Financial Management |
Article by Mary Kay Markunas
From the September/October 2019 NetAssets magazine
Yes, it is that time of year again when every association and organization your school belongs to is looking for data. NBOA’s BIIS platform (Business Intelligence for Independent Schools) is among them, with refinements to the system that will ease data entry – and assessing your school’s financial health.
This is the third year NBOA is collecting data in the BIIS platform, which opened for fiscal 2019 data on August 19 and will close Friday, October 11, 2019. Following careful “data scrubbing” and quality assurance, reporting will be available in late October.
Fall is also the time schools start thinking about next year’s budgets, and the NBOA Financial Dashboard has several charts that can assist you in evaluating where you’ve been and planning where you are going. Updates to the tool allow you to benchmark your progress relative to peer groups. Especially helpful in the budgeting process are four of the charts on the dashboard’s first page: net tuition revenue, total enrollment with financial aid and tuition remission, operating income and operating expenses. Tracking the components of your income and expenses over time gives the finance committee and full board the information to understand how the allocation of resources (income) to the program (expenses) enable the school to fulfill its mission and vision.
As always, if you have questions about the data entry process or BIIS, contact Mary Kay Markunas
Download a PDF of this article.
Key Financial Indicators of Vitality for Independent Schools (NBOA report, 2018)
A Tool for Sparking More Informed Decisions, Better Board Conversations (web-only, March 2018)
Four Things I Want You To Know About Your School’s Participation in BIIS (web-only, Nov 2017)
How To Access Benchmarking Data When You Need It (web-only, Oct 2018)
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