Financial Needs Assessment: Vision Analysis and Revision Process
Xxxxamount in any organization. Because schools have limited financial resources, it is important to manage those resources well. An analysis of current financial processes and operations can identify challenges which require future consideration. By anticipating and planning for challenges, schools can position themselves for future success.
Keywords: school finance, strategic challenges, partnerships
Financial Needs Assessment: Vision Analysis and Revision Process
Xxxx is a private, Christian school in central Virginia. XXXX has an enrollment of approximately 2,000 students with 175 faculty and staff. The mission of XXXX is to provide opportunities for students to realize their God-given potential (Xxxx, n.d.). Because students are gifted in many areas, XXXX seeks to provide a wide variety of opportunities including academic, vocational, fine arts, applied arts, technology, and athletic programs. XXXX’s budgetary approach reflects the vision, mission, and goals of the school (Brimley, Verstegen, Garfield, 2016). XXXX has the benefits and challenges of a high level of autonomy, therefore, a careful analysis of financial processes and operations can provide insight for future planning. By anticipating challenges that may come, XXXX will be better prepared to counteract these challenges as they come.
Analysis of Financial Processes and Operations
There are several primary ways in which programs are funded at XXXX. The primary method of funding is through required tuition and fees families pay for attending XXXX. Another method is through optional fees paid by families to participate in specific programs. Some programs are funded through specific partnerships with either other organizations, private donations and endowments, or grants.
Required Fees
One program at XXXX that is funded through required fees is the 1:1 iPad initiative. The program provides an iPad for all students in grades 8-12 and is intended to provide technology for greater engagement and differentiation. Danny Smith, the iPad coordinator at XXXX, explained the costs of the program, including $379 for the iPad, with additional costs for the management system, apps, teacher training, and maintenance (personal communication, November 1, 2016). Families are charged $100 per year.
Optional Fees
Some programs at XXXX are funded through optional fees, paid only by families who participate in those programs. One program that is optional is Reading Intervention, a program for elementary students who would benefit from additional reading instruction and support. Families pay $250 per year for the pull-out program, with enrollment fluctuating between 40-50 students. The costs involved in the program include Reading Plus, a supplemental computer program, PALS testing to identify students, and other resources and supplies (Karen Barnhart, personal communication, November 4, 2016).
Another program at XXXX that is optional is STEM Nation, a STEM program for students in grades 2-5. Families pay $700 per year for student participation, with additional costs for field trips. Jennifer Stinnette, the STEM teacher, said most of this fee is for the consumable materials required for students to complete the design challenges (personal communication, November 2, 2016).
Partnerships
XXXX also receives funding through partnerships. For example, the 1:1 iPad initiative was supplemented with a $100,000 donation from Sodexo (Danny Smith, personal communication, November 1, 2016). Sodexo made the donation to advance technology in partnering schools. The program is in the second year of implementation and has been successful thus far. M. H., an XXXX high school student, has enjoyed the organizational aspect of having notes, books, and tools for innovation in one device (personal communication, November 2, 2016). Nicole Griffin, the Elementary Assistant Principal at XXXX, secured a $500 grant through Agriculture in the Classroom, for an aquaponic gardening system for the STEM Nation program (November 4, 2016). This grant not only provides financial support for the program, but also expands the visibility and credibility of the program.
Strategic and Tactical Challenges
There are several strategic challenges that could affect the funding of programs at XXXX if not addressed, including training for teachers, program support and buy-in, and partnership development.
Training
Training is a strategic challenge with any program. Charity Edwards, an XXXX English teacher, was originally resistant to the iPad initiative, but after training, believes the iPads have not only improved her classroom workflow, but have opened a wealth of resources and additional vehicles for instruction and assessment (personal communication, November 2, 2016). Effective training helps to maximize resources.
Program Support
Parental support and buy-in is especially important for the sustainability of programs at XXXX that are funded through optional fees. Karen Barnhart, said some students need the additional support, but do not participate for financial reasons (personal communication, November 4, 2016). Dawn Thomas, the parent of a STEM Nation student, said she was willing to pay the fee for her son to participate because the program provided “hands-on experiences that showed how the content learned in the classroom applies to the real world” (personal communication, November 3, 2016). Parents will not be willing to pay for optional programs if they do not see the value.
Partnerships
Establishing financial partnerships is a strategic challenge for XXXX. Partnerships, in the form of donations or grants, help to offset costs for families. Partnerships also bring non-financial resources. Danny Smith described the partnership between XXXX and Liberty University, saying that much of the networking and installation of additional internet ports was completed by the LU IT Department, saving XXXX valuable financial and time resources (personal communication, November 1, 2016).
Prioritized Challenges Resulting in Operational Policies and Procedures
Program Support
One of the most important challenges to address first is parental support for programs. Beth Ackerman and Michelle Goodwin, parents of former Reading Intervention students, both felt the program was well-worth their financial investment, stating that the gains their children made as a result of Reading Intervention vastly outweighed the cost of participation (personal communication, November 2, 2016). Sharing parent testimonials in the review materials could help to grow support for the program. Parents often trust the opinions and perspectives of other parents. Another sustainable solution to increase parent support would be to collect and publish data on the success of the program. Dr. Ackerman said her son made 2 years growth in reading during his year in the program (personal communication, November 2, 2016). Parents are much more likely to be willing to spend the additional cost if they can see the data to justify the cost.
Partnerships
Partnerships, in the form of donations or grants, are another challenge that should be prioritized. The partnerships that XXXX has established have been successful, but intentional efforts should be made to grow this area. One operational procedure that could offer a solution is for each program to apply for at least one grant per year. Jennifer Stinnette, the STEM Nation teacher, said grant applications were going to be a priority for her this year (personal communication, November 2, 2016). Another operational policy to increase partnerships would be to increase networking and to ask for partnerships for programs such as STEM, iPads, and Reading. School-business partnerships are most effective at the local level, “where those who live in the community can work toward defining and solving the problems” (Brimley, Verstegen, & Garfield, 2016, p. 140). Athletic teams at XXXX have been successful in seeking out partnership opportunities and it is likely that organizations would be willing to partner with academic programs at XXXX as well.
References
Brimley, Jr., V., Verstegen, D. A., Garfield, R. R. (2016). Financing education in a climate of change (12th ed.). Upper Saddle River, NJ: Pearson.