General development classes are very important for the mental education of young children. During classes, a child gains important qualities necessary for successful cognitive development. However, not all parents are ready to dedicate much time to teach their kids. Thus, numerous early education centers have developed special programs that help children master their knowledge. Trinity Oaks Child Development Center and Fairfax Church of Christ Child Care Center are among such organizations. The working process of any organization is utterly dependent on its budget. Therefore, this paper aims to contrast the budgets of these two centers and draw a conclusion based on the obtained knowledge.
For this analysis, the annual budget reports of these centers were chosen. First, it is vital to take mission, vision, and goals into account to view how it affects financial allocation. Trinity Oaks Child Development Center’s mission is to encourage and expand the potential of kids (“Trinity Oaks child development center,” n. d.). Meanwhile, Fairfax Church of Christ Child Care Center aims to elevate the quality level of care and education. Their visions sound similar: all children should have access to high-quality education at the beginning of life. Additionally, both centers are religion-centered, which means their goal is to teach and spread Christianity.
Considering that the child development center needs much educational equipment, both organizations have specific budget allocation plans for the equipment and furniture. Trinity Oaks and Fairfax Church of Christ organizations pay attention to the in-class objects needed. However, the latter program plan provides a detailed list of items necessary for the teaching rooms. For instance, it enumerates such things as iPads, graphic designs, and cameras, while the former simply plans it as classroom and office equipment. Trinity Oaks center aims to spend approximately $5,000, and Fairfax center invests $25,000 in office supplies which is five times bigger (“Child care center business plan,” n. d.; (“Trinity Oaks child development center,” n. d.). Even though the plans look similar, some details are different considering budget allocation for in-class facilities.
Furthermore, both centers ask for funding because the projects bear social influence. For instance, Trinity Oaks center requests funding from the “Southern District Church Extension Fund for $1,746,901” (“Child care center business plan,” n. d., p. 25). In the meantime, Fairfax center is funded by Learning Care Group. It presumes that these organizations are not able to sponsor themselves fully and attract investors who might have shares in the business.
Moreover, both plans are similar in a way that they offer a future perspective. It implies that they include revenue, net profit, and expenses forecast. In these two revenue forecasts, the sum is growing annually which signifies that the companies may have success due to the growing need for higher-quality educational programs. Nevertheless, there is a slight discrepancy: Fairfax center has a five-year prognosis, while Trinity Oaks only considered their income growth within three years. This may occur due to the organization’s imprecise evaluation of its recourses.
On the other hand, the budget plans differ in some parts. For instance, Fairfax Church of Christ educational center gives a financial plan for labor payment and describes which professionals are needed. In addition, their duties are listed in a table which forecasts the activities within five months. Meanwhile, the other center does not provide any requirements for specialists but rather highlights the payroll expenses, which equal almost $263,000 (“Trinity Oaks child development center,” n. d.). Probably, this difference occurred because the first center is on the verge of opening and is looking for staff, while the other organization is still developing the list f requirement for professionals.
What is more, only the Trinity Oaks center’s budget outline provides a detailed description of plans for different age groups and entry fees. It is beneficial in terms of forecasting revenue and conducting market analysis. Fairfax Church of Christ’s center does not have this information which makes it difficult to appraise potential income. However, the business owners still predicted how the annual revenue would grow.
Creating a business plan is the foundation of any large-scale business, especially when it comes to educational projects. Allocating monetary resources properly is a key to success because once everything is set up, the business owner should not be worried about additional expenses. However, when financial means are distributed disproportionally, there is a chance of losing big amounts of money. In addition, it is necessary to have extra monetary resources in case something goes wrong. From the Trinity Oaks and Fairfax Church of Christ’s cases, it is evident that business plans were compiled carefully. Nonetheless, it is observed that some parts lack details, such as the equipment names, which are omitted in Trinity Oaks center, and the sum seems odd. In general, the obtained information will help appraise financial plans in more detail and evaluate their validity because if some parts are missing, there is a risk of non-compliance with the set budget.
References
Child care center business plan. (n. d.). Fairfax Church of Christ.
Trinity Oaks child development center business plan. (n. d.). Assets Speak.