Mary Brower and Theresa Sull, in their article "Is Your Center in Good Health?" (which is included in the book, Managing Money in Early Childhood Programs,) offer six key strategies for ensuring a financially healthy early childhood program. Here are a few of them:
"1. Meet All Reporting Deadlines so that Payments for Subsidy or Child Care Food Program Reimbursements Arrive on Schedule
That red tape is so annoying! You feel that keeping up with paperwork takes you away from working directly with children. Remember that a mismanaged center will not remain financially viable, and if the center closes, you’ll lose all your opportunities to facilitate children’s development.
2. Don’t Base the Center’s Budget on Enrollment to Capacity
…Base your budget on about 95% enrollment. Keep a waiting list of interested families…Anticipate children leaving and begin to recruit early so that enrollment remains high.
3. Raise Funds Beyond those Provided by Tuition Payment
The fact is that high-quality care is very expensive. Few families can afford to bear the full cost of care, even when both parents work…In many communities, parents as well as local businesses may be sources of in-kind donations or volunteers. Careful consideration should be given to all fundraising ideas to determine whether enough cash can be raised to offset the time and labor required by staff and parents."
in Early Childhood Organizations
Administrators of early childhood programs must be as effective at managing financial matters as they are at caring for young children and their families. Managing Money in Early Childhood Organizations provides you with practical advice from top experts on every aspect of money management, including budgeting, fundraising, financial reporting, cash flow analysis, audits, salary schedules, fee policies, collection techniques, and more.
Offer valid through November 6, 2018 at 11:59 pm Pacific Time.
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