Academy Journal Volume 54 | Page 22

ANC Secondary Schools Managing Director’s Report James M. Adams W We are also benchmarking our expenses with schools similar in size to ours in order to make sure that we are following best practices and trends. This past year we were successful in reducing our budgeted expenses as follows: e ended the FY2013 with a $2.7 million deficit. This is 16% favorable compared to our budgeted deficit of $3.25 million. We continue to be on target to return to a balanced budget by 2017. (In FY2010 our deficit was $5.2 million.) Donations • Program expenses $300,000 reduction • Housing expenses (dorms) $71K reduction • Administrative expenses $140K reduction Thanks to the generosity of our donors we were able to increase our donations from $300K in FY2012 to $1.2 million in FY2013. This focus on donations is to make up for the decrease in endowment payout due to the stock market decline in 2008 and a portion of endowment being segregated to pay off Academy wide debt. ANC Secondary Schools’ endowment payout has gone from $5 million in FY2009 to $2 million in FY2013. We have cut over $600,000 in program costs compared to their highest point in FY2011. The majority of these cuts came from facilities and the elimination of an advertising campaign. We have also cut $1.3 million in administrative costs. Secondary Schools Expense reductions Our student enrollment was at 201 for the 20122013 school year. In May, the Secondary Schools graduated 58 students (24 from the Girls School and 34 from the Boys School). The breakdown by class last year is shown on the chart on the opposite page. We continue to analyze and track all expenses. If one area is trending over budget we look for other areas we can reduce with the goal of meeting or exceeding our targets. We have developed a dashboard to help us track our expenses and show us how we are doing in each category. 22