Finance Committee

 

Members:
John Wagner (Chair)
Tim Bastian (Vice Chair)

 

Purpose:


To review and monitor the School's financial position and operating results on a current and timely basis in order to establish and revise policies to assist in ensuring the financial viability of the School and the necessary coordination of such efforts with the Abbey.

 

Responsibilities:

 

  • To review and recommend the adoption of a current budget by the Board of Directors that is consistent with the overall purpose of the Finance Committee as set forth above.

 

  • To review the monthly financial statements to identify and address variances against budget and to assist in the formulation of a plan to address and/or correct negative budget variances.

 

  • To report to the Board of Directors regarding significant financial issues or developments and to address in a clear and concise presentation, identified variances or exceptions to the expected financial position and operating results.

 

  • To review and recommend to the Board of Directors policies that ensure sound and consistent fiscal management, the establishment of staff salary levels that are appropriate and fair in relation to available resources, the establishment of tuition increases, discount arrangements and payment plans that are consistently applied to those who may lack some ability to pay and that are appropriate and fair to our parents but don't jeopardize the financial viability of the School.

 

  • To review and assist, with support and input from the President and Business Manager of the School, in the formulation of policies relating to those business activities that impact the School, including, but not limited to, the following:

        Food Services

        Bookstore

        Transportation

        Outside contracting

        Purchasing

        Student Services

 

  • To review and assist in the formulation of policy and plans, with input from the Director of Development, to actively manage the unrestricted investments, restricted investments and endowment funds relating to the School.

 

  • To assist in developing Requests for Proposals and providing guidance to the Business Manager in choosing vendors for any product, or service, in excess of $2500.