Financial Capital: Through the Eyes of Chicago
by: Sosna Gellaw
Economic inequality is frequently seen within Chicago Public Schools. While some schools are seen to be striving with adequate budgeting in addition to external contributions, others struggle to replace worn down textbooks and maintain their facilities. The economics going into a school's budget is dealt with by a local school council (LSC) which is an elected group in a school consisting of six parents, two teachers, one school staff member, two community members, and the principal. LSCs range from school to school; one may be a council for a prestigious school with much financial capital while other LSCs could be struggling with their limited funding. Local school council members with greater financial capital are able to bring more resources and opportunities into a school in order to enhance students' learning experience.
The LSC members are able to provide financial capital to the school while also complying to the objectives of their job on the council. A LSC's responsibilities include, but are not limited to, "approving how schools how school funds and resources are allocated, developing and monitoring the annual school improvement plan" (Local School Councils 1). Whether or not the students receive adequate resources, in accordance to the budget, depends on them. A school that has highly achieving students, in most cases, also has wealthy parents. These same parents, the ones who participate in LSCs, the ones who write the checks; these are the people in educational institutions who hold the financial capital, or the use of money to provide equity in a school. The relationship between geographical location and financial capital "on schooling is that wealthier families often seek housing in what they believe to be superior school districts" (Willingham 3). |
Wealthy parents who go into wealthy LSCs have a substantial amount of contributions coming in from other sources or simply out-of-pocket. The issue with this is that the schools we do not get to have these extra funds, because of their low socioeconomic status, cannot afford the same resources as students attending wealthy schools. Hence, the school with higher financial capital within their LSC is the one with the upper hand. Contrarily, there are also cases where LSCs do not properly budget their funds. When this is the case, unorganized money managing leads to economic instability within a school.
The issues at present are that LSCs do not have adequate financial capital along with LSCs who do not know how to manage money. In the long run, both problems can be addressed with LSC members being properly trained and "providing such educational experiences to a significant number of LSCs will require a major financial investment...and the development of an infrastructure capable of providing this education that currently does not exist" (Moore 17). LSCs need to be trained so that they are able to go out, fundraise, and collectively organize money going into the budget. Even if they do not have the most out of financial capital, they are able to properly manage the expenses and prioritize the school necessities so that they get the most out of their money. More resources and opportunities would mean more equity for students. More equity for students essentially enhances their education which gives them the chance to learn and grow to the best of their ability. |
Higgins, Paul. Public Schools, Private Budgets. 2011. Public schools, private budgets (July 21, 2011). Medium. 26 Feb. 2014.
"What is an LSC?." Pages - Localschoolcouncils. Web. 26 Feb. 2014.
Willingham, Daniel."Why Does Family Wealth Affect Learning?." American Educator. Web. 14 Feb. 2014. Moore, Donald. "The Documented Strengths of Chicago’s LSCs." Chicago LSCs Local School Councils: What the Research Says. Web. 27 Feb. 2014.
"What is an LSC?." Pages - Localschoolcouncils. Web. 26 Feb. 2014.
Willingham, Daniel."Why Does Family Wealth Affect Learning?." American Educator. Web. 14 Feb. 2014. Moore, Donald. "The Documented Strengths of Chicago’s LSCs." Chicago LSCs Local School Councils: What the Research Says. Web. 27 Feb. 2014.