Creating budget and annual operating budget assignment, Cost Accounting

Assignment Help:

This assignment will consist of developing a center-based financial operating budget. A break-even and Cash-flow projection are not required for this assignment. Students will develop the budget based on the following information.

  • Use the ages and numbers of children, staff salaries, etc. from the Staffing Patterns Project
  • Ratios: Use NH Licensing ratios
  • Assume the program is non-profit (so this is a break-even budget)
  • Food subsidy: student choice (current reimbursement rates and eligibility requirements can be found online)
  • Grant funding (i.e. United Way, other foundations, etc.): student choice
  • Use a Utilization Rate of 90% - utilization rate is the potential percentage of child care slots being used.  On Blackboard are articles with examples.
  • Other Expenses (use these dollar amounts):
  •  
    1. Rent:  Assume $2000 per month for rental property
    2. Insurance:  Assume $6,000 per year for property and liability insurance
    3. Utilities (electricity, phone, gas): Assume $1000 per month
  • Food, equipment, classroom supplies, maintenance, and cleaning - students will determine the budget for these categories
  • Other components to include:
  •  
    1. Initial  and/or annual registration/enrollment fees (to make up for income lost due to utilization rate)
    2. Fundraising
    3. Professional membership costs
    4. Non-teaching staff salaries
    5. Curriculum materials
    6. Replacement items, i.e. furniture, computers, books, etc.
    7. Field trips
    8. Marketing/Advertising
    9. Office Supplies
    10. Attorney on retainer
    11. Tax preparation services
    12. The need for part-time staff

To supplement the budget, students will include rationale for any line items with comments in individual cells (i.e. how the number was calculated, determined, or estimated). In Excel, it will be apparent that students have included a comment because of a small red triangle in the right-hand corner of a cell. Students will also provide a reflection in a Microsoft Word document that addresses the following questions/statements in 2 to 3 pages:

  • What did you find to be the challenges of creating this budget?  What, if any, were the rewards?
  • Discuss what, if anything, you learned from this process? 
  • Do you aspire one day to be in a position where you have the opportunity to create a budget for a child care center?

Related Discussions:- Creating budget and annual operating budget assignment

Optimise manufacturing cost, Optimise Manufacturing Cost Of late it is...

Optimise Manufacturing Cost Of late it is perceived that in order to optimise manufacturing cost, a product might be designed and financed in one country; its material /compon

Quantitative and qualitative information - cost accounting, Quantitative an...

Quantitative and Qualitative Information in Accounting Systems The availability of information is the lifeblood of any type of management and cost accounting system. It is vi

Calculate the net present value and efficiency , A foreign company plans to...

A foreign company plans to clear several dozen acres of ecologically valuable mangrove swamp in Vietnam for the creation of a shrimp aquaculture facility. This decision will create

Tax bracket, You want to save $40,000 for a down payment on a new home. You...

You want to save $40,000 for a down payment on a new home. You expect to save $7,000 per year, be in the 25% tax bracket and hope to earn 4% on your investments. How long (in mon

Purposes of overhead cost analysis, Purposes of Overhead Cost Analysis ...

Purposes of Overhead Cost Analysis There are a number of situations whether the analysis of overhead costs will assist in the satisfactory evaluation of the relevant cost data

Change in method of deprecation, Your client has asked you to provide guida...

Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch

Labour variances, Labour Variances From our basic data, we can ca...

Labour Variances From our basic data, we can calculate the labour variances as given as: i. Labour Rate Variance = (AH x AR) - (AH  x SR)

Calculated the net working capital, Balance Sheet                      ...

Balance Sheet                                                                      2010                2011             Assets Cash

Define the marginal, Total profit means the total revenue excluding the tot...

Total profit means the total revenue excluding the total cost of the certain products. Average profit defines the profit which comes and achieved after selling each unit. Total

Costing term, Match each of the six following terms with the phrase that mo...

Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once. _____ 1. Direct costs _____ 2. Fixed costs _____ 3

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd