| This study investigated the development of fiscal policy in independent schools under Peter Drucker's (1990) principle of two-way partnerships in nonprofit organizations. Specifically, the investigation targeted how the chief administrator of an independent school worked with the board of trustees to develop and implement a fiscal policy that ensured the stability of an independent school, the factors that influenced fiscal policy development, and the outcomes experienced by independent schools as a result of head-board financial decisions.; Multiple case study was used to investigate three independent schools located in the Commonwealth of Virginia. The sample was selected from a population of independent schools belonging to the National Association of Independent Schools (NAIS) and possessing characteristics deemed "typical" by this organization. Instrumentation for data collection entailed semi-structured interviews with the chief administrator, the chairperson of the board, and the chair of the finance committee from each school as well as document content analysis of school-provided literature including bylaws, fiscal reports, constitutions, and mission statements.; Under methods of triangulated analysis, the data indicated that balance in the two-way partnership was a factor influencing the organizations' success in fiscal policy as well as mission fulfillment. This balance within the partnership was primarily affected by factors internal to the organization and included commitment, influence, communication, understanding of the organization's needs, and respect and fulfillment of the assigned responsibilities. |
