Conversations abound on the Business Manager e-List, as private school administrators swap stories and resources with their peers. We’ve collected six of the most relevant crowdsourced points from the e-List over the last few months, hoping that your Business Office will find some useful gems for future use.
- Business Managers report varying amounts of emergency cash reserves on hand, from 90 days’ worth of funds in cash with an additional 45 days of credit, to 30% of the total operational budget. (ISM suggests a minimum of 15% of the school budget kept in reserve to handle emergencies without a cash flow problem.)
- If your school is looking for religiously oriented candidates to fill vacant positions, some Managers suggest advertising jobs in local church bulletins.
- For those schools in the market for a new postage company: several Business Managers say they’ve found lower rates and good service from Neopost.
- In divorced family situations, the majority of schools on the e-List require both parents to be financially responsible for the student’s tuition payments—even if one parent is the primary guardian and/or funder of the student’s education. One Business Manager advised that divorce agreements may have some bearing on fiscal responsibility of tuition, but cautioned that schools not become arbitrators.
- Schools overwhelmingly report that any and all people who come into contact with students—employed by the school or volunteers—undergo background checks.
- Tuition insurance (either self-funded or contracted out to third parties) is commonly used by schools on our list, particularly if families are paying tuition by installment. One school permits families who pay in full to choose not to buy tuition insurance if they sign a waiver stating that they understand that they will never receive a refund for any reason.
Additional ISM resources:
The Source for Business Managers Vol. 8 No. 2 Choosing or Changing Payroll Vendors
The Source for Risk Managers Vol. 5 No. 10 Sexual Misconduct on Campus, Part II: Background Checks
Additional ISM resources for Gold Consortium members:
I&P Vol. 32 No. 4 Cash Reserves: Stability and Opportunity
I&P Vol. 35 No. 9 How to Scrutinize an Insurance Policy
