Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.
-
Upload
thomas-mitchell -
Category
Documents
-
view
215 -
download
1
Transcript of Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.
![Page 1: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/1.jpg)
Lots of Tender Loving Care, LLCBudget Meeting
October 2008
Tina Rogers
Faith Trimble
![Page 2: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/2.jpg)
Reach top of the industry child care quality: 2006 Goals
Objective Action
Encourage staff retention through paid holidays, sick leave, health/retirement benefits, staff bonuses, and /or other incentives as budget allows
Since 2007, employees have either health or retirement benefits, receive holiday bonuses, paid training, and all former sick & holiday benefits
Provide nutritious meals meeting health requirements Meet health requirements. In addition, provide specialty food services for 5 peanut allergies, one diabetic, 2 gluton free diets, 7 special milks, and 7 other specialty diets/meals
Exceed state required staff/child standards for each room
Exceed state standards in infant and toddler rooms
Provide all full-time staff with 20 hours of training per year Training (state license requirement is10 hours)
Have paid for staff training since 2007. Additional educational incentives are being offered
Implement and respond to an annual parent survey Have not conducted to date; implement in 2009
Attain the National Association for the Education of Young Children (NAEYC) accreditation
7 staff with 5-14 years with TLC3 with B.A.s; 3 with ECEs; 2 CDAs0 founded CPS complaints in 12 years
![Page 3: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/3.jpg)
Reach Financial Stability & Transparency: 2006 Goals
Objective Action
Increase fund raising and grant writing Received CTED startup grant; no other fundraising
Fund independent audits ever other year Independent financial audit due in 2009
Achieve equipment reserve target of $5,000 by end of 3rd year in operation
Est. year end transition reserve is $10,715; and equipment reserve is $25,190
Achieve cash flow target of $20,000 by end of year Est. year end checking balance is $15,000
Pay off all debt service by end of 5th year in operation, with concerted effort to pay it off sooner
All debt paid off in 2007
Introduce scheduled rate adjustments Proposed annual increase of cost of living, plus program enhancements
Provide profit/loss statements and balance sheets as required and requested by Parent Board
Al financial statements provided quarterly, and as requested by Parent Board
![Page 4: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/4.jpg)
Distribution of Expenses
![Page 5: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/5.jpg)
Wages & Benefits2008
# of staff # with retirement# with health
benefits Total expenditures
Hourly
21(15 FTE; 6 part
time) 9 6 $295,855
Salaried 2 1 0 $64,699
TOTAL 23 10 6 $360,554
![Page 6: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/6.jpg)
Budget Highlights
Proposed rate increase for all classes: 3% or 4%
Kindergarten rate increase 30% effective July 1, 2009 Minimum wage increase of .48 cents Staff receive COL/performance increases Add “sub” staff person Medical benefits increase (assume 22%) Business transitions to non-profit status; applies for 501c3
tax exempt status Independent audit to be conducted New equipment to be purchased w/o grant funds Grocery/supplies increase (assume 8%) Additional training provided to director/staff to meet goals
![Page 7: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/7.jpg)
Rate Comparisons (assuming 4% increase)
Capitol Campus1Cradles to Crayons2 Squaxin3 Serendipity Mini School
Thurston Co Thurston Co Mason Co Thurston Co Thurston CoInfants (6 wks - 12 mos) $ 739 $ 824 $ 705 n/a $ 904
Wobblers (12-18 mos) $ 707 $ 824 $ 610 n/a $ 904
Toddlers (12-36 mos) $ 687 $ 764 $ 610 $ 800 $ 861
Pre-School (3-4 years) $ 664 $ 764 $ 560 $ 765 $ 773
Pre-School (4-5 yrs) $ 664 $ 685 $ 560 $ 725 $ 773
Kindergarten $ 495* $ 620 $40/day $ 585 $ 773
* $620 effective July 1, 2009
![Page 8: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/8.jpg)
3% vs 4%
3% increase: $255 average cash flow/month
4% increase: $710 average cash flow/month
![Page 9: Lots of Tender Loving Care, LLC Budget Meeting October 2008 Tina Rogers Faith Trimble.](https://reader036.fdocuments.net/reader036/viewer/2022082711/56649ec85503460f94bd5ae2/html5/thumbnails/9.jpg)
Other Options to Consider
Registration fees increase Annual fees increase Rate increases variable by class room Grant funding Legislative changes Policy changes (no meals, no wipes, etc)