Lane College

Situation Overview:

ZRG has been engaged to recruit a Chief Financial Officer for Lane College, a small, private, Christian, liberal arts, HBCU located in Jackson, Tennessee.

About Lane College:

Lane College provides students with a deeply transformative undergraduate education – intellectually, spiritually, and socially – and have for almost 150 years. They’ve nurtured business leaders and spiritual leaders, novelists and scientists, physicians and public servants, and scholars and teachers in nearly every field of endeavor.

They’re one of America's oldest colleges, steeped in great social traditions. Thirty-six buildings sprawling across 55 acres create a truly exceptional academic and living environment.

Award-winning and accredited academic programs are offered in dozens of majors and minors – business, entrepreneurship, criminal justice, social work, healthcare, and more. They prepare you with the most in-demand career credentials.

Their campus is designed for flexibility. Giving more options applies to everything they do – from diverse food options and tons of fitness activities to a vibrant social calendar involving over 70 Greek-letter, athletic, religious, music, and special interest group activities.

Mission Statement

With strong ties to the Christian Methodist Episcopal Church, the College’s Mission is to develop the “whole student.” Academic excellence is the institution’s top priority, and it is achieved through a student-centered and nurturing approach to learning supported by excellent teaching, teaching-related research, and service. The College believes that one’s intellectual capability coupled with social and spiritual growth is essential to the development of a well-rounded individual.

In keeping with this Mission, the College offers creative and enriching academic programs to prepare students for their chosen careers and encourages active student engagement to cultivate life-long learning.

Lane Life

Lane College is a place of intense energy and creativity, built on a foundation of academic, spiritual, artistic, athletic, and musical excellence. They’ve packed the calendar with things to do – both inside and outside the classroom.

There are vibrant residential learning communities, an active Greek life, over 70 student clubs and special interest groups, band, choir, praise teams, and over a dozen varsity and recreational sports. At Lane, there's never a dull moment.

Academics

Their office prepares students for a highly competitive world after graduation – one where they will not only compete with graduates from other schools but will thrive over them. They prepare students for the best jobs and graduate schools after they leave the College. They want each student to be proud of the accredited diploma they receive, hanging it on the wall of their top-floor corner office for all to envy.

Position:

The Chief Financial Officer (CFO) is Lane College's chief steward of financial resources and a key strategic advisor to the President and the Board of Trustees. As a member of the President's Cabinet, the CFO provides executive leadership and oversight for all financial planning, budgeting, accounting, treasury, student financial services, grants and federal compliance, procurement, auxiliary enterprises, and risk management functions of the College. The CFO ensures that Lane's financial operations are conducted with integrity, transparency, and full compliance with GAAP, FASB not-for-profit accounting standards, and applicable federal and state regulations – including those governing Title III and other federal grant funds and Title IV federal student financial aid. This position is mission-critical to Lane's strategic pillar of Financial Vitality and to the institution's long-term sustainability as it approaches its sesquicentennial.

Supervisory Resposibilities

The CFO leads the Division of Financial Affairs, currently comprising 27 FTEs/29 headcount across Accounting; Accounts Payable; Student Accounts; Reconciliation; Payroll; Grants/Restricted Funds; Financial Aid (including Financial Aid Counselors and Coordinator); Cashier; Dining Services (including Weekend Supervisor, Head Cook, Cook, and Food Service Worker staff); and the Bookstore. Further, the CFO is directly responsible for ensuring the Financial Aid department's operations, staffing, and compliance posture are fully integrated into the Division's oversight, reporting, and internal control structure.

Position Description:

Strategic Financial Leadership

• Serve as a core member of the President's Cabinet, advising on institutional strategy, financial risk, and resource allocation;
• Translate the College's strategic plan and academic priorities into multi-year financial forecasts, capital plans, and sustainability models;
• Advise the President and Board of Trustees' Finance/Audit Committee on financial condition, trends, and strategic options, including monitoring of the Composite Financial Index (CFI) and other IPEDS-tracked financial health indicators;
• Represent the College in banking, bonding, insurance, and other institutional financial relationships.

Budget Development and Fiscal Oversight

• Lead a transparent, Cabinet-inclusive annual budget development process aligned to enrollment projections and strategic priorities;
• Maintain a balanced operating budget; monitor actual-to-budget performance with monthly variance analysis and corrective action plans;
• Establish and maintain appropriate operating reserves and contingency planning; track restricted versus unrestricted fund balances;
• Oversee capital budgeting and multi-year capital planning in coordination with the EVP/COO and Physical Plant.

General Accounting, Financial Reporting, and Staturtory Compliance

• Ensure the College's accounting practices comply with GAAP, FASB not-for-profit standards (ASC 958), and all applicable federal and state regulations;
• Supervise timely and accurate monthly, quarterly, and year-end close processes across all fund groups;
• Oversee preparation of audited financial statements, the IRS Form 990, and all IPEDS finance and NCAA financial reporting submissions;
• Maintain the chart of accounts and general ledger structure to support accurate fund accounting across unrestricted, restricted, endowment, and plant funds.

Grant Accounting and Federal Compliance (Title III and Other Federal/State Funds)

• Serve as the institution's chief fiscal officer for federal and state grant funds, with direct oversight of the Grants/Restricted Funds function and close coordination with Sponsored Programs on award administration;
• Ensure Title III (Strengthening HBCUs) and other federal grant funds are budgeted, drawn down, expended, and reported in strict accordance with the terms of each award, 2 CFR 200 (Uniform Guidance) cost principles, and allowable-cost rules – including proper documentation, time-and-effort/personnel activity reporting, and segregation of duties;
• Maintain accurate, auditable subsidiary ledgers for each federal and state grant, reconciled monthly to the general ledger, with expenditures tracked against approved budget line items and award periods of performance;
• Ensure timely federal financial reporting (e.g., SF-425 Federal Financial Reports) and drawdown activity through G5 and other federal payment management systems, avoiding lapses, unliquidated obligations, or unspent-award risk;
• Serve as a key point of contact and control owner for the annual Single Audit under the Uniform Guidance, including preparation of the Schedule of Expenditures of Federal Awards (SEFA) and timely resolution of any findings;
• Partner with the Provost's Office, Sponsored Programs, and program directors to ensure grant-funded positions, purchases, and activities remain within scope and budget, and to support new grant proposal budgeting.

Students Financial Services - Financial Aid and Student Accounts

• Provide direct executive oversight of the Financial Aid and Student Accounts departments, ensuring the two functions operate in close coordination and reconcile to one another and to the general ledger;
• Ensure full compliance with Title IV federal student aid regulations (Pell Grant, Direct Loan, Federal SEOG, Federal Work-Study), including eligibility determination, verification, packaging accuracy, and Satisfactory Academic Progress coordination with Academic Affairs;
• Ensure disbursements and Title IV credit-balance refunds to students are issued within federally mandated timeframes (generally within 14 days of the disbursement or credit-balance date), with documented monitoring to prevent late refunds;
• Ensure timely and accurate Return of Title IV Funds (R2T4) calculations for students who withdraw as well as timely return of unearned funds to the Department of Education;
• Maintain accurate, current student accounts receivable, including billing, collections, and application of institutional, state, and federal aid to student ledgers;
• Ensure monthly reconciliation of Financial Aid disbursement records, the Student Accounts subsidiary ledger, and COD/federal aid systems to the general ledger, with discrepancies resolved promptly;
• Oversee institutional scholarship stacking and tuition discounting policy administration to ensure consistent, compliant, and financially sustainable award practices;
• Monitor and report on registration and enrollment-to-payment gaps (e.g., confirmed-to-registered conversion) in partnership with Enrollment Management.

Treasury, Cash, Debt and Investment Management

• Maintain adequate institutional liquidity for operations and capital needs; manage the cash-on-hand ratio and short-term investment of operating funds;
• Manage banking relationships, lines of credit, and debt covenant compliance;
• Oversee investment strategy and performance for endowment and scholarship funds, including recommended spending-rate policy, in coordination with the Investment Committee.

Reconciliations and Internal Controls

• Ensure all bank accounts, credit card accounts, and cash-handling operations are reconciled monthly on a documented, reviewed schedule;
• Ensure all subsidiary ledgers (student accounts, financial aid, accounts payable, payroll, grants, auxiliary enterprises) are reconciled monthly to the general ledger, with variances investigated and cleared timely;
• Maintain segregation of duties and documented internal control procedures across cash receipts, disbursements, payroll, and grant drawdowns;
• Oversee periodic account analysis and clearing/suspense account resolution to prevent balance-sheet aging issues.

Payroll Oversight

• Ensure accurate and timely payroll processing, tax withholding and remittance, and benefits administration in coordination with Human Resources;
• Oversee reconciliation of payroll liabilities and retirement plan (403(b)) remittances.

Auxiliary Enterprises Oversight

• Oversee the financial performance, budgeting, and internal controls of Dining Services and the Bookstore, including profitability targets, inventory controls, and vendor/contract management;
• Review auxiliary enterprise contracts (e.g., food service management agreements) for financial terms, performance guarantees, and compliance.

Procurement, Contracts, and Vendor Management

• Implement and enforce the College's Vendor Management and Procurement Policy, ensuring fiscal responsibility, competitive procurement, and equity;
• Approve vendor contracts and purchases above delegated thresholds; ensure vendor insurance, bonding, and indemnification requirements are met;
• Conduct periodic vendor performance and compliance reviews and report utilization trends to the President and Cabinet.

Audit, Risk Management, and Institutional Controls

• Manage the relationship with the College's external auditor and lead the annual financial statement and Single Audit processes to a clean audit opinion;
• Develop and execute corrective action plans for any audit findings within established timelines;
• Oversee the College's risk management and insurance program, including property, liability, and cyber coverage;
• Document and report policy violations related to finance, procurement, and auxiliary operations, and conduct periodic internal audits of key financial processes.

Policy Development

• Develop, maintain, and enforce core financial policies, including Financial Controls and Delegation of Authority; Gift Acceptance and Donor-Restricted Funds; Travel and Reimbursement; Endowment Management and Spending; Procurement and Vendor Management; Investment Policy; Whistleblower and Fraud Prevention; and Risk Management and Insurance;
• Ensure financial aid, student accounts, and grant-related policies and procedures are current, documented, and aligned with federal and state regulatory changes.

Team Leadership, Supervision and Development

• Provide direct supervision, performance management, and professional development for all Financial Affairs division managers and staff, with defined job descriptions and onboarding plans for all budgeted positions;
• Build a culture of accountability, accuracy, and service across the Financial Affairs division, ensuring financial systems and processes support – rather than impede – student success and institutional operations;
• Mentor staff for succession readiness and support ongoing professional development and certification aligned to role.

Reporting and Communication

• Deliver a monthly Executive Financial Summary to the President covering budget-to-actual performance, cash flow, and key risks;
• Report major expenditures and capital projects outside of budget to the President on an ad hoc basis;
• Provide a monthly Cabinet Financial Dashboard and quarterly reporting on liquidity, investments, endowment performance, and financial risk;
• Deliver a bi-annual Risk & Compliance Brief and prepare all financial materials for Board of Trustees and Finance/Audit Committee meetings at least five business days in advance.

Qualifications:

• Bachelor's degree in Accounting, Finance, Business Administration, or a related field; master's degree (MBA or MSA) strongly preferred;
• Seven to ten or more years of progressively responsible senior financial leadership experience, including at least three to five years in higher education finance or a comparable nonprofit/public sector environment;
• Demonstrated experience with fund accounting, FASB not-for-profit reporting standards, and multi-source revenue institutions (tuition, state appropriations, philanthropy, federal financial aid, grants);
• Direct experience administering federal grant funds under 2 CFR 200 (Uniform Guidance), including experience with Title III or comparable federal programs and Single Audit preparation;
• Working knowledge of Title IV federal student financial aid regulations, including refund timeliness requirements and R2T4 calculations, or demonstrated ability to quickly master this area in partnership with the Financial Aid Director;
• Proven track record leading annual external audits to clean opinions and managing auditor relationships;
• Experience supervising multi-functional finance teams and managing budgets typical of small to mid-sized private colleges and universities.

Knowledge, Skills, and Abilities

• Strong command of GAAP, FASB not-for-profit standards, and federal grant compliance requirements (2 CFR 200);
• High proficiency with ERP/financial systems, Title IV/financial aid processing systems, and advanced Excel/financial modeling;
• Exceptional analytical, organizational, and process-control skills, with close attention to reconciliation accuracy and audit readiness;
• Strong written and verbal communication skills, including the ability to translate complex financial information for Cabinet, Board, and non-financial audiences;
• Demonstrated integrity, sound judgment, and a collaborative, servant-leadership approach consistent with Lane College's Mission and Values.

Preferred Qualifications

• Certified Public Accountant (CPA) license;
• Experience at a Historically Black College or University (HBCU) or other faith-affiliated or mission-driven institution;
• Experience with NCAA Division II financial reporting and athletics budget oversight;
• Experience with endowment and investment oversight, including work with an Investment Committee;
• Familiarity with IPEDS finance reporting and the Composite Financial Index (CFI) or comparable financial health frameworks.

Senior Management:

Dr. Donald Comer

President

Dr. Comer brings a wealth of experience to Lane College, particularly through his long-standing association with FedEx Corporation. Over his 35-year tenure with FedEx, Dr. Comer has consistently demonstrated his leadership and management skills in various business disciplines including data analytics, marketing, finance, strategic planning, and project management.

Dr. Comer’s commitment to student success is unwavering. He has been a tireless advocate, advisor, and mentor for students, dedicating significant personal time to serving on the boards of two historic black colleges and the National Black MBA Association.

“I am honored to serve as President and have a lifelong passion for the critical mission of Lane College,” said Comer, who recently retired after a 35-year career as a senior executive with FedEx. “Working with the dedicated faculty, staff, alumni, and community, we will work to enhance educational opportunities and support student success, while staying true to Lane College’s mission and values.”

Dr. Comer has a PhD in Urban Higher Education, a Master of Business Administration, and a Bachelor of Science in Accounting. He was Vice President, Decision Science & Analytics and Operations Analysis at FedEx.

Location:

Jackson, Tennessee, offers a comfortable, community-oriented lifestyle with a blend of small-town charm and convenient amenities. Known for its affordable cost of living, Jackson provides spacious housing options and a relaxed pace that appeals to families and professionals alike. The city has a growing economy supported by healthcare, manufacturing, and education, along with shopping centers, local restaurants, and entertainment options. Residents enjoy easy access to parks, nearby lakes, and regional attractions, while still benefiting from its location midway between Memphis and Nashville for weekend trips or larger-city experiences.

Interview Process:

ZRG provides our global Clients with a rigorous and patented assessment platform grounded in data and analytics. Our interview process includes the following:

1. Initial interviews with ZRG
2. ZRG presentation of candidates to Client for calibration and discussion; Client selects candidates for consideration and initial interviews
3. Candidates complete ZRG’s on-line assessment
4. Finalist candidates advance to second and third round interviews with broader leadership team
5. Formal referencing
6. Offer extended

About ZRG Partners:

ZRG is a global talent advisory firm that is changing the way companies hire and manage talent. ZRG’s data-driven approach to executive and professional search has been changing the way clients think about how to find top talent. The company’s digital Zi platform combines talent intelligence, candidate insights, and process improvement to dramatically deliver executive searches quicker and with proven better results.

Dakota Doman

Managing Director

ddoman@zrgpartners.com

Dakota Doman is a dynamic and visionary executive with more than 15 years of leadership experience spanning higher education administration, executive search, organizational strategy, and governmental affairs. He is a Managing Director in ZRG’s Education Practice, bringing a comprehensive perspective on leadership needs within academic institutions, especially Historically Black Colleges and Universities (HBCUs).

Before ZRG, Dakota was the President and Managing Principal of TM² Executive Search, the only search firm founded to provide executive talent solutions to HBCUs, where his work focused on inclusive leadership recruitment, strategic talent pipelines, and governance transformation, contributing to successful placements in C-suite and senior academic roles across the country.

Link to complete bio for Dakota Doman.

Jerel Booker

Principal

jbooker@zrgpartners.com

Jerel Booker is a senior executive and talent strategist with more than two decades of leadership experience driving organizational performance, strengthening leadership pipelines, and advancing mission-critical priorities across higher education, K–12 systems, government, and the nonprofit sector. He most recently served as Associate Managing Principal and Chief Operating Officer at TM² Executive Search, where he led national searches, particularly for Historically Black Colleges and Universities (HBCUs), and oversaw enterprise operations, aligning people, processes, and technology to accelerate firm-wide growth and deliver measurable client impact.

Link to complete bio for Jerel Booker.

Kelly Lewis

Client Experience Manager

klewis@zrgpartners.com

+1.856.685.1450

Kelly brings seven years of executive search experience, supporting and helping deliver senior-level searches across education, non-profit, sports, media, and entertainment. Her work has spanned full-cycle search operations, research coordination, candidate and client engagement, and the management of complex, multi-stakeholder processes supporting senior leadership placements.

She comes to ZRG after serving as a Research and Recruiting Associate for Storbeck/Pimentel & Associates, a top executive search firm specializing in higher education, where she supported leadership searches for nonprofit, civic-centered entities, and colleges and universities nationwide. Kelly previously worked at the University of Pennsylvania’s Center for Minority Serving Institutions and began her career as a Teach For America educator in Houston.

Throughout her career, Kelly has been actively engaged in advancing access and representation within executive search and the broader talent ecosystem. She has partnered with organizations and initiatives focused on expanding opportunities for historically underrepresented communities and strengthening pathways into corporate and nonprofit leadership roles.

Kelly holds a Master of Science in Education (M.S.Ed.) from the University of Pennsylvania and a Bachelor of Arts from the University of Michigan–Ann Arbor

Link to complete bio for Kelly Lewis.