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Daycare Center and Family Home Forum Daycare Center and Family Home owners, Directors, Operators and Assistants should post and ask questions here. |
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#1
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Food Program Profit?
Last month I made sure all my daycare food and drinks were kept separate from my families food and drinks. I kept receipts for all and when I received my reimbursement from the food program I had a $100 profit. I already buy organic milk, lots of fresh fruit and veggies and provide really healthy and homemade meals. I would like to put the extra money into my program on a special field trip art project or toys. Does anyone else get reimbursed more then they spend on food if so do you put it back into your program? Do you pay bills?
I now have 6 enrolled children plus my three children so I have a good size group! Thanks for your thoughts...
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Proud Mommy of Six... |
#2
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That's interesting I have never kept everything separate like that to know. When my check comes I just deposit it with the other weeks checks and pay bills, get some shopping done,ect.
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#3
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I thought I was not getting reimbursed enough and wanted to claim the difference as an expense but I was surprised because I had an extra $100!
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Proud Mommy of Six... |
#4
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We don't track our food costs that efficiently. I just put the money in my tax account and use it to pay taxes at the end of the yr if need be. I guess I figure that is income just like the rest and don't bother splitting it up.
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#5
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I doubt I come out ahead but I was on teir 2 for so many years I became quite frugal with my menu.. Moving to teir one I buy lots more fresh fruits and veggies. I can afford it now.
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#6
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You are claiming the fp payment as income and ALL the food cost as an expense I hope. |
#7
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I sometimes show a profit although it isn't usually a lot. I use the extra money to build up my food stock. I go to Sam's Club and stock up on canned goods and such and fill up my freezer. I buy extra bottles of ketchup, dressing, spaghetti sauce; anything that will keep awhile. That way I can still take that profit and claim it as a 100 % food expense.
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#8
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I kept track several years ago and the cost per meal came to within pennies of the Tier II rate. I just started claiming the standard deduction instead of tracking the cost per meal, the difference wasn't worth my time.
Back then, if you were reimbursed at the Tier I rate and were a careful shopper you could pretty easily make a profit, but with the cost of food going up and up I don't know if that is true any longer. My food program checks fund my SEP so I can turn around and write them off at 100%. |
#9
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I don't have a very large profit and so that 's why it works for me to use it on food to stock my pantry and freezer, but if I were to have a bigger profit I guess I would use it to buy things for my business if I didn't need it for bills. I just don't want to have to claim it as income and then not be able to take it back off again as an expense.
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#10
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I don't keep track, I use the full check from the food program every month to put into the daycare, but I'm also fairly new, so I need some stuff. I've purchased paint for the walls, a table/chair set, fencing for my yard, toys, etc.
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#11
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I think a lot has to do with where you live. Food is expensive here. If I could shop at Woodman's all the time I'm sure I'd see some leftover dough, but since I am not able to (it's almost an hour away), I think I about come out even.
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#12
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If you are on tier 2 the check will be LESS than the standard deduction I am not positive but I think if you are reimbursed for your own children due to your income that money is not counted as income. |
#13
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Quote:
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Tags |
food program, meal deductions, taxes-food |
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