December 9, 2021
from Gina Wallraff, Chief Financial and Operations Officer
One Thursday per month you will see a guest Head’s Message from a member of the Institutional Advancement Team. We hope these additional perspectives will help you catch a glimpse inside the innerworkings of your school.
The Board of Trustees for Mounds Park Academy is the governing authority of the school. It has ultimate responsibility for the school’s financial stability and integrity. The board is made up of parents, alumni, parents of alumni, and other professionals. Along with Dr. Bill Hudson, head of school, I have the honor and the privilege of working with this group of dedicated people who are deeply committed to the health and vitality of the school.
Among other roles related to the mission and vision of the school, the Board of Trustees and its subcommittees, like the Finance Committee, has responsibility for the following:
- determination of tuition levels;
- effective financial oversight; and
- realistic budgeting and monitoring of budgets.
This article aims to provide a glimpse into how the board approaches these responsibilities and the annual cycle of budgeting and tuition setting.
The annual budget process for the next academic year begins soon after the current school year starts, 10 months before the start of the next school year. First, an enrollment forecast is created. In this early stage the forecast is an estimate based on historical trends for current students leaving and new students joining. The enrollment forecast is reviewed by the Admissions team and the Head of School to evaluate the reasonableness of the estimated number of new students and projected total enrollment. Read More