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Finance is a key tool in achieving mission It’s your most moral document

Head’s Network Saturday , May 3, 2014 Women’s Leadership Seminar Finance… what school leaders need to know. Finance is a key tool in achieving mission It’s your most moral document. Don’t give up your power. The critical question is:

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Finance is a key tool in achieving mission It’s your most moral document

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  1. Head’s NetworkSaturday, May 3, 2014Women’s Leadership Seminar Finance… what school leaders need to know

  2. Finance is a key tool in achieving mission It’s your most moral document

  3. Don’t give up your power

  4. The critical question is: • Does the school have or can the school generate the resources needed to meet the mission?

  5. Who is involved? • Budget managers • *CFO* • Head • Finance committee • Board

  6. What happens • Know goals from planning processes and multi-year financial plan • Gather input • Start budget building and prioritizing

  7. Almost nothing can be accomplished in one year!

  8. Time frame – • Fiscal year usually July 1- June 30 • Oct/Nov – input, define assumptions • Dec/Jan –preliminary budget approval for tuition setting • Jan/Feb – appointment renewals, contracting, budget setting • April/May or Aug/Sept – budget finalization

  9. What’s normal? • 80-85% tuition dependence • 2/3 (board school) or ¾ (day school) in personnel expenses • Debt ratios

  10. Knowledge/terms that make you sound like a pro • Endowment income • Financial aid = endowment income and annual fund? • Capex • Intergenerational equity • Depreciation/deferred maintenance • Extra credit: EBITDA

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