Financial Planning Best Practices for School Sustainability
Discover the key elements of a sound financial plan for schools, including financial oversight, operating budget alignment with academic plans, budget narrative, and additional budget requirements. Learn how to ensure compliance, support sustainability, and make informed financial decisions.
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Financial Plan cc: kenteegardin - https://www.flickr.com/photos/26373139@N08
The Financial Plan 1. Financial Oversight and Management 2. Operating Budget cc: kenteegardin - https://www.flickr.com/photos/26373139@N08
Financial Plan Should: Ensure compliance with all financial reporting requirements Support the school's plans Provide reasonable assurance of sustainability cc: allispossible.org.uk - https://www.flickr.com/photos/60364452@N00
The financial plan should: Clearly describe roles and responsibilities Demonstrate strong understanding of internal controls and financial oversight vs. day to day management cc: Special IG for Afghanistan Reconstruction - https://www.flickr.com/photos/86567949@N04
The financial plan should: Provide sound criteria and procedures Bottom line: Does the financial plan make sense when taking the Academic and Organizational Plans into consideration? cc: oh sk - https://www.flickr.com/photos/7752378@N03
Operating Budget Operating budget for year zero (start up year) and years 1-3 (operating years) Must align with the Academic and Organizational Plans cc: cafecredit - https://www.flickr.com/photos/143215168@N08
Budget Narrative Describe the Assumptions Identify the amount and sources and uses of all funds cc: giulia.forsythe - https://www.flickr.com/photos/59217476@N00
Additional Budget Requirements Develop contingency plan(s) Develop a cash flow for years 1- 3 Balance sheet to show financial position for years zero - 3 cc: LocalGoogleGuru - https://www.flickr.com/photos/27417567@N02
