This letter, in conjunction with the adjacent graphs
and table, gives a summary of the school’s financial
structure and a brief overview of this past year’s
operating finances. The school has two main revenue
streams: tuition dollars for operational expenses and
donations that are for initiatives that are above and
beyond what tuition can sustain.
LCIS’s operational budget is prepared by the school’s
management team. A conservative budget is
presented to the volunteers on the Finance Committee
for input, feedback and recommendations. The job of
the committee is ensure that LCIS is a financially stable
institution, that there is no waste or inefficiencies in
the budget and that tuition increases are kept to
a minimum. Once the committee is satisfied that
the budget is balanced and free of discrepancies,
a presentation is made to the Board of Directors for
approval. It is then the responsibility of the Finance
Committee to monitor monthly financial statements
for any variance between actuals and the budget.
The Board receives financial reports of the school’s
operations at each meeting. Annually, the school’s
financial status is validated by an external auditing
firm, currently Deloitte, and this is done in accordance
with International Financial Reporting Standards for
Small and Medium-sized Entities.
10
At the end of the last fiscal year, our tuition revenue
exceeded the planned budget by 3% due to our
robust enrolment. The additional revenue enabled
us to cover ground and building repairs as a result
of Hurricane Matthew and replace pool heaters and
classroom air conditioners.
For the 2017-2018 school year The Board of Directors
approved a new, more inclusive tuition structure to
reduce the need for multiple payments throughout
the year for additional student-related expenses.
The primary change is the addition of fees related
to mandatory off-island field trips that support
instruction. In addition, we have incorporated costs
for some educational enhancements such as co-
curriculars and secondary electives. A new feature
is also the incorporation of the student activity
account of $150.00 to be used to pay for small,
regular campus expenses such as purchases at the
book fair, one-day field trips, or initiatives led by
Class Moms.
With good expense control, it is expected our
financial position will remain healthy for this school
year 2018-19.