Best Practices for Developing a Financially Sound School
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1 Best Practices for Developing a Financially Sound School A Conversation for Establishing Best Practices Presented By: Dr. Tony Mirando, Executive Director Yetta Hughes, CPA, Director of Finance
2 Background & Introductions Purpose: To discuss practices that help schools to achieve and maintain financial stability. NACCAS wants accredited schools to be successful! This seminar is designed to be an open dialogue of ideas. We need your active participation. NACCAS (with the help of several successful school owners) will also bring its own ideas to the table
3 Overview of Best Practices I. Developing a school budget II. Weekly, monthly, quarterly, semi-annual, and annual to-do lists for owners III. Composite score case study IV. Other financial factors: Labor and facility expenses, student outcomes V. Parting Thoughts
4 Developing a Budget: Revenue and Expenses Group project: What are 4 to 6 variables you should consider for revenues to responsibly develop a budget? Also, what are 4 to 6 variables to consider for expenses? For example, when looking at your total revenue you might set a goal of Tuition 80% and Clinic Services / Product Sales 20% On the expense side you might think about how much your school can afford to spend on rent or ownership of a facility.
5 Revenue Variables Are tuition rates reasonable vs. your competition? Consider any seasonal trends in revenues and cash flows (When do most students enroll?) Are your assumptions reasonable? (number of students x per capita revenue) Remember: Income is not considered earned until instruction takes place (Track attendance!) Consider secondary sources of income: e.g., space rental during non-school hours (must still have educational purpose), offer shorter continuing education courses, vending machines
6 Expense Variables Know your breakeven point! Instructor salaries (sample target 25% of revenues) Include payroll taxes & benefits Administrative salaries (20%) Classroom & Clinic Supplies (5%) Rent and Utilities (20%) All Other Expenses (20%) - Includes equipment, insurance, CPA audit fee, accreditation fees, 3 rd party services, marketing and advertising PROFIT (Pre-tax) = 10% of revenues
7 Group Discussion: Creating To Do Lists We ask you to share some things you re doing now (or should be doing) on a weekly, monthly, quarterly, semi-annual, and annual basis to ensure financial success of your school. Once you ve identified several items, please consider: Why are these factors important to you? What are some steps your school can take to improve in these areas?
8 Weekly To Do List for Owner Monitor attendance vs. current enrollment (school does not earn revenue unless students attend class). Watch student drops and L.O.A. Monitor new student leads, calls, appointments, and enrollments (How is your pipeline?) Hold staff meeting to keep everyone up to date and on track to achieve common goals Review cash collections, bills to pay, and checking account balance (Cash is King!) Monitor clinic inventory and supply orders vs. student clinic business volume
9 Monthly To Do List All Weekly Activities, plus: Ensure that bills are paid and contact vendors if bills are past due (be proactive if you re having cash flow difficulty) Reconcile bank accounts Review internal financial statements (YTD budget vs. actual How are we doing?) Monitor accounts receivable and collections: Is the trend improving or getting worse? Are students meeting their obligations for copays?
10 Quarterly To Do List All Monthly Activities plus: Calculate composite score and 90/10 ratio based on YTD financial statements. Are you on track to be in compliance, or are adjustments necessary? Review and adjust budget revenues or expenses if necessary (Are your original assumptions still valid?) Ensure payroll tax returns are filed and paid Evaluate allowance for bad debts
11 Semi-Annual To-Do List All Quarterly Activities plus: Meet with your CPA to review year-todate results and try to assess whether you re on track to be in compliance with NACCAS and Department of Education financial standards. If not, at this point of the year you still have some time to take corrective action!
12 Annual To Do List Contact CPA to schedule audit (PRIOR to end of fiscal year, so the audit can be completed on time) Evaluate banking relationships (account fees, lines of credit). Review vendors: Are you getting the best value for supplies and other items? Review marketing campaigns or advertising during the year (Can you determine if they produced satisfactory return on investment?) File annual tax returns (federal and state). Renew local and/or state business license. Develop budget for next year Consider longer-term strategic planning
13 NACCAS Standard VII (Criteria 2) School must demonstrate financial stability with audited financial statements prepared according to GAAP Requires composite score of at least 1.5 OR must have the following: (1) Current Assets : Current Liabilities ratio at least 1:1 (2) Positive tangible net worth (3) Net pre-tax income in current year OR prior two years
14 Composite Score Case Study: Sharp Scissors Academy Selected Financial Data: Assets $100,000 Current Liabilities $110,000 Owner s Equity ($10,000) Revenues $140,000 Expenses $150,000 Operating Loss ($10,000) Result: Failing Composite Score (0.80)
15 Sharp Scissors Academy: Part 2 Selected Financial Data: Assets $175,000 (owner invested $75,000 in business) Current Liabilities $110,000 Owner s Equity $65,000 Revenues $140,000 Expenses $150,000 Operating Loss ($10,000) Result: Passing Composite Score 1.50
16 Elements of Composite Score Primary Reserve Ratio (30% of total score): Do you have enough cash and similar liquid assets to pay the bills and maintain operations? Equity Ratio (40% of total score): Do you have sufficient owner s equity in relation to your assets? Income Ratio (30% of total score): Does your school make a profit?
17 Standard VII, Criterion 2(c) If an institution fails to show compliance with Criterion 2 (a) or (b), financial compliance may be alternatively demonstrated by meeting ALL of the following requirements: Liquidity of at least 16.7% of annual revenue, AND Ratio of net liabilities to tangible net worth is 2:1 or less OR Ratio of total debt to EBITDA is 3:1 or less, AND An evaluation report, to include an onsite visit, indicating positive financial stability from an independent CPA firm selected by NACCAS. (EBITDA: Earnings Before Interest, Taxes, Depreciation & Amortization)
18 Ideas to Control Labor Expense Try to hire people who can multi-task and fill more than one position Focus on retention: It s less expensive to keep a good employee than hire and train a replacement. Work on developing people into their positions instead of always trying to find the perfect person off the street. Does your school offer a viable career, or just a temporary job?
19 School Facility: Rent vs. Purchase Large investments in real estate (relative to total assets of the school) can lower your composite score Try to negotiate leases that include utilities Incentives may be offered to sign a longer term lease (e.g., paid renovations) Watch rent expense as % of revenue. Even if owned real estate is held by a separate corporation for liability purposes, it may still have to be consolidated on school financial statements per GAAP (consult your CPA)
20 Other Financial Factors If possible, obtain bank line of credit to fund operations when cash flow is temporarily reduced. Keep adequate cash in reserve to pay anticipated refunds. Be aware of monthly/quarterly financial trends in your school (in revenues, expenses, attendance, prospects, and enrollments) Maintain an emergency fund for unexpected problems. Be careful with unsecured related party receivables (Loans from school to owner)
21 Student Outcomes: A Key Factor in Your Financial Success If your school develops a reputation for excellent outcomes (graduation, licensure, and job placement), it will be easier to attract more students and revenue! Also, you must meet certain outcomes thresholds to maintain accreditation. NACCAS offers a special outcomes pocket seminar to assist schools in this area. Contact Dr. Mirando for more information.
22 Parting Thoughts For-profit schools face unique regulatory requirements. Schools must comply with Federal, State, and Accreditation agency regulations to stay in business. Cash flow is a key success factor in any business, including schools. Know where you stand each week. Develop a regular weekly, monthly, quarterly, and annual routine of tasks that must be completed to monitor your performance and stay on track. Don t wait until the end of year to assess financial condition!
23 Thank You! National Accrediting Commission of Career Arts & Sciences, Inc Ford Avenue, Suite 1300 Alexandria, VA (703) FAX (703)
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