Part 1: Overview
You are holding a workshop for all principals and their financial operations managers to review how compensation is calculated for principals, instructional coordinators/assistant principals, and teachers, per the U.S. Department of Education guidelines that include base salaries, benefits, and retirement pensions.
You will use the U.S. Bureau of Labor Statistics median salary levels for this activity:
Principals: $98,490 Instructional coordinators: $66,970 Teachers: Elementary: $60,660 Middle school: $60,810 High school: $62,870 Special education: $61,420 Create an Excel spreadsheet that lists: roles, salary, number of people in each role, and total expenditure for each role.
Calculate the total salary expenditure for your local school (choose either 1 elementary, middle, or high school).
Part 2: Health Insurance Benefits
Use the roles in your answer to Part 1 of this assignment to calculate the total cost of health insurance for the principal, instructional coordinators/assistant principals, and teachers serving that school. Health benefits are to be calculated at $10,598 / person.
Calculate the health benefit costs for the school you are studying and add the total expenditures for health benefits to your Excel spreadsheet.
Part 3: Retirement Funds
Principals, instructional coordinators/assistant principals, and classroom teachers accrue (collect) $9.22 / hour of work (8 hours/day) x (times) 180 instructional days.
Calculate the total amount of retirement fund accrual for each role in Part 1.
Add the total amount of retirement accrual for all the roles listed and add that amount to your spreadsheet.
Part 4: Total Expenditures
Salary Health insurance Retirement funds Add the total costs of the individual role and list those on your Excel spreadsheet: Salary + Health Insurance + Retirement Funds
Multiply the individual cost totals x the number of people in each role group.
Calculate the total expenditures for salary, health insurance, and retirement funds for the school you studied and add the total expenditure to your Excel spreadsheet.