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Reporting
Rhode Island Revolutionizes
School Finance Analysis
With SchoolNomics™
Rhode Island officials have just released a groundbreaking series of reports that give the public an accurate comparison of how their schools are spending $2.3 billion in 2010 funding. The new reports are based on Rhode Island's Uniform Chart of Accounts (UCOA) which creates a consistent comparison of school financial data. The SchoolNomics methodology is a patented process that benchmarks every district's spending on a per-puil basis. For more about SchoolNomics in Rhode Island, please click here. To view the press release, please click here.
“Reporting prowess”
SchoolNomics is powered by IN$ITE®, a patented system for analyzing school finances developed by the international accounting firm, Coopers and Lybrand (now PricewaterhouseCoopers).
The National Center for Education Statistics (NCES) has recognized IN$ITE® for “School site reporting prowess.”
It has been implemented statewide in three states.
For more about SchoolNomics™, please call 1 (800) 748-6696 ext. 136 or send an email to insite@edmin.com
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SchoolNomics: School Financial Analysis Model
What works, for which students, at what cost, year after year?
The first step in spending education dollars wisely is to have a true understanding of how those dollars are being spent. Standard financial reports only measure who controlled those funds. That doesn't provide a basis for effective policy decisions.
SchoolNomics™ is a methodology that converts standard financial reports into accountability reports that focus on who benefited from those dollars. It links all costs that benefited students to individual schools in a district. It is used to benchmark every district's spending on a per-pupil basis. SchoolNomics is powered by the patented financial model IN$ITE® to produce accurate, understandable, decision-quality data, creating:
- Transparency
- Uniformity
- Comparability
- Accountability
SchoolNomics reports spending both as percentages of total expenditures and on a per-pupil basis. With this financial data, you can compare spending to outcomes, so Return on Investment becomes very clear:
SchoolNomics also can address these needs:
Regulatory reporting of school expenditures
- Allocate expenditures controlled by the central office to the schools that really benefit from those expenditures
- Provide data on school-level expenditures that meets federal reporting requirements
School-to-school comparisons and per pupil costs
- Use patented technology that accurately allocates and segregates costs for consistent comparisons between schools and districts
- Easily answer questions such as “How were dollars spent at each school for teaching and learning, and were these amounts appropriate?”
Real answers for administrators and for stakeholders in school economics
- What policy and practice decisions were made, and why?
- Which programs produce the highest scores for the least cost, and why?
- You know what you spend on salaries and health benefits, but how much do you spend on instruction?
- You know the budget assigned to each manager, but how much do you spend per pupil for activities such as face-to-face teaching or student health services?