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Accounting Manager, Prep School

The accounting manager for a small prep school explains that a few years ago the school changed its head of school and the new one persuaded the board to divest the school of all equities. This left the accounting manager with the task of managing larger amounts of cash than the school was typically used to. The school found itself accumulating cash and didn’t know how to handle it. It did not want to work with multiple banks.

The school had a close working relationship with its banker. A year and half ago, the banker introduced the school to CDARS® and ICS®, and the solutions brought great relief to the Accounting Manager.

The school signed up for both CDARS and ICS. The school uses ICS to manage its cash across the year that starts with tuition payments and must be disbursed throughout the school year. It then rolls any surplus it has at the end of the year into CDARS.

The accounting manager called the decision a “slam dunk” the manager and the head of school understood and adopted the idea almost immediately.

"I love it [ICS]. It tells me where our money is. We keep a minimum $150k in checking. After $200K, it moves the cash around seamlessly. I could not be happier with how the sweep works. Keeps us liquid and protected,and interest bearing, the best of both worlds. And the [ICS and CDARS] statements—reconciling is so easy QuickBooks syncs with our bank, so it shows up in QuickBooks and clearly shows interest earned and posts."

Accounting Manager, Prep School

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