1. Which budget categories might be important to you now and in the near future? I believe that all of the budget categories are extremely important to the organization. First, I believe it would be best to start with the people because grooming someone’s skills and learning to benefit from someone’s talents may take a while. Additionally, we want the clients of our group to be the main focus and it is important for the community to change their mind about passing these wonderful people over. Supplies will always be important because no one can get through a meeting without pens or paper. Space will be vital because there must be a place to meet for our organization’s development. Later on I can see things like equipment and miscellaneous …show more content…
What in-kind resources might be available to your group? How would you go about looking for them? On page 234 in our text in-kind resources are defined as, “when people, businesses, or organizations give you things or services you need instead of money”. Some in-kind resources that could be available to the group are restaurants in the community to help with various parts of the restaurant. For example, a chef could come teach a class on how to make an appetizer, entrée, and dessert. Another example, restaurants or maybe a farmer’s market could donate ingredients to make the dishes with. I think the best place for the group to start looking would be in the local restaurant community. 3. How might your clients become involved in raising resources for this undertaking? The narrator states that many of the clients are highly capable and want to participate in directing their futures. Additionally the narrator states that many have close relationships with their family members and some have strong ties to the community. I think the best way to get the clients involved in raising resources for this undertaking would be to have them be “hustlers” and see if any connections they have could be valuable to their ultimate
I attended the Saturday Lab 1 session discussing the Denison Specialty Hospital case study. In our session, we had a through discussion into the different budget terminology. I learned about the difference between accrual and cash accounting methods, which is based on the timing of when the revenue and expenses are recognized. I also learned about responsibility centers as an organizational unit under the supervision of a manager, who is responsible for its activities and results. In addition, the manager is accountable for the budget of the department that they head. Therefore, a centralized form of management in developing the budget because it makes easier to because the information for the department budget is located
Operating budgets are budgets that deal mainly with the day-to-day operations of a facility. This may include wages, utilities, rent, and items purchased that have the intent of lasting less than a year (Johnston, n.d). This type budget provides the needed information regarding the cash on hand needed to operate the facility during a fiscal year. Capital expenditure budgets deal with more long term items such as equipment or property. As stated by Johnston (n.d.), it is necessary to have a capital budget for continued growth of the business. You complete this task by purchasing assets that produce an income. Capital expenditure budget have the potential to cover a five- to ten-year period (Baker & Baker, 2014, p.174). Items included in the capital expenditure budget may also include loan interest and bondholder's interest. The operating budget and the capital expenditure budget interact with one another. To demonstrate an example: a healthcare facility purchases a chemistry analyzer for its clinical laboratory. The chemistry analyzer is placed in the capital expenditure budget, but the maintenance for the analyzer is placed in the operational budget. The capital expenditure expense is the chemistry analyzer, but the materials used to maintain the chemistry analyzer are operational expense.
A job and verifiable income, if the client don’t have either, they will be hard pressed to find institution or even anyone that willing to lend them money. Because no body won’t to take risk with giving lend to someone that have not
The Congressional Budget Office (CBO) is an agency under The Congress that helps in synthesizing the budgetary information by providing options that are implemented and bring about savings in the initial budget. The document provides choices in the following areas: Mandatory spending apart from health-related programs, discretionary spending apart from health-related programs, and revenue other than health related programs and finally health-related programs and revenue provisions. In this paper, we shall focus defense spending and in particular the U.S. Air Force spending that falls into the category of discretional spending.
It sounds like you have a very lively community despite the challenges that are present in your community. You sound like you will be a very proactive advocate for your clients.
(Cronkhite, 2013) All organization requires specific planning and a clear understanding of the organization object. (McHatton, Bradshaw, Gallagher, & Reeves, 2011) With the budgeting which ensures that the funds necessary to carry out the organizational activities and once the budget is approve operational activities are conducted within the approved plan. (Cronkhite, 2013) The Capital budget contains large items since as location or a new building. (Cronkhite, 2013) This type of budgeting is done until the organization or project is complete. (Cronkhite, 2013) Line item budget is those items that are needed yearly in order to the organization to operate. (Cronkhite, 2013) This includes employee salaries all the way down to office basic stationery. (Cronkhite, 2013) The budgeting process is not something that is done once a year; it is a continual process of regular review and in some case possible for revision. (Cronkhite, 2013) In some case a zero based budgeting comes into play. This type of budgeting is also known as the “died of its own weight”. (Cronkhite, 2013) This is only done if there is a reduction in the organization by at 5%, 10% or 20% on how the essential programs would continue to function. (Cronkhite,
It is important to develop a strategy through the whole negotiation process for a trial budget. Clinical trial budgets are very detailed, even down to the "nickel and dime" costs like copy machine ink. It is important to include all costs of a budget – study costs, patient cost, and miscellaneous costs. Having a strategy planned out and making sure everything is organized and covered will help when making a proposal to whoever funds the study. A budget proposal needs to be fair when covering study costs, otherwise if the budget is too overpriced the negotiations will go awry.
This organization, hereafter known as the Emerald Rosebud Foundation or ERF, will be created from the funds of my future businesses. It's location will be near my movie studio. I will have a center large enough to assist in the training of these individuals and to store supplies and
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
It seems that the company might not have experienced many changing circumstances and therefore, a budgeting method that produces a stable, simple, and easily understandable budget might have been appropriate.
A budget is only a piece of a master budget. A master budget incorporates numerous budgets constituting a plan of action for a specified time period (Kimmel, 2009). The budgeting process, depending on the size of the company, can be done by one too many individuals working together to achieve a goal or goals. Depending ...
Operating budget is the most appropriate budget for managing unit cost. The operating budget is a financial plan that takes into consideration all of the day-to-day activities that involve taking care of patients. A units revenue, which is the actual charges, are based off of the total number of days patients spend on the unit or the average daily census. Expenses include all of the cost for paying nursing staff to work, the cost of all supplies that are necessary to provide patient care, and the cost of any additional resources that may be necessary for patient care. The unit expenses can be broken down into two main types of expenses. One, is the employment cost. The employment cost is the largest part of any units budget. This is due
The members have been generating client bases in their own related businesses since 1999, previously, the members enjoyed mild success in their own businesses, and have been limited only by capital and available time.
Putting together any realistic budget requires that you examine those items that do not change from one month to the next. These expenses are usually what one pays on a car payment, c...
Consists of two types of budget: Performance – emphasis is on the program or services of government, and; Line-Item - are routine expenses like salaries, freight, equipment, supplies.,etc.