(Photo by Sean Scheidt/Allovue)
Allovue is working on a pilot program to help California schools automate budgeting processes, and the Baltimore-based company is planning to build a new tool to help schools with their finances.
In a partnership with Pivot Learning, Allovue’s software, Balance, is initially being used in three districts, said Allovue CEO Jess Gartner. The teams and software are helping the schools with automation and improvement of financial management. The project is funded through a grant from the Bill and Melinda Gates Foundation’s Smarter School Spending Initiative.
Following the first phase, the two organizations will look at the challenges that schools and districts face in developing a state-mandated spending plan known as the Local Control and Accountability Plan (LCAP). The spending plans are created by districts. Input is required from school personnel, parents and community members before it is submitted to the state. They were introduced in 2013 legislation as part of a new school funding system called the Local Control Funding Formula (LCFF).
Using the information gathered, the organizations are planning to develop a tool with the primary goal of streamlining the process for reporting funds associated with the spending plans.
“Through our partnership with Pivot Learning, we’ll develop new technology solutions to elevate strategic budgeting processes, not just for state reporting, but to truly help districts understand the correlations between spending and outcomes,” Gartner said in a statement.
The “edfintech” company closed a $5.1 million Series A in December, and has been hiring steadily. Gartner said the company recently hired its 22nd employee, and is projecting to double the number of employees by the end of the year.-30-