...|[pic] |SYLLABUS | | |Axia College/College of Social Sciences | | |HSM/260 Version 3 | | |Financial Management for Human | | |Service Managers | Copyright © 2009, 2007 by University of Phoenix. All rights reserved. Course Description This course focuses on conceptual understanding and practice of financial management as it applies to human service agencies. Students complete the course with a better understanding of basic accounting concepts, budgets and budgeting systems, how to create performance measures, and the ability to analyze financial statements for the purpose of cost analysis and forecasting. Aspects of setting fees, funding, and risk management are also covered. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must...
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...Accounting Definitions GAAP- generally accepted accounting principles Basic Accounting formula- The relationship between income, expenses, and the ownership of a company. Income should equal the amount of expenses plus what an owner puts up for a business. Transaction, t-account- A visual aid used by accountants to illustrate a journal entry's effect on the general ledger accounts. Debit amounts are entered on the left side of the "T" and credit amounts are entered on the right side. General Ledger- That part of the accounting system which contains the balance sheet and income statement accounts used for recording transactions. Debit- The accounting term that means an entry will be made on the left side of an account. Credit- To enter an amount on the right side of an account. Normal entries to revenue accounts are credits. Liabilities normally have credit balances. Account balance- the remaining amount owed after bills are paid out. Trial balance- A listing of the accounts in the general ledger along with each account's balance in the appropriate debit or credit column. The total of the amounts in the debit column should equal the total of the amounts in the credit column. Journal- The book of original entry, since the entries are first recorded in a journal. From the journal the entries will be posted to the designated accounts in the general ledger. Assets- Things that are resources owned by a company and which have future economic value that...
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...Kari Hammon Week 6 Fee Setting Exercise 11.1 Proposed Seminar Budget 1. Conference Room Rental $175.00 2. Audiovisual Equipment Rental $75.00 3. 4 Presenters @ $500.00 $2,000.00 4. 45 Workbooks @ $15.00 $675.00 5. 45 Lunches @ $12.00 $540.00 6. 45 Coffees @ $3.50 $158.00 SUBTOTAL: $3,623.00 7. Indirect Costs @ 25% of $3,675.00 $906.00 SUBTOTAL: $4,529.00 8. Profit Margin @ 5% of $4,594.00 $227.00 TOTAL: $4,756.00 Fixed Costs: Conference Room Rental $175.00 Audiovisual Equipment Rental $ 75.00 4 Presenters @ $500.00 $2,000.00 Indirect Cost @ 25% of $3,675. $906.00 Profit Margin @ 5% of $4,594 $227.00 Total Fixed Cost: $3,383.00 Variable Costs: 45 Workbooks @ $15.00 $675.00 45 Lunches @ $12.00 $540.00 45 Coffees @ $3.50 $157.50 Total Variable Costs $1372.50 Break-Even Point and go/no go decision is going to be 40 participants, this is because it is lower than the expected amount of people so if 40 to 45 participants show up then it will be profit to the company. BEP Equation XP=A+BX 40P=$3,383+$1372.50 40P=$3,383+$54,900.00 40P=$58,283.00 P = $1457.08 Exercise 11.2 As the executive director of Advocates for Children, you have had a change...
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...Calculate the following: Current ratio, long-term solvency ratio, contribution ratio, programs/expense ratio, general and management/expense ratio, and revenue/expense ratio for the years 2003 and 2004. Current Ratio 2003 [pic][pic] [pic] [pic] 2004 [pic][pic] [pic] [pic] o Long-Term Solvency Ratio 2003 [pic] [pic] [pic] 2004 [pic] [pic] [pic] Contribution Ratio 2003 [pic] [pic] [pic] 2004 [pic] [pic] [pic] Programs/Expense Ratio 2003 [pic] [pic] [pic]1.0 2004 [pic] [pic] [pic]1.11 Management/Expense Ratio 2003 [pic] [pic] [pic] 2004 [pic] [pic] [pic] Revenue/Expense Ratio 2003 [pic] [pic] [pic] 2004 [pic] [pic] [pic] Included are the current ratio, long-term solvency ratio, contribution ratio, programs/expense ratio, general and management/expense ratio, and revenue/expense ratio calculated in the Week Four Assignment. 2002 [pic][pic] [pic] [pic] 2002 [pic] [pic] [pic] 2002 [pic] [pic] [pic] 2002 [pic] [pic] [pic] 2002 [pic] [pic] [pic] 2002 [pic] [pic] [pic] Provide a 200- to 300-word explanation of the importance of each ratio for all three years listed in Appendix D. Include a statement of whether the organization’s financial picture has improved or not within the three-year period specified in Appendix D. The importance of each ratio in...
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...HSM/260 | Fixed Cost, Variable Cost, and Break | Week Four Assignment | | Teresa Tracy | 9/9/2012 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | (A) High month subtracted by the low month 4900-3500=1400 (B) High costs subtracted by the low costs 26000-20500=5500 (C) Variable cost per meal this is done by dividing B by A rounded to 3.93 (D) Variable cost. This is done by taking the high month (December) for meals served multiplied by the answer from (C) Variable cost per meal. 4900x3.93=19257 (E) To figure the Fixed Cost take the answer from (D) and subtract it from the high month (December) for total costs. 2600-19257=6743 (F) Service price: $5.77 per meal. Now the Break Even Point: P=Unit cost or price of the service F=5.77 X= Amount of service to be provided (this is unknown) A= Fixed Cost E =6743 B= Variable Cost (Here you want variable cost per meal) C=3.93 PX=A+BX= 5.77X=6743+3.93X 5.77X-3.93X=6743+3.93X-3.93X 1.84X=6743 = X=3664.67 monthly BEP 3664.67*12=43976.04 BEP Fiscal Year 10.1 The fixed cost is 6743. The variable cost is 3.928, which I rounded to 3.93. 43976 meals a year need to be provided in order to reach the BEP. If 45,000 meals contracts in the City of Westchester are completed the city will earn $1884.16. I received...
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...Calculate the following: Current ratio, long-term solvency ratio, contribution ratio, programs/expense ratio, general and management/expense ratio, and revenue/expense ratio for the years 2003 and 2004. Current Ratio: 2003 Current Ratio = Current Assets Current Liabilities Current Ratio =82,058 93,975 Current Ratio = 0.87 2004 Current Ratio = Current Assets Current Liabilities Current Ratio =302,902 337,033 Current Ratio = 0.90 (rounded -up) Long-Term Solvency Ratio: 2003 Long-Term Solvency Ratio Total = Total Assets Total Liabilities Long -Term Solvency Ratio = 359,863 259,979 Long -Term Solvency Ratio =1.38 2004 Long-Term Solvency Ratio Total = Total Assets Total Liabilities Long -Term Solvency Ratio = 699,004 338,937 Long -Term Solvency Ratio = 2.06 Contribution Ratio: 2003 Contribution Ratio = Last Revenue Source Total Revenue Contribution Ratio = 632,889 1,244,261 Contribution Ratio =0.51 (rounded -up) 2004 Contribution Ratio = Last Revenue Source Total Revenue Contribution Ratio =1,078,837 2,191,243 Contribution Ratio = 0.49 Programs/Expense Ratio: 2003 Program/Expense Ratio = Total Revenue Total Expense Program / Expense Ratio =1,244,261 1,316,681 Program / Expense Ratio =1.0 2004 Program/Expense Ratio = Total Revenue Total Expense Program/Expense Ratio = 2,191,243 1...
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...Foundations Paper Kaybee Alvarado HSM/260 05-29-2011 Andrea Peleg Foundations Paper “The Robert Wood Johnson” This organization was established in 1972. The focus is on making affordable basic healthcare available to everyone. The foundation is the nation’s largest charitable organization that is direct focus on health care issues. The foundation support public agencies, universities and public charities that fall under tax exempt sec. 501 (c) (3) of the Internal revenue code. The mission of the Robert Wood Johnson Foundation is to improve the health and health care of all Americans. Their goal is clear: To help our society transform itself for the better. The foundation does numerous projects throughout it organization. Every year the foundation gives out approximately 1,000 grants totaling hundreds of millions of dollars to hospitals and research institutes. The RWJF (Robert wood Johnson Foundation) does provide annual reports containing its complete list of grants awarded each year. You have the ability to apply for multiple grants at one time as long as it for different projects. You do have to submit an application form in for applying for certain grants. The entire process can take anywhere from four to seven months before it’s approved. Clinical Scholars is one of the most successful foundation programs. It provided young physicians the opportunity to study on non-clinical topics such...
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...Analyzing Financial Statements Financial analysis is necessary in any human service agency as it allows it to get a clear picture of the financial standings for the fiscal year. According to Martin (2001), “financial analysis is defined as the process of using information from financial statements to calculate financial ratios that assess the financial standings of human service agencies.” There are six formulas used when conducting the financial analysis: long-term solvency ratio, contribution ratio, programs/expense ratio, current ratio, general and management ratio, and the revenue/expense ratio. Importance of Financial Ratios Current Ratio The current ratio is used to give an idea of the company’s ability to readily pay back its short-term liabilities with its short-term assets. These calculations are found on the balance sheet or the statement of financial position. 2002 Current Ratio = $104,296/$139,017 = 0 .75 2003 Current Ratio = $82,058/$93,975 = 0.87 2004 Current Ratio = $302,902/$337033 = 0.90 (rounded up) Long-term Solvency Ratio The long-term solvency ratio is also developed from the statement of financial position (or the balance sheet). The long-term solvency ratio determines whether an agency’s cash flow is sufficient to meet short and long-term liabilities. 2002 Long-Term Solvency Ratio = $391,270/$310,246 = 1.26 2003 Long-Term Solvency Ratio = $359,863/$259,979 = 1.38 2004 Long-Term Solvency Ratio = $699,004/$338.937 = 2.06 ...
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...Checkpoint: Collaborative Fund-raising Activity Dora McKinney November 21, 2012 HSM/260 Instructor: Greg O’Donnell Checkpoint: Collaborative Fund-raising Activity Phoenix Homeless Agency (PHA) needs funds to continue providing job counseling to qualifying recipients. Discuss with your assigned group how nontraditional sources of funding might be used to solve the funding problem for the Phoenix Homeless Agency. Be creative! Determine the strategies from your discussion group that you feel would best solve the funding needs for PHA. In dealing with the Phoenix Homeless Agency, the mission that is providing a good and sufficient service to the clients. The agency needs to figure out the most efficient ways to fund it. To fund, there is a variety of fundraising strategies with effort and dedication will be successful. The first strategy that is in mind for our agency could be to try promoting and soliciting money by using different kinds of campaigns. This would if successful, far as generating money. The large supporters and companies would be able to donate funds to benefit both sides, so in doing so the companies and supporters would be able to have a lower tax and...
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...• Cash: assets • Land: assets • Note payable: liabilities • Investments: assets • Capital lease: liabilities • Accounts receivable: assets • Accounts payable: liabilities • Furniture and equipment: assets 2) Define the term “bankrupt”? Bankrupt is when an organization or individual is declared by law unable to pay their outstanding debts. 3) What does “temporarily restricted” mean? Temporally restricted means that revenue has requirements that will eventually be satisfied. Unlike permanently restricted, where your revenue is permanently restricted. 4) Is the finical position of the organization positive or negative? By the information given in the balance sheet the organization is a negative position, the organizations assets are less than its liabilities. 5) when determining whether or not an organization needs to file bankruptcy which document would you look at, the statement of cash flows, or a balance sheet? If an organization is considering filing bankruptcy, they are going to look at their statement of cash flows because a balance sheet, which is, also known as the statement of financial position is a summary of the organizations assets, liabilities and net assets. A statement of cash flows allows an organization to see ahead if they can pay their bills when they are due. 6) Is it possible for an organization to meet its monthly operational expenses but still be in a poor financial position? An organization can only be successful for a short period if they...
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...• GAAP meaning generally accepted accounting principles (GAAP) are basic sets of rules governing how the financial books and records of an organization are to be maintained; how revenues, expenditures, and expenses are to be accounted for; and how financial statements are to be prepared. (Ch. 3, pg. 20) • Basic accounting formula is used to determine what might be called the net worth of a private nonprofit human service agency. )Ch. 3, pg. 28) • Transaction/T-account is a transaction of any financial activity that causes a change (either an increase or a decrease) in the assets, liabilities, or net assets of a human service agency. At-account is an individual financial account maintained by a human service agency. Individual accounts are called t-accounts because they are separated into a debit side and credit side which gives the account the appearance of the letter T. (Ch. 4, pg. 37) • General Ledger is the name given to the aggregate of all the t-accounts maintained by a human service agency. (Ch. 4, pg.38) • Debit is any entry made to the left side of any t-account. (Ch. 4, pg. 38) • Credit is any entry made to the right side of any t-account. (Ch. 4, pg. 38) • Account balance is the sum of all debits and credits in an individual t-account. (Ch. 4, pg.38) • Trail balance is the totaling of all the debits and credits in the general ledger accounts at the end of an accounting period. (Ch. 4, pg. 39) • Journal is a chronological listing of all transactions. (Ch. 4, pg...
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...The mission of the Robert Wood Johnson Foundation (2010) is to “improve the health and healthcare of all Americans” (mission and history, para. 1). The founder of the foundation was Robert Wood Johnson, better known as the founder of Johnson and Johnson. From life experiences in the military and working with the public, Robert Wood Johnson decided that improving the health and the healthcare for individuals would be his life’s work (Robert Wood Johnson Foundation, 2010). The Robert Wood Johnson Foundation supports any just about any project that has the same objective as the foundation. Grants have been given to organizations that support the need to educate families on obesity to organizations that research substance abuse to agencies that deal with healthcare reform. In order for an agency to be eligible they must deal with one or more of the program areas focused on by the foundation. There are seven program areas; building human capital, childhood obesity, coverage, pioneer, public health, quality and equality, and vulnerable populations. Support is usually given to public agencies, universities, and charities that are tax exempt. Building human capital is actually creating professional, more educated healthcare workers to benefit the healthcare system. A program that is running currently is the Initiative on the Future of Nursing. In the efforts of making healthcare better all around it is believed that in order to fix the problems of healthcare for the public, problems...
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...Foundations Ida Reyes HSM / 260 8/19/2012 Erin Akins Foundations There are many funding organization in the community. When looking for one that stood out from the rest, the Community Foundation of South Puget Sound is very interesting. This organization is community based for the area of South Puget Sound. They offer grants and scholarships to preserve resources for tomorrow's community needs (The Community Foundation of South Puget Sound, 2012) . According to this organization they provide services to connect individuals or organizations with causes that they would like to assist with their charitable contributions. With the Community Foundations knowledge for the needs in the community and knowledge of the local nonprofits in their area they have the ability to provide these connections to the individuals and organizations wanting to donate to others in the community. The South Puget Sound Community Foundation organization is assisting others connect in the community by finding the right organization for them to contribute to. There are six (6) different types of funds that one could contribute too. These funds are as follows: Unrestricted Community Funds, Field of Interest Funds, Donor Advised Funds, Scholarship Funds, Designated Funds and the Agency Endowments. The Unrestricted Community Fund is the fund that is used to assist human services, health, arts, education, the environment, needs of the elderly and other needs as well. This fund group is made...
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...Week 9: Short Answer Question HSM/260 Why is it important for a human service professional to be familiar with financial management? Provide at least two examples that illustrate your point. A human service professional will deal with several aspects of the human service industry including the financial area. It is very important for a human service professional to have knowledge of financial management even if it is not his/her job role, title or responsibility. Having knowledge of the financial management allows a human service professional to make decisions or judgments which is in the best interest for the human service agency financially. It is vital for all staff to become familiar with the agency’s financial goals; therefore the service provided by the agency’s staff can be performed with everyone on the same accord financially. Everyone can understand the need for adjustments in areas of weakness; including layoffs, salary decrease and or any cost-cutting measures that is needed in order for the organization/agency to meet its financial obligations. It takes knowledge to understand how vital the financial aspect is to the organization and ensuring all staff has the knowledge of financial management and goals is very essential. Each individual at one point may need to step up and fill a position or make an executive decision; therefore if someone is terminated, becomes ill, or sudden death the agency can continue to run smoothly without taking any losses and the clients/participants...
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...Final Project: Analyzing Financial Statements Joyce Davis HSM 260 December 2, 2012 Final Project: Analyzing Financial Statements Financial statements provide a nonprofit human service, with a detailed account of financial records that shows how the company finances are managed. A financial statement provides the company with records that show how their finances were handled in the past. It also allows a company to look at where the company is heading financially. It is very important that a company evaluate their financial statements. In doing this the company will be aware of changes that need to be fixed in the budget. This can prevent an agency from going under. It will also permit them to continue provide services to the needy within the society. The XYZ Corporation provides psychiatric counseling to the indigent in El Paso Texas. The writer will provide a detailed financial analysis of the corporation’s finances. Listed below the reader will be able to see the company’s financial ratios, and they are: Current ratio, long-term solvency ratio, contribution ratio, programs/expense ratio, general, and management/expense ratio, fund-raising expense ratio, and revenue expense ratio for the years 2003 and 2004. Ratio table # 1 for the years 2003-2004: |2003| 2004| Current Ratio | .87 | 0.43 | Long-Term Solvency Ratio | 1.38 | 2.06 | Contribution Ratio | .51 | .49 | Programs/Expense Ratio | 1.0 | 1.11 | general and Management/Expense Ratio |...
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