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Old 08-08-2012, 10:57 PM
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Default Question...About 52 Week Pay Periods

Hello...is anyone up out there!

I have a question, I just re-did my handbook and gave it out to one family so far. I realized I did not add in that tuition is based on 52weeks per-year. However, my handbook clearly states tuition is do on Friday's for the upcoming week. I have one family that wants to pay monthly "I'm not sure how to calculate their weekly rate to be sure I receive full tuition each month", as if they were paying every Friday.

So my question is, "would it be wrong to add in my financial agreement/contract (we have not signed new one's yet) something like this?

_______the parties to this agreement understands tuition is charged based on 52weeks a year, therefore your weekly tuition rate is multiplied by 52weeks and then divided by 12months. You have the option to pay your child care tuition weekly, every two weeks or monthly. You will only be given the chance to change payment methods once per-calendar year.

Thanks for any feed back!
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Old 08-09-2012, 02:43 AM
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Quote:
Originally Posted by frugalmama4 View Post
_______the parties to this agreement understands tuition is charged based on 52weeks a year, therefore your weekly tuition rate is multiplied by 52weeks and then divided by 12months. You have the option to pay your child care tuition weekly, every two weeks or monthly. You will only be given the chance to change payment methods once per-calendar year.
I think that sounds perfect
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Old 08-09-2012, 05:43 AM
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yes, it is the same as just multiplying their weekly rate by 4.3333. I'm not sure which looks more "appealing" to a parent though, the 52 week thing or just knowing that a month is 4.3333 weeks.
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Old 08-09-2012, 06:04 AM
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If they want to pay me monthly and pay on friday, I calculate how many weeks apply to that month so for example on Friday June 29th when they are paying for July they would have paid me for 5 weeks (Aug 1,2 ,3 fall with July) on August 3rd then they would pay me for 4 weeks August 31st 4 weeks. I wouldn't divide out total year by 52 personnally. I would have them pay for that months weeks. Does that make sense? Some months they would pay 4 weeks and some 5.
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Old 08-09-2012, 06:18 AM
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For a monthly family I would make the payment due on the first Friday of the month and make it the (rate*52)/12. You could also do first business day of the month. Same rate every month is a lot easier than dealing with 4 or 5 weeks, etc. For me, anyway. I like things easy.
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Old 08-09-2012, 07:09 AM
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My families that pay monthly count the week days in that month and then figure the check . So some months are much bigger than others
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Old 08-09-2012, 07:16 AM
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Most employers who pay monthly salary do weekly pay x 4.33. Do not count the weeks because for budgeting that will cause your income to fluctuate and make it harder for them to budget too. I am guessing they probably get paid once a month if they are asking for that and they want to reduce the number of times they pay their bills. Also for parents who can never remember to pay on time, they get switched to monthly payment schedules or they get cut.

I give my new parents a discount of 10% if they pay a month at a time, if they sign up for that in the beginning. All but one took me up on it. Makes it easier for paying bills and budgeting.

I email the invoice out on the last Thursday of the month and require payment by next day the last Friday of the month. Works well for everyone involved since it takes about a week for my deposits to hit my account.
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Old 08-09-2012, 07:41 AM
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Quote:
Originally Posted by frugalmama4 View Post
Hello...is anyone up out there!

I have a question, I just re-did my handbook and gave it out to one family so far. I realized I did not add in that tuition is based on 52weeks per-year. However, my handbook clearly states tuition is do on Friday's for the upcoming week. I have one family that wants to pay monthly "I'm not sure how to calculate their weekly rate to be sure I receive full tuition each month", as if they were paying every Friday.

So my question is, "would it be wrong to add in my financial agreement/contract (we have not signed new one's yet) something like this?

_______the parties to this agreement understands tuition is charged based on 52weeks a year, therefore your weekly tuition rate is multiplied by 52weeks and then divided by 12months. You have the option to pay your child care tuition weekly, every two weeks or monthly. You will only be given the chance to change payment methods once per-calendar year.

Thanks for any feed back!
Yes, that is exactly how you would do it!!! You would get paid the same amount each month on the last day of the month.


Ex=125 (a week) x 52 (weeks you charge for)=6500 (total for year) /12 (months in the year)=541 a month would be what their bill would be every month
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Old 08-09-2012, 12:47 PM
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Thanks yall! This helps a lot, I didn't wanna seem like I;m changing this here and there with this one family.

Moving forward I have added it in my parent handbook "Tuition is due for 52weeks per-year" and added it in the fee agreement. Since my parents (the one's that pay normal rates & full time) are given one week free for vacation, their really only paying 51weeks per-year.

Thanks for the feed back...I'll let you all know how it goes once I pass out new contracts.
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Old 08-09-2012, 02:21 PM
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Quote:
Originally Posted by frugalmama4 View Post
Thanks yall! This helps a lot, I didn't wanna seem like I;m changing this here and there with this one family.

Moving forward I have added it in my parent handbook "Tuition is due for 52weeks per-year" and added it in the fee agreement. Since my parents (the one's that pay normal rates & full time) are given one week free for vacation, their really only paying 51weeks per-year.

Thanks for the feed back...I'll let you all know how it goes once I pass out new contracts.
Ha! So funny you should mention adding that line to the handbook; I just did the same thing, and as a result of this thread too.
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