Financial Planning at Mark Day School

 

This month's In Step with the Board highlights our upcoming Budget and Philanthropy town halls for parents and guardians, and provides an overview of key financial processes that the Board's Finance Committee oversees.

 

Budget & Philanthropy Town Halls (via Zoom) – Thursday, February 4th at 7 pm and Friday, February 5th at 9 am

 

Every year, the Board utilizes formal and informal opportunities to educate all members of our community on the thought and rigor that goes into our long-range financial planning and annual budgeting processes. Head of School Joe Harvey, Board President Robert Hee, and Treasurer Julian Allen will host this year's Budget and Philanthropy Town Hall sessions on February 4th at 7:00pm and on February 5th at 9:00am. Every parent and guardian in the community has made a significant commitment by deciding to enroll their child/children at Mark Day, and we have a longstanding practice of providing transparency to the community regarding how the school's budgets are composed. We hope you will make every effort to attend one of these informative sessions, and we welcome all questions that you may have regarding budget-related topics.

 

Our Role

 

The role of the Finance Committee is to ensure the long-term financial strength and sustainability of our school. The committee works in partnership with the administration to monitor and discuss all financial matters in advance of board discussions and decisions. With our school's mission in mind, our committee engages in disciplined operating expense oversight, prudently recommends tuition increases, and manages the school's endowment while continuing to ensure that our children experience a vibrant program delivered by exceptional faculty and staff in a socioeconomically diverse community.

 

Operating Budget

 

Each year, we go through a deliberate, detailed, and iterative budgeting process. Each budget line item is carefully reviewed and discussed, and multiple revenue and expense scenarios are considered.  This year, key areas of focus for the Finance Committee have been identifying and managing COVID-related expenses, both one-time and recurring, and continuing to ensure that our faculty is competitively compensated. 

 

Investment Oversight

 

The investment subcommittee is led by Alexander Fraser, Julian Allen, and Peter Supino.  We monitor and evaluate investment performance and consider investment management options for endowment and other financial accounts, according to the Board's investment policy. We work with experienced advisors and institutional money managers to make our allocation decisions and to help us achieve our objectives over various time horizons. The subcommittee tracks performance and cost metrics to ensure that we are appropriately positioned to achieve our goals.

 

In Closing

 

Thanks to the school's continued commitment to thoughtful financial management, Mark Day School remains on solid financial footing despite the extraordinary challenges that COVID-19 has posed. If you have any questions or comments about financial planning at Mark Day School, please contact Julian Allen, Alexander Fraser, or Ethan Dornhelm. We would love to hear your feedback, expand our dialogue, and broaden our relationships in the community.

 

All the best,

 

Mark Day School Board of Trustees