FSS has over 28 years of school data
We are proud of our 28 year history of operating the Financial Survey for Schools (FSS) which is now ready to receive your 2022 school-year data. Thank you to approximately 650 schools that participate each year.
Here’s a link to the survey: https://somersetedu.com/isfps/survey.asp
FSS continues to help business managers and finance committees to govern with confidence
Annual participation in the FSS helps business managers and finance committees simply and factually present their school’s trend (internal data) and comparative (external data) financial health to the board and principal by using ratio analysis to identify changes in performance/risks plus possible improvements in financial health.
The combination of external and internal data is like having a compass and a map — one provides direction, the other provides context. Together, they enable a clear understanding of where you are, where you want to go, and how to get there. — Bernard Marr (futurist)
Although we cannot promise changes in performance, schools that participate annually in the FSS and use the reports in the financial governance of their schools often show improved and/or maintain sound operating surpluses, working capital (cash reserves) and debt servicing.
Many schools complete the Financial Survey for Schools at the same time as completing the Commonwealth Financial Questionnaire (FQ) which became available this month. The FSS data entry is in line with the FQ so it is easy to complete and a great double check of your FQ submission including a Myschool estimator.
Your data entry deadlines and participation packages
Although the survey is always open, please aim to complete data entry by 31 July 2023 so that you and others can generate reports with adequate sample sizes from 1 August 2023 to inform strategy and the 2024 school budgeting process in a timely way.
Single report participation starts from AU$792* — including GST (AU$396* for schools with less than 200 enrolments). A discounted package price for the Financial Performance Report (compare with peers), Historical Report (your trends 2017 to 2022) and SKI Report (your future trends to 2027) is $1,738* — including GST ($869* for schools with less than 200 enrolments).
[*Note: Early bird prices apply if survey completed before 30 September 2023.]
We ensure your school data is confidential
FSS participant names and data are held in confidence by Somerset Education which we know is important to you. Reports are generated in a format which respects that confidentiality.
Ongoing support
Also annual participation means I am only a phone call away to discuss your school’s performance with you, in an informed and efficient way.
Any questions?
If you have any questions in relation to the survey please contact Cathryn, our survey administrator at survey@somerseteducation.net or telephone 1300 781 968 (from outside Australia +61 7 3263 5300). To assist you with accessing the Portal, here are the step-by-step instructions: Navigating the Somerset Education Portal.
If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.
Kindest regards
John Somerset is a Chartered Accountant. He has extensive knowledge of the independent school sector and is past President of Independent Schools Queensland and a past board member of the Independent Schools Australia.
Disclaimer: We publish this article only for non-government schools in Australia. All material should be regarded as information only and individuals should rely on their own enquiries when formulating decisions for themselves or their clients. In no way do we warrant or guarantee any changed circumstances for a school from use or non-use of this material. As a member of the Institute of Chartered Accountants Australia and New Zealand, the firm participates in a national liability capping scheme. Accordingly, our liability is limited by a scheme approved under professional standards.
® Somerset Education is a registered trade mark