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Tools for Effective Leadership and Governance in an Era of Constrained Resources. James P. Honan Senior Lecturer on Education Harvard Graduate School of Education. Key Financial Challenges/Drivers for Independent Schools. Tuition/Financial Aid Fundraising/Capital Campaign
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Tools for Effective Leadership and Governance in an Era of Constrained Resources James P. Honan Senior Lecturer on Education Harvard Graduate School of Education
Key Financial Challenges/Drivers for Independent Schools • Tuition/Financial Aid • Fundraising/Capital Campaign • Enrollment/Demographics • Salaries/Human Resources • Endowment • Debt • Physical Plant/Facilities • Non-tuition revenues
CAIS Heads Survey: Responses to Economic Downturn • Lower tuition increases, increased financial aid • Expenditure reductions • Decreased revenue assumptions • Extended timelines for giving/pledges • New income/special funding • Increased, personalized, transparent communication to constituents
Prior/Ongoing Work on Financial Sustainability • NAIS/NBOA Symposium- Financing Independent Schools • Financing Schools Institute • Regional/Sector Programs • CFO Symposia • Individual Schools • Other sectors
Financial Sustainability: Emerging Propositions • Not a “one size fits all” concept • Responsibility for it goes beyond CFO’s • No “silver bullet” or simple answer/solution • A multi-faceted issue • Has short-term and long-term dimensions • Brings heightened attention to outcomes/impact/ROI • Requires Board/Head leadership – communication and action
Coping With ConstrainedFinancial Resources Mission? Tactical Responses Strategic Responses Revenue Expense Options: • Across-the-board reductions • Targeted cuts • Reallocation James P. Honan
A program logic model is a picture of how your program works – the theory and assumptions underlying the program. ...This model provides a road map of your program, highlighting how it is expected to work, what activities need to come before others, and how desired outcomes are achieved (p. 35). • W.K. Kellogg • Foundation Evaluation • Handbook (1998)