Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
DIRECTIVES FOR RESPONSE
At least one other learner should be contacted about the budgeting process for his or her selected company.
Your response should be substantive and add to the conversation. Compare and contrast your analysis with that of your colleague, noting any parallels and discrepancies. If there are any points on which you disagree, provide a case for your point of view. If you require additional information from your peer, be sure to ask clarifying questions.
Below is a student comment:
To successfully manage money, a company “needs a realistic and precise budget, so you can start with a decent sense of what you have available to spend, where that money will come from, and what you want to spend it on” (Community Tool Box, n.d.)
. The budget’s goal is to plan for the organization’s operating earnings and expenses.
The staff is initially responsible for developing the annual budget plan, however board members (often those on the “finance committee” and/or “executive committee”) examine the proposed budget plan on a regular basis, and the complete board normally approves the budget at a full board meeting. National Council of Nonprofit Organizations, n.d.
Hamilton Foley (2010) presented the following important recognized) concepts, which are followed by the SCO Family of Services:
Budgeting depending on income is a good idea. (When budgeting for income, keep in mind that income objectives should be based on realistic expectations, and that expenses should be less than the dependable income total.) This [process] necessitates collaboration amongst all departments in terms of establishing organizational and programming priorities, as well as scheduling.)
Investigate and comprehend your revenue concentrations (the organization should have a different source of income)
Confirm the budget’s alignment with your mission and long-term/strategic objectives. (“Review the mission and strategy plan,” with the caveat, “Ensure that all strategic objectives with budget implications are included in the budget process.”)
Infrastructure should not be overlooked. (Include in the budget costs for information technology upgrades and maintenance, evaluation, and staff development.)
In addition to operations, make a capital budget. (An organizational budget should include the organization’s annual operational income and expenses, as well as resources for long-term and non-operating requirements – this is the capital budget.)
Provide narrative notes to the board to clarify budget assumptions. (Explanations to help board and finance committee members understand the underlying logic behind the figures in the budget will be greatly appreciated.)
Pay attention to what is being said. (Even if your budget is excellent, well-researched, and well-documented, it will be undermined if it is unreadable.) Budgets that are well-formatted are easy to read and understand.)
The running budget of SCO includes revenue from various funding sources as well as expenses, such as staffing and other operational costs. Their overall revenue is equal to their total expense.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Budgeting Fundamentals and Beyond |
Budgeting Fundamentals and Beyond