Colby Names Nicole Trufant Vice President and Chief Financial Officer

Announcements4 MIN READ
Nicole Trufant will join Colby July 15, becoming the first female chief financial officer in the College's history
By Bob Keyes
Contact: George Sopko ([email protected]) 207-859-4346
May 3, 2022

Colby today announced that Nicole Trufant will join the College as vice president and chief financial officer. With more than 20 years of experience in higher education, Trufant will work closely with the president and senior leadership to ensure that Colby maintains its exceptional financial standing to support its plans for growth and innovation.

Trufant currently serves as senior vice president of finance and administration at the University of New England in Biddeford and Portland, Maine. In that role, she is responsible for managing and overseeing finance, accounting, budgets, internal control systems, purchasing and contracts, information technology systems, human resources, and student financial services, including financial aid. She will join Colby on July 15, becoming the first female CFO in College history and replacing Doug Terp ’84, who is retiring after 34 years at Colby.

“Throughout her career, Nicole has demonstrated her ability to approach growth and change with creativity, to think strategically about complex financial issues, and to develop solutions that are both innovative and prudent,” said President David A. Greene. “Colby has a longstanding tradition of exceptional financial management, and Nicole is the right person to ensure our continued financial strength while we pursue ambitious plans for the future of the College.”

Trufant has served as UNE’s chief financial and administrative officer since 2007, managing and overseeing the university’s finances and accounting during a period of unprecedented growth in enrollment and campus expansion. A Biddeford native, she has served in several other senior leadership positions at UNE, including as vice president of finance and administration and vice president for fiscal affairs.

During her time at UNE, she developed financial strategic plans, oversaw the process to obtain UNE’s first independent credit rating, developed the budget, capital funding, and human resource plans to support the founding of the College of Dental Medicine, the School of Pharmacy, and the College of Professional Studies as well as the expansion of the College of Osteopathic Medicine. She also developed the financial plans and budget for UNE’s campus in Tangier, Morocco, and oversaw the funding and construction of several new facilities on all three of UNE’s campuses. She built and sustained a robust information technology infrastructure, overseeing information technology services to provide enhanced administrative, library, and academic technology. 

A certified public accountant, Trufant graduated magna cum laude from the University of Southern Maine with a B.S. in accounting and a B.A. in sociology. She received an M.S. in management from New England College and a certificate in executive management from Harvard University’s Graduate School of Education.

Trufant is vice chair and incoming chair of the National Association of College and University Business Officers (NACUBO), the leading national professional organization dedicated to promoting best practices among higher education business and finance professionals. She is immediate past chair of the Eastern Association of College and University Business Officers, and she is active outside of her professional field with service on the board of the United Way of York County, Eastern Maine Health Care, and the Kennebunk Free Library.

Trufant said she was attracted to the pace of growth at Colby and its investment in downtown Waterville as well as its commitment to equity, access, and diversity. She has built her career around supporting institutions of higher education that create innovative academic environments for all students and that foster economic investments in their communities.

“I appreciate Colby’s commitment to its students and its commitment to the community of Waterville. I thrive in an environment of growth and change, and I like the intellectual challenge of supporting academic and student affairs at Colby to make sure that everything is working in sync so that everyone can succeed,” she said. “Working for a college that makes education more affordable to all students is extremely important to me.”

Colby is in the midst of—and planning for—multiple significant strategic initiatives, including new and enhanced academic programs, major capital investments, and ongoing efforts to expand financial aid and student access. The College’s strong financial standing and outlook result from many factors: The Dare Northward campaign is closing in on its $750-million fundraising goal, its endowment has surpassed $1 billion, and Standard & Poor’s recently improved Colby’s bond rating to AA/Positive, citing rising enrollment, strong selectivity and student quality, and outstanding faculty, as well as the College’s overall excellent financial management and governance that includes more than 40 years of balanced budgets.

Trufant said she is thrilled to join Colby during a time of such positive momentum.

“My charge is to help the president and the leadership team achieve the community’s plan, keep the institution fiscally sound, and build on its strong foundation,” she said. “The Dare Northward campaign has been tremendously successful and will allow Colby to develop new programs and innovative initiatives, while ensuring faculty, students, and staff have the resources they need to thrive.”