Mike Horan knows a little something about budgets, bottom-lines, and beating the odds. In just two years, Oglethorpe’s Chief Financial Officer led the university’s financial turnaround—improving account records and developing a more effective cash flow model, making him one of this year’s Atlanta Business Chronicle’s CFOs of the Year.
At a June 3rd breakfast event, the Atlanta Business Chronicle and the Association of Corporate Growth honored Horan with the CFO of the Year Award for its Nonprofit category.
Horan originally came to Oglethorpe as a part-time accounting professor, and after watching the school’s financial struggle from the sideline, he decided to get in the game. In the beginning, he volunteered his services until the position for CFO opened up.
“It just didn’t make sense to me,” said Horan in an interview with the Atlanta Business Chronicle. “We have such an amazing accounting and business program here at Oglethorpe but it seemed like the business functions weren’t running smoothly. I volunteered to lend a hand and it turned into a full-time job.”
During his first year on the job, Horan and his staff celebrated a clean audit and the relief of warning status from the Southern Association of Colleges and Schools (SACS), Oglethorpe’s accrediting agency. In the following years, Horan has successfully revamped Oglethorpe’s long-term debt and developed a sustainable cash-flow structure that helps Oglethorpe manage its revenue stream more effectively. Today, Horan oversees a $23 million annual budget and assets valued at about $66 million.
“This is a wonderful and deserving compliment to Mike,” said Oglethorpe President Dr. Larry Schall. ”But more than that, it is recognition of the talent and commitment of the entire staff of our great university.”