Finance Committee - Annual Goals - 2020 / 2021

Finance Committee - Actions update

May 2021

In May all Board Committees reviewed their goals and development projects for the 2020 / 2021 school year. At the May Board Retreat recommendations were made and new goals established for the 2021 / 2022 school year. These goals were then approved at the May Board meeting.

April 2021

• Goal 1 - The Finance Committee is working in close collaboration with the Finance Director and the Head of School to prepare the 2021-2022 budget, which will be validated by the Association at the May 31st AGM.

• Goal 2 - The Finance Committee is also examining what the budget might look like over a five-year cycle.

March 2021

• Goal 2 - The Finance Committee had its first look at a projected budget scenario for the 2021-2022 academic year, based on preliminary student re-registration figures.

February 2021

• Goal 1 - The Treasurer reported on the school's audited accounts for the 2019-2020 fiscal year and the 2021-2022 tuition fees, at the Annual General Meeting .

• Goal 1 - At the AGM, the ISP Association adopted all financial resolutions presented regarding the audited accounts for the 2019-2020 year.

• Goal 2 - The Finance Committee and the Board decided to postpone the adoption of the 2021-2022 academic year budget in order to have more time to conduct the necessary market analysis and to await realistic student numbers after the re-registration period. This was announced at the AGM, and the Treasuerer also informed the Association that a second AGM will be convened in May to validate the budget.

January 2021

In January the Board Committees reviewed the annual goals, project and progress as part of a mid-year review. The following developments and outcomes were recorded.

• Goal 1 - The Finance Committee and the Board have been thoroughly transparent regarding its processes as it plans for Annual General Meeting and budget for the next school year.

• Goal 2- Due to the current COVID-19 situation, the budget process is more unpredictable than usual, making it difficult to reflect on alternative scenarios. However, the Finance Committee and school administration look forward to weighing alternatives when things stabilise or when the 'new normal' is more clear.

December 2020

• Goal 1 - ISP staff has been informed that the 2021-2022 budget process has begun and more information will be shared with them in February.

• Goal 1 - A new purchasing policy is being developed.

• Goal 1 & 2 - ISP Association members have been informed that they will approve the tuition fees for the 2021-22 academic year at the February AGM, and the budget at a general meeting in February.

• Goal 2 - The strategic project related to this, led by the Finance Director, has been paused this year in light of the COVID-19 pandemic. The committee continues to keep abreast of alternatives, although it does not expect to implement any changes for the next academic year.

November 2020

• Goal 1 - The community was informed of the election of a new Treasurer, Alex Bafi.

• Goal 1 - The financial and budget planning timeline was provided to the community at a community feedback session on proposed by-laws changes.

• Goal 1 - The Finance committee has started to consider a number of scenarios for planning the budget for the 2021-22 academic year and aims to inform members of the community of initial assumptions in February.

• Goal 2 - The strategic project related to this, led by the Finance Director, has been paused this year in light of the COVID-19 pandemic. The committee continues to keep abreast of alternatives, although it does not expect to implement any changes for the next academic year.

October 2020

• Goal 1 - Plans for communicating with the community are underway, in collaboration with the Governance committee.

• Goal 2 - The Committee continues to review the student numbers and pipeline.

September 2020

• Goal 2 - The Committee looked at student numbers to start the year, as well as the student pipeline figures.