web analytics
January 28, 2015 / 8 Shevat, 5775
 
At a Glance
InDepth
Sponsored Post


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
IDF soldiers evacuating wounded near northern border town of Ghajar.
Northern Golan Heights Declared Closed Military Zone
Latest Indepth Stories
Prophet Mohammed on Jan. 14, 2015 edition cover of  Charles Hebdo..

Many journalists are covertly blaming the Charlie Hebdo writers themselves through self-censorship.

New York Times

Why does the Times relay different motivations and narratives for jihadists in Europe and Israel?

syria_iran_map

To defeat parasites-the hosts of terrorists-we need to deny them new people, potential terrorists

game-figure-598036_1280-810x540

Combating Amalek doesn’t mean all who disagree with you is evil-rather whom to follow and to oppose

Desperate people take what they can, seizing opportunity to advance their main goal; the Arabs don’t

There was a glaring void in the President’s State of the Union speech: Israel.

Let’s focus not on becoming an ATM for that little bundle of joy, but on what you can save in taxes.

Since the passing of the Governance bill legislation on March 11, 2014, new alignments have become to appear in Israeli politics.

Israel has some wild places left; places to reflect and think, to get lost, to try to find ourselves

The British government assured Anglo-Jewry that it is attacking the rising levels of anti-Semitism.

Obama’s Syrian policy failures created the current situation in the Golan Heights.

Our journey begins by attempting to see things differently, only then can we be open to change.

Despite Western ‘Conventional Wisdom&PC,’ the Arab/Israeli conflict was never about the Palestinians

Confrontation & accountability, proven techniques, might also help dealing with religious terrorists

In fact, wherever you see soldiers in Paris today, you pretty much know you’re near Jewish site

Inspired by the Perek Shira pasuk for “small non-kosher animals” we named the bunny “Rebbetzin Tova”

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: