From the CEO
I recently met a Superintendent that informed me that she spends 45 minutes a day reviewing purchase orders! Since these POs had to work their way up to her, she could only guess that several administrators spent the same time, if not more, each day. I met with a prospective customer, an education granting organization, who shared that 30% of the funds it granted to a district didn’t get spent because the purchasing and tracking process of the district was so cumbersome. The simple truth is how schools do business drains time and energy and impedes the progress of a goal driven agenda. Any effort to reform education that excludes reformation of business processes is bound to take exponentially longer to accomplish and will come with higher risks of failure.
Introducing: New Website and Updated LogoWe are excited to announce the launch of our new website and updated logo. The new site is a reflection of what we are hearing from district CFOs and business officers around the country - that ClassWallet is solving a huge problem related to tracking small dollar transactions such as classroom purchases, student activity funds, Title I and unappropriated funds. These transactions are paper-intensive, overwhelm school secretaries, internal auditors and business office administrators, and are the source of many accounting and audit challenges. Check it out --> www.classwallet.com Jamie Rosenberg to Address Top 100 School District CFOs Every year the CFOs of the top 100 largest school districts convene at the Council of the Great City Schools Chief Financial Officers Conference. This year, our own Founder and CEO Jamie has been invited to speak to the audience about the “Hidden Costs of the Paper Trail.” Industry trends are leading to more decentralized purchases, and Jamie’s lecture addresses the cost implications that may not otherwise have been considered.
White Paper on The Hidden Costs of School Based BudgetingThere is a growing trend of providing principals and educators with more autonomy over school budgets, accompanied with no shortage of tracking and accountability measures and mandates. As procurement becomes more decentralized, the number of purchasing transactions is bound to increase. Since each transaction must be tracked, accounted for and audited, the amount of man hours and paperwork will surely expand. Click here to read more.
Financial Tech Publication Innovators' SpotlightWhile ClassWallet is solving a major problem in how school districts and nonprofits can more efficiently track certain purchases, the technology behind the platform is gaining recognition in the financial technology space. This month Paybefore magazine features ClassWallet in its Innovators Spotlight section. Click here to read.
Former TFA Intern is Named Godmother to World's Largest Cruise ShipA big shout out to Brittany Affolter who interned at ClassWallet in summer 2015. Brittany won a contest and was named godmother of Royal Caribbean International’s Harmony of the Seas after a contest among about local 1,000 educators. Click here to read the article. Congratulations Brittany!
Upcoming EventsGeorgia Association of School Business Officials Annual Conference Augusta, GA November 8 - 10 Council of the Great City School CFO Conference San Antonio, TX November 8 - 11 Florida School Finance Officers Association Conference Tampa, FL November 8 - 11
ClassWallet addresses the pain of managing checks, reimbursements, paper receipts, and the paperwork associated with tracking expenditures for school systems. The platform makes the accounting and audit trail very easy and helps reduce administrative costs.