This Course Focuses On Conceptual Understanding And Practice

This course focuses on conceptual understanding and practice of financial management

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.

Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies and Instructor policies. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.

Where to Go to Class: Main forum for discussion; Chat-Room for informal discussion; Course-Materials for syllabus and materials; Individual Forum for private questions.

Where to Submit Your Assignments: Use the Assignments link on eCampus to upload your work.

Certificate of Originality: You must complete and attach an electronically signed Certificate of Originality with all assignments to uphold academic integrity.

Technical Support: Available 24/7 via phone or email; most common issues addressed in the Knowledge Base.

Paper For Above instruction

The course provides an in-depth exploration of financial management principles tailored specifically for human service agencies, emphasizing both theoretical understanding and practical application. It aims to equip students with foundational accounting skills, budgeting techniques, cost analysis, and forecasting methods crucial for effective financial oversight in this sector.

Financial management in human services is vital because it ensures the optimal use of limited resources to achieve organizational objectives. Competent financial stewardship enhances accountability, transparency, and sustainability, which are essential given the reliance on government funding, grants, and donations. The course introduces key accounting concepts including assets, liabilities, net assets, and the accounting cycle, enabling students to interpret financial statements with confidence (Martin, 2001).

Understanding budgets and budgeting systems forms the core of this course. Students learn to develop budgets aligned with organizational goals, analyze variances, and implement performance measures. Budgeting processes such as zero-based budgeting and incremental budgeting are discussed, with an emphasis on their applicability in human service contexts (Brinkmann, 2019). These tools facilitate informed decision-making and strategic planning, helping agencies adapt to changing financial environments.

The course also emphasizes the importance of financial statement analysis, including ratio analysis and cost-volume-profit analysis. These skills enable organizations to evaluate financial health, assess operational efficiency, and make data-driven decisions. For example, calculating the current ratio or the contribution margin provides insights into liquidity and profitability, critical for maintaining organizational viability (Hasenauer, 2015).

Cost analysis techniques such as determining cost per output and outcome allow agencies to evaluate service effectiveness relative to expenses. Fixed and variable costs are examined to aid in break-even analysis, which is crucial when pricing services or evaluating program continuation. For instance, understanding the break-even point helps agencies set realistic fees and avoid deficits (Wainwright, 2017).

Funding strategies and revenue sources are explored extensively, including federal assistance programs like those listed in the Catalog of Federal Domestic Assistance. The course guides students in identifying appropriate funding sources, preparing grant applications, and understanding the nuances of nontraditional fundraising activities (Friedman & Rubenstein, 2018). These skills are essential for diversifying income streams and ensuring organizational sustainability.

Budget forecasting methods, such as weighted moving averages and exponential smoothing, are taught to prepare organizations for future financial planning. Evaluating financial trends and their implications for budget development help agencies anticipate challenges and opportunities, aligning financial resources with strategic goals (Gordon, 2016).

Moreover, the course covers fee-setting procedures, considering costs, market conditions, and organizational capacity. Students learn to justify fees through cost recovery analysis while balancing accessibility and affordability for clients (Huang & Wang, 2022). This knowledge is instrumental in establishing fiscally responsible pricing models.

Fund development activities, including traditional and nontraditional sources, are examined. Participants explore strategies such as collaborative fundraising, foundation grants, and innovative community engagement approaches. Developing skills in these areas empowers agencies to build diverse funding portfolios and reduce dependency on a single source (Gailbraith, 2021).

The capstone project integrates all learned skills, requiring students to analyze financial statements, calculate ratios, determine costs, and evaluate funding strategies for a hypothetical or real organization. This comprehensive exercise simulates real-world financial management, preparing students to assume leadership roles in their organizations.

Throughout the course, emphasis is placed on ethical considerations, including adherence to policies and integrity in financial reporting. Understanding and practicing these principles reinforce the importance of honesty and professionalism in managing public and private funds (Martin, 2001).

References

• Brinkmann, J. (2019). Financial Management for Nonprofit Organizations. Wiley.
• Friedman, M., & Rubenstein, S. (2018). Fundraising and Development for Nonprofits. Routledge.
• Gailbraith, C. (2021). Innovative Funding Strategies for Nonprofits. Nonprofit Quarterly.
• Gordon, L. (2016). Financial Forecasting and Budgeting in Nonprofits. Journal of Financial Planning, 59(2), 55-63.
• Haenauer, R. (2015). Financial Ratio Analysis in Nonprofit Organizations. Nonprofit Management & Leadership, 25(3), 283-298.
• Huang, C., & Wang, Y. (2022). Fee Setting in Human Service Agencies. Public Administration Review, 82(1), 100-112.
• Martin, L. (2001). Financial Management for Human Service Administrators. Allyn & Bacon.
• Wainwright, T. (2017). Cost Analysis and Break-even Point Calculation. Journal of Nonprofit & Public Sector Marketing, 29(2), 135-150.