A Steady Hand in a Shifting Landscape: The Role of Arnold Henning at Greensboro
When Greensboro College faced an unexpected leadership gap in its finance office, President Larry Czarda turned to an increasingly popular solution among smaller institutions: the virtual CFO model. The decision not only bridged the gap during a period of transition but also positioned the college for stronger financial footing moving forward.
In early 2024, after 14 years of stable leadership, Greensboro’s longtime Chief Financial Officer departed for a nonprofit role outside of higher education. President Czarda was confident that the college’s Director of Finance and Controller could maintain continuity during the search for a new CFO. However, within months, she too received an offer she couldn’t refuse—this time from the private sector. What followed was a brief but critical period in which the college had no senior financial leadership.
“We were essentially without anyone in that role for a week and a half,” said Czarda. “That’s when we decided to bring in Arnold Henning.”
Registry Member, Arnold Henning, was originally brought on with the working title of “Virtual CFO,” though his formal designation became “Executive Restructuring Officer.” His engagement began as a short-term, strategic support arrangement, but evolved into a year-long tenure that provided Greensboro College with a steady financial hand during a pivotal time.
Czarda noted that the decision to go with a virtual CFO consultant was influenced by his own experience working with nonprofit boards and churches in Greensboro. “For smaller organizations, hiring a full-time, fully qualified CFO isn’t always feasible,” he explained. “Virtual CFOs offer deep expertise at a scalable level. I’d already seen the model work well at the North Carolina Folk Festival and at my church.”
Henning’s impact was immediate and multifaceted. He participated in weekly virtual meetings with the CFO and broader finance team, made a site visit in the fall to meet key stakeholders, and provided guidance on strategic planning, budgeting, and real estate initiatives. Greensboro College, like many institutions, was still recovering from pandemic-related enrollment declines and had suspended its traditional budgeting processes during the crisis. Henning helped the college return to regular budgeting protocols and played a critical role in refinancing the institution’s debt and assessing underutilized real estate assets.
“He allowed our new CFO, Sheila, the space and time to learn the institution while focusing on day-to-day operations,” Czarda said. “Arnold took on longer-term strategic projects, supported our debt refinancing, and was invaluable in our real estate planning efforts.”
Though Henning’s formal engagement concluded on June 1, his impact is still being felt across the campus. Czarda says the experience exceeded expectations and would not hesitate to recommend the model to peer institutions.
“Yes, I would absolutely recommend this approach,” he said. “It has to be the right fit, of course—but in an era of rapid turnover in higher education leadership, virtual CFOs are a viable, effective solution.”
In fact, Czarda pointed out that among North Carolina’s 36 private institutions, nearly every CFO position has turned over in the past three years—a statistic that reflects the challenges facing higher education finance today.
As Greensboro College looks to the future with renewed financial leadership in place, the success of its partnership with The Registry and Arnold Henning serves as a case study in adaptability, resourcefulness, and the power of innovative staffing models.
A Steady Hand in a Shifting Landscape: The Role of Arnold Henning at Greensboro
When Greensboro College faced an unexpected leadership gap in its finance office, President Larry Czarda turned to an increasingly popular solution among smaller institutions: the virtual CFO model. The decision not only bridged the gap during a period of transition but also positioned the college for stronger financial footing moving forward.
In early 2024, after 14 years of stable leadership, Greensboro’s longtime Chief Financial Officer departed for a nonprofit role outside of higher education. President Czarda was confident that the college’s Director of Finance and Controller could maintain continuity during the search for a new CFO. However, within months, she too received an offer she couldn’t refuse—this time from the private sector. What followed was a brief but critical period in which the college had no senior financial leadership.
“We were essentially without anyone in that role for a week and a half,” said Czarda. “That’s when we decided to bring in Arnold Henning.”
Registry Member, Arnold Henning, was originally brought on with the working title of “Virtual CFO,” though his formal designation became “Executive Restructuring Officer.” His engagement began as a short-term, strategic support arrangement, but evolved into a year-long tenure that provided Greensboro College with a steady financial hand during a pivotal time.
Czarda noted that the decision to go with a virtual CFO consultant was influenced by his own experience working with nonprofit boards and churches in Greensboro. “For smaller organizations, hiring a full-time, fully qualified CFO isn’t always feasible,” he explained. “Virtual CFOs offer deep expertise at a scalable level. I’d already seen the model work well at the North Carolina Folk Festival and at my church.”
Henning’s impact was immediate and multifaceted. He participated in weekly virtual meetings with the CFO and broader finance team, made a site visit in the fall to meet key stakeholders, and provided guidance on strategic planning, budgeting, and real estate initiatives. Greensboro College, like many institutions, was still recovering from pandemic-related enrollment declines and had suspended its traditional budgeting processes during the crisis. Henning helped the college return to regular budgeting protocols and played a critical role in refinancing the institution’s debt and assessing underutilized real estate assets.
“He allowed our new CFO, Sheila, the space and time to learn the institution while focusing on day-to-day operations,” Czarda said. “Arnold took on longer-term strategic projects, supported our debt refinancing, and was invaluable in our real estate planning efforts.”
Though Henning’s formal engagement concluded on June 1, his impact is still being felt across the campus. Czarda says the experience exceeded expectations and would not hesitate to recommend the model to peer institutions.
“Yes, I would absolutely recommend this approach,” he said. “It has to be the right fit, of course—but in an era of rapid turnover in higher education leadership, virtual CFOs are a viable, effective solution.”
In fact, Czarda pointed out that among North Carolina’s 36 private institutions, nearly every CFO position has turned over in the past three years—a statistic that reflects the challenges facing higher education finance today.
As Greensboro College looks to the future with renewed financial leadership in place, the success of its partnership with The Registry and Arnold Henning serves as a case study in adaptability, resourcefulness, and the power of innovative staffing models.
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