Vice President for Finance
Bonnie Frankel was named Vice President for Finance in November 2008, after serving in an interim capacity for a year. She leads the university's Financial Affairs division including the Treasury Office, Controller's Office, Office of Operational Reporting, Budgets and Financial Systems, and other functions including grant accounting and tax reporting and compliance services.
Ms. Frankel has overseen various Financial Affairs initiatives undertaken in the last two years, taking advantage of the university's strong operating results to protect the university from the turmoil in investment and debt markets. Debt has been strategically restructured with low fixed rates; debt service has been leveled, eliminating future bullet payments; working capital and institutional reserve management has been adjusted to enhance preservation of principal and provide liquidity; reporting has been expanded and policies and procedures enhanced, and capital projects, including the purchase and build out of an academic building, have been funded through cash generated from operations. Ms. Frankel is also currently overseeing the consolidation and improvements to the university's tax compliance services function and Financial Affairs participation in the 403(b) Investment and Plan Administrative Committee's comprehensive evaluation of the university's defined contribution retirement plan and is leading efforts to manage the business aspects of the university's international activities.
Ms. Frankel previously served as the DePaul University Controller where she led the restructuring of that office, significantly improving analytical, compliance and reporting functions and the related university wide polices and procedures. These efforts resulted in identification and elimination of various activities which had generated losses for the university; identification of cost-cutting and revenue enhancement opportunities; and improved accuracy, completeness and timeliness of financial data and reporting.
During Ms. Frankel's tenure a comprehensive quarterly financial report of current and historical operational data was developed to guide executive management decision making. She also oversaw revisions to procedures, systems, and reporting resulting from the university's conversion to the PeopleSoft Enterprise Resource Planning (ERP) system and two subsequent major upgrades. In addition, various improvements were made to grants administration and compliance efforts and to cash flows through more timely drawdown of federal funds related to grants and financial aid.
Frankel came to DePaul from Strombecker Corp., where she was corporate controller for the Chicago-based toy manufacturer. Prior to that, she gained experience in all aspects of financial management and in internal audit during 19 years with Stepan Co., a chemical manufacturer in Northfield, Ill. She began her career as an auditor for Price Waterhouse in Chicago.
Frankel graduated with a bachelor's degree, magna cum laude, from the University of Illinois and is a member of the American Institute of Certified Public Accountants.