web analytics
September 18, 2014 / 23 Elul, 5774
At a Glance
InDepth
Sponsored Post
Apartment 758x530 Africa-Israel at the Israel Real Estate Exhibition in New York

Africa Israel Residences, part of the Africa Israel Investments Group led by international businessman Lev Leviev, will present 7 leading projects on the The Israel Real Estate Exhibition in New York on Sep 14-15, 2014.



Home » InDepth » Op-Eds »

The Importance Of Strong Management In Day Schools

Goldstein-110212

Yet other schools just don’t have enough expertise to conduct proper financial oversight. Such schools lack even basic management tools and controls – even though there are so many effective policies and practices that schools could and should be using. They are easy to learn and simple to put into practice.

For example, coherent and informative quarterly financial and cash flow reports are critical to proper financial management. Included in such reports should be a variance analysis to the comparative periods in the budget and prior year. Other important steps schools can take include utilizing tuition management and analytical tools, conducting payroll oversight and reasonableness testing, among other effective controls and procedures. When a school’s management is equipped with the proper financial skills and techniques, it will be able to:

* Discover problems and find corrective actions through proper analysis of financial reports.

* Use the reports to make projections that act as goals and standards for upcoming periods.

* Assess performances against these projections at the end of the fiscal period.

* Work more effectively and cohesively with the lay leadership in achieving better governance and decision-making.

* Respond intelligently to financial inquiries and issues raised by board members, parents, donors and other third parties.

There is another, no less important, reason why schools should ensure that administrative staffs are trained in using effective internal controls and best practices in corporate management: It inspires greater confidence in the parent body and generates a greater willingness in donors to give more. The Shulchan Aruch notes that one should not give tzedakah to an organization unless he knows “shehamemona aleha ne’eman veyode’a linhog ba keshura” (Yoreh Deah 249:7). Roughly translated this means tzedakah should only be given to those organizations with reliable management and the necessary expertise to manage the funds properly.

To be sure, schools that suffer from financial issues generally do so not from malfeasance but from a lack of the financial sophistication necessary to operate the school efficiently. Still, it is inexcusable for such schools to manage their assets irresponsibly and carelessly. Their ship is full of holes and it would be unwise to talk about improvement in fundraising and development before repairing and strengthening the administrative foundation.

 

About the Author: Jake (Yaakov) Goldstein is a CPA and part-time consultant for day schools and non-profit organizations. He is also the executive vice president of Torah Institute of Baltimore. He can be reached at jakegolds@gmail.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “The Importance Of Strong Management In Day Schools”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
The Iron Dome was called on for the first time in 2013 to intercept a missile fired by terrorists in Sinai at Eilat.
National Lawyers Guild seeks to indict Obama for helping Israel build Iron Dome
Latest Indepth Stories
The Iron Dome was called on for the first time in 2013 to intercept a missile fired by terrorists in Sinai at Eilat.

National Lawyers Guild:Sworn enemy of Israel & the legal arm of Palestinian terrorism since the ’70s

A little less than 10 percent of eligible Democratic voters came out on primary day, which translates into Mr. Cuomo having received the support of 6.2 percent of registered Democrats.

The reality, though, is that the Israeli “war crimes” scenario will likely be played out among highly partisan UN agencies, NGOs, and perhaps even the International Criminal Court.

Peace or the lack of it between Israel and the Palestinians matters not one whit when it comes to the long-term agenda of ISIS and other Islamists, nor does it affect any of the long-running inter-Arab conflicts and wars.

Rather than serving as a deterrent against terrorist attacks, Israel’s military strength and capabilities are instead looked at as an unfair advantage in the asymmetrical war in which it finds itself.

Sisi:”The religious nature of the Middle East creates challenges for the governing authorities.”

For too long the media and international community have been preaching that “Palestinians” bear no responsibility for the consequences of their decisions and they are passive victims of the conflict.

Iron Dome intercepted over 1,000 rockets aimed at Israel with a success rate of over 90% in 2014

We talked about the responsibility that comes with the pen, its potential to influence and inspire.

Amnesty International:The crippling of the power station was “collective punishment of Palestinians”

Originally scheduled to be held elsewhere, the hotel canceled, pressured by local missionary groups

It’s likely that some of the rebel factions, including US clients, have indeed made pacts with ISIS

Imam Tafsirli of the Harlem Islamic center: “You cannot be a Muslim without believing in Jesus”

More Articles from Jake Goldstein
money

How much wealth exists in the American Orthodox community?

praying robber.jpeg

The pressure to live a lifestyle of the rich and famous can be overwhelming. This just serves, of course, to increase the risk of fraud and deceit.

One of the hottest topics across all spectrums in the Jewish community is the financial sustainability of Jewish day school education in America. Schools have invested a lot of time and resources to train their professionals in the art of fundraising, developing donor relationships, and launching effective capital campaigns. And there has been a concerted effort among Jewish educational organizations to establish programs to assist day schools in improving their governance and developmental practices.

Many American parents are passionate about providing their children with opportunities to participate in sports and develop as great athletes. A recent article in the Financial Post posed the question “Are your kids’ athletic dreams worth breaking the bank for?” For parents of elite athletes, the costs can be astronomical. Such parents designate “tens of thousands of dollars of their household budget to help their child’s athletic career blossom, a sacrifice that impacts everything from daily spending to retirement.”

A recent CNN Money article focused on how more students than ever are requesting need-based financial aid from the private schools they attend. “Private schools are getting flooded with financial aid applications, and a growing number of the parents seeking help are earning $150,000 or more a year,” the article stated. It also pointed out that “overall, the average cost of tuition at private schools across all grades is nearly $22,000 a year, up 4% from a year ago and 26% higher than it was in the 2006-07 academic year, according to the National Association of Independent Schools.”

Printed from: http://www.jewishpress.com/indepth/opinions/the-importance-of-strong-management-in-day-schools/2012/11/01/

Scan this QR code to visit this page online: