Treasury Services is a division of the Mayo Clinic Finance Department, which reports to Mayo’s Chief Financial Officer, and is charged with managing the investment portfolios of Mayo Clinic (including pension funds sponsored by Mayo) and conducting general treasury operations across the enterprise. Treasury operations include cash management, custody and bank relations, credit card oversight, debt issuance and management, defined benefit and defined contribution pension plan administration, risk financing/self-insurance, and involvement in (non-investment portfolio) enterprise real estate activities from a strategic and financial perspective. Current investment assets under management approximate $30 billion and Mayo Clinic’s Real Estate footprint includes 25 million square feet across medical, administrative, office, hospitality, and commercial space.
The primary role of the Director will be to support the efforts of the real estate office to identify, organize, and manage a portfolio of internal and external Real Estate opportunities and maximize return while minimizing risks for Mayo. This is achieved through creation of the Office of Real Estate, within Treasury Services, to complement and align with BOG/BOT initiatives and to serve as a resource to support leadership at all sites individually, while centralizing opportunities collectively, to leverage Mayo portfolio relationships and insights. In addition to Mayo administrative and medical leadership, this role will seek to leverage the collective and collaborative efforts of five internal Mayo areas: Facilities, Treasury Services, Finance, Legal, and Site Management. As we enter the next stage of Bold. Forward. in Mayo’s growth and the balance between physical and remote site needs as well as new ways to work, it will be valuable to have the Director focused on portfolio performance and transaction support in the Office of Real Estate. With leadership guidance, this will allow the Senior Director and, in turn, Treasury Services, to lead evaluation of the best land and real estate footprint for Mayo Clinic going forward.
The scope and activities of this area will include the following:
Real Estate Portfolio Inventory – Execution and oversight of an Enterprise portfolio of Mayo Real Estate, Land, and Development assets. Extending this process to an integrated management of Mayo real estate inventory/oversight at the site and institutional level is prudent, allows for improved review, identification of risks, and opportunity to apply best practices.
Asset Management – Provide professional oversight of portfolio, providing performance forecasts and generating guidance on market leasing terms, while maintaining accurate electronic property files, monitor A/R, and operating variance reporting. Prepare hold/sell and other scenario analyses for properties and the portfolio as necessary. Collaborate with executive leadership to refine long-term investment strategies, and risk management approaches. This may also include oversight and reporting on Treasury real estate investments, whether direct or through third-party managers. Integration of principals, trends, and application of best practices to Mayo Real Estate will enhance performance.
Centralized Leasing– Centralized and Streamlined Lease Negotiation and Management. Lease contracts can have long-lasting benefits or challenges for Mayo and benefit from a combination of site initiative, centralized review of term considerations, and third-party perspective from Mayo Real Estate and financial partners. Centralized lease underwriting, negotiation, and oversight with final sign-off by respective sites, will lead to improved process, structure, consistency, and continuity in Mayo lease negotiation and transaction management.
Strategic Performance– Execute the Enterprise-wide Strategy for Mayo Real Estate, Lease, and Land portfolios to maximize and streamline current and new Mayo opportunities. With different considerations, risks, and opportunities at each campus yet a centralized set of management and financial constraints, the Director would lead, with multi-team and Mayo leadership input, the implementation of a coordinated strategy which considers Mayo’s ability to finance, work with benefactors, and plan for future needs that would benefit the institution. This could include the best financial structure to both finance and manage assets, which could be integrated or separate.
Working Groups- Support Treasury Services, Enterprise Working Groups and Board of Trustees Investment Subcommittee for execution of Real Estate and Land Asset strategy.
Electronic Approval/Workflow– Workflow and Working Group or Sub Committee Information and Decisions. A combination of electronic approval processes, with appropriate oversight and sign-off from multi-disciplinary teams and shared prep work for either Working Group/Subcommittee or BOG materials quarterly/as needed.
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