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Financial Planning and Management for Enhanced Viability in Catholic Schools

This presentation by Richard J. Burke, President of Catholic School Management, Inc., will explore the importance of financial planning and management for the long-term viability of Catholic schools. Topics covered will include philosophy, mission, strategic planning, budgeting, financial reporting, and more.

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Financial Planning and Management for Enhanced Viability in Catholic Schools

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  1. FINANCIAL PLANNING AND MANAGEMENT FOR ENHANCED VIABILITYOhio Catholic Education AssociationOctober 3, 20119:30 a.m. byRichard J. Burke, PresidentCatholic School Management, Inc.Madison, CTEmail: rburke@catholicschoolmgmt.comwebsite: www.catholicschoolmgmt.com

  2. Catholic School Planning Model I III II Philosophy Mission Strategic Plan / Goals VI V IV Non-LinearCalendarized Budget Annual Operating Budget Long-Range Financial Plan / Goals VII VIII Financial Management / Monthly Variance Analysis Annual FinancialReporting

  3. Financial planning for Catholic schools is essential but not determinative

  4. FOUNDATIONAL DOCUMENTSTo drive strategic, operational, and financial planning

  5. Philosophy Mission Vision Profile of the Graduate at Graduation

  6. Philosophy The Catholic school philosophy identifies what the school is called to be. Catholic school philosophies essentially identify that the school exists to “integrate elements of faith with the learning process.”

  7. Philosophy • To educate for and teach Gospel values; • To build community; • To provide opportunities for worship; • To educate and provide opportunities for service to others. Other elements of Catholic school philosophy are:

  8. Philosophy Additionally, the Catholic school philosophy suggests that Catholic schools exist to: • Educate the whole child; • Educate for global awareness; • Educate for justice issues; • Provide opportunities for community service learning.

  9. Mission Statement A mission statement is a simple, compelling statement of what the school is called to do. Catholic school mission statements typically contain the following elements: • Why a school exists; • Whom the school serves; • What kind of academic program is offered; • What values are held precious.

  10. Mission Statement The mission statement is based on and reflective of the school philosophy. The mission statement is used to drive strategic planning, day-to-day decision-making and institutional advancement/development.

  11. Vision The ideal state that can be achieved in the future if resources are no obstacle.

  12. Profile of theGraduate at Graduation • Academically • Physically • Spiritually • Religiously • Socially

  13. Strategic Plan

  14. Long-Range Financial Plan • Time frame defined • Written assumptions • 3 case scenarios • Involvement by Board, Finance Committee, Administration, Staff

  15. Annual Operating Budget • Written assumptions in detail • Based on long-range financial plan

  16. Non-Linear Calendarized Budget • Cash flow projections • Facilitates monthly monitoring in detail • Financial management • Monthly review • Periodic analysis • Comparisons to best practices • Comparisons to other schools

  17. Financial Reporting • The comprehensive annual report • The statement of financial position • The statement of activities • The statement of cash flows • Catholic foundations now requiring audits

  18. Resources • Catholic School Management Letter, Volume XXIX, No. 1, “Accounting Services – An Overview” • Catholic School Management Letter, Volume XXX, No. 1, “A Catholic School Financial Planning Model” • Catholic School Management Letter, Volume XXX, No. 2, “The Catholic School Budget Development Process and Timeline” • Catholic School Management Letter, Volume XXX, No. 3, “Monitoring and Controlling Cash Flow” • Catholic School Management Letter, Volume XXXII, No. 3, “Catholic School Viability: A Checklist for Superintendents of Schools, Presidents, Principals, Pastors, and Board Members”

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