Unit 04 Summary.docx

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Department
Family Relations and Human Development
Course
FRHD 3190
Professor
Leslie Yaffa
Semester
Summer

Description
Unit 4 Chapter 9 Financial MattersThe nature of a childs and familys experience in an early childhood program depends in large measure on whether the full costs of providing a quality experience can be sustained Better quality programs spend more per child on staff compensation2 major components of financial managemento Developing a system for managing resources o Obtaining adequate funding The nature of a childs early childhood experience is determined by a programs ability toFoster meaningful relationships between children and adults by promoting staff continuity for children and by enhancing staffparent relationships limiting the number of children per adult Ensure that staff have the specialized educational background and knowledge of early childhood development needed to build relationships with young children and their familiesProvide adequate compensation and good working conditions to attract and retain qualified staffEstablish a safe and stimulating environment that enhances childrens ability to learnThe Directors Role in Financial PlanningTo ensure that there are sufficient funds to establish and operate a quality programAdministrators need to be familiar with and actively pursue every possible revenue source for the EC program and be able to estimate program expenses through continuous monitoringResponsible for forecasting managing and monitoring revenue and expenditures to maintain the viability of the serviceAbility to understand plan and control an organizations finances is a central and critical skillEvery line in a budget is a policy decision that directly determines what a program will be Financial planning should involve input from all those involved in the programownerboard of directors staff and parentsDirectors must produce a wellinformed budget that takes into account the various sources of revenue parent fees government grants fundraising projected range of expendituresDeveloping a budget requires creative decision making an ability to look at past business practices and the vision to predict future expenses and income A budget is written for a specific period of time typically a year and is a tool for helping EC directors predict program success Who Makes the BudgetIn a nonprofit organization the director in cooperation with the finance committee draws up the budgetBoard of directors reviews suggests revisions then approves itIn a commercial operation the owner develops the budget
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