For more than a decade teacher residencies have prepared classroom-ready teachers for hard-to-staff subjects and high-need schools. Across the country, mounting evidence shows that residencies produce effective teachers who stay in the profession longer and produce greater student achievement than traditionally-trained teachers.
No residency, however, can be truly successful if it is not financially sustainable. The financial challenges confronting new and existing residencies are complex, but they can be overcome with smart, intentional planning and strategic thinking. That’s why NCTR teamed up with Public Impact to develop Design for Impact, a suite of resources to help existing residencies become more sustainable, and to ensure that new programs start off on solid financial footing. Design for Impact guides programs as they collect and analyze financial data, and its interactive budgeting tool helps program leaders understand how different scenarios and decisions impact revenues and expenditures over time. In addition, Design for Impact helps programs understand the importance of cost sharing with their partners, and it will help them identify and secure new revenues as they negotiate with school districts, institutes of higher education, and community partners.
Design for Impact is a one-of-a-kind financial tool kit for residencies needing to develop and implement a sustainable and reliable financial plan. There’s nothing else like it. For more information or to access the financial modeling tool, please contact NCTR at contactus@nctresidencies.org.