Laurie Peterson’s facility with numbers and working with people inspired her to go into accounting.
A tragedy in her family forged her affinity for mentoring.
The combination of those forces led to her “dream job” with Big Brothers Big Sisters of Orange County and the Inland Empire, based in Santa Ana.
Peterson has brought financial acumen to all facets of her job as director of finance and accounting, according to Melissa Beck, chief executive of the local chapter. The performance has impressed more than her boss, landing Peterson top honors in the not-for-profit category at the Business Journal’s annual CFO of the Year Awards on Jan. 21 at Hotel Irvine (see related stories 1, 4, 12).
“Being the head of finance at a nonprofit may be rewarding, but it’s also among the most challenging positions within the organization,” Beck said. “Laurie uses our numbers to tell our story while also ensuring Big Brothers Big Sisters is making as big of an impact as economically and efficiently as possible.”
Peterson’s favorite subject in school was math, she said. She graduated from the University of California-Los Angeles with a degree in business economics. A friend’s sister who worked as a CPA at Arthur Anderson in downtown Los Angeles inspired Peterson to earn her CPA.
When Peterson’s brother-in-law died in a freak accident, leaving a baby and a toddler behind, she stepped in to mentor her niece and nephew for 18 years.
“It was more than just being a great aunt,” she said after the event. “I used to have them in the car and lock the doors and roll up the windows and talk to them about the value of education. They were like, ‘Oh no, here she goes again.’”
She started as the local chapter’s director of finance and accounting five years ago.
“It really is my dream job,” she said. “Because the mission of mentoring is so close to my core.”
New Building
The local chapter purchased a building in Santa Ana in September 2014 to use as a new operating facility. The deal required a complex tax and financial model involving three different funding partners, according to Beck.
The chapter sold its old building to help finance the purchase and refurbishment. It also initiated a capital campaign, secured a loan from Long Beach-based Farmers & Merchants Bank, and took advantage of the U.S. Department of the Treasury’s New Market Tax Credit Program, according to Peterson. The tax credit required the establishment of a community development entity as a funding partner and another 100%-owned, nonprofit subsidiary of the local chapter was also formed, Peterson said.
“Laurie was able to quickly learn the ins and outs of a very specialized transaction, set up the necessary entities, as well as financial reporting that this type of transaction requires,” according to Beck.
Growth
Peterson’s achievements have come during strong growth for the organization, which has doubled its revenue and increased staff by 50% over the past three years, Beck said.
“Laurie has been able to keep pace with an ever-changing and dynamic organization that has focused on its internal and external brand,” Beck wrote in the nomination form.
Big Brothers Big Sisters of Orange County and the Inland Empire had revenue of $6.2 million for the fiscal year ending in June, according to Peterson. It employed 60 and served more than 3,000 children with one-on-one mentoring relationships last year.
Sixty percent of the kids in the local chapter’s program will be the first in their families to graduate high school, and 90% of the kids who graduated from high school in June enrolled in college last fall, according to Peterson.
“Mentoring is so important,” Peterson said. “It just takes one person to believe in you and steer you in the right direction in order to change the life of a child forever. I’ve seen that happen firsthand so many times. And even today, I get teary-eyed just thinking about it.”
Peterson also thinks a lot about her colleagues, giving credit for her success to the entire local chapter, which includes mentees, volunteers, paid staff members and the organization’s board.
“I’m extremely pleased and proud to be part of this great organization,” she said at the event. “It’s an amazing team.”
