International School of Ouagadougou Finance Report Presentation to the ISO Association meeting Tuesday 9th May 2017

Finance Committee (FinCo) One of the Board Sub-committees FinCo meets monthly, the Tuesday before the monthly Board Meeting. The Finance Committee (FINCO) is composed of the Director, the two Principals, Business Manager and three Trustees (one of whom is the Treasurer) Main tasks: review monthly expenditure against the budget, monitor audit recommendations, review procedures and policies, and review of the Finance Manual. FinCo ‘recommends’ and the Board ‘approves’ Attendance at FinCo meetings is open to Association members.

Income for the year 2016-2017 (3,418,422 euro) based on 207 students

Budget Expenditures, as of end March 2017 (euro) Operational budget = 3,085,017 Expenditure = 2,116,822 or 69% of annual budget Estimated to be at 100% by year end (31 July 2017) Capital budget = 240,000 Expenditure = 103,458 or 63% of annual budget Estimated to be 85% by year end (31 July 2017)

Budget issues this year Reinforcement of systems and processes resulting in savings in some budget lines, for example fuel, utilities) Re-enforced gates (x4) carried out over the Spring - with US Govt funds Pedestrian entrance and alarm system – to be carried out over the summer months – US Govt funds.

Other FinCo tasks this year….. In addition to budgeting and monitoring of expenditure: Finance Manual reviewed ( and approved by the Board) Chart of Accounts revised (and approved by the Board) Financial planning model (Five-year) ongoing work Selection of External Auditor for 2016-17 accounts

Goal Four: ‘to build a robust financial standing’ Strategic Plan 2015-20 Goal Four: ‘to build a robust financial standing’ ISO five-year financial plan – work on this is continuing. Need to revise down some of the targets from the Strategic Plan (student body of 400) and link financial planning goals with this.

Status of reserves ISO currently has a total of 864,703 euro as reserves. This amount is split between the fixed term deposit accounts held at TD Bank (Canada) and Ecobank (BF). Our target is to have the equivalent of 33% of the annual operating budget kept as reserves. We are currently at 28 %

Budget for 2018-19 - Highlights Currently working on three different scenarios, one with enrolment of 192 students, one with 204 students and one with 215 students. Operating budget stands at: 3,036,571 euro Capital budget stands at: 160,000 euro New lines for ‘Fundraising’, ‘Community Service Learning’ A new consolidated Athletics budget line A planned contingency reserve of 100,000 euro A campus storage facility and a new campus generator Research on alternatives for power, e.g. solar energy .