We are proud of our 26 year history of operating the School Financial Survey (SFS) which is now ready to receive your 2020 school-year data.
Here’s a link to the survey: https://somersetedu.com/isfps/survey.asp
Many schools complete the School Financial Survey at the same time as completing the Commonwealth Financial Questionnaire (FQ) which became available on Monday 12 April. The SFS 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.
Our research indicates that use of ratios and benchmarks is a crucial attribute of a financially sustainable school. One group of 31 schools that participate annually in the SFS showed an average 21% increase in Net Operating Margin (operating surplus) and another group showed an average 36% increase in Net Operating Margin, 40% increase in working capital and 35% improvement in Debt Servicing Cover. I am not promising a change in performance from use of the SFS but indications are that annual participation contributes to a financially sustainable school.
SFS participant names and data are held confidential by Somerset Education which we know is important to you. Reports are generated in a format that does not allow others to specifically identify your school.
Except for a few days of testing, the SFS is open 24/7 all year for data entry and reporting. However we do encourage schools to complete data entry by July 2021 to allow sufficient data when switching to the new year’s reporting (2020 school-year data) on 2 August 2021.
Participation starts from $715 including GST ($358 for schools with less than 200 enrolments).
If you have any questions in relation to the survey please contact Elizabeth, our survey administrator at firstname.lastname@example.org 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: 2021 Navigating the Somerset Education Portal.
If I can help in any way with the financial governance of your school, please contact me at email@example.com or mobile 0417 618 899.
We look forward to your ongoing support, or if new to the survey, your participation in the FPS.
John Somerset and the Survey team
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.