Chief Financial Officer
Location: Cook County
Year Founded: 1900
Industry Group Specific: Nonprofit, Community Services
“I’ve fostered an environment where our teams understand the larger mission of our organization and how their roles contribute to it.”
Boaz Blumovitz was brought into the JUF: The Chicago Jewish Federation eight years ago to lead its financial, investments, technological, and other functions to the next level. As the CFO, he has since been a change agent, said his staff. “Boaz considers himself as an in-house entrepreneur, finding new and innovative ways within the framework of this large corporation.”
Founded in 1900, the JUF – The Chicago Jewish Federation – is a nonprofit social services and humanitarian organization that makes grants to affiliate agencies and other beneficiaries primarily engaged in charitable, educational, social welfare and health activities. JUF’s community is thriving and inclusive – a place where its most vulnerable members are taken care of, feel connected with a sense of belonging and Jewish institutions are supported, successful and secure.
Blumovitz hit the ground running in his role as CFO and introduced an overarching financial strategy with two notions to guide many decisions – simplicity and focus.
Among other initiatives, Blumovitz launched a digital transformation project, changed the investment management model, outsourcing the portfolio for the first time, modified the real estate model and consolidated two main entities under one roof. One of the main projects was to reduce the total debt exposure, which has been declining since.
“As we move forward, our goal is to be adaptable and forward-thinking, with a workforce prepared to meet the challenges and opportunities presented by the evolving landscape of the nonprofit sector,” he said. This includes offering agile work arrangements, focusing on sustainability and social responsibility, investing in data management skills and cybersecurity training and reskilling and upskilling through in-house training programs.
According to Blumovitz, having a vision is about seeing the bigger picture and understanding how financial decisions impact the organization’s long-term goals. “This forward-thinking vision has allowed us to make sound financial decisions that align with our mission,” he said.
Fostering a leadership style that emphasizes open communication and fostering passion for the organization’s mission have contributed to the financial and operational success. “Leadership, in my view, is about guiding the financial, investment, real estate, legal and information technology teams toward a common purpose,” said Blumovitz. “I’ve tried to foster an environment where our teams understand the larger mission of our organization and how their roles contribute to it.”
For his commitment to foster a cohesive workforce and make an impact in the community, Blumovitz has been named a Titan.
Translate values and convictions into actions – and follow through until achieved. Although it is not so secret…