Position Specification Treasury Manager The Organization MidMichigan Health is a non-profit health system, headquartered in Midland, Michigan, serving much of the middle of Michigan and beyond. The health system is located on 146 acres of wooded property, the Midland campus, the site of its largest hospital. MidMichigan Health acts as a parent organization to 15 subsidiaries and has various joint ventures and management contracts, which includes four hospitals, 2 nursing homes, an assisted living facility, and home care services. System-wide, MidMichigan has: More than 4,700 employees 400 physicians in 43 specialties More than 1,250 volunteers Annual gross revenues approximately $932 million Assets valued at more than $800 million Over 300 days in cash. 459 hospital beds at four medical centers 185 licensed nursing home beds 20 licensed assisted living beds Additional information about MidMichigan Health can be found on their website at: http://www.midmichigan.org. The Position Location Midland, Michigan has a population of 41,685 and is located in Midland County which has a total population of 82,874. The outstanding Midland Public School System is comprised of 13 elementary schools, three middle schools and two high schools. Midland’s K-12 public and private school systems enjoy a long-standing tradition of excellence. For example, in 2005, four of the five local public high schools in the greater Midland community had graduation rates above the statewide rate; most notable was Midland Public Schools, which had rates as high as 10% above the state rate of 88.7%. And for the 2007-2008 school year, 100% of Midland Public Schools teachers met State of Michigan guidelines as “highly qualified”. Midland has a vast array of cultural opportunities ranging from music and theater to science and the arts. The Midland Center for the Arts provides state-of-the-art stages for audiences of 400 to 1,500 and has featured everything from local performances to world-class orchestras and dance companies. Nature is also found in abundance at Midland’s Dow Gardens. Spread over 100 acres, Dow Gardens shares with its visitors the landscaping designed for the home of The Dow Chemical Company. The Dow Chemical Company and Dow Corning Corporation are two Fortune 500 companies with world headquarters and major manufacturing plants in the community, adding to the excellence of Midland through their continued scientific research and development. The Midland Cogeneration Venture, one of the largest gas-fired cogeneration power plants in the world, came aboard in 1991 and is the City’s largest taxpayer. Many of Michigan’s philanthropic organizations are based in Midland Michigan and include: The Herbert H. and Grace A. Dow Foundation, The Dow Chemical Company Foundation, Midland Area Community Foundation, The Alden and Vada Dow Family Foundations, The Rollin M. Gerstacker Foundation, and The Charles J. Strosacker Foundation. These organizations have been very supportive of MidMichigan Health and the Medical Center-Midland, having contributed over 30 million dollars to the Health System through the years, much of that going to the MidMichigan Medical Center-Midland. More information about the city of Midland can be found on the City of Midland web site at www.midland-mi.org. Reporting Relationships The Treasury Manager reports to the Senior Vice President and Treasurer, Francine Padgett. The position is a staff function, so the Treasury Manager will function as an individual contributor to the SVP senior management and the finance team. Responsibilities The Treasury Manager has primary responsibility for the leadership, direction and supervision of the treasury function and the execution of the cash and investment management for MidMichigan Health. This Treasury Manager works with senior management to oversee all parts of cash management and compliance, cash forecasting, credit arrangements, risk management, and ensures financial controls over investments remain effective, that investment assets are safeguarded, that investment transactions are authorized, processed and recorded properly and in accordance with all system policies. This person in this position directly invests short-term portfolio and bond reserves and monitors external professional money managers responsible for long term funds. The Treasury Manager also oversees the banking relationships, provides consolidated reporting of investment transactions and prepares cash forecasts and monitors compliance with bond covenants. Together with the SVP, The Treasury Manager supports the activities of the Investment Committee of the MidMichigan Health Board implementing short-term and long-term investment strategies within the guidelines established by the Committee, including bond and escrow funds. The Investment Committee meets quarterly; and as needed, to exercise investment oversight with respect to the MidMichigan Health Employees’ Pension Plan, the 403(b) Savings Plan, and the Frozen 401(a) Plan (collectively the "Plans"); to formulate investment policy; and to select and monitor H investments for all the Plans as well as MidMichigan Health’s investments and operating funds. Presently, there is over $150 Million in the pension and some $400 Million in the MidMichigan investment portfolio. The following comprise the principal duties and responsibilities of the Treasury Manager: Works closely with senior management to manage MidMichigan Health’s cash accounts, credit card accounts, controls, transactions, reconciliations and reporting. Monitors and manages MidMichigan Health’s daily cash position. Develops and maintains relationships with banks and investment managers, evaluating performance, costs and fees. Works with the MidMichigan Health tax consultant to ensure compliance with and understanding of the tax ramifications of investment transactions. Evaluates specific investment opportunities and makes recommendations to senior management. Initiates wire transfers and initiates inter-account transfers of cash assets. Works with the organization’s investment consultant to assess and implement treasury best practices. Analyzes liquidity risk and helps develop implement liquidity policies. Evaluates complex structured transactions and advises senior management on financial risk and other implications. The following comprise the major expectations of the person who accepts the Treasury Manager position: Assess the evolution and present state of the treasury function at MidMidchigan Health and help define the future of this increasingly important role in the Health System. Develop a full corporate finance function at MidMichigan Health with a sophisticated Treasury Manager role, treasury work stations, online wire transferring, and proactive investment planning. Contribute to the development of a financial scorecard with the rest of the finance team. Complete an accurate cash forecast and demonstrate the ability to “run the cash.” Establish self as an integral member of the finance team and work with others to improve the financial integrity and strength of MidMichigan Health. Opportunity This position provides an opportunity to observe and work with an exceptionally experienced and capable group of executives, who serve on the Investment Committee of the Board. As one of the pre-eminent healthcare providers in the region, MidMichigan also offers a financially sound, stable environment where personal and professional development takes place. There is a notable track record of financial executives who have been promoted throughout the Health System. Compensation An attractive, competitive compensation program will be offered to qualified candidates. The final candidate will receive full relocation assistance and benefits, which are usual and customary for this level position in the organization. The Candidate Education/Certifications This position requires the minimum of a Bachelor’s degree in Finance or Business Administration. A CFA or CCM/CTP is preferred, and a Masters degree in Finance or Business Administration preferred. Possibly possessing a securities license. Professional Qualifications Five + years of increasingly complex Treasury, Banking or Investment Management experience. Broad knowledge of global workings of cash management, banking management, analytics, modeling, capital markets, fixed income markets and macroeconomics. Complete understanding of generally accepted accounting principles and generally accepted auditing standards are required as they relate to treasury. Excellent analytical and technical skills across many different software packages with the ability to adapt to new software quickly are also required to perform function well. The ability to work through and support a treasury debt financing. Well-developed and effective written and oral communication and presentation skills and the ability to communicate at all levels of the organization. Demonstrated ability to work with governing boards and committees. Excellent interpersonal skills and the ability to work with a wide variety of people. Personal Characteristics Someone who is a self-starter. Someone who has a thirst for knowledge metrics. Able to fit into the MidMichigan culture that is exemplified throughout the MidMichigan “family” of affiliate organizations. A polished professional with an executive presence. Someone who is honest, a “good person.” A dedicated financial executive with a strong work ethic who is not afraid to roll-upthe-sleeves to get the job done. A collaborative team player, who values people and who can build consensus and motivate others toward common objectives, and who has the ability to join and help develop high performance teams. An organized person who demonstrates personal accountability while being both responsive and effective. An individual of unquestioned integrity and high moral and ethical standards. An optimistic person with energy, enthusiasm and a positive “can-do” attitude. Someone who is secure, likeable, and approachable with a good sense of humor. An active community member. Contact Barry R. Cesafsky, FACHE CES Partners, Ltd. 53 W. Jackson Blvd., Suite 1526 Chicago, Illinois 60604 312.987.4505 (direct) 312.386.1557 (fax) bcesafsky@cespartners.net (e-mail) www.cespartners.net (web site) Thomas W. Burke CES Partners, Ltd. 53 W. Jackson Blvd., Suite 1526 Chicago, Illinois 60604 513.600.3746 (direct) 312.987.4505 ext.28 (main office) 312.386.1557 (fax) tburke@cespartners.net (e-mail)