Budgeting and Financial Planning
Are your School Founders up for the challenge? The mechanics of starting a school can be challenging. In today’s complicated environment, the need to work smarter and be ready for the day-one of school opening is critical. With proper planning, founders can be prepared to start the school of their dreams, and manage costs and project development effectively, establishing a school for generations to come. Provided herein are our time-tested stages for starting a school.
In Stage 5 you need to develop your formation and five year budget based on the goals of the Strategic Plan. The financial person on your Steering Committee should take responsibility for this. As always project your assumptions conservatively. You should also map out the school’s accounting procedures: record keeping, check signing, disbursements, petty cash, bank accounts, record keeping, reconciling bank accounts, and audit committee.
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Provided below is an overview of our time-tested school formation stages that HEG follows to start a new private school. Click on each stage to find out more about what is needed to start your own school step-by-step.