Finance

Suggestions for implementation:

Click on each implementation step for a current progress report

Remain vigilant with cost-cutting efforts.
- Reduced the operating cost center requests by more than 5% for the 09/10 budget year.
- Reduced the capital budget requests from $1.6M to $.6M for the 09/10 budget year. Formalized the capital budget process to insure that critical PP&E were included in approved budget plan. Deferred capital will be re-prioritized for the 10/11 budget year.
- Set quarterly budget meetings with operating and capital budget managers to review variance results to plans.
- Reviewing critical service contracts such as maintenance, computers, printers, and insurance agreements for potential cost savings
Continue implementation of comprehensive fundraising and development strategies towards accomplishing the goals in the master plan and building endowment.
- Established the Capital Campaign for The Arts and Education Center; phase 1 of a two phase project. Hired Netzel Associates to consult on project.
- Budgeted the project at $47M, $25M of this amount to be accomplished through fundraising with the remainder to be raised through construction financing. Public launch anticipated in September 2009.
- Formed the Capital Campaign Cabinet and organizational chart (comprised of gift level committees). Created the Communications and Cultivation Committee.
- Received Capital Campaign gifts and pledges through June 2009 of $12M+.
- Finance Committee now receives regular budget reports that identify net contributions from capital campaign and other fund-raising activities.
Continue and expand communication regarding the necessity and responsibility of parent charitable giving in relationship to the overall health of the program.
- Created a Campbell Hall Charitable Giving Program brochure to provide information on the importance of charitable giving and its impact on the institution.
- Will discuss with the Board new practices that indoctrinate CHS community members about charitable giving to Campbell Hall.
Keep compensation levels at or above regional independent school averages.
- Utilized the services of JRPO, NAIS, and Benchmark Research to insure that compensation levels were at or above regional independent school averages. (Please see attached Teacher’s Salary chart)
Strive for greater transparency regarding the school’s long range financial planning model
- The Strategic Financial Planning Model has not been updated recently but will be updated and reviewed with the Board prior to the second quarter of fiscal year 2009/10.
- Dates will be established with key individuals from the staff, faculty, finance committee, and Board to provide input to the Planning Model.
Continue the successful expansion of summer school and adjunct programs as alternative revenue streams, and pursue entrepreneurial possibilities for further revenue enhancement.
- Added an extended care program to the summer programs.
- Created a Championship Camps website to promote the sports camps
- Added a tackle football Camp.
- Expanded the Elementary after school Theater class and class offerings.
- Added winter break and spring break camps.
- Expanded the College Boot Camp program.
- Seeking new ways to market the summer and adjunct programs through on-line and print opportunities.
- Looking to partner with other established program/vendors that specialize in subjects/activities that we are not currently able to offer such as; robotics, magic, SAT prep, drivers education, etc.
- The Summer Programs department will review and recommend changes to management prior to the end of the 2009 calendar year.
Continue increasing the financial aid budget towards the goal of enrolling 25% of all students on aid utilizing a growing Endowment and adjunct revenue sources.
- Increased the percentage of K-12 students receiving aid from 16% in 2004-2005 to 23% in 2008-2009.
- Contributions from endowment began to grow during this period but due to the economic downturn no funds were transferred from endowment to financial aid in 2008-2009. That trend will continue in 2009-2010.
- Annual contributions to aid remain steady at $55K per year from the Ahmanson and Mayr Foundations.
- A Board commitment to yearly increases in revenue allocated to financial aid from a 10% benchmark has resulted in aid growth to 13.1% of the operating budget.
Include a robust professional development budget in the financial model.
- Faculty and Staff allocations for professional development and continuing education have been limited and in some cases reduced due to economic considerations.