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But one has to ask, what happened to the estimated $14 to $22 million supposedly cash surplus a year compared to the announced group net profit of $1.7 million last year? Presumably, asset depreciation will account for some but it’s unlikely to be a lot since they get generous set-up and maintenance grants as an anchor non-profit operator. Talking to the private operators, all of them point to 1 thing. That is, a large chunk of their 120 centres’ operating surplus is probably used to pay for the high costs of maintaining their HQ which undoubtedly comprises of the many fat cats earning fat salaries inside the HQ. Indeed, their 2010 report shows a very high corporate administrative HQ cost of $23 million!
It is interesting to note that full financial details were given in 2009 and 2010 annual reports but are missing in 2011’s report. Hence, there are no financial details in 2011 report to see how much higher corporate administrative HQ cost may have gone up by.
Private and other non-profit childcare operators operating cheaper than PCF and NTUC
Now, what’s interesting is that one can actually find private and other non-profit childcare operators charging fees even lower than that of NTUC and PCF (i.e, $642 pm)! This is despite not getting recurrent grants and private operators having to pay higher competitive rents (currently at $10,000 a month but this is going to increase soon due to dwindling supply of the many void decks and places which have already been reserved for the expansion of the Anchor “non-profit” operators, NTUC and PCF).
The following are some of the monthly fees charged by private and other non-profit childcare operators:
• Non-Profit:
1.ABC Children’s Place in Tampines – $480
2.Chee Hwan Kog Child Care in Hougang – $470
3.SGM Little Kidz in Rivervale – $450
• Private:
1.Bearrington Childcare in Sengkang – $580
2.Early Learning Centre in CCK – $560
3.Bubblesland Playhouse in Sengkang – $630
4.Island Playhouse in Pasir Ris – $580
They can even operate at lower than NTUC’s and PCF’s fees of $642 despite not getting the type of advantages NTUC and PCF get as anchor operators!
Can you imagine what childcare costs might be like if we allow these operators access to the same grants and rent privileges as the Anchor Operators? Of course, once the private ones get to enjoy these privileges, MCYS would have the rights to regulate their fees.
- http://theonlinecitizen.com/2012/10/are-ntucpcf-childcare-operators-really-non-profit-entities/
It is interesting to note that full financial details were given in 2009 and 2010 annual reports but are missing in 2011’s report. Hence, there are no financial details in 2011 report to see how much higher corporate administrative HQ cost may have gone up by.
Private and other non-profit childcare operators operating cheaper than PCF and NTUC
Now, what’s interesting is that one can actually find private and other non-profit childcare operators charging fees even lower than that of NTUC and PCF (i.e, $642 pm)! This is despite not getting recurrent grants and private operators having to pay higher competitive rents (currently at $10,000 a month but this is going to increase soon due to dwindling supply of the many void decks and places which have already been reserved for the expansion of the Anchor “non-profit” operators, NTUC and PCF).
The following are some of the monthly fees charged by private and other non-profit childcare operators:
• Non-Profit:
1.ABC Children’s Place in Tampines – $480
2.Chee Hwan Kog Child Care in Hougang – $470
3.SGM Little Kidz in Rivervale – $450
• Private:
1.Bearrington Childcare in Sengkang – $580
2.Early Learning Centre in CCK – $560
3.Bubblesland Playhouse in Sengkang – $630
4.Island Playhouse in Pasir Ris – $580
They can even operate at lower than NTUC’s and PCF’s fees of $642 despite not getting the type of advantages NTUC and PCF get as anchor operators!
Can you imagine what childcare costs might be like if we allow these operators access to the same grants and rent privileges as the Anchor Operators? Of course, once the private ones get to enjoy these privileges, MCYS would have the rights to regulate their fees.
- http://theonlinecitizen.com/2012/10/are-ntucpcf-childcare-operators-really-non-profit-entities/
