CFO of the Year Awards - Small Nonprofit Organizations
Breathing new life into Richmond foodbank
Roy Peters, Central Virginia Foodbank

by Jessica Sabbath
Virginia Business
July 2007

After Roy Peters became CFO of the Central Virginia Foodbank nine years ago, one of his first tasks was to get its financial pantry in order. At the time, the Richmond-based nonprofit was struggling to pay its bills and eventually was forced to let go of 20 percent of its work force.

Peters worked with the foodbank’s creditors and obtained a $300,000 line of credit — a move that CEO Fay Lohr credits with helping the organization survive. The organization distributes more than 12 million pounds of food a year to food programs in 31 counties in Central Virginia.

The final quarter of 2006 was the best financially in the nonprofit’s history, with a cash surplus of $642,000 and net assets of $1.47 million. This marked quite an increase from 1998 — the year Peters joined the organization — when the group had a $70,000 surplus and assets of $18,000.

During his tenure, Peters, a certified public accountant, has overhauled the organization’s financial reporting and budgeting, updated its accounting software and revamped its financial reporting to bring procedures in line with those outlined by Sarbanes-Oxley.

Helping the foodbank grow is another priority. Peters oversaw the location, purchase, renovation and move into the foodbank’s current headquarters in the Rhoadmiller Street building off Hermitage Road, which is visible from Interstate 95. Peters has also been a key force behind construction of a new $7 million community kitchen, a project involving the foodbank and Meals on Wheels.

For this CFO, responsibilities extend far beyond sheer numbers. Peters supervised the office’s Internet installation, wrote a new employee handbook and developed a new personal-leave policy. Another contribution: designing and coordinating the construction of the foodbank’s food drop box.

“It’s hard to convey … without meeting Roy how passionate he is about the well-being of the foodbank and its mission to alleviate hunger in Central Virginia,” says Jim Weinberg, chairman of the foodbank’s board of directors. “He is living and breathing it 24-7."