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1215 Superior Ave., Suite 410 Cleveland, Ohio 44114-3289 Tel: (216) 621-4391 Fax: (216) 621-4392 www.calfeefinancial. PowerPoint Presentation
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1215 Superior Ave., Suite 410 Cleveland, Ohio 44114-3289 Tel: (216) 621-4391 Fax: (216) 621-4392 www.calfeefinancial. - PowerPoint PPT Presentation


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Peter H. Calfee, CFP, CPA, CLU, AEP, MBA President. 1215 Superior Ave., Suite 410 Cleveland, Ohio 44114-3289 Tel: (216) 621-4391 Fax: (216) 621-4392 www.calfeefinancial.com pcalfee@calfeefinancial.com. Financial expertise for successful people sm. MOTIVATION. Pursuit of excellence

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slide1

Peter H. Calfee, CFP, CPA, CLU, AEP, MBA

President

1215 Superior Ave., Suite 410

Cleveland, Ohio 44114-3289

Tel: (216) 621-4391

Fax: (216) 621-4392

www.calfeefinancial.com

pcalfee@calfeefinancial.com

Financial expertise for successful people sm

motivation
MOTIVATION
  • Pursuit of excellence
  • Passion for learning
  • Challenge
  • Proactive
  • Desire to help children
  • Love of people
responsibilities
RESPONSIBILITIES
  • CEO of a multi million-dollar operation
  • Balance sheet and “profit and loss” responsibilities
  • Responsible for personnel
  • Government-mandated responsibility for benefits and retirement
  • Focus on source of “raw material” (students)
  • Responsible for delivery of quality goods to market place (matriculation to college or other educational pursuit of choice)
  • Deal with work place violence and associated personnel disputes and employee complaints
  • Required to raise equity and handle financing issues including Bond issuance and debt service
slide4

RESPONSIBILITIES

  • Responsible for long-range strategic planning
  • Responsible for school vision & development, maintenance or revitalization of school vision/mission/and motto
  • Responsible for training and guidance of all support personnel
  • Accessible to all shareholders, stakeholders, and interested parties including federal, regional, state and local government employees in the educational arena
  • Available to the student body for whom you exist & why you sought the job in the first place
  • Available to your Board at all times
fair compensation
FAIRCOMPENSATION
  • A “Bridge” between you and the School
compensation
COMPENSATION
  • Salary
  • Bonus\Other
  • Deferred compensation
salary
SALARY
  • Market driven
  • Negotiated
  • Comparability issue

Experience

School issues

Geographic location

bonus other
BONUS- OTHER

GUARANTEED OR DISCRETIONARY FOR PURPOSE OF DISCUSSION & INCLUSION

Insurance coverage

Cars

Financial planning

Tuition remission

Sabbaticals

Clubs

Other

deffered compensation
DEFFERED COMPENSATION
  • QUALIFIED
    • 403 B
    • 457 Plans
    • 401 K for Non-profits
  • NON-QUALIFIED
    • Ineligible 457 Plans
    • Other plans designed for unique application
potential purpose of non qualified plans
POTENTIAL PURPOSE OF NON-QUALIFIED PLANS

Retention of employees

Performance based or incentive

Orboth

fair compensation1
FAIR COMPENSATION
  • Eye of the beholder
  • Depends on working relationship
  • Board views as to compensation
  • Self analysis
fair compensation2
FAIR COMPENSATION
  • First pillar = Salary
  • Second pillar = Bonus/other
  • Third pillar = Deferred Compensation
deferred compensation
DEFERRED COMPENSATION
  • Retention driven
  • Performance driven
      • Or
    • Both
origins of deferral
ORIGINS OF DEFERRAL
  • For-profit world
  • Change in retirement laws
  • Desire of board to reward
  • Competition for talent
  • Retention based pay
  • Incentive based pay
critical tax issues
CRITICAL TAX ISSUES
  • Constructive receipt of funds
  • Substantial risk of forfeiture
slide17
TYPES OF FUNDINGSimilar to government approved retirement plans Defined “Benefit”Defined “Contribution”
metrics
METRICS
  • Benchmarks
  • Goals
  • Quantitative
  • Qualitative
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METRICSAchieve capital goalsIncrease endowmentsMaintain operationsImprove administrationElevate school reputationAnnual fundExpand campusRenovate buildingsMaintain culture

define design
DEFINE & DESIGN
  • Risks ----- Problems:
    • Encumber future Boards
    • Clarify actual cash commitment
    • School wants to keep Head?
    • Head wants to commit to school?
slide21
Other Considerations

School Culture

Financial Resources

Goals and Missions

Purpose of Program

summary understand
SUMMARYUNDERSTAND
  • Compensation Program
  • School’s Mission & Vision
  • Inner concepts, desires, goals & beliefs of Head
  • What performance means/metrics
  • Longevity of program
understand
UNDERSTAND
  • Financial Accumulation of Funds
  • The Board and its inner workings
  • That all knowledge learned in this process is good – you will know where you “Stand”
finally
FINALLY
  • The entire discussion responds to the natural human desire to be treated fairly in a competitive world.