Eliminating Inefficiencies, YU School Partnership Helps Day Schools Improve Bottom Line
As the new school year approaches, many day schools are sharing news of increased enrollment, improved finances and new cost-saving measures they have successfully instituted, thanks in large part to the Yeshiva University Institute for University-School Partnership’s Benchmarking and Financial Reengineering project.
After a 2010 pilot program was implemented in Bergen County, the project expanded in 2011 to include day schools in Baltimore, Chicago, Cleveland and Philadelphia. Participating schools have been able to document tangible improvements and project hundreds of thousands of dollars in financial savings. In May, seven schools in Los Angeles signed on to participate as well.
The program, funded jointly by a grant from The AVI CHAI Foundation and by local federations and foundations, asks participating schools to provide the YU School Partnership with detailed enrollment and financial data, which is then used as the basis for a comparative financial analysis with peer day schools. YU School Partnership consultants offer tools to help schools evaluate their own performance and enable them to be more proactive about managing their finances, and pinpoint areas for potential improvement and develop long- and short-term plans to enhance efficiency and effectiveness. Read the rest of this entry…Comments Off