Under Sarah Hoffman’s financial leadership as CFO of Health Care Benefits Trust, the trust’s funded position went from 69% to 95% within the course of a single year.
Besides overhauling the trust’s financial reporting and reporting practices, bringing new transparency to the trust’s financial reporting, Hoffman was instrumental in developing a deficit recovery program to ensure that employers don’t leave behind their share of the liabilities if they withdraw from the trust.
“The plan and Sarah’s role in that plan are an incredibly important part of the trust’s future financial sustainability and success,” said trust counsel and Lawson Lundell LLP partner Murray Campbell in nominating Hoffman.
Even prior to taking on her role as CFO, Hoffman was tightening up and streamlining financial processes at the trust in an earlier role as director, financial services, and controller. In that role, she reduced the trust’s operating budget by 10% to $30 million. She also rolled out a streamlined invoicing and benefits administration system and developed major financial policies regarding invoicing and participating in the trust, which led to increased recoveries of receivables and proactive pursuit of collection matters.
Campbell calls Hoffman a “highly effective leader” and a “change agent” and comments that her team of 13 trust employees has the highest level of employee engagement in the organization. •
