School Business Blog

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School Business Blog

The Money Movement Channels in Schools: A FinTech Discussion for School CFOs

ClassWallet had the opportunity to sit down with Wayne Brown of The Walker Group.  Wayne Brown is a fintech subject matter expert with over three decades of experience in the financial services and technology industries, including seven years as an auditor for a large global bank.  In our conversation we tapped into Wayne’s extensive knowledge on everything from the cost of accepting cash in schools, to the need to mitigate the fraud that comes with accepting cash, and the changing nature of technology for payments.

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The Cost of Cash in K-12 Education: Time, Fraud, Mismanagement & Safety

For as long as there have been schools, teachers have been collecting cash from students. Field trips, lunches, fundraisers, it’s easy for parents to drop some bills into a child’s backpack and teachers are collecting, receipting, aggregating and reporting the collection. School secretaries become drop boxes.  This model leaves open, however, an avenue for misuse.  School auditors have an easy time exposing fraud, waste and non-compliance.

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Why Harrington Park School District Loves ClassWallet: #NYEdTechWeek Feature

There are some office facing solutions that are lights out that I love. The first group that I would talk about is ClassWallet. ClassWallet is a great business office solution and you say, “Wow that is so simple!” ClassWallet talks about student funds and accounts, field trips, things like that, and you go, ‘Oh my God that’s such a low hanging fruit.’ But everyone of us brings that brown envelope down to the office. It’s a nightmare. But ClassWallet digitizes it.

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Insights from a Former Brown College Athlete on Managing NCAA Expenses

Paul Raymond lettered four years varsity football at Brown University, and ran track for two years, before going to the NFL for several years. After leaving professional football Paul worked as a school counselor teaching Math to students in Miami, and today is an MBA student at Yale University. ClassWallet caught up with Paul to ask him about his experiences with the expense management side of college sports, specifically the process when he hosted recruits at Brown and was given NCAA funds to manage.

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ClassWallet Announces Minority Investment From Brentwood Associates

ClassWallet, a market-leading platform that streamlines the tracking of education funds, has closed a minority investment from Brentwood Associates (“Brentwood”).  Brentwood is a leading consumer-focused private equity investment firm that has made several investments in the education space.  ClassWallet represents the fifth education-related investment for Brentwood.  Several existing ClassWallet investors also participated in the funding round.

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Student-Based Budgeting: The Case for Transparency of District Funds Allocation

A shift is occurring in school districts across the United States, a shift from top down, centralized budgeting to student-based budgeting, also referred to as weighted student funding.  According to the American Legislative Exchange Council, weighted student funding is defined as “student funding from state sources. It includes additional funds, “weights,” based on percentages of foundation funding revenue to offset the higher education costs associated with certain student and school demographics.”

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