The School continued to add to its strategic operating reserves by releasing restricted funds from its endowments, from the return of investment earnings, and a from direct contributions to the Strategic Growth Initiative and the Path to Excellence Initiative.
Operating income, largely driven by strategic giving in the 2023-24 year and tempered inflation over the year, exceeded expenses. Program expenses increased in line with expectations and were driven by expenses tied to the educational programs and faculty and staff compensation. Operating income come in well above original expectation for the 2023-24 fiscal year.
Compensation is our largest expense, commanding 73% of the total expenses, followed by our facilities & IT utilizing 15% of our resources. With our mission in mind, we hire the best faculty and staff so we can deliver our rigorous programs; empowering our students to embrace complexity, think critically from multiple perspectives, and demonstrate integrity and sensitivity across cultures.
The 2023-2024 financial statements of Silicon Valley International School were audited by Armanino LLP, independent Certified Public Accountants. Complete financial statements will be available upon request from the school’s Chief Financial Officer, Erik Paxman, once the Board has reviewed and approved the audited financial statements.
*Financials have been Audited, but are awaiting Board Approval.