In Trust's Financial Health Checkup (FHC) provides your board with a revealing look at the fiscal strengths and weaknesses of your school at a particular moment in time. The checkup also alerts board members to the likely consequences of continuing on with business as usual. Through financial analysis, review of materials, and discussion within the board and the senior administrative team, the FHC presents an easy-to-understand assessment of your school's underlying financial health and readiness for change or growth.

The Financial Health Checkup equips board members and other institutional leaders to:

• Be more aware of financial trends and the possible consequences of continuing on with "business as usual."
• Evaluate the appropriateness of current financial structures, given the school's current and projected activities and needs.
• Anticipate the impact of a proposed capital or program growth project
• Establish benchmarks for program productivity and financial performance.

In short, the Financial Health Checkup can help your board answer one of the most critical questions it should be asking: "What is the long term prognosis of our school's financial health?"

The Governance Mentor difference

Although the Financial Health Checkup alone can provide fresh perspectives on a school's economic situation, when you work with In Trust, the board and administration are not left on their own to determine what the checkup's findings mean. One of In Trust's Governance Mentors provides an analysis of your school's financial strengths and weaknesses, addresses the likely consequences of those strengths and weaknesses for the school's long-term financial health, asks probing questions, and encourages the board and administrative team to develop an action plan and establish benchmarks for mission effectiveness and financial performance.

Our Governance Mentors help boards:

• Establish a unified understanding of the objective state of the fiscal health of the school. Result: increased board engagement and education.
• Identify strategic gaps in the school's financial universe and provide practical guidelines in making strategic choices. Result: Better informed decision-making.
• Understand their schools' financial strength (or the lack of strength) and the direct link to effective and integrated strategic planning. Result: Better strategic planning.
• Determine if the financial resources are sufficient and flexible enough to support the mission, if it is living within available resources, and whether finances are managed strategically to advance the mission. Result: Better board harmony, which leads to wiser and more prudent programmatic decisions.

Because of the value that a Governance Mentor contributes to the effectiveness of the FHC, the checkup is only available in cooperation with a mentor.

The Financial Health Checkup process

Step 1: Your school's chief financial officer (CFO) provides readily available institutional materials such as audits, 990s, internal financial reports, and budgets to an In Trust Governance Mentor.

Step 2: The mentor does a preliminary analysis of the school's financial health, which is translated into graphic presentations that highlight key indicators and trends.

Step 3: The mentor reviews with the president and the CFO the preliminary findings and the potential impact on the schools long-term economic vitality.

Step 4: The mentor prepares a final report incorporating points clarified during the discussion with the president and the CFO, along with observations and next-step recommendations.

Step 5: The mentor meets with the full board and facilitates a discussion of the report and recommendations.

Scheduling the Financial Health Checkup

Because of the time needed for a Governance Mentor to review your school's financial data and complete the FHC report instrument, you should plan on two to three months from your initial contact with In Trust until the presentation of the Financial Health Checkup report to your board.

Cost: $4,000 for members      $5,500 for non-members

The comprehensive fee of $4,000 includes distribution, collection, and analysis of the Financial Health Checkup, a detailed report and recommendations for improved institutional structure and functioning, and a half- or full-day workshop facilitated by an In Trust Governance Mentor. The workshop is an excellent vehicle for your board to explore the key findings from the Financial Health Checkup and to take the first steps to a stronger future for the school. We work with you to select the right mentor for your board from our team of former presidents and higher education professionals.

The school is also responsible for reasonable and necessary expenses for the mentor's travel, lodging, and meals during his or her trip to the school.

Getting started

For more information or to schedule the Financial Health Checkup at your school, contact In Trust at 302-654-7770 or mentorservices@intrust.org.