Benedictine News & NotesJune 2010
    
June 2010 News & Notes

It was a very busy May around Benedictine.  The Class of 2010 graduated on June 4th and school is out for the summer!

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Alumni

We love our Alumni!

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Athletics

Baseball State Champions!

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Financial Statement

Actual performance compared to budget continues to be satisfactory.  Overall, our sources of revenues are favorable to budget.  The largest variance in this area is the earnings on our investments.  Since this income is the earnings on endowed funds, it is restricted.  Unfortunately, none of this income can be used for the school’s operational expenses.  In the expenses, Operational and Overhead reflects a large unfavorable variance.  Most of this variance is the result of change in the accounting method related to scholarship awards. 

 

This positive financial performance is a reflection of a number of operational improvements that have occurred during this fiscal year:

·         For the first time in several years, we are up-to-date on our audits.
We have audited financial statements for both Benedictine High School and the Benedictine Society through last fiscal year.

·         As the result of the financial reporting processes implemented last fall, each Department head receives monthly reports on the actual performance of the department and makes adjustments where appropriate to be able to achieve budget.

With the improved financial performance and the markedly improved reliability of our financial information, we were able to refinance the $2.7 million in existing debt at a lower effective cost of funds while extending its maturity into 2013.  This refinancing enabled us to repay the American Cassinese Congregation the $900,000 we borrowed last spring to cover a cash shortfall identified at that time.  Our ability to refinance this debt reflects our bank’s confidence in the financial future of the school and its management.

 

With nine months completed in the current fiscal year (ending June 30,2010), we continue to project a small surplus before reflecting the investment income.

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Headmaster's News
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Community Happenings
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Updated Contact Information

Please keep Benedictine up-to-date with your new contact information, personal or business.  We love to hear from you and want to keep you informed about everything happening here at BHS.  Please email  us this or any stories you want to share.  Thank you!

To the Class of 2010 -- please let us know where we can reach you!  We want to stay in touch.  Please send us your email address and cell phone number -- you don't want to miss out on alumni events!

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