Course Charters: Navigating Financial Success with Marisol Felix

In this edition of Course Charters, we continue our exploration of the strategies that guide charter schools toward financial stability and success. Our spotlight today shines on Marisol Felix, a Director of Client Finance at Charter Impact, whose 20-plus years of experience span both the private and nonprofit sectors, with a special focus on charter schools over the last four years.

A Passion for Education and Finance

For Marisol, the motivation to specialize in charter school finance is deeply personal. As a homeschooler herself, she understands the importance of providing children with educational opportunities that shape their future.

"Education is critical to me," she shares, "but giving a child the educational opportunity is vital for the success of our future. Working in this environment allows me to contribute to that success."

Her journey into charter school finance reflects a blend of professional expertise and personal conviction. Marisol’s diverse background in investing and fiscal management equips her with the tools to handle the financial complexities that charter schools face.

Facing Financial Challenges in Charter Schools

When asked about the most common financial challenges for charter schools, Marisol highlights three key issues, particularly for startup schools:

1. Talent Retention: Competing with higher salary scales in a competitive job market makes it difficult for schools to retain top talent.
2. Unrealistic Fiscal Expectations: Many schools face financial strain due to setting unrealistic budgetary goals.
3. Facility Acquisition: Securing adequate facilities is a major hurdle for schools trying to meet their goals.

These challenges, however, aren’t insurmountable. Marisol brings a unique perspective and practical strategies to help schools overcome these obstacles and achieve financial stability.

Innovative Strategies for Success

Marisol has a wealth of experience guiding schools through tough financial situations. One of her go-to approaches is creating tailored solutions for each school's specific needs. When dealing with facility acquisition or staffing issues, Marisol focuses on right-sizing the budget to ensure that resources are being used effectively.

One of her key strategies is a conservative budgeting approach, particularly for schools experiencing fluctuating enrollment. By basing financial plans on conservative estimates, schools can avoid budget shortfalls and better prepare for unexpected challenges.

Best Practices for Charter School Financial Management

To ensure financial stability and growth, Marisol recommends a few best practices for charter school leaders:

1. Start Early and Include Key Stakeholders: Begin the budgeting process early and involve all necessary team members to ensure that everyone’s perspectives are considered.
2. Right-size Your Staffing and Facilities: Avoid overstaffing and make sure your facilities match the needs of your current and projected enrollment.
3. Build Reserves: Establish a reserve fund to cushion your school against unexpected financial hurdles. A reserve of at least 17% of your operating budget is a good starting point.

Her advice to new school leaders is simple but crucial: “Know you are not alone. Reach out to colleagues for guidance, and hire the right back office provider to lead you to financial success.”

Emerging Trends and Future Directions

When it comes to trends in charter school finance, Marisol emphasizes the importance of sound hiring and operational practices. She outlines what she calls the "Seven Habits of Running a Successful Charter School":

Looking ahead, Marisol foresees more established schools continuing to hone these habits, while startups will need to pay close attention to these trends to stay competitive.

Success Stories and Lessons Learned

One of Marisol’s proudest achievements comes from watching students at graduation ceremonies reflect on their educational journeys.

"Listening to students at promotions and graduations describe how impactful it was to be part of a charter school," she says, "and knowing that our financial guidance helped provide those opportunities, makes all the hard work worth it."

Her advice to other school leaders is clear: prioritize transparency in budgeting, no matter the past culture. This transparency fosters trust among staff and administration, creating a healthier and more collaborative financial environment.

Essential Tools for Financial Oversight

To keep charter schools on track, Marisol recommends regular financial check-ins and utilizing tools like Document Tracking Services (DTS) to manage important financial documents such as LCAPs and one-time spending plans. Weekly meetings between school executives and their fiscal representatives are key to staying aligned on financial goals and addressing challenges before they become unmanageable.

Final Thoughts

For Marisol Felix, the most rewarding part of her role in charter school finance is knowing that she plays a part in shaping the future of communities by supporting schools that are committed to educational excellence. Her experience, insights, and passion for education make her an invaluable guide for schools navigating the financial complexities of today’s charter school landscape.

As we continue our Course Charters series, stay tuned for more expert advice, success stories, and actionable financial strategies from the team at Charter Impact.

Need help with your school’s finances? Contact the experts at Charter Impact today: https://www.charterimpact.com/contact. We're here to help you navigate your financial challenges and ensure your school’s success.