...Key for Budget Matrix, Due in Week Six Budget items Functional budget to determine personnel costs per member enrolled Line-item budget to determine total non-salary costs Total program budget Executive director salary x x Training supervisor salary x x Trainers salary x x Employee benefits x x Equipment x x Supplies x x Facility rent x x Travel x x Utilities x x Depreciation of equipment x x Transportation x x Outside consultants x x Indirect costs x Answer Key for Creating a Budget, Due in Week Six 1. A line-item budget table showing all associated costs implementing the training programs. Local government workforce agency—Line-item budget Revenue $1,600,000 Expenses Personnel Executive director $100,000 Training supervisor $80,000 Trainers $500,000 Administrative coordinator $45,000 Administrative staff $75,000 Total salaries and wages $800,000 Employee-related benefit expenses @ 25% $200,000 Operating expenses Rent $125,000 Overhead costs $100,000 Utilities $100,000 Office supplies $25,000 Equipment/lease $50,000 Transportation and travel $100,000 Outside consultants $100,000 Total operating expenses $600,000 Total agency budget $1,600,000 2. Develop a functional budget to calculate personnel costs per patient visit. Local government workforce agency—functional and program budget ...
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...STAPHYLOCOCCUS 1. What is the infectious agent (pathogen) that causes this infectious disease? For example, describe the name of the bacteria, virus, or parasite. Staphylococcus is a group of bacteria that can cause a number of diseases as a result of infection of various tissues of the body. Staphylococcus is also known as staph, which is pronounced “staff”. Its illness can range from mild and requiring no treatment to severe and fatal. The bacteria look like a bunch of grapes or little red berries. There are over 30 types of staphylococcus that can affect us, but most infections are caused by staphylococcus aureus. It can be found in the nose and on the skin. In cases, it does not cause diseases, but damage to the skin or other injury may allow the bacteria to overcome the body causing infections. This can also be deadly bacteria because I know people who have died from it. 2. How is the infectious agent transmitted through food and water? Staphylococcus bacteria is mostly transmitted from person to person, but can also be transmitted through food. It can be transmitted through food of improper food handling and hygiene on the part of the person who is cooking the food. Foods that are involved in outbreaks of poisoning from staphylococcus include meats and poultry, and proteins such as eggs and tofu. Sandwiches and deli salads are also involved with outbreaks of these bacteria. Dairy products such as milk, cheese and cream-filled pastries can also be involved. This bacteria...
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...Health Care Budget: Financial Management Practices Andrew Ojo HCS/577 University Of Phoenix Health Care Budget: Financial Management Practices Budget involves pulling resources together to achieve a specific goal. According to Gapenski (2006), budgeting is an offshoot in a planning process. A basic managerial accounting tool use in holding planning and control functions together is referred to as set of budgets (p. 255). Most entities and organization create budgets as a guide for controlling its spending, predict how much profit, and it expenditure as they progress toward a set goal. One major setback manager or budget developer encounter is trying to design a future, a process that cannot be created with the precision just right. This article discusses some financial management practices considered most effective in creating and monitoring an operating budget. It also highlights some least effective financial management practices in creating and monitoring an operation budget. Most Effective Financial Management Practices in an Operating Budget Creating and monitoring an operating budget needs a careful consideration of so many factors, one of such factors is managing the finances. To do this, here are some of the most effective practices many organizations adopt in creating and monitoring budgets; * Having a corporate strategy Evaluating the progress of a budget is dependent on expenses and how resources are allocated. Because of this singular fact, linking...
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...operating budget is and it can be defined as the upcoming statement of profit and loss for the different divisions and units of a company as well as the company as whole for the upcoming year. To identify the variances as well as to monitor things this operating budget is normally divided into what is usually called quarters. For a health care company these budgets are prepared for the following year and is normally discussed for some kind of approval by the upper management teams. When the year is at an end the management team that is in charge of certain areas are then asked to provide an account of the performances from the previous year. Effective financial management practices in creating and monitoring an operating budget When it comes to creating and monitoring a budget, the use of financial management should not be overemphasized. To start off, the budget construction form should be able to identify all of the relevant data that is involved. The operating budget can be best utilized as a profit and loss statement projection and to prepare the estimates of expenses and future revenues. To make it easier to monitor Finkler (2006) states that an operating budget should be presented together with the appropriate schedules as well as statements which act as supportive documentation. In order to have an operating budget that is effective one must be created on an annual basis while at the same time the best way to have an effective monitoring of the operating budget it is...
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...preparing estimates, the budget manager will log into PeopleSoft enterprise, which is a management system that provides financial documents and employee data. The employee data and financial documents provide the relevant information that are necessary for creating projections. PeopleSoft enterprise is also used to upload and transfer financial worksheets. On that project I observed and reviewed projection methodology with the budget projections...
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...Family Budget Basics It's not always easy to meet our financial obligations each month, and that's where creating a family budget can help. Nearly every day, we have multiple financial demands placed upon us. Whether it is grocery shopping or paying the monthly electric bill, we're faced with family budget decisions all the time. Family Budgeting It's sometimes difficult to deal with financial planning matters such as family budgeting. There is one more bill to pay, or a big decision needs to be made on an expensive family vacation. But no matter how people might try to deny it, this is a hard rule of life: We make decisions all the time that affect our ability to stay out of debt. Additional Resources Household Budget Basics Budget Worksheet Budget Worksheet Part II Family Budget Basics Saving Money Surviving a Recession Staying Out of Debt Financial Planning After a Death Family budgeting is all about choosing between the options available to us, including those that help us to stay out of debt. One of those important options we have includes creating a family budget that meets our individual needs. Unfortunately, for many of us, budgets are a reality check that we try to avoid. For example, our family budget might tell us that we make enough money each month to pay that electric bill, but we need to give up going out to eat twice a week, or eliminate a habit of buying such expensive clothing. These are the types of decisions we are talking...
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...Health Care Budget Effective financial management is the basis of thriving health care organizations. Organizations must make good investment decisions based on objective analysis (Healthcare Financial Management Association [HFMA], 2005). Integration of financial management principles provides decision makers with guidance to make capital decisions maximize mission-based benefits at effective costs (HFMA, 2005). An operating budget is the statement of profit and loss for the entire organization. Various health care entities prepare operating budget for the following year for discussion and approval by top management (Academic Writing Tips, 2011). At the end of the year, departmental managers provide an account for the previous year’s financial performance (Academic Writing Tips, 2011). Effective Financial Management Practices in Creating and Monitoring a Budget Effective financial management is useful when creating and monitoring a budget. The budget must include data relevant to the organization. An operating budget is a profit and loss statement of projection. The budget must include estimates of revenues and future expenses. Financial managers should present the operating budget with the correct schedule. Leaders must present financial statements such as the Statement of Cash Flow, Statement of Revenue and Expense, and Balance Sheet with the operating budget as supporting documentation explaining the financial practices of a company (Academic Writing Tips, 2011)...
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...decisions based on the analysis of the budget. In this paper, financial management will be reviewed. The most effective and least effective financial management practices in creating and monitoring an operating budget will be discussed. Planning, organizing, directing, and controlling activities such as procurement and use of funds make up financial management. Financial management involves all departments of an organization. Financial management relates to the use of funds from various resources and financial decisions depend upon the source type, the financing period, the financing cost, and returns. Procurement, allocation, and control of resources are concerns in financial management. Some financial management goals include ensuring a supply of funds to various areas in an organization, ensuring returns to investors, and ensuring the best utilization of funds. According to Gapenski (2008), an operating budget “is a combination of the revenues and expense budgets. Operating budgets are prepared at the subunit level” (p. 234). An operating budget is a statement of profit and loss. An account for the previous year’s financial performance is provided by the different departments in an organization at the end of the year. In addition to the operating budget other statements are needed, such as the Statement of Cash Flow, the Statement of Revenue and Expense, and a balance sheet. These statements provide supporting documentation. The operating budget must include estimates of revenue...
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...Business Analysis When creating a new budget within the healthcare field it can be somewhat difficult. It is very important that effective management of the financial practices be utilized when making a spreadsheet or balance sheet. All data related to the budget should be used even if some of the numbers or minor items do not look like much but still have an effect towards the numbers. An operating budget should be presented with all the appropriate schedules and statements that are supporting the documentation that is presented from the hospital or entity (Finkler,2013) Creating the 2010 Budget Budgeting for a hospital or other entity is created to budget and prepare for the process of budget building and to monitor the budget for any errors throughout the year. Each company will decided on the best way to set up the budget to suit the needs of their company. Patton Fuller will have to look at each department to see what happens with each department to adjust the type of budget for each individual department. All departments are divided within the budget per each shift such as nursing and equipment being used. The budget is being based on making decisions that have been projected and allows identifying patient and assumptions used in budget balancing for 2010 (Gapenski,2012). Decision making for creating the budget is made up of statements that will allocate and achieve Different budgets for PFCH for a period...
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...the word budget, the first few words that come to mind is money, time, or saving. However, to clearly understand the concept of budgeting, one must have a clear, concise definition of the word. According to InvestorWords.com, budgeting can be defined as “an itemized forecast of an individual's or company's income and expenses expected for some period in the future” (http://www.investorwords.com/600/budget.html). With that being said, one can conclude that budgeting is the foundation of every financial plan. It doesn’t matter if one is making seven figures a year or living from paycheck to paycheck, if you want to control your money and not let your money control you, one’s best bet are to have some type of budgeting plan. Although some may think that budgeting is all about having restrictions on your spending and not be able to enjoy the finer things in life, the sole purpose of having a budget is to allow one to see where their money is actually going and the best way in which to allocate any funds saved. Also, for those who choose to construct a budget, usually save money that would have been otherwise been spent on unnecessary things; thus, making them able to become wealthier and save for better possessions in the long-term. This paper will detail how to create a budget, how budgeting can build your wealth, the main issues with budgeting, applying budgeting to former class activities, and the relevance of budgeting within the workplace. How to Create a Budget? The main...
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...Design and Budget Paper University of Phoenix COMM/301 In most businesses a request for proposal is a part of creating new revenue, business, resolving problems, and building business relationship. However, the budget is the most imperative portion of a proposal. The client or buyer is going to inquire about the bottom line, and even question or challenge how this cost was produced. Therefore, creating a sound budget is vital to receiving an approval on a request for proposal. The next process is to know which proposal should be presented to the client or buyer. The four budget types which can be presented are an Itemized budget, non-itemized budget, fixed budget, or a flexible budget. The following dissertation will compare the contrast the four principles budgets. Then conclude which budget will be more applicable to present to the client at Nickels Security Company. Nickels Security Contract The Nickels Security Company is requesting, the hire of security officers to work at a new facility being built. The requirement is to have three (3) areas secured during, a 24 hour a period, seven (7) days per week. Nickels Security, is willing to pay up to 15.00 hour during this six (6) month time frame. Our job is to present a budget which will entice Nickels Security Company to love the budget that we present. An itemized budget would fit this type of project because; we can itemize every item i.e, labor, uniforms, or equipment. In using this process, Nickels Security could...
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...table, but Guillermo needs to look at the financial documentation to make sound business decisions. Guillermo Furniture has not done the best job of looking at the data and creating a business and production plan for the company. With increased competition and also the influx of machine cut furniture, the market for his product has been reduced over the years. The company must decide soon to keep things as they are, or spend the money needed to buy the appropriate machinery to produce the high quality products they desire. Although the machinery will be expensive from the start, they would eventually pay for themselves over time on the amount of labor saved. There has also seemed to be a lack of budgets and performance reports in the decision-making process. The company could use these reports in many areas to keep the company making profit, as well as shift the company in the proper direction for the future. One thing that can be taken away from the current data is that the company produced over budget on its mid-grade products, while failing to meet the budget on the high-end products. If there was a proper understanding of the demand for their products, money could have been saved on inventory and overhead while shifting focus to the mid-grade products that consistently produced above budget. The company needs to shift their focus on being a distribution chain for other manufactures while focusing on their profit potential for their current...
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...Running head: JET2 TASK 2 1 JET2 Task 2 Budgeting Bonnie Wilson Western Governors University JET2 TASK 2 A.1. Operational Strengths and Weaknesses A.1. Budget Concerns 2 Revenue from sales is budgeted too high. In year 8 Competition Bikes experienced a 15% decline in sales revenue, and yet for year 9, they have budgeted for a 3.2% increase. This is likely to be an overly optimistic projection and relies heavily on economic factors outside of the company’s control. Inaccuracy in this projection will have a negative impact on the rest of the budget. Advertising is budgeted too low. The year 9 budgeted amount of $28,412 represents a 3.5% increase over year 8, but it is still almost 20% shy of the amount spent on advertising in year 7 when sales were at an all time high. If the company is to have any hope of realizing its revenue projection, then the amount budgeted for advertising is too low. Executive compensation is budgeted too high. In year 7 executive compensation increased by $50,000 dollars. This made sense then because sales had increased by 33%. However, holding that number steady in year 8 when there was a 15% decrease, and again in year 9 when even a 3.2% increase is optimistic, is not a financially sound budgeting decision. Research and development is budgeted too low. The budgeted amount for year 9 is $85,237. While this represents the same 1.6% of sales revenue that Competition Bikes consistently allots, research and development is an investment in the...
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... In creating a new operating budget a decision had to consider the type of budget that would best fit the needs of the hospital. Since there is several financial management practices involved with creating an operating budget, we must understand which practice will help us create a budget that is substantial for the needs of Patton Fuller Community Hospital. The Patton Fuller Community Hospital Nursing Statistics provided information including cost of nurse per hour, cost of nurse per 24 hour day, number of nurses per patient, number of nurses per day, nursing cost per day, and nursing cost per month. This statistical budget is the basis of our budget creating process. We are able to identify patient volume and resource assumptions used in other budgets (Gapenski, 2008). The decision was to provide a $1 raise to our nursing staff. The effect of this raise is demonstrated in the simulated budget for January through December. We added the total costs from the $1 increase over the course of the year to the 2010 operating budget. With adding in the additional salary costs of $631 (in thousands) to the prior year salary and benefit costs, total expenses will increase 1.3% for a total of $468,756. As a result of the salary increase the operating and net income will be $8,485. Because of the increase in pay to the nurses Patton Fuller Community Hospital income will decrease slightly. By using the statistic budget in developing a new operating budget, we are able...
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...management. There are steps to follow when creating a system to monitor and control various activities at different levels or divisions. This paper will talk about the concept and benefits of having a budgetary control system. The Concept Budgetary Control In order for a company to operate successful, it is important for the company to evaluate its financial status on a weekly, monthly and/or quarterly basis. In order to do so a budgetary control reporting system must be created. This system identifies which type of budget reports will be created to compare the actual financial activity of the company with the projected activity, when each report will be evaluated, and what information will be obtain from the reports. Once reports are analyzed by executives and managers try to determine what may have caused the budget variance as well as trying to correct the problem to improve the outcome. Budget Formats and How They Are Used The type of budget format used for a company depends on how the company wants to analyze its financial activity. The two budget formats are static and flexible. Static budget reports are used by an company that analyzes its financial activity as a whole. Many companies use a static budget report when creating a master budget. Flexible budget reports are used for a company that analyzes it financial activity by departments. There are companies that use both a static budget and flexible budget when analyzing financial activity because it...
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