Financial Management |
At some point this year, you will be looking for data points that could help with setting your school’s budget, preparing a board report or outlining a strategic plan. The time to prepare is now.
Enter your school’s data into BIIS between now and Friday, October 26.
Independent schools often contact Mary Kay Markunas seeking benchmarks such as percent of total spending on administrative costs, percent of revenues from fundraising and average debt load. The answer, NBOA’s director of research and member services explained, is NBOA’s BIIS, which provides streamlined data actionable to the business office. Any member school that enters data has access to national data sets that can be broken into different cohorts and comparison groups. “We can’t help you unless you help us,” by entering data, explained Markunas.
In addition, as of December, schools that met the October 26 data collection deadline will be able to use a new financial “dashboard” to easily access key markers, as well as a composite financial indicator “calculator” that helps administrators assess their school’s financial health over time and communicate strengths and challenges with board members. “NBOA’s dashboard, developed in conjunction with NBOA’s Board of Trustees, will have built-in benchmarking when accessed through BIIS,” said Markunas.
Still on the fence? Seven reasons to participate:
Enter your school’s data into BIIS between now and Friday, October 26.#Planning#Budget
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