Senior Vice President for Finance and Business/Treasurer

The State University (Penn State) invites nominations and applications for the position of Senior Vice President for Finance and Business/Treasurer.

Penn State University: Overview Founded in 1855, Penn State is one of the premier research universities in the world and a driver of economic growth and prosperity for the Commonwealth of Pennsylvania. Headed by Penn State’s 18th President, Eric J. Barron, and its Executive Vice President and Provost, Nicholas P. Jones, the University embraces its tripartite mission of teaching, research, and service across an ever-evolving higher education landscape. With 24 campuses throughout Pennsylvania, Penn State is the Commonwealth’s only land-grant institution. The University represents a strong economic powerhouse in the state, contributing more than $11.6 billion to the state’s economy and supporting—both directly and indirectly—more than 105,000 jobs across Pennsylvania. Penn State’s a national leader in research and development, with $968 million in expenditures in 2018-19, contributing to the state’s economy through innovation and technology transfer.

Granted the “very high activity” classification for research universities by the Carnegie Foundation, Penn State prepares students to be leaders with a global perspective. With more than 6,400 full- time faculty and more than 160 baccalaureate degree programs and 190 graduate programs, Penn State is a comprehensive academic institution with a $6.5 billion annual operating budget. Penn State enrolls nearly 100,000 students and has 24 campus locations and 19 academic colleges, employs approximately 32,500 faculty and staff, and includes a medical college, two law schools, and an online World Campus, which graduated its first students in 2000 and now enrolls more than 12,000 scholars.

Penn State’s instructional mission includes undergraduate, graduate, professional, and extension education offered through both residential instruction and distance learning. Its educational programs are enriched by the talent, knowledge, diversity, creativity, and teaching and research acumen of faculty, students, and staff. The University’s discovery-oriented, collaborative, and interdisciplinary scholarship promotes human and economic development, global understanding, and advancement in professional practice through the expansion of applied knowledge. Foci include the natural and applied sciences, social and behavioral sciences, technology, arts and humanities, and the myriad of professions.

Penn State provides affordable access to education and public service to support the citizens of the Commonwealth and beyond. The University engages in collaborative activities with the private sector, as well as educational and governmental entities worldwide, to generate, integrate, apply, and disseminate knowledge that is valuable to society. Penn State’s university-wide strategic plan, Our Commitment to Impact, can be found here.

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Penn State is consistently ranked among the top public universities in the country. Some highlights include:

▪ Ranks 20th among public universities and 59th overall nationally —U.S. News & World Report, "Best Colleges 2019" ▪ Ranked 43rd among the best universities in the world for the quality of education of its students and the research prowess of its faculty —Center for World University Rankings, 2018/19 ▪ Ranked in reputation (50th) as one of the world's top universities —Times Higher Education World Reputation Rankings 2018 ▪ Ranked 74th among the world’s top universities for teaching and research —ARWU (Academic Ranking of World Universities) 2018 ▪ International students and study abroad: Ranks 1st in Pennsylvania and 14th in the U.S., with 8,636 international students at University Park. Ranks 18th for the number of students studying abroad (2,220) —Institute of International Education "Open Doors," 2018

Diversity and Inclusive Excellence Penn State is committed to and accountable for advancing diversity, equity, and inclusion in all of its forms. The University embraces individual uniqueness; fosters a culture of inclusive excellence that supports both broad and specific diversity initiatives; leverages the educational and institutional benefits of diversity; and engages all individuals to help them thrive. Penn State values inclusive excellence as a core strength and an essential element of its public service mission.

The University fosters and maintains a safe environment of respect and inclusion for all faculty, staff, students, and community members. Penn State educates faculty, staff, and students to be social justice advocates, creatively providing curricula, programs, and environments that reflect the diversity of its communities and elevate cultural awareness. In addition, the school ensures fair and inclusive access to its facilities, programs, resources, and services, and it ensures that all policies and practices are inclusive and equitable. The University advances and builds its workforce by assessing hiring practices and performance review procedures to attract, retain, and develop talented faculty and staff from diverse backgrounds, and it addresses intergroup disparities in areas such as representation, retention, learning outcomes, and graduation rates.

Penn State Values Penn State emphasizes six core values that serve as the foundation for the University’s mission. These values are consistently and regularly communicated to remain at the forefront of daily decisions and actions, especially through the academic experience.

INTEGRITY: We act with integrity and honesty in accordance with the highest academic, professional, and ethical standards. RESPECT: We respect and honor the dignity of each person, embrace civil discourse, and foster a diverse and inclusive community.

RESPONSIBILITY: We act responsibly, and we are accountable for our decisions, actions, and their consequences.

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DISCOVERY: We seek and create new knowledge and understanding, and foster creativity and innovation, for the benefit of our communities, society, and the environment.

EXCELLENCE: We strive for excellence in all our endeavors as individuals, an institution, and a leader in higher education.

COMMUNITY: We work together for the betterment of our University, the communities we serve, and the world.

Campuses Penn State has 24 campuses, encompassing more than 22,000 acres, across the Commonwealth— there is a campus within practical commuting distance of virtually every Pennsylvanian. Most offer the first two years of baccalaureate instruction, as well as a limited number of four-year degree programs. More than half of the undergraduates start their academic careers at a Penn State Commonwealth campus.

The University also includes Penn State Great Valley School of Graduate Professional Studies, Penn State College of Medicine at The Milton S. Hershey Medical Center, (University Park), Dickinson Law (Carlisle), (online programs), and the Pennsylvania College of Technology

Through Invent Penn State, an initiative to drive job creation, economic development, and student career success by connecting researchers with the people who can help bring their discoveries to the marketplace, the University has created 21 innovation hubs designed to bolster entrepreneurship and economic development in communities surrounding Penn State campuses across the Commonwealth.

In addition to overarching contributions, the 2019 economic impact study highlighted the significant influence of Penn State’s campuses on the state’s economy and citizenry. Outside of University Park and Penn State Health, the study found that Penn State operations and student spending at campus locations across the Commonwealth combined for more than $2 billion in total economic contributions, with most of those impacts coming in the county in which each campus is situated.

Students Penn State enrolls nearly 97,000 students across all locations, which includes just over 81,000 undergraduate students and more than 15,000 graduate and professional students. For the incoming class of 2020 in the fall, 62.3 percent of all Penn State students identify as white, 10.2 percent are international, 8.7 percent Hispanic/Latino, 7.3 percent Asian American, 6.2 percent African American, 3.4 percent multiple races, 0.1 percent Native Alaskan, and less than 0.1 percent Native Hawaiian/Pacific Islander. The gender ratio on campus is now 54% male to 46% female, which is consistent with the previous year’s statistics.

Athletics For student-athletes involved in intercollegiate athletics, Penn State has 29 NCAA Division I teams at University Park. Plus, across all 20 Penn State undergraduate campuses, there are more than 75 competitive NCAA Division III teams and 100 teams that qualify for national

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championships through the USCAA. The University also offers a variety of club sports that vary from campus to campus but offer opportunities to compete in everything from aikido to crew to figure skating to ultimate Frisbee. Penn State also has a wide variety of intramurals that are active year-round and include basketball, soccer, badminton, and dodgeball among other offerings.

Academic Programs Penn State offers 160+ baccalaureate degree programs, 90+ associate degree programs offered at select campuses, and 190+ graduate degree programs, including doctorates and academic and professional master’s degrees. These programs are taught by approximately 32,500 full-time employees university-wide, including approximately 7,200 full-time faculty members, at all locations. Many of the educators are members of the National Academy of Sciences, National Academy of Engineering, American Academy of Arts and Sciences, and the National Academy of Inventors.

Alumni Penn State has more than 692,000 living alumni worldwide, and over 358,000 alumni reside in Pennsylvania. Since its founding, Penn State has conferred 863,636 degrees, with 23,794 awarded in 2017-18. The Penn State Alumni Association has more than 173,000 members and is the largest dues-paying alumni association in the world. The list of famous Penn State alumni includes architects, individuals from banking and industry, the technology sector, education, media and entertainment, politics, government and military, science and medicine, and sports.

Financial Overview Penn State is committed to the responsible use of resources (human, financial, and physical facilities); increasing financial strength through revenue-generating activities and enhanced fundraising; attracting and retaining faculty and staff; and developing long-term plans for the renewal and replacement of its physical plant and technology infrastructure.

The University’s total gross assets are more than $14B and its net assets are $6.5B. The University’s endowment is currently $4.5B.

The University provides financial aid programs to assist applicants who do not possess financial resources to cover educational expenses. Approximately 71,731 of the students enrolled at the University receive some form of financial assistance, and 23% are Pell-eligible recipients. Awards typically combine grants, scholarships, loans, and work study through financial aid programs.

Penn State’s ability to achieve its mission is deeply connected to an increasing culture of philanthropy. Over the past decade, the University has received support from generous alumni, parents, friends, and other constituents that has made institutional advancement possible. The University’s total philanthropic support from outright cash, pledges, stock, and bequests from individuals, private and foundation grants for the fiscal year 2019 was over $372 million.

Penn State Leadership Eric J. Barron began his presidency at Penn State on May 12, 2014. Succeeding former President , who had served since 2011, Dr. Barron was named the 18th President of Penn State by the University's Board of Trustees on February 17, 2014. Dr. Barron returned to Penn State from the helm at Florida State, bringing with him nearly 35 years of leadership experience in academic administration, education, research, and public service, and a track record as a talented

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manager of fiscal policy within large and complex institutions. Dr. Barron led Florida State to two consecutive U.S. News and World Report rankings as the nation's "most efficiently operated" institution of higher education. Dr. Barron earned a Bachelor of Science degree in geology at Florida State in 1973 before moving on to the University of Miami, where he earned master's and doctoral degrees in oceanography, in 1976 and 1980, respectively.

Dr. Barron previously spent 20 years of his career at Penn State, serving as dean of the College of Earth and Mineral Sciences from 2002 to 2006, and as founding director of the Earth System Science Center, one of the first major initiatives focused on the total study of Earth as a system, from 1986 to 2002. He also had a simultaneous appointment as director of the Earth and Mineral Sciences Environment Institute from 1998 to 2002. In 1999, he was named Distinguished Professor of Geosciences at Penn State, and during his tenure as director, Industry Week magazine ranked him among "50 R&D Stars to Watch."

Role of the Senior Vice President for Finance and Business/Treasurer Reporting to the University President, the Senior Vice President for Finance and Business/Treasurer (SVP) is responsible for management and strategic planning for the Finance and Business division which includes the following offices: Auxiliary and Business Services, Commonwealth Operations, Corporate Controller, Diversity & Inclusion, Enterprise Project Management, Ethics and Compliance, Human Resources, Internal Audit, Investment Management, Physical Plant, and University Police and Public Safety. The position also leads financial, endowment, business, and administrative activities for all Penn State campuses. The SVP will oversee the Finance and Business Office’s $500 million budget and manage nearly 3,000 full-time employees.

In collaboration with the President and the Executive Vice President and Provost, the SVP will guide major resource deployment, organizational functionality, and strategic decision-making. The SVP serves as a member of the Board of Directors of Penn State Health, the President’s Council, the Penn State Investment Council, and the Board of Directors for the Corporation for Penn State. The SVP is responsible for developing and maintaining excellent relationships with Penn State senior administration, all campus administrators, the Board of Trustees, community officials, state government officials, faculty, students, and staff. The SVP is charged with leading efficient and effective budget and financial operations in support of the University’s goals, ensuring the highest standards of fiscal and administrative integrity and providing exceptional campus life services to faculty, staff, and students.

Challenges & Opportunities The next Senior Vice President will have the responsibility to:

Promote the Financial Well-Being of the University The Senior Vice President will explore, develop, and implement programs and strategies to strengthen the financial operations of the University. The SVP will be centrally responsible for the Resource Optimization Initiative, a multi-threaded proposal to find ways to grow revenue for Penn State. Emphasis will be placed on continuing growth of the World Campus. As intercollegiate activities are vital to the University, the next SVP will work in conjunction with the President, Vice President of Athletics, and others to identify ways to leverage the name and reputation of the school while generating additional streams of revenue. In addition, the SVP will develop and maintain systems of internal controls to safeguard the financial integrity of the

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campuses, monitor campus contracts, and ensure compliance with government regulations and higher education peer standards.

Oversee system migration Joining the ranks of a senior team with diverse skills and experiences, the Senior Vice President will promote a culture of customer service, innovation, and quality. Penn State has launched a multi-year effort to replace antiquated computing systems with industry-leading solutions. The University completed the installation of a new student information system and a human resources/payroll management system and is currently migrating to an integrated management, budgeting, and accounting system that will provide the University with a multi-year comprehensive budgeting tool for the first time. The SVP will ensure the necessary resources are in place to support the transition and ensure that the University takes full advantage of reporting tools, business intelligence, and rich data tools.

Manage multiple major capital projects Penn State is entering the second year of a rigorous five-year, multi-billion-dollar capital planning process that consists of a number of major capital projects, including new construction and renovations to the College of Engineering, residential buildings, and commercial properties to meet the demands of the 21st century. The SVP will have direct planning, managing, and auditing responsibility for these projects and will work closely with the University’s trustees, senior leadership, advancement officers, and external partners to ensure that construction ventures and the associated finances are aligned. The SVP will soon start shaping the next capital plan in conjunction with the President and Provost to give priority to the next 5 years.

Oversee a diverse and growing portfolio of assets The SVP will manage a diverse portfolio of real estate, which includes 1,783 buildings comprised of 32 million square feet along with nearly 23,000 acres of land – the value of these assets is well over $5 billion. These assets include a range of residential and commercial properties, including The Penn Stater Hotel and Conference Center. Many of these assets provide key revenue streams for the University, while others allow Penn State to offer residential spaces for faculty, staff, and students. The SVP is responsible for overseeing, expanding, and leveraging real estate holdings while carefully considering the short- and long-term implications for the University.

Continue cultivation and establishment of relationships with members of the Commonwealth community Penn State values deeply its productive relationships with a range of external constituents, including decision and policy makers in the Commonwealth. As part of the team of external- facing Penn State representatives, the SVP plays a key role in establishing and strengthening those relationships as well as identifying opportunities that benefit the University and its surrounding community. As Penn State continues to manage its real estate portfolio and advance its campus master plan, the SVP will be expected to work with government officials and other community members to ensure that community relations remain strong and fruitful.

Qualifications and Characteristics Penn State seeks a Senior Vice President for Finance and Business/Treasurer with a proven track record of successful and progressively responsible senior leadership in finance and administration. The successful candidate will have experience as a senior financial officer leading and managing day-to-day operations in a large, complex institution; possess expertise in strategic

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financial planning, financial and investment management, debt financing, cash flow management, investment strategies, and other financial functions; have the ability to work on a senior team as a listener, contributor, collaborator, mediator, and change agent, interacting with diverse constituencies across a complex institution; and demonstrate a commitment to diversity and fostering strong relationships with academic administrators, athletics leaders, and community stakeholders.

Candidates must demonstrate a successful history of communicating effectively with a range of internal and external constituencies and a clear desire to be an active participant in a thriving academic community. The next Senior Vice President will have the opportunity to manage a diverse portfolio, as well as major capital projects that are currently underway and on the horizon.

The Senior Vice President for Finance and Business/Treasurer will possess many of the following qualities:

• A record of stellar strategic leadership in financial and business management; • Exceptional oral and written communication skills; • An ability to provide leadership for capital project budget development and to manage projects successfully within time and resource constraints; • Superior understanding of finance, business, and administrative operations in institutions of higher education or other organizations of similar size and complexity; • A record of supporting and driving initiatives to advance diversity, equity, and inclusion; • Proven planning skills with a vision towards long-term sustainability; • The ability to work successfully in a highly collaborative organization; • A track record of successfully developing, managing, mentoring, and retaining staff, and proven skills in building relationships with faculty, professional staff, and Board members; • The political ability to strengthen relationships with community and government stakeholders in ways that build trust and promote mutual benefit; • Outstanding listening skills; • A successful record of leading organizational change; • An ability to be strategic, cool-headed, and pragmatic, with a proven record of crisis and emergency management experience; • Strong analytical and problem-solving skills, an entrepreneurial spirit, and a propensity for finding creative solutions to complex challenges; • A high level of integrity and discretion; and, • An exceptional work ethic, high energy, and action orientation.

A baccalaureate degree, or equivalent experience, plus 15 years of relevant experience is required. An advanced degree and/or comparable years of relevant experience in the field are preferred.

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Contact Please send nominations, applications, and queries in confidence and electronically to:

Shelly Weiss Storbeck, Managing Partner Tammarah Townes, Managing Associate [email protected]

For more information, please visit Penn State’s home page at https://www.psu.edu/

Penn State is an equal opportunity, affirmative action employer, and is committed to providing employment opportunities to all qualified applicants without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.

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