Have you ever wondered about the financial aspects of running OCP? Did you know that the budget for the Committee work you do is one piece of a larger financial budget? Did you realize how important the annual fund and your tuition payments are to how the school functions? This post details the school’s total budget, to provide a clear understanding of how we both make and spend money. The category percentages are based on our projections for the current fiscal year, which runs from June 1, 2014 through May 31, 2015. The projections are based on past years, and are updated each February by Committee Chairs. The Treasurer uses these projections, as well as expected enrollment, to create a budget for the upcoming fiscal year.
First, how does the school bring in money? As you can see below, tuition makes up the largest percentage of our income. However, we would not be able to offer many of the fun, extra activities that our members love without our fundraising events, which make up approximately 10% of our yearly income.
- Annual fund and other donations – 4.5%
- Festivus Auction – 1%
- 5K Race – 4.5%
- School Year Tuition – 84%
- Summer Camp Tuition – 6%
Next, where do we spend our money? Each Committee has a budget that they use to implement their portion of the Strategic Plan, which amounts to just under 10% of our budget (remember that 10% of our yearly income made up by fundraising?) The major costs come from our operating expenses, which include rent, utilities, paying our amazing staff, and all the other items that are necessary to run OCP.
Committees – 9.5% of budget (as follows)
- Communications Committee – 0.5%
- Coop Community Committee – 1.5%
- Curriculum Committee – 1.5%
- Green Committee – 0.5%
- Management Committee – 0.5%
- Membership Committee – 0.5%
- Personnel Committee – 0.5%
- Facilities Committee – 4%
Operating Expenses – 90.5% of budget (as follows)
- Payroll, Subs, Taxes, and Employee benefits – 67.5%
- Rent, facilities supplies – 14%
- Classroom and operating supplies – 2%
- Technology – 1%
- Utilities – 4%
- Insurance, Legal and Professional Fees, and Banking Fees – 2%
Because we are a non-profit, every cent that we make gets put back into our school. Some is held in reserve for use during emergencies; we currently have over 30% of our annual operating budget in our bank accounts. However, during the years that we are able to increase our income, either through full enrollment or additional fundraising, our budget can also increase to allow for special projects, such as last year’s kitchen remodel.
If you have any specific questions about the information presented here, or other questions about OCP’s budget and fiscal policies, feel free to e-mail this year’s treasurer, Caroline Evans (firstname.lastname@example.org).