AIC welcomes Condon as new CFO
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| Kenneth Condon |
SPRINGFIELD--After spending 33 years at the fourth largest private college in the country, with oversight of $1.7 billion operating budget and an endowment of $1.1 billion, Kenneth G. Condon has come home. The former Vice President for Financial Affairs and Treasurer at Boston University, is now the Chief Financial Officer at American International College.
While at BU, Condon earned more than $60 million for the institution.
Why would the highest paid college financial officer in the country leave his position at BU and come to Springfield to take a similar position at AIC?
"It's not about money," said Condon, "it's all about commitment and mission."
Condon, a West Springfield native, said he was immediately interested in the position when approached by AIC President Vince Maniaci. "AIC is a great fit for me because of its commitment to students and the community. Most colleges talk about recruiting top level students, trying to become the Harvard of their area. What happens to the rest of the students? What drew me to AIC, was Vince's efforts to attract the first generation and blue collar students who wouldn't have the opportunities that other students might have." One of Condon's first priorities is to implement the college's new strategic plan, which includes improving systems, raising money and ensuring a balanced budget. But, Condon said, it's not just about facilities. "Colleges are more than bricks and mortar," he said. "The body and soul of the institution is its people, not just students, but its faculty and staff. One of my goals is to make life better for the entire AIC family."
While at BU, Condon was responsible for financial affairs, the comptroller's office, grants and contracts, the accounting office, treasury/cash management, debt financing and investments, internal audit department, real estate acquisitions and leasing. He issued more than $1.1 billion in tax exempt debt, including a first of its kind, 100-year Century Bond and a 60-year tax exempt, interest only bond, the longest of its kind, and a leasing transaction that netted BU more than $17 million dollars.
He was also instrumental in assuring a budget surplus for 33 consecutive years, and acquired all of the real estate for the university between 1982-2005, including the acquisition and dormitory conversion of two hotels in London for $58 million.
"We are thrilled that Ken has decided to take the position here at AIC," said AIC President Vince Maniaci. "He is one of the most respected professionals in his field and he brings the expertise and financial leadership we need."
Condon received his B.A. degree in Economics and Mathematics from Tufts University, and his M.B.A. in Finance from the Wharton School of Finance, University of Pennsylvania. Condon was both a Certified Public Accountant and a Certified Financial Planner.
Condon was formerly Chairman of the Board of BayFunds, a $1.8 billion mutual fund family; a Director of BayBank Harvard Trust; a member of the BankBoston Advisory Board; a Director of Seragen, Inc., a publicly traded biotechnology firm; a Director, Chapter Secretary, Treasurer and President of the Financial Executives International; and a Director and Treasurer of the Boston Municipal Research Bureau. He currently is the Chairman of the Audit Committee and member of the Nominating committee for Insmed, Inc., a publicly traded biotechnology company listed on NASDAQ.
Prior to 1975, he was employed as a Senior Accountant with the CPA firm of Arthur Andersen & Co. in Boston.
American International College
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Springfield MA 01109
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