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

Determine cash flow statement, Download the financials of Shoprite , study ...

Download the financials of Shoprite , study them, then, using ratio analysis, the cash flow statement, and the segmental breakdown of the results, prepare a statement outlining the

Prepare the entry to assign factory labor to production, The gross earnings...

The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer's payroll taxes for the factory payroll are 8,000. The fringe ben

Prepare a master budget, Pecos Canyon Winery is a small vineyard/winery loc...

Pecos Canyon Winery is a small vineyard/winery located in the Big Bend area of West Texas. The initial cabernet grape vines were planted in the spring of 2004 with the first wine p

Financially acceptable, Suppose that you are the chief financial officer at...

Suppose that you are the chief financial officer at Porter Memorial Hospital.  The CEO has asked you to analyze two proposed capital investment-Project X and Project Y.  Every proj

Determine the expected range of returns , Series Arithmetic Mean ...

Series Arithmetic Mean Standard Deviation   Small-company stocks 15.9  % 32.8  %   Large-company

Activity based costing, As controller for Edmonton Cosmetic Hospital, you a...

As controller for Edmonton Cosmetic Hospital, you are looking into the possibility of utilizing Activity- Based-Costing to assign overhead costs to patient surgeries. As a first st

Variable overhead expenditure variance, Variable Overhead Expenditure Varia...

Variable Overhead Expenditure Variance Budget for December 2003; Shs. Fixed Overheads 11,480 Variable Ov

Profit or loss on the disposal of the fixtures and fittings, This task invo...

This task involves the recording of non-current asset information in the general (nominal, main) ledger and other non-current asset matters. You are assisting in preparing the a

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