Brilliant Minds Center Portrait

Brilliant Minds Center Portrait

This paper summarizes Brilliant Minds Center’s portrait, budget, and budgeting techniques. It includes the staffing requirements, remuneration, and written operating policies. The budget has been summarized, and a discussion on budgeting techniques has been included.

Part 1: Portrait of Organization

The name of the organization is Brilliant Minds Center. Brilliant Minds Center (BMC) is a for-profit organization that provides quality and unapparelled early childhood development programs to children aged between 3 and 4 years. The mission is “to assist children in learning, developing new skills and competencies through communication and interaction.” The core value is quality, integrity, competence, and care. The number of children per class is 10. However, BMC is licensed to serve up to 100 children,

The staff to size ratio will be 1:10, and the initial project is expected to include 30 children only (NAEYC 2018). The hourly wage for the teachers will be US$ 18 per hour. The aide will earn US$ 14 per hour, and the 2 stewards US 9.8 per hour. All the staff will work 8-hour shifts on the day for 5 days per week. The teachers and the aide will collaborate in developing the day’s curricular and extra-curricular activities.

One of the written policies is a sign-in and pick-up procedure. This procedure allows BMC to monitor the attendance lists and improve children’s safety. Another policy is the child care and safety policy. This helps BMC increase safety and reduce incidents with toys, food, and accidents. These policies and procedures ensure that the environment is safe for children to play and thrive in. Safety policies ensure that BMC can focus on imparting skills and competencies. Implementation of these policies requires budgetary allocations such as the wages for the 2 stewards and the purchase of safety equipment such as fire fighting equipment or first aid kits.

Part 2: Budget Spreadsheet

Submitted as an excel document

Part 3: Budget Planning

• Explain the importance of cash flow planning.

Cashflow planning helps organizations track expenditures and incomes and therefore determine whether or not the organization is making profits or losses. Cashflow planning helps organizations determine exactly where their money goes, and as such, it can make better informed financial decisions.

• Describe how your budget can be used as a planning tool for future budgets.

The current budget can be used as a planning tool for future budgets because the current budget can be compared with actual spending. A budget is a simple plan of what the organization intends to spend from what it receives. However, there may be variances between the budgeted incomes and expenditures and the actual incomes and expenditures. The organization will therefore be more aware of the reasons that cause deviation from the budget and, therefore, make better plans in the future.

• How will budget planning ensure a quality program?

The budget will ensure that sufficient resources are directed toward planning for quality programs. The budget will ensure a smooth flow of activities through the elimination of disruptions that may arise due to non-payment of utilities such as water or power.

The remuneration of teachers will ensure that they are available, ready, and motivated to deliver for children (Asaari, 2019).

• How did the surplus/deficit vary under each sample budget?

The organization is set up as a for-profit organization, and as such, it is meant to deliver quality for the children and generate profits for the owners. The surplus varied by increasing or reducing depending on the reduction in income and corresponding changes in expenses to make for the reduced income. However, all the budgets the salaries have remained the same.

• How do these results measure the health of your organization?

These results are a measure of efficiency. Efficiency can be measured by how effective an organization is able to utilize its revenue, manage expenses, deliver quality, make continuous improvements through capital projects and resources, and deliver profit for the owners.

• Describe the effects that staffing and tuition changes had on your revenue.

The staffing and tuition changes reduce revenues. Maintaining staff means that BMC pays salaries to maintain the staff, who are teachers, the aide, and the 2 stewards. However, in the long run, staffing costs and remuneration may be an investment. Education allowance and attractive salaries increase the teacher’s skills and increase their ability to deliver quality for BMC. This may build BMC’s reputation and help achieve its mission to assist children in learning and developing new skills and competencies through communication and interaction.

References

Asaari, A. H, Mat Desa M. H. & Subramaniam, L. (2019). Influence of Salary, Promotion, and Recognition toward Work Motivation among Government Trade Agency Employees. International Journal of Business and Management, 14(4), 48. https://doi.org/10.5539/ijbm.v14n4p48

NAEYC. (2018). Staff-to-Child Ratio and Class Size. NAEYC.Org. Retrieved 2022, from https://www.naeyc.org/sites/default/files/globally-shared/downloads/PDFs/accreditation/early-learning/staff_child_ratio_0.pdf