Posted: November 14, 2008

Contact: Doug Anderson,, 651-201-1426

Laura King, vice chancellor and chief financial officer of the Minnesota State Colleges and Universities system, has been named winner of the Nonprofit Organization CFO of the Year by the Minneapolis-St. Paul Business Journal. She was recognized this week at a luncheon sponsored by the Business Journal.

King, the system’s CFO since 1996, oversees a $1.7 billion annual operating budget and a $350 million biennial capital budget and is responsible for about 26 million square feet of buildings. The system, which has 19,000 employees and 382,000 students, is the fifth-largest system of two- and four-year colleges and universities in the country.

“Laura King has put the system on solid footing in terms of funding and financial management,” said Chancellor James H. McCormick. He credits her with obtaining more than $1 billion in capital appropriations during her tenure, leading to significant updating of science and technology labs, classrooms and student service areas and other improvements in the system’s 850 buildings.

“As a public sector employee, I appreciate being recognized by the private sector,” King said. “I love my job because our colleges and universities have a great staff, and we know our hard work benefits our students, the taxpayers and the state of Minnesota.” The Minnesota State Colleges and Universities system has the fourth-lowest administrative costs of higher education systems across the country that include colleges and universities.

Before joining the system, King served as the state’s finance commissioner in Gov. Arne Carlson’s administration, was an assistant state commissioner for budget services and state budget director, and was an assistant to the Minneapolis city finance officer.