Week 5 Notes
Week 5 Notes MALS 4480
Popular in Arts and Culture: Best Practices and Practical Skills
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This 2 page Class Notes was uploaded by email@example.com Notetaker on Thursday October 15, 2015. The Class Notes belongs to MALS 4480 at University of Denver taught by Leigh Holden in Fall 2015. Since its upload, it has received 20 views. For similar materials see Arts and Culture: Best Practices and Practical Skills in Business, management at University of Denver.
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Date Created: 10/15/15
Financial Responsibility is the onus of all members of the board helps members govern With effectiveness equips staff members With operational effectiveness Management Control Cycle Helps to set objectives in measurable financial terms Helps to engage in programming on through a financial plan Helps to compare actual revenue and expenses to those predicted in budgeting and projection It is the board39s responsibility to be fiscally responsible When this is achieved they can feel able to fulfill the public trust allows board to avoid legal difficulties each member must understand financial info The treasurer engages in bookkeeping writing checks reconciling bank statements monitoring petty cash preparing statements and filing federal state and federal tax forms paid or volunteer staffers are relegated these tasks and the treasurer oversees their activities BUDGET central instrument of financial planning and control includes revenue or income and expenses or costs With extra revenue a budget has surplus With extra expenses a budget has deficit There are several reasons to prepare a budget provides a guide for management provides a guide for spending decisions and measures performance catalyzes financial record keeping elucidates the need to manage resources supports grant applications and fundraising creates an objective standard for evaluation Organizational budgets are made up of financial planning for overall operation Program budgets are financial in nature and aimed at single projects Cash ow budgets are projections of available cash over time Steps to budgeting Establish budget guidelines Develop budgets Draft organizational budget Refine budget Present consider and approve budget Share budget throughout organization Monitor budget Make financial adjustments Zerobased budgeting is built from scratch current Historical based budgets take into account past years39 revenues and expenses Fixed and variable costs help staffers to distinguish costs Relevant costs are expenses that planners use When going forward in program planning Steps to building a budget Estimate income Estimate expenses should re ect priorities Cash ow budget Organizations must establish and maintain financial operations and controls to ensure that they meet responsible and ethical standards Accounting methods Cash basis accounting Accrual method accounting Modified cash basis accounting Internal control Boolltllteeping Charts of accounts Recording cash transactions Cash receipts journal Financial Statements Statement of position balance sheet Statement of activities income or operating statement Generally accepting accounting principles GAAP ensures organizations operate at an adequate fiscal level Statement of Position includes Total Assets Total Liabilities Total Net Assets Statement of Activities summarizes revenues received and expenses incurred Accounting Software ex QuickBooks and Peachtree Spreadsheets ex Microsoft Excel and QuatroPro
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