Not-For-Profit School Specializing in Learning Disabilities
Company:A not-for-profit private school had been established to serve children and young adults with various learning disabilities.
Enrollment had decreased below the school’s budget, and fundraising was negatively impacted by the economic downturn. Senior management did not manage the seasonal nature of its cash flows and did not have an established set of annual goals and objectives.
Focus was engaged as Interim Chief Financial Officer to bring financial stability back to the organization.
- Negotiated bridge financing from senior lender
- Implemented appropriate accounting and financial reporting controls
- Built aggressive and detailed plans for fundraising and enrollment
- Implemented a collection strategy for delinquent accounts receivable and acceleration of payments from the public school system
- Implemented necessary measures to strengthen communication from the Board through to the executive ranks and the teaching staff
- The school implemented the recommendations made by Focus and was successful in obtaining bridge financing from its senior lender.
- In addition, the school has restructured the senior management team and has made significant progress in cost containment and rebuilding revenue.