Budget
This is a plan for earning revenue and spending.
What is a budget?
This is the process of using historical financial information to predict future business trends. It can be used to estimate future budgets and make financial decisions during the year.
What is forecasting?
This module teaches us a process for building a budget and how to use it for ____________ throughout the year.
What is decision-making?
In step 1 of the budget process, you will need to pull ______ from the past few years.
What is financial reports?
You should be reviewing your budget-to-actual income statement at least monthly so that you can catch ________.
What is differences?
This is the recommended percentage of capacity that the provider should budget for enrollment.
What is 85%?
This is the typical number 1 source of income for programs.
What is tuition/fees?
Sound _____ fiscal practices lead to strong businesses, which lead to better outcomes for children.
In step 3 of the budget process, you ________ changes to the current program that may impact the budget.
It is important to understand what is _________ differences in your budget-to-actual income statements so you can determine whether it is a short or long-term problem.
What is causing?
Name two sources of income for providers.
What are: (any of the following)
•Tuition and fees
•Subsidy
•CACFP
•Donations and In-kind
•HS/EHS Partnerships
Providers should be aware of changes in the _________ that may impact their businesses.
What is community?
Antoine de Saint-Exupery said, "A goal without a _______ is just a wish".
What is a plan?
Once your budget for your current program is built (in Step 4), you should review this from the budget in Step 5.
What is the bottom line?
These are changes you make that take a little more planning, and may help this year or future years.
What are long-term changes?
This is how often the budget-to-actual income statement should be reviewed.
What is monthly? (at least)
Operating costs that tend to remain consistent from period to period are referred to as ________, while costs that go up and down based on enrollment are referred to as ________.
What are fixed expenses and variable expenses?
This organization created the training and is partnering with states to ensure facilitators are prepared and available to offer the training for free.
What is the National Center on Early Childhood Quality Assurance?
Looking ahead in Step 7 of the budgeting process, you will want to list new _________ you are considering for the coming year.
What is initiatives/projects?
Sometimes a short-term or "band-aid" fix can address symptoms of an immediate need, but there could also be a bigger ________ underlying the symptoms that require a long-term fix.
What is issue?
This should be used to help make budget decisions.
What is data?
What is accounts payable?
This training module helps programs learn to plan ________ for future goals.
What is strategically?
If you find you can afford new initiatives, you will add them in Step 8 of the budgeting process, and then recheck that the bottom line is _________.
What is balanced?
These are changes that you can make for the immediate year that can help your bottom line.
What are short-term changes?