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Glossary of Key Terms

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Term Definition
Faculty Performance

Measure of a teacher’s effectiveness in the classroom based on predetermined, shared criteria.

Financial Package

Financial package is the total amount of financial aid offered to a student by all sources. Often it is composed of funds from one or more of the following sources: tuition assistance from the school, scholarships and grants (from multiple sources including the school), loans, and sponsorships.

Financial Plan

In general a financial plan is a series of steps and/or defined strategies aligned with mission defined goals used by school leadership, which are designed to accomplish a financial goal or set of conditions, e.g. balanced budget, elimination of debt, retirement preparedness, etc.

For-Profit Business

A for-profit company is an entity that is intended to operate as a business which will return a profit to the owners. A for-profit corporation, depending on the jurisdiction to which it is incorporated, may be operated either as a stock corporation or as a non-stock corporation. For profit organizations pay taxes.

Formative Assessment

Demonstrated learning by the student; the instructional process that provides on-going, growth-producing feedback that informs and supports improved learning and adjusted teaching.