Budgeting Flashcards
(27 cards)
what are the key components of financial management?
cost/expenditure and revenues
what is cost/expenditure?
resources used to create or develop a program or experience - all dollars regardless of source
what is revenue?
the income that can be earned to the organization to provide program service
what are the 6 types of cost and expenditure?
operating vs capital; direct vs indirect; fixed vs variable
what is operating cost?
normal costs of operation that occur on a regular basis (lights, staff, rent, telephone)
what is capital cost?
larger projects that are not reoccurring in cost such as gym equipment / infrastructure
what is direct cost?
costs related to producing/developing the program
what is indirect cost?
services that are provided or exist in a organization that are shared across programs (janitorial services, registration, management)
what is fixed cost?
costs that will be incurred regardless of the number of individuals (insurance, rent, electrical)
what is variable cost?
depends on number of customers served (manuals)
what are sources of revenues/income?
compulsory resources; earned income; contractual receipts; financial assistance
what is compulsory resources?
taxes, government support
what is earned income?
fees and charges (registration, rental, sales, service, feels, permits)
what are contractual receipts?
contracts with outside parties
what is financial assistance?
external funds from grant sources/ resource (sponsorship, partnerships, donations/fundraising)
what is a budget?
a financial plan
what are the types of budget?
line-item budget, program budget; performance budget
what is line-item budget?
object classification budget. helps identify the object pf the expenditure … basically the break down of budget . EX) staff, supplies, materials, current charges, debt, etc
what are program budgets?
clustering all associated costs for a given event, activity or facility … lining the items within programs instead of organization… essentially putting it into certain categories
what is performance budgeting?
links the amount of resources used in developing and implementing a program with its output (workload - how much is being completed?; efficiency (ratio of resources to output)
Effectiveness (achieve goals and objectives?)
what is a budget worksheet?
to help the programmer project financial estimates
what are the 3 types of information provided by the budget worksheet?
program description, cost estimates, potential revenues
what is financial control?
time sheets, purchase order systems, banking authority … basically to see where you’re money is going i guess fuckkk i hate this class
financial record keeping?
accounting
