This document provides an overview of key elements for sound financial management of non-profits. It discusses the importance of having a strong budget process, timely management reports, strong internal controls, consistent documentation, and conducting self-assessments. Specific tools and processes are presented for each element, such as how to build budgets, examples of monthly reports, internal control policies around segregation of duties and restricted funds, sample documentation forms, and steps for self-evaluation. The overall message is that being faithful in implementing these financial fundamentals daily will help non-profits achieve their missions and access more resources.
Nonprofit Finance: Basics for the non-MBA, non-CPA professionalDonorPath
The document provides an overview of finance basics for non-profits, focusing on financial statements and the roles of cash, credit, and investment. It discusses the three main financial statements - balance sheet, income statement, and statement of cash flows. It explains key elements of the balance sheet and income statement, including assets, liabilities, net assets, revenues, expenses, and changes in net assets. The presentation aims to help non-finance professionals understand and interpret their organization's financials and tell its financial story as it relates to its mission.
The document is a pocket guide for NGO financial management. It provides guidance on setting up accounting policies and procedures for NGOs. It outlines 14 key areas that should be covered in an NGO's accounting procedures manual, including policy and procedures, accounting policies, cash management, budgeting, fixed assets, procurement, payroll, reporting, and computer systems. The guide aims to help NGOs properly account for financial transactions, monitor and control expenditures, satisfy reporting requirements, and ensure timely financial reporting to donors. It provides simplified explanations and procedures to develop an accounting manual.
The business world continues to grow more complex and to place increasing pressures on you to perform at the highest levels. These pressures come from all angles. Despite the fact that nonprofits may desire to be mission driven first, finances play a important role in your organization's success, and finances will usually determine the pace at which you can advance your mission. Thus, it is very important to understand financial matters. This session will be a summary of the basics.
This document provides an overview and agenda for understanding nonprofit financial statements for non-financial professionals. It defines a nonprofit organization and outlines the key financial documents including budgets, statements of financial position, activities, cash flows, and functional expenses. It describes what these reports mean and what board members should look for in each to fulfill their financial oversight responsibilities of ensuring accurate reporting and that resources are used appropriately to further the nonprofit's mission.
Financial Management Training 10.20.2010GlobalGiving
Tips & Tools for NGO Financial Management presented by Denise Phelps, Treasurer for Maryland School for the Deaf and Civitan Club, on October 20, 2010.
This document provides an overview of nonprofit financial statements and accounting principles. It discusses the key financial statements including the statement of financial position, statement of activities, statement of cash flows, and notes. It describes the different types of assets, liabilities, and net assets that appear on the statement of financial position. The statement of activities shows revenue, expenses, and changes in net assets. The auditor's role and internal financial statements are also summarized. Basic accounting concepts for nonprofits like pledge recognition and functional expense allocation are explained.
Nonprofit accounting and IRS Form 990 overview. How non profit entities can account for revenue, expenses, contributions, unrelated business income, and balance sheet transactions. IRS requirements for tax-exempt organizations.
Nonprofit Finance: Basics for the non-MBA, non-CPA professionalDonorPath
The document provides an overview of finance basics for non-profits, focusing on financial statements and the roles of cash, credit, and investment. It discusses the three main financial statements - balance sheet, income statement, and statement of cash flows. It explains key elements of the balance sheet and income statement, including assets, liabilities, net assets, revenues, expenses, and changes in net assets. The presentation aims to help non-finance professionals understand and interpret their organization's financials and tell its financial story as it relates to its mission.
The document is a pocket guide for NGO financial management. It provides guidance on setting up accounting policies and procedures for NGOs. It outlines 14 key areas that should be covered in an NGO's accounting procedures manual, including policy and procedures, accounting policies, cash management, budgeting, fixed assets, procurement, payroll, reporting, and computer systems. The guide aims to help NGOs properly account for financial transactions, monitor and control expenditures, satisfy reporting requirements, and ensure timely financial reporting to donors. It provides simplified explanations and procedures to develop an accounting manual.
The business world continues to grow more complex and to place increasing pressures on you to perform at the highest levels. These pressures come from all angles. Despite the fact that nonprofits may desire to be mission driven first, finances play a important role in your organization's success, and finances will usually determine the pace at which you can advance your mission. Thus, it is very important to understand financial matters. This session will be a summary of the basics.
This document provides an overview and agenda for understanding nonprofit financial statements for non-financial professionals. It defines a nonprofit organization and outlines the key financial documents including budgets, statements of financial position, activities, cash flows, and functional expenses. It describes what these reports mean and what board members should look for in each to fulfill their financial oversight responsibilities of ensuring accurate reporting and that resources are used appropriately to further the nonprofit's mission.
Financial Management Training 10.20.2010GlobalGiving
Tips & Tools for NGO Financial Management presented by Denise Phelps, Treasurer for Maryland School for the Deaf and Civitan Club, on October 20, 2010.
This document provides an overview of nonprofit financial statements and accounting principles. It discusses the key financial statements including the statement of financial position, statement of activities, statement of cash flows, and notes. It describes the different types of assets, liabilities, and net assets that appear on the statement of financial position. The statement of activities shows revenue, expenses, and changes in net assets. The auditor's role and internal financial statements are also summarized. Basic accounting concepts for nonprofits like pledge recognition and functional expense allocation are explained.
Nonprofit accounting and IRS Form 990 overview. How non profit entities can account for revenue, expenses, contributions, unrelated business income, and balance sheet transactions. IRS requirements for tax-exempt organizations.
This document provides a sample accounting policies and procedures manual for nonprofit organizations. It outlines the roles and responsibilities for accounting functions of board members, the executive director, operations manager, and bookkeeper. It also summarizes policies for maintaining the chart of accounts, processing cash receipts, inter-account transfers, cash disbursements, and other accounting activities. The manual is intended to help nonprofits establish consistent accounting policies and internal controls.
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in net accounts receivable $17,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 150,000
Collections for January (120,000)
Introduction to Financial statements - AccountingFaHaD .H. NooR
Financial statement introduction and its elements.
There are three fundamental financial statements used in accounting.
The income statement shows revenues and expenses.
The balance sheet is a listing of all asset, liability, and equity account balances that do not appear on the income statement.
The statement of cash flows shows how the company receives and spends its cash.
Table of Contents
0. What is financial management?
1. Policy & Procedures Manual
2. Accounting Policies
3. Summary of Procedures
4. General Ledger
5. Cash Management and Disbursements
6. Budgeting and Budgetary Control
7A. Cost Allocation
7B. Fixed Assets
8. Travel
9. Procurement of Goods and Services
10. Reporting Requirements
11. Payroll
12. Computer Information Systems (CIS)
The document describes an accounting policies and procedures manual available for purchase from Bizmanualz. It includes an example policy on bank account reconciliations, a list of topics and forms covered, and sample job descriptions. The manual is available for instant download in Microsoft Word format for $595 and contains seven modules: an introduction, guide to writing policies, sample accounting manual, 39 sample policies and 56 corresponding forms, an embezzlement prevention supplement, 32 job descriptions, and index.
Basic Financial Management for Small BusinessesBizcentralUSA
In this 1 hour webinar hosted by BizCentral USA, we discuss the basic financial management, bookkeeping and accounting methods to keep your small business on the right track! For more information, please visit: http://bizcentralusa.com/accounting_cpa_bookkeeping.php
The document discusses GAAP (Generally Accepted Accounting Principles). [1] GAAP are the common set of accounting standards, procedures and rules that govern financial accounting practices. [2] They provide guidelines for proper revenue recognition, balance sheet classifications, and share measurements to provide a fair representation of a company's financial status. [3] GAAP principles are divided into accounting concepts like the money measurement concept and dual aspect concept, and accounting conventions like full disclosure and materiality.
The document is an agenda for an Intermediate QuickBooks for Nonprofits training presented by Ian Shuman, CPA on February 6, 2014. It includes an introduction of Ian Shuman and his experience. The agenda covers reference material on QuickBooks, budgeting, using classes and jobs, functional classification of expenses, expense allocations, and restricted activity reporting. It provides examples and screenshots to demonstrate the topics.
This document discusses various topics related to financial management, including:
- Forms of business organization such as sole proprietorships, partnerships, and companies
- Financial statements such as balance sheets, income statements, and cash flow statements
- Accounting concepts and conventions used in preparing financial statements
- Types of financial statement analysis used by external users to evaluate companies
Financial Management for Small Business with Luis ArguetaPeopleFund
In this session, participants will learn the essentials of financial management and how to apply financial management practices, rules, and tools that are most relevant for small businesses. Participants will also learn how to prepare for common business financing needs.
Financial and management accounting notes @ mba bkBabasab Patil
This document provides an overview of financial and management accounting. It discusses key topics such as the definition of accounting, the differences between financial and management accounting, accounting standards, books of accounts, financial statements, ratio analysis, fund flow statements, cash flow statements, budgeting, and capital budgeting. The document is divided into 6 units that will cover these various accounting concepts and techniques in more depth across 15 lessons.
PYA’s Angie Caldwell, a healthcare consulting and financial audit services principal, along with Emily Smithson, a tax services manager, discussed “Finance for the Non-Finance Manager.” Their presentation covered the basics of financial reporting and financial statements and budgeting.
Facilitator: Robbie Dircks, Associate Director & CFO, University of North Carolina Press
Panelists: Mike Bieker, Director, University of Arkansas Press; Dan Wackrow, Chief Financial and Operating Officer, Harvard University Press
The document discusses financial statement analysis and how it is used to understand a company's financial position and performance. Financial statement analysis involves evaluating relationships within financial statements and between different statements. It helps users understand a company's business and make better decisions. The source of information for external analysts is a company's annual report, which contains financial statements, footnotes, management discussion and analysis, and other information. The document then provides an example analysis of Tata Steel's balance sheet.
Jimmy Gentry presents "Understanding Financial Statements" during the Reynolds Center for Business Journalism's annual Business Journalism Week, Jan. 2, 2014. Gentry is the Clyde M. Reed Teaching Professor at the University of Kansas' School of Journalism and Mass Communications.
The annual event features two concurrent seminars, Business Journalism Professors and Strictly Financials for journalists.
For more information about business journalism training, please visit http://businessjournalism.org.
This document provides an overview and introduction to financial management for non-governmental organizations (NGOs). It covers key topics such as the importance of financial management, roles and responsibilities, financial planning and budgeting, accounting systems, financial reporting, internal controls, auditing, and fraud prevention. The goal is to provide NGOs with essential guidance on setting up and maintaining effective financial management systems.
Financial Planning is most important for any country or any organization, so here today we come up with some information regarding the financial planning which will help you to understand the financial planning...
This document provides an overview of key concepts in financial accounting, including:
- Definitions of accounting, bookkeeping, and accountancy. Accounting involves recording, classifying, summarizing, and communicating financial information, while bookkeeping is the process of recording transactions.
- The objectives of accounting, which include maintaining business records, ascertaining profit/loss, determining financial position, facilitating management control, and providing information to users.
- The advantages of accounting, such as providing financial information about a business and assisting management decision making.
- The limitations of accounting, as it does not provide an exact measure and ignores qualitative factors.
The San Antonio Compassion Capital Fund is seeking proposals from faith- and community-based organizations to provide services in three areas: youth services, financial education, and job readiness/attainment programs. Selected organizations will receive sub-awards between $12,000-$20,000 and participate in capacity building activities like developing a strategic plan and board training. Proposals are due February 22, 2010.
Self Evaluation & Capacity Development Check ListUrban Strategies
This document contains a self-evaluation checklist for a non-profit organization to assess its financial management capacity. It includes elements such as having a strong budget process, timely management reports, strong internal controls, consistent documentation, and a capacity development plan. The checklist contains over 45 questions organized into 5 categories to help the organization identify areas of financial management that are in place as well as gaps that need to be addressed to strengthen financial operations.
1) A survey of 500 Colorado voters and 300 union households found low awareness of the Employee Free Choice Act (EFCA) but strong opposition to its key provisions once described.
2) Solid majorities opposed allowing unionization via signature cards instead of secret ballots and requiring binding arbitration if contracts are not agreed upon.
3) Even Democratic voters and union households opposed these central aspects of EFCA. Most respondents said they would support candidates opposing changes to union formation and bargaining.
This document provides a sample accounting policies and procedures manual for nonprofit organizations. It outlines the roles and responsibilities for accounting functions of board members, the executive director, operations manager, and bookkeeper. It also summarizes policies for maintaining the chart of accounts, processing cash receipts, inter-account transfers, cash disbursements, and other accounting activities. The manual is intended to help nonprofits establish consistent accounting policies and internal controls.
Here are the solutions to the selected problems from Chapter 17:
P17-7A:
Accounts receivable, December 31, 2009 $90,000
Estimated uncollectible accounts (3% of receivables) 2,700
Net accounts receivable $87,300
Accounts receivable, December 31, 2010 $110,000
Estimated uncollectible accounts (5% of receivables) 5,500
Net accounts receivable $104,500
Increase in net accounts receivable $17,200
P17-9A:
Accounts receivable, January 1 $80,000
Credit sales for January 150,000
Collections for January (120,000)
Introduction to Financial statements - AccountingFaHaD .H. NooR
Financial statement introduction and its elements.
There are three fundamental financial statements used in accounting.
The income statement shows revenues and expenses.
The balance sheet is a listing of all asset, liability, and equity account balances that do not appear on the income statement.
The statement of cash flows shows how the company receives and spends its cash.
Table of Contents
0. What is financial management?
1. Policy & Procedures Manual
2. Accounting Policies
3. Summary of Procedures
4. General Ledger
5. Cash Management and Disbursements
6. Budgeting and Budgetary Control
7A. Cost Allocation
7B. Fixed Assets
8. Travel
9. Procurement of Goods and Services
10. Reporting Requirements
11. Payroll
12. Computer Information Systems (CIS)
The document describes an accounting policies and procedures manual available for purchase from Bizmanualz. It includes an example policy on bank account reconciliations, a list of topics and forms covered, and sample job descriptions. The manual is available for instant download in Microsoft Word format for $595 and contains seven modules: an introduction, guide to writing policies, sample accounting manual, 39 sample policies and 56 corresponding forms, an embezzlement prevention supplement, 32 job descriptions, and index.
Basic Financial Management for Small BusinessesBizcentralUSA
In this 1 hour webinar hosted by BizCentral USA, we discuss the basic financial management, bookkeeping and accounting methods to keep your small business on the right track! For more information, please visit: http://bizcentralusa.com/accounting_cpa_bookkeeping.php
The document discusses GAAP (Generally Accepted Accounting Principles). [1] GAAP are the common set of accounting standards, procedures and rules that govern financial accounting practices. [2] They provide guidelines for proper revenue recognition, balance sheet classifications, and share measurements to provide a fair representation of a company's financial status. [3] GAAP principles are divided into accounting concepts like the money measurement concept and dual aspect concept, and accounting conventions like full disclosure and materiality.
The document is an agenda for an Intermediate QuickBooks for Nonprofits training presented by Ian Shuman, CPA on February 6, 2014. It includes an introduction of Ian Shuman and his experience. The agenda covers reference material on QuickBooks, budgeting, using classes and jobs, functional classification of expenses, expense allocations, and restricted activity reporting. It provides examples and screenshots to demonstrate the topics.
This document discusses various topics related to financial management, including:
- Forms of business organization such as sole proprietorships, partnerships, and companies
- Financial statements such as balance sheets, income statements, and cash flow statements
- Accounting concepts and conventions used in preparing financial statements
- Types of financial statement analysis used by external users to evaluate companies
Financial Management for Small Business with Luis ArguetaPeopleFund
In this session, participants will learn the essentials of financial management and how to apply financial management practices, rules, and tools that are most relevant for small businesses. Participants will also learn how to prepare for common business financing needs.
Financial and management accounting notes @ mba bkBabasab Patil
This document provides an overview of financial and management accounting. It discusses key topics such as the definition of accounting, the differences between financial and management accounting, accounting standards, books of accounts, financial statements, ratio analysis, fund flow statements, cash flow statements, budgeting, and capital budgeting. The document is divided into 6 units that will cover these various accounting concepts and techniques in more depth across 15 lessons.
PYA’s Angie Caldwell, a healthcare consulting and financial audit services principal, along with Emily Smithson, a tax services manager, discussed “Finance for the Non-Finance Manager.” Their presentation covered the basics of financial reporting and financial statements and budgeting.
Facilitator: Robbie Dircks, Associate Director & CFO, University of North Carolina Press
Panelists: Mike Bieker, Director, University of Arkansas Press; Dan Wackrow, Chief Financial and Operating Officer, Harvard University Press
The document discusses financial statement analysis and how it is used to understand a company's financial position and performance. Financial statement analysis involves evaluating relationships within financial statements and between different statements. It helps users understand a company's business and make better decisions. The source of information for external analysts is a company's annual report, which contains financial statements, footnotes, management discussion and analysis, and other information. The document then provides an example analysis of Tata Steel's balance sheet.
Jimmy Gentry presents "Understanding Financial Statements" during the Reynolds Center for Business Journalism's annual Business Journalism Week, Jan. 2, 2014. Gentry is the Clyde M. Reed Teaching Professor at the University of Kansas' School of Journalism and Mass Communications.
The annual event features two concurrent seminars, Business Journalism Professors and Strictly Financials for journalists.
For more information about business journalism training, please visit http://businessjournalism.org.
This document provides an overview and introduction to financial management for non-governmental organizations (NGOs). It covers key topics such as the importance of financial management, roles and responsibilities, financial planning and budgeting, accounting systems, financial reporting, internal controls, auditing, and fraud prevention. The goal is to provide NGOs with essential guidance on setting up and maintaining effective financial management systems.
Financial Planning is most important for any country or any organization, so here today we come up with some information regarding the financial planning which will help you to understand the financial planning...
This document provides an overview of key concepts in financial accounting, including:
- Definitions of accounting, bookkeeping, and accountancy. Accounting involves recording, classifying, summarizing, and communicating financial information, while bookkeeping is the process of recording transactions.
- The objectives of accounting, which include maintaining business records, ascertaining profit/loss, determining financial position, facilitating management control, and providing information to users.
- The advantages of accounting, such as providing financial information about a business and assisting management decision making.
- The limitations of accounting, as it does not provide an exact measure and ignores qualitative factors.
The San Antonio Compassion Capital Fund is seeking proposals from faith- and community-based organizations to provide services in three areas: youth services, financial education, and job readiness/attainment programs. Selected organizations will receive sub-awards between $12,000-$20,000 and participate in capacity building activities like developing a strategic plan and board training. Proposals are due February 22, 2010.
Self Evaluation & Capacity Development Check ListUrban Strategies
This document contains a self-evaluation checklist for a non-profit organization to assess its financial management capacity. It includes elements such as having a strong budget process, timely management reports, strong internal controls, consistent documentation, and a capacity development plan. The checklist contains over 45 questions organized into 5 categories to help the organization identify areas of financial management that are in place as well as gaps that need to be addressed to strengthen financial operations.
1) A survey of 500 Colorado voters and 300 union households found low awareness of the Employee Free Choice Act (EFCA) but strong opposition to its key provisions once described.
2) Solid majorities opposed allowing unionization via signature cards instead of secret ballots and requiring binding arbitration if contracts are not agreed upon.
3) Even Democratic voters and union households opposed these central aspects of EFCA. Most respondents said they would support candidates opposing changes to union formation and bargaining.
This document provides information on how to effectively mobilize and manage volunteers, especially those with professional skills. It discusses developing a quality website, creating meaningful volunteer roles around projects, designing roles to utilize volunteers' skills, treating volunteers well to create advocates, and involving them with the goal of retention.
What is true empowerment look like? Young leaders need to be cultivated and given power to make decisions and fail to grow into the leaders of the future. What is your role in the process? This workshop will look at the Empowerment Ladder and talk about practical mentoring roles that you can take.
Productive Anarchy Networks Of Open Source Software Developmentguest7e9904
1. A recent study analyzed the genome of the fungus that causes powdery mildew on grapevines from 1918 and compared it to modern strains.
2. The study found that the historic strain was very similar to strains found in Europe today, indicating little genetic change over the past century.
3. However, the researchers also discovered genes in the historic strain that are now absent from modern strains, suggesting the old strain may have been better able to infect a wider range of hosts.
The document summarizes details about a grant opportunity from the Family Service Association to provide technical assistance funding to faith and community-based organizations. Up to 20 organizations will receive grants ranging from $12,000 to $20,000 to build their organizational capacity. The grants can be used for activities like strategic planning, financial management, and board development. Eligible organizations provide services in certain zip codes and address issues like youth, financial education, or job readiness. The application is due February 22nd and selected organizations will receive site visits and training.
Participate in a discussion regarding financial literacy program components designed for your community as well as an introduction to a proven financial literacy curricula - MoneySmarts.
This document discusses organizational policies and procedures, defining them as principles, rules, and guidelines that determine decisions and actions within an organization. Procedures are the specific methods used to implement policies in day-to-day operations. Together, policies and procedures ensure viewpoints are translated into compatible outcomes and provide consistency under the law. The document raises questions about whether policies are consistent with an organization's mission and whether they unify or divide people.
The document outlines policies and procedures for engineering operations at a property. It discusses budget preparation and control guidelines, developing annual budgets for energy and repairs/maintenance, obtaining approvals for repair and maintenance projects, monitoring and controlling utility consumption through various forms and reports, and maintaining parts/supply inventories. The Chief Engineer is responsible for following these procedures, completing required forms and reports, and submitting them by specified deadlines.
The document provides information about an upcoming budget presentation by Evelyn Dufford and Catherine Kuhn for the Washington State Chapter of the Community Associations Institute, covering topics such as accounting basics, the budget process, budget development, and budget considerations for community associations. The presentation will include a general presentation divided into several sections followed by a question and answer period. Attendees will receive materials including articles and contact information.
The document provides best practices for treasury management in non-profits. It discusses how the treasury function is evolving to focus more on strategic activities. It outlines concerns of CFOs, financial performance metrics, financing mechanisms like loans and lines of credit, the budgeting process, asset management practices, and challenges of international treasury management. The document provides detailed guidance on setting up an effective treasury department through organization, technology, policies, metrics, and risk management.
This document outlines an agenda for training clinic managers and administrators on financial management, reporting, governance, leadership, and management. The training will cover topics such as financial reporting, segregation of duties, internal controls, cost recovery management, cash management, and data analysis. The goal is for participants to understand financial principles, learn best practices, and develop strategies for effective management of clinic finances and operations.
My Business is Growing, Now What? Financial Management Skills for the Entrepr...McKonly & Asbury, LLP
The document discusses building successful employee relationships as a cornerstone to fraud prevention and risk management. It covers introducing David Blain and Michael Hoffner, partners at McKonly & Asbury, who will discuss financial management skills for entrepreneurs. They will focus on balance sheet management, cash flow management, why ratios are important, and developing long term value. Questions are welcomed at the end.
Three B's Budgeting (Bad) economy Banking foundation bank 09 26-12 Christy Murphey
The document summarizes best practices for budgeting, dealing with economic challenges, and banking controls for community associations. It discusses budget development processes like zero-based and historical trend budgets. It addresses how to plan for a bad economy, including budgeting for bad debts, special assessments, borrowing from reserves, and operating deficits. It also covers financial controls like monthly budget comparisons, bank statement reconciliation, and cash verification.
This document discusses the importance of managing cash flow and working capital for businesses. It provides guidance on developing cash flow forecasts and budgets. Key points include:
- Cash flow and profit can differ, so cash flow forecasts are essential to evaluate a business's liquidity.
- Working capital management, which involves managing inventory levels, accounts receivable, and accounts payable, is important to ensure sufficient cash flow.
- Cash flow forecasts, along with balance sheets and income statements, allow businesses to anticipate liquidity needs and plan accordingly.
- Metrics like current and quick ratios can help evaluate a business's vulnerability from a cash flow perspective.
This document provides information on money management strategies including financial planning, budgeting, and record keeping. It discusses creating personal financial statements like a balance sheet and cash flow statement. A major section explains the process of creating and implementing a budget to help people live within their means and achieve financial goals. Saving techniques are also covered to help build emergency funds and save for large purchases. Overall, the document outlines tools and strategies for effective money management in both the short-term through budgeting and long-term through financial planning and goal setting.
Here is a graphical representation of the break even analysis using the data provided:
Units Sold
Fixed costs = $5000
Variable cost per unit = $3
Selling price per unit = $5
Total Costs
$5000
$15000
$25000
Total Revenue
$0
$2500
$5000
$7500
$10000
$12500
$15000
$17500
$20000
$22500
Break Even Point
800 units
The break even point is reached at 800 units where total revenue equals total costs. The total fixed costs line is drawn horizontally at $5000. The total costs line is drawn starting from the total fixed costs line
MHM's J. Scott Denlinger's presentation from the Finance, Human Resources, Business Operations Conference - June 4-5, 2015.
During this presentation, Scott covered:
*Determining appropriate level of reserves
*Building and maintaining operating reserves
*Budgeting for increases in reserves
*How to create a cash flow budget
This document provides an outline for a presentation on capital budgeting. It discusses capital budgeting theory, evaluation methods like net present value (NPV), internal rate of return (IRR), and profitability index (PI). It covers the importance of capital budgeting, types of capital budgeting projects, and the eight step capital budgeting process. Evaluation methods are examined in depth including their strengths and weaknesses. The presentation aims to help the audience understand capital budgeting and how to select projects that maximize shareholder wealth.
The document summarizes a boot camp for Small Business Development Center (SBDC) directors to review financial procedures and prepare for the upcoming year. It covers reviewing the previous year's invoices and performance, financial examinations, funding sources, time and effort reporting, and drills on budget revisions and quarterly reimbursements. The boot camp aims to ensure compliance with accounting rules and help directors properly manage finances and complete required paperwork for reimbursements and reporting.
Chapter 2: Health Care Financial StatementsNada G.Youssef
This document provides an overview of key financial statements and accounting principles for health care entities. It discusses the balance sheet, statement of operations, and accounting standards set by FASB, GASB and GAAP. The balance sheet presents assets, liabilities and net assets at a point in time. The statement of operations summarizes revenues and expenses over an accounting period using the accrual basis. The document also provides examples of components that make up each statement.
The document discusses a cash budget, which is a forecast of estimated cash receipts, payments, and cash position over a period of time. It helps identify short and long term cash needs to allow management to take appropriate actions to avoid problems. The document then provides a case study, asking to prepare a cash budget for four months for a company based on given sales figures, purchase and payment terms, wages, rent, loans, dividends, and prior bank balance. It outlines the calculations and presents the completed cash budget for the four months.
This document provides an introduction to basic accounting concepts. It begins by defining key terms like assets, liabilities, capital, and accounting periods. It then explains important accounting principles and financial statements, including accrual accounting, accounts receivable/payable, and the balance sheet, income statement, and statement of cash flows. The overall purpose is to familiarize readers with fundamental accounting vocabulary and practices.
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Partner, Janice Snyder, and Principal, Jim Shellenberger, and addressed the requirements of Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The presenters reviewed the new requirements under this standard and converted a full set of not-for-profit financial statements from the previous requirements to the new requirements. This was a step-by-step, page-by-page review of not-for-profit financial statements.
The document discusses various accounting concepts and principles. It defines accounting concepts as basic rules, assumptions, and principles that act as standards for recording business transactions and maintaining books of accounts. It describes key concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization, and accrual. It also discusses accounting conventions like consistency, conservatism, materiality, and full disclosure. Finally, it lists important accounting principles like accrual, consistency, conservatism, going concern, matching, and full disclosure.
The document provides an overview of cash flow statements including their meaning, objectives, advantages, disadvantages and classification of cash flows. It explains that cash flow statements reveal movements in cash from operating, investing and financing activities. The objectives are to understand liquidity, impact of activities and cash earning capacity. Cash flows are classified as operating, investing or financing depending on the nature of transaction.
The document discusses key accounting concepts and principles. It defines accounting as identifying, measuring, recording and communicating financial information. The main components of the accounting process are recording transactions, summarizing data, reporting to stakeholders, and analyzing results. Accounting serves both internal users like management and owners as well as external users like investors, lenders, suppliers, customers, tax authorities, auditors, and the public. Accounting concepts provide fundamental rules and assumptions for preparing financial statements according to standards.
Personal Financial Planning – Managing your finances to achieve ‘p.docxherbertwilson5999
Personal Financial Planning – Managing your finances to achieve ‘personal economic satisfaction’
– Successful planning allows for:
• Better access to financial resources
• Better control of your financial affairs
• Improved personal relationships / less personal stress
Six Step Process
· Step 1: Determine Current Financial Situation
– Consider income, expenses, debt, etc.
· Step 2: Develop Financial Goals
– What do you want to achieve with your money • Individualspecific
– Values and attitudes impact your financial goals
· Step 3: Identify Alternative Actions
– Alternatives are important to the decision making process
· Stay the course
· Expand the current situation
· Change the current situation
· Start a new course
· Step 4: Evaluate Alternatives
· – Can be many ways to achieve the same goal
· – However, alternatives have consequences
· • Need to consider opportunity costs of each alternative – Both personal and financial
· » Measure financial opportunity costs using time value of money
• Step 4: Evaluate Alternatives (cont.)
· – Alternatives have risks which need to be identified and evaluated
• Step 5: Create and Implement a Financial Plan
· – Objective is to choose alternatives that allow you to achieve your financial goals
· • Step 6: Re-Evaluate and Revise the Plan
· – Evolving plan that changes as conditions change
· – Would re-evaluate based on a specific event (e.g., loss of job) or at regular intervals (e.g., every year)
· Financial Goals • Influencers of Financial Goals:
· – Timing of goals
• Short, intermediate, and long-term
· – Differing financial needs
• Consumable, durable, intangible products
· Financial Goals
· • Influencers of Financial Goals: – Life situation
· Financial Goals • Goal Setting Guidelines
· – Goals should: • be realistic
· • be specific and measureable • have a time horizon
• guide your financial actions
· – SMART
· Economic Factors & Financial Planning • Market Forces
· – Supply and demand determine prices • Financial Institutions
· – Facilitate the actions of your financial plan • Global Influences
· – Can influence exchange rates, interest rates, prices, etc.
· Economic Factors & Financial Planning • Economic Conditions
· Economic Factors & Financial Planning
· • Economic Conditions – Consumer prices
– Consumer spending – Interest rates
· Achieving Financial Goals
Part1: planning your personal finances
Part2: manageing your credit
Part 3: insuring your resources
Part 4: investing your financial resources
Part 5: controlling your financial future
Time Value of Money Review
Present Value (PV)
• Concept – a dollar today is worth more than a dollar in the future
– Why?
• Can add and subtract cash flows so long as
they are valued in the same time period
• * Assume for all questions on these slides that the applicable interest rate is 6%, unless otherwise stated
Present Value (PV) • Single Cash Flow
– Determine the PV of a single future cash flow
– Example: .
Learn about upcoming funding for teen pregnancy prevention programs as well as a discussion on how to develop a teen pregnancy prevention program for your community.
The document provides an overview of a job readiness training curriculum developed for the Baltimore Pipeline Project. It aims to build a pipeline of qualified residents to fill entry-level jobs in Baltimore by focusing on developing core soft skills. The curriculum contains six sections that cover workforce preparation, communication, interpersonal, life management, decision-making, and customer service skills. It is designed to prepare individuals for work through developing the necessary pre-employment skills and empowering them for success.
Participate in a discussion regarding job readiness program components designed for your community as well as an introduction to a proven Job Readiness curriculum.
Building great organizations starts with great leadership. Great leadership starts at the top with the CEO and the Board of Directors. This seminar is an overview of creating great organizations by developing great Board leadership using best practice theory of Board Relationships, Board Governance, and Strategic Planning.
This document provides an organizational assessment tool to help non-profits evaluate the size, complexity, policies and procedures of their operations. It includes categories to assess areas like staffing levels, programs, facilities, vehicles, and the formality of policies around governance, administration, human resources, financial management, and acceptable workplace behavior. The tool aims to help organizations chart their current state and needed improvements to policies as they grow in scale and complexity.
This document discusses qualities of effective parents at different stages of child development and identifies areas where parents often fail. It also contains exercises for nonprofit boards to evaluate their composition and identify actions for increased effectiveness. The exercises prompt boards to list members and their roles, and actions to develop the board and individual members. Specific parenting qualities or board development actions are not provided.
Here are some key internal controls you should establish for Food & Warmth Inc.:
1. Segregation of duties - Separate the responsibilities for processing transactions, record keeping, and custody of assets among different staff. For example, don't let the same person who receives donations also deposit funds and reconcile the bank statement.
2. Proper authorization - Require at least two signatures for checks over a certain amount. Manage who can approve expenses.
3. Physical safeguards - Lock up cash, checks, and valuables. Restrict access to financial files and accounting software.
4. Record keeping - Maintain documentation for all transactions and reconcile bank statements monthly. File invoices and receipts in an organized filing system.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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4. Our Objectives ……
• Provide an overview of the elements for sound
financial management.
• Understand the fundamentals of financial
management, why they are important, and how to
implement them.
• Understand the tools necessary to manage grants
and financial resources.
• Complete a self evaluation action plan that will
improve your organizations grant readiness and
improve your financial management capacity.
5. Financial Management
Elements
• Strong Budget Process
• Timely Management Reports
• Strong Internal Controls
• Consistent Documentation
• Self Assessment & Capacity Development
Plan.
6. Financial Management Benefits
• Provides a financial plan to support
achievement of goals.
• Promotes proactive decisions, not reactive
ones.
• Establishes trust and confidence in donors
and grantors.
• Provides a means to access more resources.
• Ensures integrity in the stewardship of the
resources you have.
11. Food & Warmth Inc.
• Read the Case:
–
What are the issues / problems
you observe ?
–
What are the requirements to
earn the grant ?
12. Element #1: Strong Budget
Process
A budget is the foundation for all
financial management.
13. Budget Process
• Step 1: Build a statement of financial
position for the past year.
• Step 2: Develop a one year budget for the
upcoming year.
• Step 3: Project cash flows by month
for the time period in the budget.
14. Budget Process Building Blocks
• Chart of Accounts & Accounting System
• Track Revenue by Source of Income
• Track Expenses by Administration, Fund Raising
and Program.
• Track Revenue and Expenses by Grant & In-Kind
Giving
• Project Cash Flow
15. Chart of Accounts
Simply stated the chart of accounts
allows you to categorize all financial
transactions. It is the foundational
building block for financial information
and reports.
16. Example Chart of Accounts
• What are the elements / categories you see
in this example chart of accounts?
• What is missing from this chart of
accounts? What accounts do you use in
your own organization?
• How would this chart of accounts be useful
in your role as the Food & Warmth Financial
Manager?
17. Review Food & Warmth Inc.
• Review the Budget Table. Does it provide
for everything you need to satisfy the grant
requirements?
• What is still missing?
• How does it compare to your own
organizations budget?
18. Anticipate Your Cash Needs
Project cash flows by month for the time
period reflected in the budget.
19. Budget Process Skills
• You can categorize and track different sources of revenue by
program/department.
• You can separate out your administrative costs, fund raising
costs, and program costs.
• You can report at least one past year of historical revenue and
expenses.
• You can track grant specific revenue and expenses for the
portion funded by the grantor and the part funded by your
organization.
• You can forecast net cash flow by month.
21. Element # 2 Timely Management
Reports:
Reports provide the opportunity to focus
• on the right things,
• demonstrate faithful stewardship,
• provide valuable information that guides
and supports decision making in achieving
the mission of your organization.
22. Management Reports Building
Blocks
• Timely: Ensure all deadlines are met.
• Accurate: Use accounting data that has been
reviewed.
• Complete: Contain all pertinent information relating
to the reporting period.
• Identify costs by year and budget category.
• Account for each grant separately.
• Distinguish administrative, fund raising,
and program costs.
• Track program outcomes and indicators.
23. Suggested Monthly Reports
• Monthly and year-to-date budget to actual
reports.
• Monthly cash on hand.
• Track & monitor restricted fund balance.
• In-Kind giving by area.
• Develop program outcomes and indicators
to go along with financial reports.
24. Develop Reporting Skills
• Understand the difference between direct and
indirect costs.
• Develop methods to allocate full costs to programs.
• Able to track restricted fund balance.
• Develop methods to capture in-kind contributions.
• Identify program metrics and indicators as well as
financial reports.
25. Indirect Cost Exercise
Fundraisi Food Clothing
Category Admin ng Bank Bank Total
Actual Annual
Cost $40,000 $40,000 $260,000 $160,000 $500,000
Number Staff 1 1 2 2 6
Number
Volunteers 8 6 14
Space Used 500 500 4,000 5,000 10,000
(Square Feet)
26. Food & Clothing Inc. Example
• Direct Costs? ___________
• Indirect Costs? _________
• Percent Breakdown:
–
Admin : _ _ _ _ _ _ _ %,
–
Fundraising _______%
–
Program _______%
• Full Program Cost:
–
Food Bank $ ____________
–
Clothing Bank $ _ _ _ _ _ _ _ _ _ _ _ _
28. Element #3: Strong Internal
Controls
The purpose of internal controls is to:
• Ensure expenditures are spent only upon
proper authorization of management, for
valid business purposes
• Ensure all disbursements are properly
recorded.
29. “Opportunity facilitates Temptation”
• Appropriate internal controls will protect
your organization and your people.
• Given opportunity:
–
even an honest individual will be tempted .
–
an honest individual in great need is at great risk of
compromising their values .
–
a dishonest individual will award you with responsibility
for their fraudulent behavior.
30. Internal Control Building Blocks
1. Board Approved Budget
2. Establish authority and process limits.
3. Cash management.
4. Segregation of duties.
5. Restricted fund management.
6. Establish performance standards.
7. Three bid requirement.
31. 1. Budget ; 2. Authority
• Board Approved Budget: The Board reviews and
approves the annual budget .
2. Established authority limits: Identify who is
authorized to spend money and at what limit . Areas to
set limits include the following:
–
Determine who is a signer on each bank account .
–
Set signature authority limits :
• For example: Checks over $5,000 require two signatures.
• Program Director can authorize spending up to $500 without
Executive Director approval.
32. 3. Cash Management
• Two count cash at all times
• Petty Cash account documentation
and reconciliation.
• Target the number of days cash to
have on hand.
33. Target Days Cash on Hand
Target / Goal Average Monthly Expenses
Days Cash on Hand $10,000 $15,000 $20,000
30 $10,000 $15,000 $20,000
60 $20,000 $30,000 $40,000
90 $30,000 $45,000 $60,000
34. 4. Segregation of Duties
Segregation of duties means that no financial
transaction is handled by only one person
from beginning to end.
What are the dangers if the same person ….
Opens Mail
Counts Cash
Deposits Cash
Posts Deposit
35. Design Segregation of Duties
• For your own organization fill out the Actual
segregation of duties worksheet.
• Exchange your sheet with someone else and
talk through how you could increase
segregation of duties.
• Use the “Revised Segregation of Duties” to
make any recommended changes. Think
about non financial donated items as well.
36. 5. Restricted Fund Management
Money which has been restricted by the donor
for a specific use.
For example: Buying a new building or starting
a new program, should only be used for the
purpose for which it has been given.
37. Restricted Funds
• Receipt of grant funds usually is
accompanied by a contract which spells out
how the funds can be used.
• Develop a method to review the status of
restricted funds on a monthly basis.
38. Restricted Funds Example
Example 1 Example 2
Funds Acct. Bal. Acct. Bal.
Total Cash All Accounts $ 120,000 $ 120,000
Restricted Funds
Building $ 60,000 $ 80,000
Federal Grant $ 15,000 $ 25,000
Intern Support $ 5,000 $ 20,000
Total Restricted Funds $ 80,000 $ 125,000
Unrestricted Funds $ 40,000 $ (5,000)
Total Restricted & Unrestricted $ 120,000 $ 120,000
39. 1. Establish Performance
Standards
Establish goals for timeliness and accuracy.
• Bill and reimbursement payment.
• Deposits: Daily, no cash overnight.
• Receipts.
• Filing.
• Account reconciliation monthly.
• Treasurer review monthly;
–
Cash on hand
–
Restricted fund balances
–
Bank account reconciliations
40. 7. Three Bid Requirement
Some grants require you to get three bids on
purchases over a certain threshold. $500 is a
common threshold. For example, purchase
of a computer or lap top with software would
require you to solicit three bids before
purchase. Documentation of the bids would
need to be saved.
See example “Procurement Form”
41. Building Your Capacity
• Take the time to formalize your internal
controls in the form of board approved
policies and procedures.
• Plan to review your policies and revise them
as needed at least annually.
• If you don’t start…it won’t get done.
43. Element #4: Consistent Documentation:
Financial & Program Activity
Documentation demonstrates stewardship and
accountability in your organization relative
the financial transactions.
It is being faithful in the daily “little” things that
will prepare you for the trust donors and
grantors will give you for greater resources.
44. Documentation Building Blocks:
• Donations:
• Expenses:
• Bank Reconciliation
• In-kind contributions.
• Time sheets
• Sign-In sheets
45. Principles of Documentation
• Date
• Signature
• Sign in Sheet
• Purpose
• Originals filed
• Use a three ring binder
46. Review of Example Forms
• Request for Reimbursement
• Request for Expenditure
• Debit Card Expenditure
• Electronic Funds Expenditure
• Bank Transfer Authorization
• Time Sheet
• Volunteer Time Sheet
49. Element #5: Self Assessment
& Capacity Development Plan.
• The key improving is to determine
what you need to work on, and get
busy.
• Set your goals to incrementally
improve.
50. Self Assessment & Capacity
Building Blocks
• Complete a self evaluation & take action.
• Develop the areas that will make you ready
for grants.
• Complete an outside audit.
51. Key Elements for Grant
Readiness
• Chart of accounts and accounting software that
supports segmentation and reporting of revenue
and expenses by grant.
• Internal controls that ensure grant funds are
expended according to the grant.
• Capacity to add the additional work not only for
grant program implementation, but in the
accounting and administrative areas.
• Develop a clear idea of what you need resources
for.
52. Fundamental Financial Elements
• Strong Budget Process
• Timely Management Reports
• Strong Internal Controls
• Consistent Documentation
• Self Assessment & Capacity Development
Plan.