Domain 4: Operational Vitality Data Library

Handbook of finance policies - Needs to be updated

Description of the budget process

1. February: Review July - January Budget to actual financial statements

2. Forecast remainder of the year.

3. March: Budget for next fiscal year based on the current year forecast, graduating students, increases for inflation, and with Diocesan Assumptions

4. Review the budget with the Finance Committee for input and adjustments.

5. April: Submit Budget to the Diocese.

Budget planning documents

Minutes of Finance Committee relating to budget

Finance Committee Meeting Minutes 8-23-2022

Finance Committee Meeting Minutes 10-18-2022

Finance Committee Meeting Minutes 12-7-2022

Finance Committee Meeting Minutes 3-21-2023

Finance Committee Meeting Minutes 5-16-2023

Finance Committee Meeting Minutes 5-24-2023

Finance Committee Meeting Minutes 8-1-2023

Two years’ budget to actual reports reflecting whether the budget is balanced or in deficit or surplus provided to the Visiting Committee in the document sent prior to the visit.

Process For Setting Tuition Rate

• Tuition and Fees rates are evaluated yearly

• Tuition and Fees are set ahead of budget and confirmed after meeting with the Diocese

• Since the school year 2014 to date, the lowest annual increase was 3.0% (2018-19), and the highest was 6.0% (2022-23), mirroring the inflation rate and higher costs of living and operations.

• Tuition and fees cover about 85% of the actual cost to educate a student at Rosary Academy. Avid supporters and generous donors to Rosary Academy help close the gap and make it affordable for families.

Actual Cost of Education