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

Cvp and computer applications, CVP and Computer Applications The broad...

CVP and Computer Applications The broad availability of personal computers encourages more managers to apply cost volume profit analysis. Computers can quickly create the comp

Why are marginal costs increasing, 1. Why are marginal costs increasing? Wh...

1. Why are marginal costs increasing? Why are they not always constant? You may give examples in some industries or just state two reasons at least.

Sales revenue variance (srv), SALES REVENUE VARIANCE (SRV) The word 'Sa...

SALES REVENUE VARIANCE (SRV) The word 'Sales Variance' is indicated by the expression 'operating profit variance due to sales' by ICMA.  It is described as 'the difference betw

Overhead analysis, what do i need to know before the overhead preparation?

what do i need to know before the overhead preparation?

Feedback forward control system and feedback controls, A transport company ...

A transport company is preparing its cost budgets for the coming year. It has been set both social objectives & cost targets by the government which it must achieve in order to rec

What is callable preferred stock, What is callable preferred stock? Why do ...

What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty

What is the steady-state value of capital labor ratio, 1. A country has the...

1. A country has the per-worker production function  y t = 6 k t 0.5   where y t is output per worker and k t is the capital-labor ratio. The depreciation rate is 0.1 and t

Standard cost, Standard Cost A predetermined cost is representing the i...

Standard Cost A predetermined cost is representing the ideal or norm achievable through an organization. Standard costs form the basis of a standard cost system used extensivel

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