9. Finance

Clearly the role of an effectively managed Finance function is a basic requirement for the financial sustainability of any organization. Independent schools are non-profit and highly accountable to their constituencies. A transparent and professional Finance department is an essential aspect of a well-managed school.

To meet this Standard, the school’s financial resources and financial planning are adequate to support the school’s mission and to sustain the school’s long-term viability and stability.

Resources

Money Cuts Both Ways in Education – The New York Times examines recent studies that examines spending patterns related to education and finds, “We are all spending a lot more money to educate our kids, and the richest have stepped up their spending more than everyone else.” Due to the hyper-competitive environment however, many affluent children are placing burdens on themselves to reach the expectations of their parents. (Updated May 17, 2013)

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Proceed to Standard 10: Physical Plant, Health and Safety