In most states, school’s out (at least in the traditional sense) until the fall as the whole world of education has stepped into remote classrooms. There are many unknowns about what the new school year will hold. For one, will families experiencing a job loss or pay cut opt out of private school reenrollment in favor of public options? Will those who stay inquire about additional tuition assistance or refunds in the event of prolonged remote learning?
While enrollments will vary widely by community, the Foundation for Excellence in Education predicts that in almost all cases, if just 5% to 10% of students transfer out of private school, the financial impacts to the institutions will be hard to ignore.
We know private schools have a lot of questions about how to keep tuition coming in and how to serve students remotely. To help, our Data & Analytics team built a model that allows schools to quantify and predict the impact of fluctuations in enrollment, tuition, staff levels, endowment draws and more.
In response to COVID-19, we are now making this resource available for free to all private schools for 90 days of use. You can find it on our Private School Financial Framework page. Just input your own school data, and within 15 minutes you will have a sense of how your budget for the 2020-2021 academic year stacks up against expectations.
You can create as many scenarios for your school as you need. And if you’d like a list of financial operation recommendations to help in making your school as viable as possible, our Private School team can provide that, too.
Remember that you’re not in this alone! You’ll want to remain in close contact with your management, board of trustees, audit and finance committees, etc. to keep them informed and make joint decisions.