for your - Meadowridge School

Report from the
FinAnCe Committee
The Committee was strengthened this fiscal year with the
addition of Ron Batty, Craig Gunning, and Lance Leger.
We regretfully said goodbye to Bruce Johnston and Jenny
Meyer and would like to thank them for their service to the
Committee. These members have been approved by the
Board of Governors via the Nominating Committee.
purpose
The role of the Finance Committee is to provide professional
expertise and oversight of the Annual Budget and Strategic
Financial Plan, prepared by the Administration for the
Treasurer and the Board of Governors. The Committee
is focused on 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. The Finance Committee reviews
insurance coverage to ensure the assets of the Society are
adequately protected.
Accomplishments
In collaboration with the Administration and the Board of
Governors, the Committee has participated in the following:
• The Finance Committee and Administration has
continued to monitor the school’s cash reserves.
A segregated bank account is maintained to hold
these reserves to provide specifically for future facility
maintenance, Meadowridge Education Investment
Deposit, debt reduction, and expansion projects or
property acquisition.
• Our financial comparatives to other Independent Schools
continue to be among the best in the country and are
helping us to establish and maintain 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, as well as comparatives with other ISA
schools in BC.
• The Finance Committee reviewed and proposed
improvements to the Investment Policy, in conjunction
with Harris Bank, to maximize returns and minimize risks
in the deposit of reserve funds.
• The Finance Committee made progress in developing a
Foundation and Endowment as part of the Strategic Plan.
• The Finance Committee reviewed the
recommendations provided in the CESI review and
approved implementation of many of the financial
recommendations.
• Revenues were in excess of expenses again this past
fiscal year. This is attributed to an increase in participation
rates from Annual Giving, fundraising proceeds from the
Golf Tournament, increase in actual student count from
budget, coupled with an increase in tuition fees and close
control of expenditures.
• The Committee made financial recommendations
to purchase land adjacent to the school property. It
is anticipated two of these purchases will close in
September 2012.
• The Finance Committee, in consultation with the Board
and Administration, approved an 11.7% tuition increase
for the school year 2012-2013, to cover the previous
budget shortfall, the school’s basic operating costs, and
keep pace with the increase in teaching salaries.
goals
• We will work with the Administration to consider ways
to fund implementation of the initiatives identified in
the Strategic Financial Plan. We will work closely with
the Vision Committee to assess the cost and funding for
future initiatives identified, and the impact of these on
future tuition increases.
• We will continue to work with the Business Manager and
the Administration, to develop improved reporting, to
assist the Board and Committee members in financial
decisions.
• We will provide ongoing support and recommendations
in conjunction with the Facilities Committee, with regard
to the acquisition of neighbouring land and properties,
and with planned maintenance to the facilities.
• We will consider solutions to hedge the school from
rising costs and inflation through investments and
additional revenue sources. An ad-hoc Committee
was authorized by the Board to discuss solutions in
collaboration with parents and the Administration played
an active role.
• We will continue to prepare policy recommendations
regarding the ongoing financial requirements, including
cash reserves, signing authorizations, approvals for
variance levels, etc.
• We will continue to review, with the Administration, the
current accounting software and the school’s insurance
coverage and risk procedures.
Michael Schutz
Chair, Finance Committee
The members of the Finance Committee are Michael Schutz (Committee Chair), Ron Batty, Julie
Bournival, Kelly Fry, Craig Gunning, Don Hincks and Lance Leger.
June 2012 Annual Report 17