Financial DecisionsImagine that you are on the board of directors of a church-based
child care center. After reviewing the budget for next year, you and
your fellow board members realize that the center will have to make some
tough decisions. Choose one of the following budget scenarios to
Budget Cuts: In order to stay profitable, the center
will need to make budget cuts. You are concerned because you know that
if salaries do not go up, some teachers may resign. On the other hand,
if tuition rates increase, some of the families may not be able to
afford to stay at the center. How will you and the board go about making
these cost-saving decisions?
Budget Surplus: Your center is in the enviable position
of having a budget surplus that has resulted from careful financial
management over the past several years. The center must allocate the
excess funds in order to ensure future funding from the church. How will
you and board go about making these spending decisions?Using information from Chapter 3 and at least one other source (be sure to cite your source), describe two to three specific strategies to either save or spend money while meeting the needs of the teachers and families. Your discussion post should be at least 200 words in length.
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