Best Financial Practices for School Sustainability & Growth

1. Best Financial Practices for School Sustainability & Growth Magda Elkadi Saleh Head of School AYA Tampa ISNA Education Form 2011

2. Best Financial Practices for School Sustainability & Growth According to Wikipedia: “a best practice is a technique, method, process, activity, incentive, or reward which conventional wisdom regards as more effective at delivering a particular outcome than any other technique, method, process, etc. when applied to a particular condition or circumstance.” Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

3. Best Financial Practices for School Sustainability & Growth “Best practices can also be defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people.” Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

4. Best Financial Practices for School Sustainability “A given best practice is only applicable to a particular condition or circumstance and may have to be modified or adapted for similar circumstances. In addition, a “best” practice can evolve to become better as improvements are discovered.” Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

5. Best Financial Practices for School Sustainability & Growth Ways to learn about the best financial practices, so that they can be implemented in our schools: • Attend workshops. • Bring in consultants who are experienced in the field. • Do research. The easiest way to start is by visiting google.com. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

6. Best Financial Practices for School Sustainability & Growth Some sites to visit for insight into Best Financial Practices: • Office of Program Policy Analysis & Government Accountability (OPPAGA) Overview of Florida’s Best Financial Management Practices Program for School Districts http://www.oppaga.state.fl.us/reports/pdf/0258Arpt.pdf • How to Use the Financial Management Standard & Toolkit, by the Financial Management Standard in Schools (FMSIS) http://www.fmsis.info/default_schools_home.asp • Best Financial Practices, Louisiana Local Government http://www.lla.state.la.us/userfiles/file/oppaga.pdf, • NAIS Best Financial Practices [Accessible to NAIS members only] http://www.nais.org/financial/home.cfm?Itemnumber=153539 Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

7. According to Financial Management Standard in Schools (FMSIS), Good Practice in Schools Can Be Analyzed under the Following Five Headings: • Leadership & Governance Good financial management requires clear leadership and effective governance. • People Management The staff who are responsible for financial management must be well-trained and ably led. • Policy & Strategy Resources are deployed carefully to ensure that school meets its objectives, achieves Best Value, and undertakes activities it can afford. • Partnership & Resources The school uses its resources efficiently and effectively, and seeks to access additional resources through partnerships and other arrangements. • Processes Financial management includes effective processes for budgeting, monitoring, control and reporting to ensure that: • financial plans are achieved • loss and waste are minimal, and • safeguards against fraudulent practices are robust. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

8. In Order for Best Financial Practices to Work in a Consistent & On-Going Manner, They Must be Systemized & Institutionalized Clarity • Every process, system and decision must be clear. As per dictionary.com, clarity means: intelligibility, exactness & simplicity. • There must be a clear idea of each component of the financial system & operations in the school. Transparency • Every process, system & decision must be transparent, or visible, to anyone who is looking at it. Lack of transparency leads to lack of trust. • Lack of transparency leads to a lack of trust among and between stakeholders. Without trust, a strong institution that will withstand pressures from within and from without cannot be built. Communication • It is very important to communicate with staff involved with financial decisions / processes. • It is also important to communicate with parents, community-members and donors. • The more everyone knows, the more they are willing to assist and support the school. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

9. In Order for Best Financial Practices to Work in a Consistent & On-Going Manner, They Must be Systemized & Institutionalized Documentation & Record-Keeping • The filing system must be impeccable. • The processes must be clearly documented and easily accessible to any individual appointed to complete a certain task. • Data should be kept, processed and analyzed through the use of a finance/accounting software like Peachtree or Quickbooks. On-line versions should be used. Continuity • The school has to be able to continue even if key employees/Board members leave. • All documents should be saved on-line for future reference and use. • Trained, capable and dedicated staff must be available to follow-through with each of the processes. • The operations and processes must NOT be dependent on one person. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

10. In Order for Best Financial Practices to Work in a Consistent & On-Going Manner, they Must be Implemented with the Intention of Fulfilling the School’s Mission The school’s mission must be clear, attainable, and agreed-upon by all stakeholders. Every action taken and every decision made should be in an effort to fulfill the mission of the school. Before any action is taken or decision is made, the following questions must be asked: • What is the school’s mission? • Will what we are planning to do help us fulfill the school’s mission? • How will what we are planning to do help us fulfill the school’s mission? If there is any hesitancy in answering any of these three questions, a re-evaluation of the action or decision needs to be made. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

11. Sources of Funding for Our Schools Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

12. Where to Look for Sources of Funding • Federal, State, and County grants available to private (non-public) schools 2. Private Organizations: For Profit or Not-for-Profit 3. Individuals Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

13. Federal, State, and County Grants Available to Private (non-public) Schools Title Programs: Contact County School Board and speak to person in charge of non-public schools. • Title I, Part A: Disadvantaged Children Meet High Academic Standards. • Title II, Part A: Teachers & Principals Training and Recruiting • Title II, Part D: Enhancing Education through Technology • Title III: English Language Acquisition, Language Enhancement, and Academic Achievement. • Title IV: Safe and Drug-Free Schools Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

14. Federal, State, and County Grants Available to Private (non-public) Schools National Free-/Reduced-Price School Breakfast & Lunch Programs: Contact State Department of Education. Provides: • Reimbursement for percentage of costs of breakfast and/or lunch expenses. • Commodities: Frozen and canned foods; non-perishable items; etc. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

15. Federal, State, and County Grants Available to Private (non-public) Schools E-Rate Schools & Libraries Grant: Apply on-line at www.universalservice.org/sl Provides reimbursement of up to 80% of: • All telecommunication expenses: Phone, internet, cable TV, EdLine annual fee, etc. • Wiring of technology and technology maintenance. • The cost of servers. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

16. What Do These Grants Require? While specific requirements for these grants may differ, in general, schools will need: • Proof of Non-Profit Status • Proof of Non-Discrimination Policy • Documentation RE: Income Levels of Students (# who qualify for Free/Reduced Lunch, even if the school does NOT provide this service) • Address Eligibility of Students (Title I) • Technology Plan (e-Rate) Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

17. Private Organizations: For Profit or Not-for-Profit In Florida, a monthly “Funding Opportunities” publication is provided by the Florida Department of Education to schools that request it. Many organizations provide “Matching Fund” donations for their employees. On-Line searches of grant opportunities. Most of these organizations will require the same documentation as the government when considering grant administration. Some of them add, as an additional requirement, proof of accreditation. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011

18. Growth & Development Office / Officer More and more schools are looking into the necessity of having a Growth & Development Office / Officer to look for, pursue and follow-up on grant opportunities and donations from individuals. This office/ officer is also in charge of supervising many of the school’s fundraising activities, data bases, and marketing campaigns. Best Financial Practices - Magda Elkadi Saleh - Head of School - AYA Tampa - ISNA Ed Forum 2011