Article Link: http://www.exchangepress.com/article/is-your-center-in-good-financial-health-six-symptoms-and-some-prescriptions/5014232/
Is your center in good financial health? The financial health of a child care program is rarely included as a component of quality care for children. Finances have often been left out of the discussion because money tends to be a sensitive topic. This is unfortunate. Children can be adversely affected in several ways when their child care centers are on shaky financial ground.In a worst-case scenario, children may suffer when a center goes out of business, resulting in the sudden loss of one or more caregivers. Families need to scramble around looking for substitute child care, which may again be temporary. A child's sense of trust, which lays the foundation for psychological health, can be eroded by inconsistent care.
Chronic financial instability, however, can also be detrimental to children enrolled in the center. Lack of adequate cash flow could cause owners or directors to hire less qualified staff, resulting in fewer educational opportunities for children. When money is a problem, facilities may not be kept as clean as possible, or equipment may not be repaired or replaced as needed to insure children's optimal health and safety. Underpaid caregivers, or those who are waiting for a tardy check, may not give their ...