Page 9 - Demo

CHIARAVALLE MONTESSORI
MANAGING FINANCES IN A TIME OF UNCERTAINTY
Chiaravalle maintained its financial health and
long-term sustainability via dynamic and nimble
strategies that responded to the community’s evolving needs while upholding organizational mission and vision. Despite the critical assistance provided by Federal PPP* funding, the increased expenses brought on by COVID still required cost cutting measures in every area of the school.
REVENUE
Tuition - Tuition revenue was down caused by a combination of regulatory and strategic decisions to limit enrollment to protect our community’s health and safety.
Fees - Loss of fees driven by drastically reduced capacity in after school programming and suspension of before school, studio, and athletic programs to support health and safety.
Fundraising - Budgeted goals were surpassed through community generosity especially given fewer families enrolled.
Summer Camp - Standard programming suspended for health and safety.
EXPENSES
Personnel - COVID protocols and small pod sizes required a higher teacher to student ratio in order to provide in-person, hybrid and remote programs.
Tuition Assistance - Total spending decreased, in line with decreased enrollment, but additional aid was provided to families financially impacted by COVID.
Program - Strategic cost-cutting measures were put in place school-wide to offset the anticipated reduction in tuition revenue without compromising program quality.
Summer Camp - Nominal expenses to support a three week COVID protocol trial and emergency care.
Facility - Every effort was made to cut overall expenses in all areas of the school.
Debt Service - Required payments toward prior capital investments, including recent renovations that resulted in high- performance ventilation and purification systems.
Other Administration Expenses - We tightened our belts in every way!
$20,497
Over/Under Previous Year Financials
$73,371
$52,202
$112,592
$586,910
$206,505
$120,510
$94,000 $186,792
$4,338
$23,654
2020-2021 TOTALS
Tuition and Fee Revenue Fundraising
Expenses
Reserve Draw
CAPEX Contribution
$5,774,460 $ 315,845 $6,245,004
$150,000
2019-2020 TOTALS
Tuition and Fee Revenue Fundraising
Expenses
CAPEX Contribution
$6,680,012 $ 242,473 $6,602,448
$ 250,000
$ 295,000
*Payroll Protection Program (PPP)- funding was used solely to support personnel costs. Because PPP arrived as debt that was ultimately forgiven by the federal government, it appears as a non-operating gain, rather than in reported operating revenue.
Expenses
TUITION FEES/INTEREST
SUMMER CAMP
Revenue
PERSONNEL TUITION ASSISTANCE
PROGRAM SUMMER/DIRECT FACILITY
OTHER