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Position Summary:
The Treasurer's Office has a dual reporting relationship to the Board of Regents and the Senior Vice President for Budget and Finance & Chief Financial Officer in oversight of overall cash, debt, and investment management, and co-fiduciary for University of Colorado (CU) retirement plans.  The Office performs the reconciliation and accounting for cash and investments of the operating treasury pool of $2B+ as well as other insurance trusts, treasury managed endowments, component units, and system debt of $1.8B. The CU Treasury manages campus banking services and merchant credit card accounts and ensures compliance with data security for credit cards. The Treasurer’s Office also manages a system-wide faculty housing assistance program (FHAP).  

The Treasurer, CIO, and Associate Vice President for Budget & Finance serves as an officer of the University and is governed by state statutes 23-20-109 and Regent Laws 3A, 13B, and 15A. This position oversees the activities of the Treasury Office and supervises the following direct reports: 

  • Associate Treasurer, Director of Treasury Operations
  • Associate Treasurer, Director of Liabilities
  • Assistant Treasurer/Banking and Treasury Services Manager
  • Associate Director for Investments and Cash Manager. 

Duties and Responsibilities:

General Responsibilities

  • Maintains knowledge about reporting requirements for Regents, Federal, State, and other university organizations, particularly with respect to banking, cash, investments, and debt
  • Reports quarterly to the Board of Regents regarding cash, investments, banking, and debt
  • Works with CU internal audit and external auditors on the annual audit of CU financial statements 
  • Ensures that Governmental Accounting Standards Board (GASB) is followed when recording financial transactions and in annual audit for debt and investment reporting
  • Represents the University to campus CFOs, Chancellors, Controllers, the higher education community, State legislation, and treasury trade associations
  • Responsible for process and procedures for unclaimed property external and internal to CU
  • Develops policies, procedures, operational controls, and standards for all operational areas in Treasury
  • Ensures daily operational functions are performed in Treasury for each banking day in a calendar year regardless if it’s a CU holiday or not 
  • Works on special projects, as assigned

Management Duties

  • Conducts performance reviews of four direct reports and reviews performance reports for three indirect reports
  • Responsible for the hiring, training, managing, and personnel actions of four direct reports and three indirect reports 
  • Conducts meetings with staff, as needed, to coordinate tasks, communicate goals and focus areas, and to keep staff informed of other areas that might affect their job performance
  • Serves as an active member on the following committees, internal Boards, or operational component units
    • Trust Advisory Board for Professional Medical Insurance - meets quarterly, or as needed, and  Treasurer serves as Treasurer for this Board and actively manages trust assets
    • University Equity Licensing Holding, Inc.  (ULEHI) - meets quarterly and Treasurer is an ex-officio Board member
    • CU Foundation Investment Advisory Committee - meets quarterly and Treasurer is an ex-officio committee member
    • Investment Advisory Committee (IAC) – generally organizes and conducts this meeting under the direction of a Regent, holds 8-9 meetings annually
    • 403B, 401a, and SERP retirement plan committee - meets quarterly and Treasurer serves as co-fiduciary with outside investment consultant for investment decisions
    • Colorado University Property Company (CUPCO) - meets quarterly and Treasurer serves as an officer
    • VEBA Committee (CU Medical insurance plan) - meets quarterly and Treasurer performs treasury functions for VEBA, including investing assets and reporting to the VEBA Board
    • Faculty Housing Assistance Committee - meets annually to review program
    • Buffalo Power - meets annually and Treasurer serves as an officer
    • Vice Chancellors Group (VCG) – Treasurer is not a member but a regular invitee to the monthly meeting
    • Altitude West, LLC – serves as Treasurer of this organization and meets as needed
    • Finance Committee of the Board of Regents - meets 6 times annually and Treasurer advances debt, cash, investment, and banking issues through this committee
    • Other committees, as assigned. Examples include: System strategic planning, Emergency Ops Committee, and Faculty Council Divestment Committee

Chief Investment Officer Responsibilities

  • Creates, monitors, and ensures continuing compliance with the investment procedures and governing policies of the Board, state statutes, and federal and state fiduciary rules for the Treasury pool investment assets of $2+ Billion.  
  • Creates, monitors, and ensures continuing compliance with the investment procedures and governing policies of federal and state fiduciary rules for the debt related investments, 12 or more endowments, insurance trusts, and component units of non-pool investment assets of $800 Million
  • Actively invests operating funds, insurance trusts, endowments, bond proceeds, and rebalances portfolios as needed
  • Works actively with outside investment consultants and the Investment Advisory Committee to review the performance of investment managers and fees, seek outside expertise, and to replace existing investment managers as needed
  • Supervises and works with the Cash Manager to forecast and manage cash to support system-wide operations and optimally invest cash for liquidity needs, risk mitigation, and returns.  Serves as a secondary backup to this required daily bank activity
  • Serves as co-fiduciary with an outside investment consultant for CU’s multiple internally managed retirement plans (401a, 403b, and SERP) totaling $4.5 Billion in assets
  • Advises on the investment options for these retirement plans and continually monitors all aspects of investment manager performance
  • Safeguards University funds through the application of State Fiscal Rules
  • Maintains working relationships with investment consultants, investment managers, and investment dealers
  • Responsible for supervision of overall accounting reconciliations to ensure accurate and timely reporting of investment and cash transactions, fees, and performance
  • Provides training to Investment Advisory Committee members, Regents, faculty, and others as needed regarding investment practices, divestment, ESG investing, and other issues
  • Reviews and presents the Treasury Quarterly Report to the Regents and to the Investment Advisory Committee on key liquidity, investment, and operating metrics 
  • Reviews and approves Pooled Investment Earnings (PIE) rates for allocations to campuses
  • Coordinates, recommends, documents, and implements procedures for quarterly and annual PIE allocations to Full Rate, ISU, and SPA organizational units, as well as input the monthly PIE allocations
  • Oversees implementations of software solutions for cash management and investments accounting and allocations
  • Reviews and is responsible for investment audit schedules for the annual external audit  

Debt Management Duties

  • Works actively with the Board to present all debt financing refunding or new debt issuances and to obtain board approval
  • Annually reports to the Board on debt compliance with State Statutes, IRS rules, EMMA reporting, State COP compliance, intercept program exception, and rebate arbitrage calculations
  • Provides annual reporting of the Maximum Annual Debt Service ratio (MADS) to the Board including a 5-year forecast and historical budget to actual  
  • Supervises accounting for new debt and debt refunding issuances, including variable fixed and variable rate bonds , Commercial Paper (CP) and Variable Rate Demand Bonds (VRDB) accounting, and allocations of debt administrative costs to ensure accurate and timely reporting of debt balances and debt transactions in coordination with the campus controllers offices  
  • Oversees the administration of campus internal loans (including seeking Board approval), determines appropriate interest rates for internal loans, and provides Board reports quarterly on their status
  • Works with Director of Liabilities and CU senior system and campus management to prepare presentations for rating agency updates to rate all debt issuances and to annually rate variable rate bonds
  • Maintains working relationships with external financial advisor, underwriters, bankers, rating agencies, bond, disclosure, and underwriters’ counsels, arbitrage rebate advisors, bank trustees, paying agents, and investment bidding agents
  • Oversees the implementation of software solutions for debt management and accounting  
  • Oversees the operation of the FHAP with annual reports to faculty council regarding the results
  • Signs FHAP insurance reimbursements, applications, loan payoffs, and subordination agreements
  • Develops and maintains debt management policies with support from the Director of Liabilities
  • Educates the Board regarding complex debt transactions
  • Helps campuses with strategies for obtaining working capital for deferred maintenance and new construction projects and with accounting solutions for these projects
  • Works with campuses on quarterly cash expenditures projections for capital projects reporting
  • Reviews and is responsible for debt audit schedules for the annual external audit

Banking Responsibilities

  • Serves as a fiduciary of state funds with overall responsibility to establish and maintain a cost-effective banking relationship in order to ensure that the University’s cash assets are protected
  • Oversees all banking authorizations (50+ bank accounts) and controls within the CU system
  • Oversees credit card system implementations and credit card security
  • Implements, with the Assistant Treasurer/Banking and Treasury Services Manager, leading bank practices to prevent fraud, drive operational efficiency, and ensure compliance with state, federal, and Regent policies 
  • Reviews and makes decisions regarding technology solutions (e.g. Touchnet, Cvent, Nelnet, Clover, etc.) for the Treasury Office to support banking, cash management, investment accounting, and other treasury functions
  • Documents Treasury Office functions/processes in all operational areas of treasury

Senior Leadership and Teamwork Responsibilities

  • Maintains good working relationships with Regents, the President, system and campus CFOs, General Counsel and staff, system and campus Budget offices, campus and system Controller offices, Procurement Services, Employee Services & retirement professionals, risk management and internal audit
  • Works with the Treasury Office team to support good communication, team collaboration, cross-training and innovation
  • Supports Regents, the President, and CFO requests for services and overall mission of CU
  • Works on cross-campus committees, as assigned

Knowledge, Skills, and  Abilities:
To be successful in this position, candidates will need the following:

  • Knowledge of Treasury best practices
  • Knowledge of GASB compliance, rules, and regulations specifically for Treasury functional areas
  • Knowledge of and ability to utilize Project Management skills, best practices.
  • Knowledge of capital markets, commercial and investment banking, risk management, cash management, debt, and accounting principles and best practices 
  • Knowledge of Board of Directors structure and functionality  in a corporate and/or public university setting
  • Accounting skills, including the ability to perform computational math, be cognizant of and address details, and meet deadlines
  • Leadership and people management skills, including the ability to manage various personalities and persuade others to take particular courses of action
  • Analytical and problem-solving skills, including the ability to examine and summarize data and trends in order to resolve issues and produce results
  • Interpersonal skills, including the ability to facilitate interaction, communication, and teamwork between others
  • Oral, written, listening, and presentation communication skills, including the ability to accurately interpret what others are saying and convey messages, information, concepts, and details clearly
  • Ability to learn and utilizing existing and emerging financial technologies
  • Ability to utilize spreadsheet, database, presentation, browser, financial tools, and word processing software
  • Ability to communicate effectively with internal and external stakeholders
  • Ability to multi-task and prioritize tasks with frequent interruptions
  • Ability to handle confidential information with discretion

Minimum Requirements:

  • Bachelor’s degree from an accredited institution of higher education in finance, accounting, or business-related discipline, or equivalent professional experience (professional experience may be substituted for the educational requirement on a year-for-year basis) 
  • Thirteen (13) years’ professional experience working in treasury functions with minimum assets and debt of $500 million, respectively
  • Seven (7) years’ experience in a management, supervisory, or leadership role, which includes: 
    • Managing personnel, developing/mentoring direct reports, and completing performance reviews to ensure continuous improvement, high performance, and employee retention 

Preferred Qualifications:

  • Post-baccalaureate degree from an accredited institution of higher education in finance, accounting, business administration, or related discipline
  • Sixteen (16) years’ professional experience working in treasury functions, as indicated above
  • Ten (10) years’ experience in a management, supervisory, or leadership role, as indicated above
  • Experience working in or with government or an institution of higher education
  • Experience working in a public sector treasury
  • Experience working with a Board of Governors, Regents, or Directors
  • Certified Public Accountant (CPA), or equivalent accounting experience 
  • Certified Treasury Professional (CTP)


Investor | Endowment

Investor | Endowment

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Thomas Wolf


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