The following scenario was recently shared in our Business Manager e-list, a free, email-based, position-specific resource for private-independent school community members. “A student is enrolled for the 2017–18 school year but has a small outstanding balance on their 2016–17 tuition account. The parents promised to pay it over the summer but, before making the payment, filed for bankruptcy and named the school as a creditor. What do we do?”
An important function of every school’s Business Office is helping create and maintain the crisis management plan. Many schools have created a Risk Management Team to oversee this function. If you’re a member of the committee, don’t forget to create your response and recovery action plans.