-exempt, municipal, and corporate bond markets.
  • Significant experience in the usage of debt as a financing tool for capital projects including:
    • Both tax-exempt and taxable debt;
    • Fixed-rate and variable modes;
    • Long-term debt as well as short-term Commercial Paper;
    • Familiarity with bond issuance processes and documents;
    • Experience in complying with continuing disclosure requirements, ratings agency disclosure submissions, IRS Private Business Use/UBIT
    • submissions and requirements, etc.;
    • Ability to assess and evaluate refunding opportunities.
  • Collaborative working style and ability to work effectively within a matrixed management organization.

Working at the University

At the University of Minnesota, you’ll find a flexible work environment and supportive colleagues who are interested in lifelong learning.  We prioritize work-life balance, allowing you to invest in the future of your career and in your life outside of work.

The University also offers a comprehensive benefits package that includes:

  • Competitive wages, paid holidays, and generous time off
  • Continuous learning opportunities through professional training and degree-seeking programs supported by the Regents Scholarship
  • Low-cost medical, dental, and pharmacy plans
  • Healthcare and dependent care flexible spending accounts
  • University HSA contributions
  • Disability and employer-paid life insurance
  • Employee wellbeing program
  • Excellent retirement plans with employer contribution
  • Public Service Loan Forgiveness (PSLF) opportunity
  • Financial counseling services 
  • Employee Assistance Program with eight sessions of counseling at no cost
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