Colleges that only track their own year-over-year finances miss crucial context. Comparing audited financial statements to peer institutions reveals where costs are unusually high and where staffing needs adjustment, using data sources like Perspective Data Science.
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It's been, it's been higher than normal. So yeah, this happens a lot. Schools just kind of like benchmark against themselves over time. Like, hey, they're looking, oh, we're doing pretty good compared to 2022, right? But still, and when you have these other lines, it kind of puts it into perspective, right? It's still quite high. So they can save some money there and probably balance their budget on that side and also looking at the staffing stuff that I mentioned. There you go.
You know, we, we've talked about this so many times on the show, and I'm gonna do it again because we probably have a new audience with the folks from Lenore Rimes and their competitors looking at this. It's the comparisons that matter. And Matt, I know I'm preaching to the choir right now, but when it's— you can't look at your— in this day and age when data is so available, you just can't look at your own internal data. You've got to look at comparisons. And if you're Lenore Rimes or any of the other colleges that we've done, it's the same message. Comparing yourself to yourself just doesn't get it done in the 21st century. And what we have done here and what Matt has done at Perspective Data Science is given you comparisons. We're pulling your actual financial statements. It's your data. It's stuff you submitted through your audited financial statements.