{"id":3343,"date":"2021-07-09T03:11:16","date_gmt":"2021-07-09T03:11:16","guid":{"rendered":"https:\/\/www.grouphomeriches.com\/?p=3343"},"modified":"2021-07-09T03:11:16","modified_gmt":"2021-07-09T03:11:16","slug":"building-budget-group-home","status":"publish","type":"post","link":"https:\/\/grouphomeriches.com\/building-budget-group-home\/","title":{"rendered":"Building a Budget for a Group Home"},"content":{"rendered":"

Group homes for the elderly or children need basic operating expenses included in their budget for the house to function daily. Taking care of those with special physical or mental health needs entails a sizable budget for a comfortable living. That means determining expenses and where to allocate them are two of the essential parts of building a budget.<\/span>
\nAn attorney or a financial professional should review the budget to guarantee that it covers all basic operating expenses. In addition, the budget must indicate the expected income sources used to pay for the expenses. An attorney will review to see it covers both legal and operational costs.\u00a0<\/span><\/p>\n

Operating Expenses Inclusions<\/b><\/h2>\n

The operating expenses for a group home cover all the daily and monthly costs. It comprises the staff\u2019s salaries, wages, benefits, and building expenses such as rent, housekeeping, maintenance, repair, and utilities.\u00a0<\/span>
\nOf course, the home\u2019s operational expenses also indicate monthly expenses for food, supplies, clothing, materials, and other fees for permits and licenses. It could also include expenses for travel, medical services, and recreation, depending on what has been stated on the budget.\u00a0<\/span>
\nIn addition, the employees\u2019 salary covers operational tasks, transportation, financial services, and payroll management. Part of the budget may also be set aside for other indirect or administrative costs. Basically, a group home\u2019s operating expenses cover everything spent maintaining it providing housing to its residents every month.<\/span><\/p>\n

Building the Budget<\/b><\/h2>\n

When building your budget, you can utilize existing financial records or an existing budget from another group home to get an idea about the size of your operational expenses. Your last year\u2019s budget may also help you identify projections and allocation for all items in the budget.\u00a0<\/span>
\nFirst, you need to list all the income sources and amounts you will need for a total operational budget. That may include government contracts, resident fees, investment income, grants, and donations.\u00a0<\/span><\/p>\n

Allocating and Adjusting the Budget<\/b><\/h2>\n

If your donors set a specific allocation for the funds they donated, you need to honor that. For example, if a foundation restricts its grant solely for mental health services, you need to allocate their funds for that only. Other donors may also want you to limit their donations to recreation or allowances, etc. You get the idea.<\/span>
\nIf so, you need to adjust allocations, such as decreasing inessential expenses to increase funds for the important stuff. You should avoid including uncertain income sources to fill gaps in funding and keep expected costs lower than the projected income. It\u2019s better to set specific parts of the budget for salaries and indirect expenses.<\/span>
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Categorizing the Budget<\/b><\/h2>\n

To better control your budget, you can use a standard template that puts specific allocations in columns, including the item name, description, and expense amount. You may also divide your budget and income into four quarters in one fiscal year.\u00a0<\/span>
\nIn addition, be specific about the items on your budget, such as facility expenses, salary, benefits, consumables, and more. You may also include a breakdown of resident allowance and employee salaries for each one.\u00a0<\/span><\/p>\n

Conclusion<\/b><\/h2>\n

Running a group home is almost impossible without an operational budget that\u2019s well-allocated. You need to create a system around controlling expenses and making sure that it adheres to the restrictions set by your donors. Doing these things ensures that your group home will continue to function and provide housing to those who need it.<\/span>
\nGroup Home Riches helps people <\/span>open group homes for the elderly, veterans, and foster children<\/span><\/a>. We help those who want to find a way to provide care for people in need while getting rewarded in return. If you wish to have financial stability or passive income while helping others, Group Home Riches can pave the way for you. Get in touch with us today and see how we can help.<\/span>
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Group homes for the elderly or children need basic operating expenses included in their budget for the house to function daily. Taking care of those with special physical or mental health needs entails a sizable budget for a comfortable living. That means determining expenses and where to allocate them are two of the essential parts … Building a Budget for a Group Home<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":3344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65,33],"tags":[],"class_list":["post-3343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-benefits","category-why-start"],"yoast_head":"\nBuilding a Budget for a Group Home<\/title>\n<meta name=\"description\" content=\"Learn about Building a Budget for a Group Home. 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