19 May QuestionCase: Middlehurst House
Question
Case: Middlehurst House
Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome families who have a need for quality day care. The two men started the center this year. Compton contributed $40,000 to get the business started—to purchase equipment and to operate through the early months. Friedman, who previously managed another center, is the director of the center and draws $2,000 per month for his services. Partnership profits and losses, after Friedman’s salary, are split 75 percent for Compton and 25 percent for Friedman.
Middlehurst House operates from 6 a.m. to 6 p.m., Monday through Friday. It is in a single building that has a capacity limit of 120 children and meets city and state regulations. At present, the center has six classes, all at maximum sizes, structured as follows:
Number of
classes Children
per class Total
children Monthly
tuition per
child
2 to 3 2 10 20 $320
3 to 4 1 15 15 280
4 to 5 1 15 15 280
5 to 6 2 15 30 260
Class sizes are determined by state law which sets a limit on the number of children per instructor. The center uses one instructor per classroom.
Tuition is charged monthly. Minor adjustments are made on an individual basis. In October, the most recent month with data available, revenues were $21,500 ($22,600 less $1,100 adjustments). Monthly revenues should be rather stable since classes are full most of the time. Expenses for October were:
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