Christian Brothers High School will ensure and enhance its strong financial operations to support the strategic direction, long-term viability, and sustainability of its nearly 150-year legacy of providing quality and affordable education.
Main Objectives & Priorities
- Ensure the school remains affordable and accessible at all income levels by providing need-based financial assistance to qualified students through a well- defined and implemented process.
- Align the operational budget with the strategic plans for all domains while exploring and evaluating opportunities for additional revenue streams and areas for cost reduction.
- Evaluate the finance department to determine the appropriate staffing and tools to conduct effective and efficient fiscal operations and create best practices.
- With the help of a task force, assess current pension and retirement benefits to communicate and adopt a fair and sustainable program for employees.
Action Items to Achieve Goal Eight
- Develop a short-term action plan to mitigate concerns about the unfunded pension liability.
- Develop a long-term strategic plan to withdraw from the employee retirement pension plan.
- Monitor and compare similar local and faith-based schools’ retirement pension benefits and contributions.
- Update long-term financial projections with current financial factors.
- Review the existing tuition process and endowment guidelines and determine if there are adjustments that can be made to align CB more closely with its mission.
- Research opportunities to increase revenue streams and decrease expenses to ensure long-term sustainability.
- Assess the personnel structure of the business office to ensure best practices and efficiencies and make recommendations for improvement.
- Make recommendations on revenues and expenditures.
- Implement a short-term action plan to mitigate concerns about the unfunded pension.
- Implement a long-term strategic plan to withdraw from the pension plan.
- Plan and project for the financial future of CB, considering targeted enrollment, class size, tuition costs, tuition assistance, and endowment.
- Implement financial plans, considering targeted enrollment, class size, tuition costs, tuition assistance, and endowment.
- Assess and review the financial health of CB as a whole.