Topic 1 of 1: Managing Finances and FundraisingThe Early Childhood Administrator must “effectively manage financial resources and create policies and procedures that develop and follow a plan for using funds, keep records, and provide required documentation” (Sciarra, Lynch, Adams, & Dorsey, 2016, p. 68). Poorly managed funds impact the quality and stability of programs. As an administrator, you will need to create a financial plan that establishes a budget and policies and procedures to manage financial resources. After reading Chapters 5 and 6 from the course textbook, please respond to all three parts of the discussion described below:Part 1: Part 1 of the Discussion focuses on the process of creating a financial plan for an early childhood program. Review the administrator’s financial responsibilities discussed in this week’s readings, and describe how to prepare and operate a budget.Part 2: For Part 2 of the Discussion, you will focus on the other financial responsibilities of an administrator that relate to the budget but are ongoing. Review the administrator’s financial responsibilities discussed in this week’s reading, and describe examples of other ongoing financial responsibilities you will have as an administrator of an early childhood program. Which of these responsibilities will you spend more or less time on? Which responsibilities would you find most challenging? How would you accommodate for these challenges?Part 3: For Part 3 of the Discussion, you will focus on the director’s role in obtaining funding for an early childhood program. There are many different types of funding available for early childhood programs. Identify some potential resources for funding a program you are interested in being an administrator of. What role will you play in securing and maintaining these funds?ReferencesSciarra, J., Lynch, E., Adams, S., & Dorsey, A. (2016). Developing and administering a child care and education program. (9th ed.). Boston, MA: Cengage Learning.