This Assessment requires submission of three (3) files. Save your files as follows:

-Save Part I as MP004_PartI_firstinitial_lastname (for example, MP002_J_Smith).
-Save Part II (the Excel file) as MP004_PartII_firstiniital_lastname.
-Save Part III as MP004_PartIII_firstiniital_lastname.

Instructions

Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.

Rubric

Access the following to complete this Assessment:

• Funding Source Template
• Assessment Budget
• Assessment Mission

This assessment has three-parts. Click each of the items below to complete this assessment.

Part I: Funding Sources

On the “Funding Source Template” provided, list and describe at least three specific funding sources that you will seek out to help pay for the new costs due to the flooding. Provide a rationale explaining how the funding sources meet the needs of the early childhood program.

Part II: Creating the Budget

Create a balanced budget under the tab “Please Update Budget” in the Excel “Assessment Budget” document. This balanced budget must account for the following that occurred as a result of the flood:

1. The Learning Place Early Childhood Center needs a great deal of repairs as the entire floor is covered with up to 1-foot of water. The estimated repairs are approximately $15,000.
2. It will cost about $6,000 to fix the damaged furniture and equipment.
3. The outdoor play area has large cracks in the pavement and the jungle gym has become rusty due to flooding. Repairs on the outdoor play area are estimated at about $10,000.
4. Families in the neighborhood are experiencing losses in their homes as well. As a result, several families have decided to withdraw their children from your early childhood care center as they cannot afford the weekly tuition. The estimated tuition loss is approximately $25,000 for the year.
5. Two lead teachers and one assistant teacher have decided to move to a different town, causing them to resign from their positions. These teachers will only be paid approximately half their salaries for the year.

Balance your budget so that it is clearly aligned with the mission and beliefs of The Learning Place Early Childhood Center in the “Assessment Mission” document.

Part III: Budget Rationale

Write a 3- to 4-page essay that:

• Explains how your budget reflects the mission and vision of The Learning Place Early Childhood Center
• Provides the rationales for the changes that you made to the budget in Part II
• Explains why cash-flow analysis, projections, and long-term planning are all important when managing budgets (Note: In your explanation, be sure to relate these terms to the given scenario and any relevant professional experience that you may have.)