Senior Leaders Seminar

Senior Leaders Seminar

Strategic Financial Analysis and Communication Using the Composite Financial Index (CFI)

Enhance your 2018 NBOA Annual Meeting experience by taking part in this preconference senior-level seminar.

The Composite Financial Index (CFI) is a sophisticated tool designed to help you think strategically about your school's overall financial health. In this seminar, you will learn how to produce a more complete picture of your institution's financial strengths and weaknesses using four core ratios:

  • Primary reserve ratio – a measure of the level of financial flexibility

  • Net operating revenues ratio – a measure of the operating performance

  • Return on net assets ratio – a measure of overall asset return and performance

  • Viability ratio – a measure of the ability to cover debt with available resources

This seminar will take you beyond learning the conceptual framework of the CFI and empower you to complete the CFI for your school. You will:

  • Complete the CFI using your school's financial statements

  • Interpret the results of your CFI with the guidance of seminar leaders

  • Learn how your CFI results can help you present complex financial information in a more easily understood form to key constituencies

  • Apply your CFI score over an extended period to provide a more stable long-term view of your school's financial performance

Please note: Attendees (one from each school) will be asked to complete a simple CFI calculation template in Excel that NBOA will send you within a week of your completed registration. The data requested comes from your audited financial statements for the past three years. This pre-work is only expected to take between 30 minutes and one hour and will be due back to NBOA, along with soft copies of your audits, on or before Friday, February 2nd. At the seminar, you will be provided your school's CFI results and related analysis report based on the information you provide. This pre-work is eligible for CPE credit.

Used for decades in higher education and endorsed by the National Association of College and University Business Officers, the CFI has significant practical application to independent schools. This version of the CFI is the result of an important partnership between NBOA and the National Association of Independent Schools (NAIS).

Featured Speaker

Phil Tahey

Phil Tahey is an independent consultant with over 35 years of experience in the not-for-profit community, especially serving higher education institutions. He has served this community in various roles, including consultant, auditor, and Controller at Johns Hopkins University. Phil is also co-author of several editions of Strategic Financial Analysis in Higher Education, which is the source publication for the Composite Financial Index (CFI). Phil has also served Pre-K to 12 private schools as Board Member, Finance Committee member or Financial Advisor.

Additional Speakers

  • Jon Hockman, CPF, FASAE, Principal, McKinley Advisors (Facilitator)
  • Chuck McCullagh, Chief Financial Officer and NBOA Board Member, Williston Northampton School
  • Nancy Greene, CPA, Chief Finance and Operations Officer and NBOA Board Member, The Bolles School
  • Jeff Shields, FASAE, CAE, President and CEO, NBOA
  • Jennifer Hillen, CPA, CGMA, Vice President, Professional Development and Business Affairs, NBOA
  • Mary Kay Markunas, Director, Research and Member Resources, NBOA


Sunday, March 4

  • 11:00 am - 12:00 pm


  • 12:00 pm - 12:30 pm


  • 12:30 pm - 4:00 pm



Categories Member Nonmember
Full Registration
Includes each school's personalized CFI calculation and report
$99 $129

CPE Credit

Field of Study: Specialized Knowledge
Delivery Method: Blended Learning Program
Program Level: Basic

Prerequisites: None
Advanced Preparation: Complete CFI calculations template and provide 3 years of audited financial statements to NBOA

NBOA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:


If you have questions regarding registration, please contact Jennifer Fallon at or call 202-407-7145.

If you have questions about the program, please contact Jennifer Hillen at or call 202-899-3086.