Financial Management

Effective financial management in schools is a function of balancing income and expense. Like pressure on a waterbed, pressing down on one source of income or stream of expense affects all other areas.

Most schools do not focus enough on “profit centers” such as after-school and summer programs, bussing, food service and school stores to name a few examples. If they are managed well, it is possible to generate much more income than expense from these sources.

The “sacred cows” are: tuition and fee income; gift income (of all kinds); class size; program costs; plant costs; total enrollment; staff compensation; and financial aid. The “sacred cows” refers to the desire of most schools to have a well-paid faculty and staff, outstanding plant, a strong endowment, high financial aid, moderate tuition and fees, strong fund raising, low class size, adequate total enrollment, enriched program, and profit centers to generate additional income. It is prioritizing and balancing these competing forces that challenge most schools. If this process is handled badly, it can alienate important groups within the school and undermine the school’s objectives.

Littleford & Associates helps schools build effective financial plans to meet the schools’ mission and strategic goals. For more information on this, see the article:

The Nine Sacred Cows Of Financial Management: How To Get A Handle On Controlling Expenses And Increasing Income In Difficult Economic Times.

 

Currently the following webinar sessions can be scheduled:

"Marketing the Mission"

This webinar will discuss strategies to retain current students and recruit new ones, even while the campus is closed. It will include steps to develop a parent ambassador/advocate program. Current parents, when recruited, motivated, mobilized and trained, are a school’s most powerful advocates. 

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The Head of School and Board Partnership during the COVID-19 Crisis: In Support of the Shifting Landscape/Strengthening Governance

The almost ongoing, high stress job of crisis management in schools has filled the space that was once full of organizational charts, contracts, training, legal protection, salaries and other the expectations and demands.The Head of School has needed to refocus and reframe to reflect the new reality. How do the head and the board partner together respond to and manage this uncharted territory? The job is now high stress nearly all the time.

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Please contact us today for availability and to book a time slot in your time zone!

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