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 the ICS® and CDARS® services, and the solutions brought great relief to the accounting manager.
The school signed up for IntraFi Network Deposits. 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 accounting manager and the head of school understood and adopted the idea almost immediately.