PCF up fees: Profits up 24.7%?

PCF to raise fees

I refer to the article “PCF to raise fees for kindergarten, child care centres” (Channel NewsAsia, Sep 22).

It states that “The PCF could not provide a range for how much fees would increase by, but a letter to parents from PCF Sparkletots Preschool @ Nanyang Blk 922 on revised fees — which was has been circulating online since last week — showed that from next year, K2 fees will be S$617.90 a month for Singapore citizens. Permanent residents (PRs) will pay S$765 and foreigners pay S$926.80.

For infant care, fees would be S$1,235.80 a month for citizens, S$1,530.10 for PRs and S$1,853.70 for foreigners.

In September last year, it was reported that fees were raised for some PCF centres, but no organisation-wide hike was implemented.

Of the four pre-school anchor operators contacted by TODAY, two — MY World Preschool and E-Bridge — responded, saying they will not raise fees for next year.”

Surplus (profits) increased 24.7%? 

According to the PCF’s 2014 Financial Statement – its surplus for the year increased from $942,861 (Jan 1 to Dec 31 2013) to $1,469.575 (Jan 1 2014 to Mar 31 2015).

Adjusting the 15 months’s surplus to 12 months gives us $1,175,660 ($1,469,575 divided by 15 months x 12).

This is an increase of 24.7 per cent ($1,175,660 divided by $942,861) compared to the previous year.

With such a huge increase in the surplus (profits) – is the across the board increase in fees justified?

“Not-for-profit”?

Perhaps the word “not-for-profit” may need to be changed?

Revenue reserve increased 6%?

Its Revenue Reserve also increased by 6 per cent from $15,878,445 to $16,823,638.

How many centres increase & by how much? 

As to “PAP Community Foundation (PCF), the largest pre-school operator in Singapore, is set to raise fees for most of its kindergarten and child care centres from next year” – why can’t it be more transparent and specific by telling us what percentage of its centres will be increasing fees, and also by how much?

Reciprocate trust with more transparency?

Since the people have given their trust and mandate – shouldn’t we reciprocate by being more transparent?

Leong Sze Hian

 

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About the Author

Leong
Leong Sze Hian has served as president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.