CH 3 Flashcards
7 Steps of the budgeting process
planning feedback/data consensus presenting approval implement evaluate your budget SWOT
Budget
an itemized estimate of expected income & expenses for a given period in the future/itemized allotment of funds, time, etc for a given period
Important Q’s for budget planning
what has i cost program in past?
what needs to change for current needs?
what programs can use as comparison?
can current staffing needs meet stated mission?
Presenting the budget for approval
budget requests should be finalized & contain no hidden expenditures
implementing the budget
requires program manager to ensure judicious spending of allocated funds outlined by budget
evaluating the budget
closes feedback loop of the budget cycle & takes process back to planning stage
budget cycle (budgeting period)
is the period of time during the calendar year when the budget is made
fiscal year
represents period of time that a specific budget is implemendted
short-term budget
“annual budget” covers day to day costs of operating a given program
operational budget
includes items like salaries, administrative costs, & office operations
(t/f) the equipment/ supplies and services budget will include the expendable & nonexpendable supplies, equipment, and annual services
true
fixed expenses
can be determind by charge per patient treatment
long-term budget
involves budget items that exceed the annual budget
limited budget
monies managed throughout the year/money remaining in the budget toward the end of the fiscal year taken back & used in other parts of the organization
line budget
budget is seperated into various categories or objects on a line->line items can be plotted over the course of the fiscal yr-> view resource expenditures over time
program budget
allows for specific subdivisions of an overall system to have separate accountability
incremental budgets
uses an existing budget & either adds or subtracts a specific percentage based on available funds
zero-based budgets
help provide comprehensive, frugal method of financial monitoring “help control costs”
planning program and budget system
relies on planning & linking expenditures to specific objects/ help evaluate budget choices based on comparing alternatives/compare all alternatives & move forward
fixed budget
relies on set budget amount for a given period of time/larger buisness
variable budget
“flexible budget”allows adjustments to monthly expenses based on monthly revenues
interscholastic system
strapped financially for basic instructional resources/often controlled @ district level
Revenue center
unit w/in organization that is responsible for generating revenues
private sector venues
designed to gain profit
public sector venues
designed to break even or not go over established budget
cost center
part of an organization that does not produce direct profit & adds to the cost of running the organization
purchasing process
process of acquiring goods & services on behalf of an organization for the purpose of fulfilling specific goals & objectives
bid
document provided by vendor for goods and services
competitive bids
a group of bids-> determined best price & value for items
lot
a group of items that vendors bid on in a group
requisition
a written document requesting goods & or. services from a group or department w/in your own organization
internal requisition
written document requesting goods and or services from a group or department w/in your own organization
purchase order
formal agreement to purchase items that have been requisitioned
invitation for bids
formal invitation to supply bids for specific purchases or services
