UNIVERSITY PARK, Pa. — Virginia Teachey, a financial management professional with more than 25 years experience in higher education, has been named associate vice president for finance effective Dec. 1. Teachey’s most recent position was as vice chancellor of finance and administration at the University of North Carolina at Pembroke.
Working within the Office of Finance and Business, Teachey will report to Sara Thorndike, senior vice president for Finance and Business/treasurer. Teachey will succeed Joe Doncsecz, who will retire on Dec. 31, 2022.
“I am excited to welcome Virginia Teachey to the Office of Finance and Business,” Thorndike said. “Her many years of financial and operations experience at institutions of higher education will be an invaluable asset at Penn State. I am eager to work with Virginia to find ways to optimize the University’s assets and financial processes for the future.”
In the AVP for finance role, Teachey will lead the corporate controller’s office and efforts to enhance finance and business operations across University units and campuses, as well as oversee the development and implementation of cost-savings initiatives University-wide.
Teachey brings over two decades of successful financial and operations management experience to the position, including enterprise risk management, strategic planning, policy development and implementation, facility management, auditing and compliance.
“Institutions of higher education are facing unprecedented challenges due to the pandemic and current economy, as well as demographic shifts, state funding concerns and a decline in public confidence. These challenges have required us to be flexible and adapt to an ever-changing environment,” Teachey said. “I am a strong believer that challenges afford opportunities to be innovative. It will be exciting to collaborate with a team to capitalize on these opportunities while ensuring fiscal responsibility and balancing progress. I have admired Penn State for years and I am honored to have an opportunity to work at such a prestigious university with some of the most brilliant minds in higher education.”
As vice chancellor of finance and administration at the University of North Carolina at Pembroke, a position Teachey held since 2019, she was responsible for a budget of over $176 million and a $32 million endowment. Her responsibilities included facilities, campus master planning, finance administration, information technology and human resources. As vice chancellor, Teachey reported directly to the institution’s chancellor and mastered various accomplishments including launching a digital portal of business services for the University; modernizing IT infrastructure through investment; working with credit agencies to save the campus $2.7 million in gross cash flow and implementing COVID-19 mitigation strategies. Teachey also was responsible for reporting to the board of trustees and external stakeholders on financial, risk and management plans.
Before her role at UNC Pembroke, Teachey served as assistant dean for finance and business management in the College of Engineering at North Carolina State University from 2010 to 2019, where she was responsible for developing and launching a long-term financial plan with growth strategies; implementing and evaluating management controls, policies and procedures to ensure compliance; and serving as liaison to the governing board on critical issues. Teachey also previously served as the chief fiscal and administrative officer managing an operating budget of $210 million at North Carolina State. As part of this role, Teachey developed and implemented a long-term financial plan to analyze financial information and develop strategies for growth – which resulted in an increase of $52 million in funding and a 22% increase in faculty.
Before her role as assistant dean, Teachey was the associate director for finance for University Housing, Greek Life and Caldwell Fellows at North Carolina State University from 2007-2010. In this role, Teachey served as chief fiscal and administrative officer while managing an operating budget of approximately $44 million. Teachey supervised a full range of fiscal affairs including financial planning, accounting systems/procedures, structures/controls, budget development, management, cash flow, compliance and expenditure monitoring.
In addition to her administrative roles, Teachey was an adjunct instructor of business law, business communications and business management at the Indiana Business College in Muncie, Indiana, from 2005-2007. Teachey received an MBA from Anderson University in Anderson, Indiana and a bachelor’s degree in business administration from Northwood University in Midland, Michigan.