Celebrating Excellence - Meadowridge School

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18 Meadowridge School Meadowridge School has come a long way in a few short years. We have built a school that is safe, caring, warm, and one that provides our students with opportunities to take risks and shape their own futures.
Report from the Finance Committee Structure The Chair of this Committee is Mrs. Kelly Fry. The other members of the Committee are Treasurer Mr. Mike Jahraus, Governor Mr. Bruce Johnston, and Mr. Mike Schutz has joined as a member at large, approved by the Board of Governors. Administration is represented by the Business Manager Mr. Don Hincks and Controller Ms. Julie Bournival. Functions The role of the Finance Committee is to provide advice and oversight of the budget and strategic financial plan prepared by Administration for the Treasurer and the Board of Governors. The Committee is concerned with the long-term benefit to the school in all financial matters, including property acquisition. They are 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: The Finance Committee was pleased to see the transition of the banking and financing to the Bank of Montreal as approved in last summer’s extra-ordinary general meeting. As a result of the move there has been substantial interest savings particularly due to the low interest rates on the variable components of our current debt structure. The Finance Committee, in conjunction with other board members and staff members, worked to quantify the cost of implementing the goals and objectives as outlined in the strategic plan. The Finance Committee, 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. Our financial comparatives continue to be among the best in the country and are helping us to establish financial stability. During the year the Committee and the Board reviewed comparative financial data from independent schools across Canada provided as part of an annual survey done by CAIS. Revenues were in excess of expenses again this past fiscal year, despite lower than expected fundraising. A higher than projected student count generated revenue in excess of budgeted amounts. The Finance Committee, in consultation with the Board and Administration, approved a 7% tuition increase to cover most of the school’s operating costs and keep pace with the increase in teaching salaries. Goals Now that we have completed the 5 year Financial Plan, we will be working with Administration to determine how we will be able to fund the implementation of the high priority objectives. We will continue to work with the Business Manager and the Administration to develop improved reporting to assist the Board and Committee members. We will provide ongoing support and recommendations in conjunction with the Facilities Committee with regards to the acquisition of neighbouring land and properties. We will offer solutions to hedge the school from rising costs and inflation through investments and additional revenue sources. We will continue to prepare policy recommendations regarding the ongoing financial requirements including cash reserves, signing authorizations, approvals for variance levels, etc. We will provide an ongoing review with the Administration regarding the current accounting software and the school’s insurance coverage and risk procedures. Mrs. Kelly Fry Chair of the Finance Committee 19
Page 1 and 2: Celebrating Excellence
Page 3 and 4: Table of Contents Board of Governor
Page 5 and 6: Message from the Chairman of the Bo
Page 7 and 8: Celebrating Excellence Our halls we
Page 9 and 10: Capital Campaign Our Capital Campai
Page 11 and 12: General Financial Gifts We wish to
Page 13 and 14: The Drive Fore the Future Golf Tour
Page 15 and 16: Award Winners 2009 Grade 6 So Yeon
Page 17: Report from the Facilities Committe
Page 21 and 22: Financials Statement of Financial P
Page 23 and 24: We thank you for your service... Bo

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