A Financial Contingency Plan for Your Worst-Case Scenario

Volume 34

No. 5//

March 25, 2009

As a subset of your next strategic plan—or as a right-now, no-cost, mid-course addition to your current strategic plan—form an ad hoc committee (including Trustees and senior administrators) to craft a financial contingency plan for the worst-case scenario that your school might face. Include in your contingency plan a cluster of "sensitivity markers" that will trigger the plan. (ISM wishes to acknowledge the Board of Trustees at Notre Dame Preparatory School/Marist Academy (MI), which inserted an item of this type into its recently completed, ISM-facilitated strategic plan.)

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