Starting a School

Develop your formation and 5 year budget based on the goals of the Strategic Plan and response to your Feasibility Study. The financial expert 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.

Your overall budget % breakdown may look like this:

• 70% Salaries and Benefits
• 5% Admissions and Marketing
• 5% Financial Aid (can be 8-11% for day)
• 15% Everything Else
• 5% for Financial Contingency