v Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ix Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xiii Introduction: The Business of Child Care . . . . . . . . . . . . . . . . . 1 Part I: Keeping Records Chapter One: The Basics of Record Keeping . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Record-Keeping Systems .......................................... 5 Tracking Income................................................. 7 Tracking Expenses .............................................. 19 How Long Should You Save Your Records?.......................... 25 Chapter Two: Claiming Your Food Expenses and Reimbursements . . . . . . . .27 Common Objections to the Food Program............................ 27 Understanding the Two-Tiered System .............................. 30 Reporting Your Food Program Reimbursements ...................... 34 Reporting Your Food Expenses .................................... 35 Calculating Your Food Expenses ................................... 37 Frequently Asked Questions....................................... 52 Chapter Three: Figuring Your Time-Space Percentage . . . . . . . . . . . . . . . . . . .55 Step One: Calculate Your Time Percent.............................. 56 Step Two: Calculate Your Space Percent............................. 70 Step Three: Calculate Your Time-Space Percentage .................... 74 Frequently Asked Questions....................................... 79 FCCRKG8-FourthPages.indd 5 3/10/10 9:20:59 AM