NBOA Industry Guidance

For schools to secure their financial health in perpetuity, they must have clearly defined operational policies and procedures as well as sound fiduciary practices. The 60 guidelines in “Practical Guidance” cover four key areas: governance, finance, facilities and operations, and human resources. Each guideline includes a range of evidence of achievement, divided into three categories: baseline practices, exemplary practices and red flags, which should help schools identify areas of concern. This assessment tool includes an interactive action-planning worksheet to help leaders prioritize action items for their own purposes or in preparation for an accreditation or reaccreditation visit.

Released: 2020

Cyber liability insurance is a core component in a school’s insurance portfolio, and not having appropriate cyber coverage can leave a school exposed financially. The Association of Technology Leaders in Independent Schools (ATLIS) and NBOA jointly created this guide on cyber insurance for independent schools to help the business officer and technology director understand and purchase appropriate cyber liability insurance coverage. The guide covers key considerations and controls, third-party vendor contracts, action steps, FAQs, a glossary and technology checklist. 

Released: 2022

While a tax-exempt school is not required to pay federal income taxes, it may have other types of tax requirements. And in order to maintain tax-exempt status, a not-for-profit independent school must provide transparent governance, financial and operational information to the Internal Revenue Service and the public. In addition to filing an annual information return (Form 990), most independent schools are required to file and pay payroll taxes and other state and local taxes. Some schools may also need to consider unrelated business income and foreign tax reporting. This guide covers the various complex tax issues an independent school may encounter.

Released: 2022

Many independent schools struggle to understand and maintain compliance with federal and state wage and hour laws, specifically those dealing with the proper classification and compensation of school employees. These laws often do not apply neatly to schools’ needs or diverse workforces, which include employees who work part-time, on contract or on a flexible schedule, or fulfill residential, travel and/or extracurricular duties. Authored by attorneys at Schwartz Hannum PC, this white paper seeks to help school administrators more easily classify these distinct positions.

Released: 2019

As market conditions and demographics change, more schools are considering merging with or acquiring a neighboring independent school. This white paper includes information on nonprofit mergers and acquisitions, suggestions for kickstarting leadership conversations, processes for assessing a potential partner, types of school combinations, and key areas of due diligence, among other insights specific to independent schools. Leaders from three national firms — LearnCollab, Venable and CliftonLarsonAllen — authored the paper, which is framed by introductory remarks by NBOA President and CEO Jeffrey Shields.

Released: 2019