Financial Management |
The past few weeks have seen incredible upheaval to all aspects of daily life, including our work at independent schools. Net Assets asked business officers around the country how they have handled the situation so far and what they think the future may hold. This selection of responses is meant to show the range different approaches.
Krista Webb, director of finance and operations at Christian Academy of Knoxville, put together an informal survey regarding school operations in the wake of school closures. NBOA members can find the results on this NBOA Connect thread.
Find all COVID-19 Resources for the Independent School Business office here.
Many states have closed schools for the time being and possibly through the end of year. How long are you planning to keep campus closed? Will adults work from home if possible or remain on campus?
What role does your board have in making these decisions?
How have you communicated this plan to the community? How have students and families reacted to your plan?
Is your school furloughing any employees and, if so, will you be paying them? How did you come to that conclusion?
What steps are you taking to protect employees who are working or residing on campus?
What impact does your school anticipate on enrollment and tuition for the remainder of FY20, and do you have any plans to mitigate anticipated impacts?
What impact does your school anticipate on enrollment and tuition for FY21, and do you have any plans to mitigate anticipated impacts?
What has the financial impact of COVID-19 been on the school both in the short-term and long-term, such as additional expenses incurred or lost revenue?
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