Many schools are usually non-profit making organizations’ setup mainly for the betterment of the society. Although this being the case, many schools still have wealth that needs management so as to improve their service provision to the society. This is the same case with privately owned schools whose other agenda is a business. Getting a reliable software like school audit from one of the asset management companies, then you are The following points will come in handy when hiring a school asset management company:
Tips When Hiring A School Assets Management Company
What are your expectations?
Figuring out what your expectations are for management of the school property is your first step. For example, you may need a savings plan, investment of assets for the benefit of the school or even advice on tax matters. This will guide you on the best company suited for your needs.
It’s best to understand the business by inquiring about the services they offer. This will enable the school management to decide whether the company can meet their goals in asset management. Not all advisors are well equipped therefore need to be extra cautious to enable you to get a company that will develop the best investment strategies.
You can start by reviewing the company’s background information e.g. online. Ask for certificates of incorporation of the company and also credentials of the individual advisors. Some documents can be held by the consultants like the chartered financial analysts' certificates. This will ensure professionals handle the school's assets.
What is their performance record?
Let the potential advisors explain how they would handle different scenarios i.e. during the good and bad times during the investment period. They can give different experiences they had with various clients of different risk taking abilities and how they handled the situation. You can check on their history online to see whether they been involved in any fraud or breach of contract. This will give a clear picture of who we are dealing with.
How to compensate
You need to know their compensation basis before entering into a contract with them. It can either be a fee basis compensation or a commission based compensation or a combination of the two. Most companies have already decided their compensation basis, and you will have to decide if it works for the school or not. You should make sure that the rates for payment are laid out up front