As the American School for the Deaf sought to build a new facility to meet the changing needs of 21st century students, Chief Financial Officer Thomas Wood was there every step of the way, helping secure the financing and guiding the project to its on-time, under-budget completion.
Wood, 62, oversaw the development of the new $21.7 million Gallaudet-Clerc Educational Center in West Hartford, the only building in the region specifically designed to meet the unique learning styles of deaf and hard of hearing students.
Wood worked with ASD administrators and program managers to carefully develop a “guaranteed maximum price” contract for the facility and ensure that key project milestones were attained. Weekly meetings with architects, construction managers and subcontractors were held, and the project budget was continuously reviewed throughout the process, Wood said.
The end result: The educational center was built $570,000 under budget.
Jeffrey Bravin, ASD’s executive director, said Wood was not flustered with any challenges the project presented.
“With any construction project, there are always change orders,” Bravin said. “Tom made sure that with every change order, whatever bids were received, that we were able to build a beautiful new building to meet the needs of our students and get the best price.”
Bravin said Wood has skillfully managed the organization’s finances and investments over the years.
“Tom has been able to keep the budget in the black because he and his team have consistently and continually reviewed all expense categories and reviewed all contracts as appropriate,” Bravin said. “He has developed a comprehensive plan for the school and its operations that allow him to make strategic decisions regarding spending.”
To help finance the Gallaudet-Clerc Educational Center, Wood sold 75 percent of ASD’s real estate holdings, which were eating away at the nonprofit’s budget.
“We’re taking real estate and converting it to cash,” Wood said. “We had three key parcels for sale. We had significant pieces of property with deferred maintenance and very high operating costs. We’re recycling our real estate interest into our new facility.”
The move also helped ASD reduce operating costs by more than $2 million per year, Wood said. At the same time, over the past two years, the school’s endowment and pension plan have grown by 35 percent.
“Our defined benefit plan is over-funded right now, which is rare,” Wood said. “Part of the battle is to be able to invest prudently, but you also have to manage the benefits prudently.”
Wood said one reason ASD has had modest operating surpluses is because he uses a very detailed budgeting process, which incorporates enhancements to current programs.
“When you do have multiple programs that complicate the funding model, I work with the executive director and the senior management team because we have to address those needs, prioritize, and allocate,” Wood said. “It’s a lot of team-building and negotiating a consensus amongst everyone.”
Wood said he is prudent with cost control. Many years ago, he instituted a process whereby all contracts over $50,000 are reviewed on a regular basis. From time to time, he and the business office will issue requests for proposals and services to ensure ASD is receiving the most competitive pricing available.
Creating efficiencies also frees up cash to invest in things like the recent installation of air conditioning in three of the school’s largest dormitories, which represent about 90 percent of the residential space on campus.
“We’re always looking to expand our programs,” he said. “Unfortunately, when times get tough, organizations have a tendency to focus on the cost control side. What you have to do is balance some cost control with program growth.”
Bravin, Wood and the rest of the senior management team are currently working on a new strategic plan.
Marilyn Rettig, ASD’s director of institutional investment, said Wood has made her job raising funds much easier.
“We have a very strong, very transparent approach to finances at the organization, and that is always good for potential funders,” Rettig said.
Wood works to keep the jargon to a minimum, so that all staff he interacts with feels comfortable.
“He’s a team player,” Rettig said. “He tries very hard to make what he does accessible to the rest of us who are not finance people.”
Wood, of Avon, said the American School for the Deaf has provided him with a rewarding career.
“I spent 25 years in banking,” he said. “I was a senior executive, and through relationships (formed through banking) I was able to find connections here.”
Wood is married and has two adult children. His wife, Marie Wood, works at ASD in the Birth-to-Three program. A certified public accountant, Wood has been a member of the Connecticut Society of CPAs since 1986. He also serves on the board as treasurer of Saints Cyril and Methodius Orthodox Church in Plymouth.
Wood said he enjoys reading and spends two to three hours a day with a book.
“I’ll never stop learning,” he said. “It’s important to be good at what you do, but I think you constantly have to expand the perimeter of your knowledge. As chief financial officer, I can be working on anything from a security issue to a technology issue to pricing strategies with respect to the services that we offer.”
