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DOUBLE TAP TO ZOOM WITH PHONE OR TABLET Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . Understanding the Two-Tiered System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reporting Your Food Program Reimbursements . . . . . . . . . . . . . . . . . . . . . . . Reporting Your Food Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Calculating Your Food Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Standard Meal Allowance Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Actual Cost of Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Frequently Asked Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 30 34 35 37 38 39 52 Chapter Three: Figuring Your Time-Space Percentage . . . . . . . . . . . . . . . . . . . 55 Step One: Calculate Your Time Percent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Step Two: Calculate Your Space Percent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Step Three: Calculate Your Time-Space Percentage . . . . . . . . . . . . . . . . . . . . . Frequently Asked Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . COPYRIGHTED MATERIAL 56 70 74 79 v