Financially healthy schools have resources to sustain current and projected future obligations for the long term, relative to their individual mission. They have successfully developed and implemented financial plans for both strategic, capital investments as well as annual operations, which are funded in large part by tuition and fees, so a strong partnership between the business and enrollment offices is critical. As we venture further into the 21st century, the narrative about the future of PK-12 independent schools isn’t always uplifting. Shifting demographics, increasing options for school choice, and higher costs of living, juxtaposed with only modestly increasing household incomes all limit the number of families able – and/or willing – to pay our schools’ rising tuition costs. Some believe these factors will send a good portion of our under-enrolled and under-resourced schools into a forced closure or merger, and school leaders are justifiably anxious. However, in the same vein, this landscape is accelerating the opportunity for schools to pull revenue and expense levers to better reflect their priorities and missions in both their annual budgets and long-term projections. In addition, in many regions there has been a renewed interest in the value proposition behind independent education as a result of the COVID-19 pandemic. As we seek to retain our current students and attract new ones, the door is open for schools to rethink their tuition and revenue models, and the time is now for innovation. The National Business Officers Association (NBOA) is the only national, nonprofit membership association focused exclusively on supporting independent school business officers and business operations staff while fostering financial and operational excellence among independent PK-12 schools. James and Jennifer will share research, insights, and tools developed by NBOA to help school administrators and the board understand and improve their school’s financial health and performance.

Jennifer Hillen, NBOA

James Palmieri, NBOA