125 Program Management 3. Fiscal Management (continued) 3. Accounting Practices Level 1 Recognize the importance of using materials, equipment, and other resources prudently. PM 3.3.1 Level 2 Manage materials and supplies according to the budget. PM 3.3.2 Level 3 Select, adapt, or create an accounting system. Maintain fiscal records (i.e. balance sheets, bank reconciliations, etc.). Reconcile income and expenses monthly. Review monthly and quarterly income and expense statements to determine fiscal status. PM 3.3.3 Level 4 Analyze income and expenses to ascertain cash flow for the fiscal year. Analyze income and expenses when considering hiring additional staff or enrolling additional children or making other changes. Obtain an annual independent review or audit of financial records. Communicate regular reports to appropriate stakeholders (board, funding sources, etc.). PM 3.3.4 Level 5 Analyze, evaluate, articulate, and apply evidence-based best practice regarding accounting practices that meet the varying needs of early childhood providers. PM 3.3.5 4. Resource Acquisition Level 1 Recognize the value of resources (financial, human, and material) needed to provide a high quality program. PM 3.4.1 Level 2 Identify strategies to gain access to resources - both material and non-material. PM 3.4.2 Level 3 Develop, plan, select, and/or identify methods for resource acquisition. PM 3.4.3 Level 4 Initiate activities to secure resources including: o Fundraising o Gifts o Grants o In-kind contributions o Volunteer time o Collaboration with community organizations PM 3.4.4 Level 5 Advocate for creative and inclusive funding of early childhood care and education for all children and their families. Analyze, evaluate, articulate, and apply evidence-based best practice to assist early childhood programs with resource acquisition. PM 3.4.5 These skills and practices are needed by owners/directors of all types of childcare facilities.