Finance and Facilities Self Study Report Finance Overview
The Conservative Jewish Day School Of Dallas, Inc. d/b/a “ Ann & Nate Levine Academy ” is incorporated as a 501(c)(3) not-for-profit organization. The school completes the IRS 990 filing annually for its fiscal year, which runs fromJuly 1 through June 30. T he school’s independent auditors , Armanino LLP, conduct an audit of the school’s accounting records and internal controls under Generally Accepted Accounting Principles (GAAP) as well. The results of the financial audit are communicated to the Audit Committee, Finance Committee, and the Board of Trustees. The school has received an unqualified (clean) opinion at its last audit. Oversight The Board of Trustees, in its fiduciary responsibility, is tasked with providing sufficient resources and appropriate oversight of the organization’s administration. Management of the school’s resources and operations is the responsibility of the Head of School and the Director of Finance and Operations , along with oversight from the Board’s standing committees. The Business Office is charged with managing business relationships with parents, employees, vendors and other customers. Additionally, the office is responsible for risk management (primarily insurance coverage) as directed by the Finance Committee’s oversight, as well as facilities, maintenance, transportation, technology, food service and service provider relationships including custodial services. The school maintains a $10 million umbrella / excess liability insurance policy in order to protect the physical and electronic assets of the school with AmTrust Insurance, as well as property, crime, general liability, employment practices, directors and officers, professional liability, abuse liability, automobile and workers’ compensation coverage. The Business Office operations staff includes the Director of Finance and Operations, Senior Accountant, and Staff Accountant. In addition to the three primary Business Office staff, the school employs a Human Resource Director for HR, risk management and payroll functions including processing the semi -monthly payroll and coordinating employee insurance coverage. Budgeting The school’s budget and financial planning process for the current school year ends in August with the approval of the opening day budget. From this point forward, the year- to-date results are updated and presented to the Finance Committee, Executive Committee and Board of Trustees monthly. A forecast for the year, which reflects any unplanned financial implications that were not included in the budget, is presented to each group beginning with the presentation of the December financials. Each period, a detailed financial dashboard is prepared and reviewed by the Finance Committee and the Executive Committee. An abbreviated dashboard is presented to the Board of
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