25 May Question Individual Fee Setting Resource:Ch. 11 inFinancial Management
Question
| Individual
Fee Setting |
Resource:Ch. 11 inFinancial Management
CompleteExercises 11.1 & 11.2 on pp. 158–159. Determinethe most important issues for a human service agency to address in fee setting. Determinethe issues that are least important. Justifyyour answers. Postyour answers as a Microsoft®Word attachment Question Exercise 11.1 The child and family government benefits seminar was such a success that Advocates for Children will conduct a second seminar in an adjoining community. The executive director decides that this second seminar will attempt to maximize revenues. Consequently, no reduced fee schedule will be offered. All trainees will pay the full seminar fee. The seminar will take place in a smaller conference room than the earlier one. The room can only accommodate a maximum of 45 trainees. Here is the proposed budget for the seminar: Proposed Seminar Budget 1. Conference room rental $175.00 $ 175.00 2. Audiovisual equipment Rental 75.00 3. 4 presenters @ $500 2,000.00 4. 45 workbooks @ $15 675.00 5. 45 lunches @ $12 540.00 6. 45 coffees @ $3.50 158.00 Subtotal $3,623.00 7. Indirect costs @ 25% of $3,675.00 $ 906.00 Subtotal $4,529.00 8. Profit margin @ 5% of $4,594.00 $ 227.00 Total $4,756 You are the executive director. Following the checklist in Figure 11.1, perform all the computations necessary to set a fee. What will your fee be? What is your break-even point? What is your go/no-go decision point Question Exercise 11.2 As the executive director of Advocates for Children, you have had a change of heart. You decide not to attempt to maximize revenues in this second seminar. You decide to exclude a profit margin in the fee computation, but you will include indirect costs. Additionally, the local United Way in the community hosting the seminar has guaranteed 45 participants. If fewer than 45 participants register for the seminar, the United Way will make up the difference. In exchange for this guarantee, the United Way has asked you to set the seminar fee as low as possible. Following the checklist in Figure 11.1, perform all the computations necessary to set a fee. What will your fee be? |
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