Finance and Accounting
CT4Kids was created to inspire school-age youth to lead healthier lives. It operates three programs:
• an Afterschool Program (ASP)
• a Schoolyard Program (SYP) and
• a Summer Program (SP – that takes place only in the month of August, 2015).
CT4KIDS is about to enter its fourth year of operation and it is essential that CT4KIDS plans a surplus of $50,000 for the period that runs from July 1st 2015, through to June 30th 2016.
CT4KIDS is run by 18 people, 14 of whom each work 40 hours per week. CT4KIDS employs 4 staff members who work part time but are eligible for all payroll deductions and benefits. Their roles and salaries for the 2015/2016 period will be:
Role Base Salary
Executive Director $ 80,000
Chief Financial Officer $ 60,000
Bookkeeper $ 35,000
Administration Assistant $ 30,000
Director of Development $ 65,000
Director After School Program (ASP) $ 55,000
Director Schoolyard Program (SYP) $ 40,000
Education Coordinator $ 35,000
Tennis/Fitness Coach – ASP $ 37,000
Tennis/Fitness Coach – ASP $ 37,000
Tennis/Fitness Coach – ASP $ 37,000
Tennis/Fitness Coach – SYP $ 37,000
Tennis/Fitness Coach – SYP $ 37,000
Tennis/Fitness Coach – SYP $ 37,000
Part time Summer Program Manager (SP) $ 20,000
Part time Coach Aide – SP $ 18,000
Part time Coach Aide – SP $ 18,000
Part time Coach Aide – SP $ 18,000
The organization strongly believes in investing in its staff team and therefore has an “effective” fringe rate of 26.5%.
In addition to salaries, CT4KIDS plans to have expenses of:
Tennis & Fitness Equipment (clothes, racquets, balls, nets etc.)
$ 157,000
Education Supplies (books, educational games etc.) $ 24,000
Healthy Snacks $ 2,500
Field Trips Transportation $ 2,700
Audit $ 10,000
Legal $ 9,500
IT services $ 3,000
Marketing/ PR $ 5,000
Professional fees – other $ 4,000
Bank service charges $ 3,500
Payroll processing fees $ 5,000
Postage & shipping $ 15,000
Printing & copying $ 15,000
Supplies $ 10,000
Telephone & internet $ 15,000
Repairs & maintenance $ 5,000
Computers & technology $ 5,500
Conferences & conventions $ 5,000
Insurance – non-employee related $ 3,000
Membership Dues $ 2,000
Depreciation $ 8,000
Due to the success of the programs and CT4KIDS’ development department, revenue for the 2015/2016 fiscal year is planned to be:
Individuals – Restricted to the Summer Program $ 55,000
Major donors $ 200,000
Board $ 200,000
Corporate $ 72,000
Foundations $ 100,000
Donated Facilities – Restricted to the Summer Program $ 85,000
Government Grants – Restricted to the School Yard Program $ 115,000
Government Grants – Restricted to the After School Program $ 150,000
Corporate – Restricted to the Summer Program $ 75,000
Other Income – Release from Restrictions $ 90,000 (equally shared among 3 programs)
YOUR ASSIGNMENT
Using 2 distinct tools:
1. The program-based, Excel budget-development template (PLEASE REMEMBER: Excel will only let you add numbers/formulas to CELLS THAT HAVE COLOR. ALSO ignore Totals and Subtotal lines – Excel will do this for you)
2. The budget narrative template
(Both of these tools are posted in Courseworks in the “assignments” tab under the “Mid-term Assignment” listing)