Annual Report 2007 - Meadowridge School

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Meadowridge School Cheering for our IB World School accreditation Report from the Treasurer & Finance Committee Structure The Chair of this Committee is Maureen Walsh. The other members of the Committee are Treasurer Bruce Johnston, Secretary Chris Rounding, and Hanif Mawji. Administration is represented by Don Hincks, Business Manager. Functions The role of the Finance Committee is to provide advice on and oversight of the budget and strategic financial plan prepared by Administration to the Treasurer and the Board of Governors. The Committee is concerned with the long-term benefit to the school in all financial matters. The Finance Committee is also responsible for drafting financial policies for board consideration and approval. Accomplishments In collaboration with the Administration and the Board of Governors, the Committee has participated in the following: 16 18
Report from the Treasurer & Finance Committee ¥ The Finance Committee along with Administration discussed and developed accounting procedures and reports required for reporting on the School s expansion including how to record costs, fundraising proceeds and related expenditures. ¥ The Finance Committee has been working closely with Administration through the year, reviewing several finance programs and reports. As a result of these discussions, some of the financial reports to the Board of Governors have been revised to provide a more complete analysis of the financial position of the school. In addition, a discussion of the School s accounting system determined that a more thorough review should be considered and all potential interested parties should be involved in this review process. ¥ The Finance Committee, in conjunction with the Administration, has continued to monitor the school s cash reserves for the Meadowridge Education Investment Deposit Funds and for major facility improvements or maintenance. As contemplated in the approved expansion budget, a portion of these cash reserves has been used to finance the new addition to the school. The Board of Governors has approved maintaining a minimum cash reserve balance based on a recommendation from the Finance Committee. ¥ During the year, the Committee and Board reviewed comparative financial data from independent schools across Canada as part of a survey done by CAIS. This is done on an annual basis to compare various measures of how we are doing in relation to other independent schools. Our financial comparatives continue to be among the best in the country and we are establishing solid financial stability. ¥ The Finance Committee conducts research of the school s insurance coverage on an annual basis and has made some recommendations for the next policy renewal. Special thanks to Bruce Johnston for his contribution to this process. ¥ Revenues were in excess of expenses again this past fiscal year largely due to revenue generated in excess of budgeted amounts from an increase in student population and the maintenance of stringent cost controls. This has contributed to increased cash reserves critical to the school s expansion and future needs. ¥ The Finance Committee, in consultation with the Board, and Administration, has had several discussions about budgeting issues, particularly around tuition increases. In November, a budget was presented and approved by the Board that provided for a 5% tuition increase to cover most of the School s operating costs. ¥ Much progress has been made toward developing a five-year budget process. It is intended that this will be incorporated into our Strategic Financial Plan when the Board completes the Strategic Plan within the next year. Goals ¥ Complete a five-year Strategic Financial Plan in conjunction with the Strategic Plan. ¥ Provide analysis and support to the Facilities and Advancement Committees on the expansion project. ¥ Determine if the School s current accounting software is adequate, effective and efficient and research the implementation of new software that would satisfy the needs of all departments. ¥ Work with the Business Manager to develop improved Management Information System reports to assist the Board. ¥ Prepare policy recommendations for Board consideration on several financial requirements including cash reserves, signing authorization, and tuition programs. ¥ Ongoing review of the school s insurance coverage and risk management procedures. Maureen Walsh, Chair, Finance Committee 19
Page 2 and 3: Meadowridge School Welcome 2
Page 4 and 5: Meadowridge School 2006-2007 Board
Page 6 and 7: Meadowridge School Breaking ground
Page 8 and 9: Meadowridge School Growing together
Page 10 and 11: Meadowridge School Discover the pos
Page 12 and 13: Capital Campaign The Capital Campai
Page 14 and 15: The Annual Giving Campaign Most yea
Page 16 and 17: Meadowridge School Expansion as of
Page 20 and 21: Meadowridge School Society Statemen
Page 22 and 23: Meadowridge School Preparing for th
Page 24 and 25: Meadowridge School Year in Review 2
Page 26 and 27: Meadowridge School Our future 2 3 2

Annual Report 2007 - Meadowridge School

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