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You are Magic Cabinet's first in-house Director of Finance, three weeks into the role. Magic Cabinet is a Seattle-based private philanthropic foundation with roughly $147M in total assets across three fund structures — an operating fund (\~$30M annual budget), an endowment, and dedicated grantmaking pools — supporting multi-year grants to 63 nonprofit partners. The foundation has 35+ staff in Washington and California, and financial operations are still run by an external accounting vendor while you lead a phased transition in-house. The vendor has just delivered the July 2026 monthly financial package — the Excel workbook, exactly as your team received it: File to be found here. It contains the vendor's transmittal memo, the statement of activities (budget vs. actual), fund balances and the endowment rollforward, the grants schedule, the check register, the AP invoice and receipts log, the payroll register, and the HR change log from your HR system. The Board Finance Committee meets in three business days, and the COO has asked you to review the package and brief the committee. The vendor considers the July close final as presented. Whether you agree is for you to determine. Review the package the way you would in the job: read the statements, work the detail tabs, cross-reference where the numbers should agree, and decide what is right, what is wrong, and what is a risk. Quantify what your findings mean for Magic Cabinet's true operating position, and tell the committee what to do about it. Key Policy Excerpts (from Magic Cabinet's board-approved policies) Endowment spending: quarterly draws may not exceed $500,000 without a documented Board vote. Donor-designated funds: contributions designated by the funder for a specific program must be tracked in donor-restricted funds and released as qualifying expenses are incurred. Fund structure: operating, endowment, and grantmaking funds have distinct restrictions and may not be treated as one pool. Constraints to Consider The external vendor's contract runs through June 2027 — you manage the relationship and hold them accountable; you cannot replace them. You are the only in-house finance hire, supported by an operations manager; no additional finance headcount is budgeted for year one. The Board Finance Committee meets in three business days — your memo must be final, not a draft. Every figure you cite must tie to the workbook. State assumptions explicitly where you must make them. Complete this challenge without AI tools. This exercise evaluates your own review skills — the same skills the job requires when a package lands on your desk before a board meeting. In your video you will walk through exactly how you found what you found. Target roughly 45 minutes on the work product. If you run long, prioritize: the memo first, then the README. We score judgment and prioritization, not exhaustiveness. If you didn't get to something, say so directly in the video — an honest "here's what I'd do next with more time" beats padded completeness. Communication note: we score the clarity and structure of your financial insight for non-finance executive audiences — not verbal polish, accent, pace, or filler words. Speak naturally and conversationally, as if you're briefing your COO directly. Direct answers score well; talking around a question does not. Submission: Upload each deliverable as a separate file directly on the Provn platform: your Board Finance Committee memo, your README document (Sections A and B), and your video walkthrough (MP4 or MOV). Provided Materials MagicCabinetJuly2026MonthlyFinancialPackage.xlsx — the vendor's monthly package, 8 tabs, as delivered.
