Financial Management Webinar #2 Handouts
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1 Financial Management Webinar #2 Handouts Handout #1 Worksheet on Meal Equivalent Conversions Review Meal Equivalent Conversions Example Participation data for the current school year Maple School District served 699,314 reimbursable student lunches, 10,110 adult lunches, 309,485 reimbursable student breakfasts, and 29,873 reimbursable afterschool snacks during the past year. In addition, the school district received a total of $128,155 for the sale of nonreimbursable foods. Calculations for converting the participation data into meal equivalents are provided in the sample below. Total meals/sales Conversion Meal Equivalents Meal Categories Factor Student Lunch 699, ,314 Adult Lunch 10, ,110 Student Breakfast 309, ( x.67) 207,355 Snacks 29, (29873 x.33) 9,858 Nonreimbursable food sales $128,155 * ($128,155/2.7775) 46,140 Total Meal Equivalents 972,777 *Food Sales divided by Free Lunch Reimbursement ($2.57) + Commodity Value per Lunch ($0.2075). Note these are the reimbursement rates.
2 Handout #2 Worksheet on Calculating Revenue per Meal Equivalent Calculating the projected average revenue earned per meal equivalent is important in the management of school nutrition programs. Complete the following activity to determine how much average revenue per meal equivalent is projected from each revenue source. Calculate the amount received from each revenue source four decimals places. If the 5 th decimal place is 5 or higher, round UP; if 4 or less, round DOWN. Given: Formula Revenue/Total Meal Equivalents There were 972,777 meal equivalents served in Revenue Account Dollar Amount Received Calculation Average revenue per Meal Equivalent Student Meal Sales $ 281,832 $281,832/972,777 $ Adult Meal Sales 25,275 25,275/972, Other Food Sales 113,955 Contract Food Sales 14,200 14,200/972, Federal Reimbursement 1,883,524 Donated Commodities 145,108 State Supplement 18,835 18,835/972, Interest 3,155 3,155/972, Miscellaneous 5,800 5,800/972, Total Revenue $2,491,684 2,491,684/972,777 $ Due to time constraints, several calculations have been made for you.
3 Handout #3 Setting Meal Prices The following formula can be used to determine a base selling price for meals. The example given is for lunch. Lunch Average Lunch - Basic - Commodity = Base Price Possible Costs Reimbursement Value Final Price Student $2.56 $ 0.24 $ $ Adult $2.56 $ Formula for Determining Base Selling Price Average projected student lunch cost ($2.56) Minus basic reimbursement ($0.24) Minus commodity value ($0.2075) Equals Projected Base Price ($2.1125) Answer the following questions about setting meal prices. 1. When setting the final meal price, should considerations be given to whether a school is elementary or secondary? If so, why? 2. What considerations should be given to rounding when setting meal prices? 3. How would a significant increase in student participation (population increasing faster than normal due to new industry, annexation) impact the process of setting meal prices? 4. Why should a district consider setting adult prices higher than a break-even cost if the district anticipates an increase in operational costs due to large equipment purchases?
4 Handout #4 Worksheet for Pricing Nonreimbursable Food Items The formula for determining a base price using the desired food cost percent markup method is : Raw Food Cost Desired Food Cost Percent Markup Reminder: Convert percent to decimal (i. e., 38% 100 =.38). Using the formula, determine the base selling price for each of the following nonreimbursable food items offered for sale if the desirable food cost percentage for a school nutrition program is 38% for the school year. Calculation Example: If raw food cost is $0.20 and desired food cost percentage is 38%: $ = or 0.53 base selling price. Recommend as a final selling price and summarize how you arrived at the price. Food Raw Food Cost Calculation Base Selling Price Final Selling Price Bottled Water $0.13 $ = $ $0.35 (Possible selling price) Pizza Slice $0.45 $ = Fresh Apple $0.22 $ =
5 Handout #5 Worksheet on Calculating the Cost to Produce a Meal/Meal Equivalent Instructions: Calculate the cost per meal equivalent for each expenditure category listed. Include the total cost of a meal equivalent. Remember: To calculate the costs to produce a meal equivalent, divide expenditures in each category by the total number of meal equivalents. Given: Meal Equivalents served for the year totaled 972,777 Expenditure Analysis Expenditure Category Dollar Amount Calculation Cost Per Meal Equivalent Salaries and Wages $ 742,000 $742, ,777 $ Employee Benefits 308,500 Purchased Food 909,370 Commodity Value 145, , , Supplies 229, ,870, 972, Capital Equipment 90,000 90, , Indirect Cost 75,000 75, , Overhead* 82,395 82, , Total Expenditures $2,582,243
6 Handout #6 Worksheet on Calculating Percentages of Costs to Total Revenue Calculate the cost percentages to total revenue for each category. Write you answers in the last column of the table. Remember: Calculate the percentages of operational costs to total revenue by dividing the amount in each expenditure category by total revenue and multiplying times 100 to get the percent. Given: Total revenue for the year totaled $2,491,684. Expenditure Analysis Expenditure Category Dollar Amount Calculation % of Total Revenue Salaries and wages $742, ,000 $2,491,684 = (.2978 x 100) 30% Employee Benefits 308, ,500 $2,491,684 = 12% Purchased Food 909,370 Commodity Value 145, ,108 $2,491,684 = 6% Supplies 229,870 Capital Equipment 90,000 90,000 $2,491,684 = 4% Indirect Cost 75,000 75,000 $2,491,684 = 3% Overhead* 82,395 82,395 $2,491,684 = 3% Total Expenditures $2,582,243 *Overhead combines several smaller categories of expenditures for purposes of analysis
7 Handout #7 Comparing Revenues to Expenditures Instruction: 1. Compare the total revenue earned with total expenditures for the year. 2. Compare the revenue earned per meal equivalent with the cost per meal equivalent. 3. Determine the gain or loss for each category. Revenue Analysis Expenditure Analysis Revenues Dollar Amount Per Meal Equivalent Expenditures Dollar Amount Per Meal Equivalent Student Sales $ 281,831 $ Salaries/Wages $ 742,000 $ Adult Sales 25, Benefits 308, Other Sales 128, Purchased Food 909, Federal 1,883, Commodities 145, Commodities 145, Supplies 229, State 18, Capital 90, Equipment Bank Interest 3, Indirect Cost 75, Miscellaneous 5, Overhead 82, Total $2,491,684 $ Total $2,582,243 $ * Overhead combines several smaller categories of expenditures for purposes of analysis. Comparing Revenue with Expenditures School Year Total Per Meal Equivalent Revenue $2,491, Expenditures 2,582, Net Gain/Loss ($90,559) ($0.0931)
8 Handout #8 Comparing Revenue to Expenditures Worksheet Questions Instructions: Using the information of Handout #7, answer the following questions. 1. Was there a gain or loss for the year? If so, how much? 2. What percentage of total revenue was this? 3. What was the loss per meal/meal equivalent? 4. If you raise the price of meals by approximately ten cents, will this solve the problem?
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