Overview Module Three

Welcome to Module 3: Financial Management in Childcare Settings

In this module, you will reflect on the knowledge and skills required to manage financial resources effectively in child care settings. It includes budgeting practices, salary management, funding opportunities, and navigating ministry funding agreements. In this section, participants will gain a clear understanding of available funding streams within the BC context and how to align their financial practices with government guidelines and regulatory requirements. 

Understanding financial management is essential for operating a successful and sustainable child care centre. This knowledge equips administrative leaders to develop and manage budgets that align with the centre's vision while also complying with regulatory requirements.  

Learning outcomes serve as a valuable resource to guide your learning journey and ensure you can maximize your learning experience. The primary purpose of this section is to clearly communicate the intended learning outcomes of Module Three: Financial Management in Childcare Settings.  

The learning outcomes for Module Three align with the content, activities, and assessments you will encounter throughout Module Three, enabling you to track your growth and identify improvement opportunities. 

After completing all activities within Module Three, participants will: 

• Identify aspects of budgeting and examine different funding processes and ministry funding agreements, including subsidies, wage enhancements, and other financial initiatives critical to early learning programs. 

Module Three Activities

The activities within Module Three include:

• ACTIVITY 3.1a | Wage EnhancementsExplore the ECE Wage Enhancement Funding Guidelines to understand eligibility requirements and consider how to explain wage enhancement details to staff clearly.
• ACTIVITY  3.1b | Other Funding Models Reflect on your centre’s current funding access, explore opportunities for support and advocacy, and conclude by writing a letter to your local MLA about the importance of childcare for children and families.
• ACTIVITY 3.2 | Costing it Out Analyze your centre’s expenses, prioritize spending based on what matters most to your community, and explore whether your current funding aligns with these priorities and available opportunities.
• Activity 3.3 | Financial Accountability Reflect on financial accountability in your centre by considering who manages purchases, how to ensure transparency and checks and balances, and how to communicate clearly with staff about spending decisions.