2024 Benchmark Report Reveals Charter School Spending Trends in a Tight Economy

2024 Benchmark Report Reveals Charter School Spending Trends in a Tight Economy

We are living in challenging economic times. With the rise in inflation, unemployment, and interest rates, there is a level of financial uncertainty in the United States that applies to many industries including the education sector.

Recently, American public charter schools have struggled with both low student enrollment and limited funding. The expiration of the post-pandemic ESSER funds has added to the financial constraints for these institutions.

“More than ever, charter schools need to be making data-informed decisions about how their dollars are spent,” said Daniel Casselli, President at BuyQ and Host of the Charter School Insider Podcast.

Procurify’s new Charter School Spend Management Benchmark Report provides a comprehensive view of how funds are currently being allocated in public charter schools within the United States. The report captured and analyzed real spending data from Procurify’s charter school customers between 2016 and 2023.

Using this data, we shortlisted 10 key benchmarks that we believe will help charter schools better measure their operational efficiency while maintaining fiscal responsibility.

  • Requisition to purchase order cycle time

  • Spend per purchase order

  • Spend per vendor

  • Yearly purchase order volume

  • Items per vendor

  • Purchase orders per purchaser

  • Spend per request per order (RFO)

  • Average yearly spend

  • Number of vendors

  • Percentage of spend through PunchOuts

Is your charter school facing rising costs and tighter budgets? Do you want to see how your charter school stacks up to these procurement and spend management metrics?

Download the report for proprietary data that can help your charter school:

  • Compare your performance with industry averages

  • Identify areas for improvement in your procurement process

  • Make smarter spending decisions that maximize resources for student success

Understanding where your charter school organization stands compared to these
benchmarks will help you determine any vulnerabilities you may have and will help you prioritize areas of improvement.

“A great starting place is making sure you have an end-to-end view on your existing procurement process,” concluded Mr. Casselli. “Only then can you start to uncover the time and cost savings opportunities that may be there hiding in plain sight.”