Annual Report 2007 - Meadowridge School

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
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