Financial Management 101

overview

A plain-English explanation of financial management that empowers new leaders to understand Board reports, budget effectively, avoid risk, reduce ‘white noise’ and create space to focus on learning.

Content outline

This workshop covers the key aspects of school financial management including:

• Principal & Board – roles and responsibilities

• The annual financial cycle

• Reporting and budgeting

• Understanding Board reports

• Operations Grant, Operating Budget and Financial Performance (P&L)

• Drafting the operating budget – a simple model​

• Board funds, Working Capital and Capital Expenditure budget

• Operating expenditure and Capital expenditure – what's the difference? ​

• Working Capital – how much do you need?​

• Planning for a surplus i.e. 'Living within your means'​

• The timeline – a critical path 

• Setting budgets – a step-by-step approach

• Quick safety checks before you start: SWOT, Staffing, Working Capital, EOY​

career stage target

Developing, beginning and aspiring Principals, both primary and secondary, and optionally their presiding Board member