School Finance Workshop
About the Workshop
Given that most school heads don’t come into the job with a strong financial background, it is not unusual for a board member or someone in the business office to know the numbers better than the Head of School (HOS). This puts the HOS in a weak position to lead and make the most prudent decisions. In this session we will cover why it’s crucial that the HOS is the financial leader, understanding the school’s finances better than anyone. We will discuss how the HOS works together with the board to ensure the financial health of the school.
Meeting Time and Date: Tues, 6pm EST, starting Oct. 11
Meet Your Workshop Leader
Introduction, Definitions, and Roles
One of the board’s four key responsibilities is to ensure long-term financial health and stability. But too often it is not clear what the board should be doing versus the HoS and his/her team. Complicating matters further is how start-up and young schools needs extra board support until it matures. We will discuss the challenges and offer principles and practices that will meet your school wherever it is.
What does it mean to operate your school with “hard income” and what does that mean for tuition? We will look at the “cost-based tuition” model compared to common financial models that depend on fund-raising to make ends meet. Then we will cover how to transition your school to a more sustainable, viable position.
Do you have a good idea of what your tuition rates will be in five years? What about your income and expenses? How much will you be able to grow your cash reserves in that time frame? If the answer is “I don’t know” or “I am not sure”, then this session it critical for you. Having at least a five-year detailed forecast is the most important tool for making good decisions today.
The true costs/benefits of a Tuition Assistance program are often not clearly understood. Many administrators and board member have a hard time understanding how a generous Tuition Assistance program can actually grow the school, and increase the bottom line annually. But done right, this can absolutely be the case – and the growth is more than just enrollment growth as your school begins to serve a broader demographic.
There is probably not an area of school leadership that causes as much fear and anxiety as fund-raising. Frequently, it is not clear who should be doing what, and what the best way to approach fund-raising. We will discuss all things development: roles, the annual fund, capital campaigns, relational donor stewardship and more.
School Finance workshop
SCL Member Schools receive 10% discount
Please reach out to Sarah Spencer at email@example.com