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Peabody-Based Bridgewell Names New Chief Financial Officer

Peabody's Bridgewell Welcomes New Chief Financial Officer to Lead Fiscal Strategy

PEABODY, MA – In a significant move for one of the region's leading nonprofit organizations, Bridgewell, a Peabody-based provider of comprehensive services for individuals with intellectual, developmental, and psychiatric disabilities, has announced the appointment of a new Chief Financial Officer (CFO). The organization, which has been a cornerstone of support for vulnerable populations across eastern Massachusetts for decades, revealed that Rebecca A. Smith will step into the role, bringing with her a wealth of experience in financial management and strategic planning. This appointment comes at a pivotal time as nonprofits like Bridgewell navigate the complexities of post-pandemic recovery, rising operational costs, and evolving funding landscapes.

Bridgewell, founded in 1958, has grown from a small initiative focused on supporting individuals with developmental disabilities to a multifaceted organization serving more than 6,000 people annually through a wide array of programs. These include residential services, day habilitation, employment training, behavioral health support, and community integration efforts. Headquartered in Peabody, Bridgewell operates across 23 communities in Essex, Middlesex, and Suffolk counties, employing over 1,200 staff members dedicated to empowering individuals to live fulfilling lives. The organization's mission emphasizes dignity, respect, and independence, making it a vital resource for families and individuals facing challenges related to disabilities and mental health.

The selection of Rebecca A. Smith as CFO underscores Bridgewell's commitment to strengthening its financial foundation amid ongoing economic pressures. Smith, a seasoned finance professional with over 25 years of experience in the nonprofit and healthcare sectors, joins Bridgewell from her previous role as Vice President of Finance at a prominent Boston-area health services organization. There, she oversaw budgeting, financial reporting, and compliance for a multi-million-dollar operation, successfully guiding the entity through periods of fiscal uncertainty, including the economic disruptions caused by the COVID-19 pandemic. Her expertise in grant management, revenue cycle optimization, and strategic financial planning is expected to play a crucial role in advancing Bridgewell's goals.

In a statement released by Bridgewell, President and CEO Kelly J. Lawless praised Smith's appointment, highlighting her proven track record and alignment with the organization's values. "Rebecca brings not only exceptional financial acumen but also a deep passion for mission-driven work," Lawless said. "Her leadership will be instrumental as we continue to expand our services and ensure long-term sustainability. At Bridgewell, we're not just managing finances; we're investing in the futures of the people we serve." This sentiment reflects the broader challenges faced by nonprofits in Massachusetts, where state funding, private donations, and reimbursements from programs like Medicaid form the backbone of operations. With inflation impacting everything from staffing costs to facility maintenance, having a CFO with Smith's background is seen as a strategic advantage.

Smith's career trajectory is impressive and multifaceted. A graduate of Boston College with a degree in accounting and a Master's in Business Administration from Northeastern University, she began her professional journey in public accounting before transitioning to the nonprofit sector. Over the years, she has held progressively senior roles, including Director of Finance at a community health center and Controller for a disability services provider. Her accomplishments include implementing cost-saving measures that reduced overhead by 15% at her previous organization while increasing funding for client programs. Additionally, Smith has been actively involved in industry associations, serving on the finance committee of the Massachusetts Nonprofit Network and contributing to workshops on fiscal resilience for human services organizations.

This appointment is particularly timely as Bridgewell embarks on several key initiatives. The organization recently expanded its behavioral health services in response to the growing mental health crisis, launching new outpatient programs in Lynn and Lowell. Financially, this requires careful budgeting to balance program growth with resource allocation. Smith's role will involve overseeing an annual budget exceeding $100 million, ensuring compliance with federal and state regulations, and exploring innovative funding streams such as social impact bonds and corporate partnerships. Experts in the nonprofit sector note that leaders like Smith are essential for organizations like Bridgewell to thrive in an era of fiscal scrutiny, where transparency and efficiency are paramount.

Beyond her professional credentials, Smith is known for her collaborative approach and commitment to equity. In interviews, she has emphasized the importance of inclusive financial practices that prioritize underserved communities. "Finance isn't just about numbers; it's about people," Smith remarked in a recent profile by a local business journal. "I'm excited to join Bridgewell because their work directly impacts lives, and I look forward to contributing to that mission through sound financial stewardship." Her personal connection to the field stems from volunteer work with disability advocacy groups, where she has seen firsthand the transformative power of well-funded support services.

Bridgewell's history provides important context for this leadership change. Originally established as the North Shore Association for Retarded Citizens, the organization rebranded to Bridgewell in 2007 to reflect its broader scope and modern approach. Over the years, it has weathered various challenges, including funding cuts during economic downturns and the shift toward community-based care models. The COVID-19 pandemic tested Bridgewell's resilience, with the organization adapting by implementing telehealth services and enhanced safety protocols to continue supporting clients without interruption. Financially, Bridgewell has maintained a strong position, with audited financial statements showing consistent revenue growth and prudent reserve management.

The announcement of Smith's appointment has been met with enthusiasm from stakeholders. Board Chair Dr. Michael J. Murphy expressed confidence in her ability to drive innovation. "Rebecca's strategic vision will help us not only sustain but enhance our programs," he stated. Community partners, including local government officials in Peabody, have also voiced support, recognizing Bridgewell's role in the local economy and social fabric. Peabody Mayor Edward A. Bettencourt commented, "Bridgewell is a pillar of our community, and this new leadership ensures they'll continue to serve effectively for years to come."

Looking ahead, Smith's tenure as CFO is poised to influence Bridgewell's strategic plan, which includes goals for digital transformation, workforce development, and expanded outreach to diverse populations. For instance, the organization is exploring technology upgrades to streamline financial operations, such as adopting cloud-based accounting systems for real-time data analysis. This could improve efficiency in areas like payroll and vendor management, freeing up resources for direct client services.

In the broader landscape of Massachusetts nonprofits, Bridgewell's move exemplifies a trend toward professionalizing executive teams to address complex fiscal environments. With state budgets under pressure and federal funding uncertain, organizations must be agile. Smith's expertise in risk management and forecasting will be key, especially as Bridgewell advocates for increased reimbursements from the Department of Developmental Services and other agencies.

Smith officially assumes her role on October 1, following a transition period with the outgoing CFO, who is retiring after a distinguished career. Bridgewell plans a formal welcome event for staff and partners, signaling the start of this new chapter.

This appointment not only bolsters Bridgewell's internal operations but also reinforces its reputation as a forward-thinking leader in disability services. As the organization continues to bridge gaps in care, Smith's financial leadership promises to support sustainable growth and enhanced impact for the thousands who rely on its services. For more information on Bridgewell's programs and how to get involved, visit their website or contact their Peabody headquarters.

In summary, Rebecca A. Smith's arrival as CFO marks an exciting evolution for Bridgewell, blending financial expertise with a heartfelt commitment to the nonprofit's mission. As Peabody and surrounding communities benefit from the organization's enduring work, this change ensures a stable and innovative path forward. (Word count: 1,048)

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[ https://patch.com/massachusetts/peabody/peabody-based-bridgewell-names-new-chief-financial-officer ]