Term
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Definition
General fund
special revenue fund
capital projects fund
debt service fund |
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Term
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Definition
| taxes: property, excise, income, special assessments |
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Term
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Definition
| fees and charges: swimming pool, golf course, softball leauge program fee, rentals |
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Term
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Definition
| special taxes (referendums) grants, bonds |
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Term
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Definition
long term debt obligations (bonds)
-revenue bonds |
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Term
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Definition
-provide services without increasing taxes
-promote equity
-increases accountability
-provides for a positive attitude
-to recover costs
-to create new resources
-establish value
-promote efficiency |
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Term
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Definition
-price quantifies
-efficiency
-equity |
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Term
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Definition
-Provide value and benefit
-essential services
-increase the attractiveness of the community
-serve as outreach programs |
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Term
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Definition
-Solely benefits the consumer
-high demand services where fees may be charged for highly individualized and specialized activities
-typically have limited enrollment in order to provide high quality experience |
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Term
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Definition
-indirectly benefits the community, but primarily benefits the individual
-the individual benefits the most-pays fees to participate (sports league, tennis lessons) |
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Term
| approaches to establishing price |
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Definition
-arbitrary pricing
-competitive pricing
-market pricing
-cost recovery pricing
-subsidy |
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Term
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Definition
Contingency "refers to costs that will probably occur based on past experience, but with some uncertainty regarding the amount. The term is not used as a catchall to cover ignorance. It is poor engineering and poor philosophy to make second-rate estimates and then try to satisfy them by using a large contingency account. The contingency allowance is designed to cover items of cost which are not known exactly at the time of the estimate but which will occur on a statistical basis
-if permitted include a contingency of 5-10%
-budget transfers- within main categories
-high authority approvals |
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Term
| price elasticity of demands |
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Definition
| the percentage change in a quantity consumed caused by a percentage change in the price |
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Term
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Definition
-costs incurred regardless of the number of participants in the program
- examples: fulltime staff, basic maintenance, basic utilities |
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Term
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Definition
- costs that result from the actual operation of program/service
-examples: support staff, concessions, custodial services, supplies |
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Term
| pricing and cost recovery pyramid |
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Definition
the top= highly individual= enterprise profit center
middle= individual/ community benefit= full recovery no subsidy
bottom= community benefit= no cost recovery full subsidy |
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Term
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Definition
-philanthropic organizations focus on meeting social needs that are neglected by other sectors
-many public and NFP organizations receive some support from donations and bequests |
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Term
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Definition
-Independent
-community
-corporate |
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Term
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Definition
-social, philosophical, religious or personal reason
-commitment to the "public good"
-tax deduction
-improve an organization PR
-public recognition
-create a personal/named memorial |
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Term
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Definition
-individuals
-corporations and industry
-board members
-foundations-501(c)(3)-grant writing focus
-special events
-government sources-grants |
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Term
| phases of fund development |
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Definition
-Initial contact
-growth phase
-commitment phase |
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Term
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Definition
-outright gifts
-bequests
-life income gifts
-charitable trust
-revocable charitable trust
investment instruments |
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Term
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Definition
-Annual campaigns
*lower money donations, more donors
*acquire and retain new donors
*shorter term
-direct mail=low cost-low rate of return
-phone solicitation=higher rate of return-more costly, requires staff |
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Term
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Definition
1. idea identification
2. discovery, selection, research/contact with grant maker
3. how grant should be written
4. submission of grant proposal
5. grant making agency responds to grant
6. administer grant or seek a new grant making source |
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Term
| Grant Writing: Grant project request |
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Definition
-mission and goals are aligned with the funding organization
-complete all 14 items
-attention to detail
-no jargon=use active vs. passive
-manage the project |
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Term
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Definition
- the foundation center
-the foundation directory
-chronicle of philanthropy
-philanthropy.com |
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Term
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Definition
| -the acquisition of rights to affiliate or associate with a product, event, facility, or organization for the purpose of deriving benefits from that affiliation |
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Term
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Definition
-increase public awareness of the brand/company
-change or enhance company image and reputation
-develop database of customers and build the customer base
etc.. |
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Term
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Definition
-vendors
-banks
-companies and corporations with the same audience
-major program supports/participants
-individuals |
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Term
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Definition
The system of recording and summarizing financial transactions and analyzing, verifying, and reporting the results
-accounting is the conscience of financial management |
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Term
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Definition
The financial resources available to the sport and leisure organizations at a certain period of time
-a measure of what the organization owns and what it owes |
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Term
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Definition
the movement of financial resources during a certain period of time
-focus is on the net change in resources, resulting from financial activity |
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Term
GAAP
-generally accepting accounting principles |
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Definition
| common set of principles, standards, and procedures used for recording and reporting financial information |
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Term
Balance sheet
-financial information listed and how |
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Definition
what the organization owns and what it owes at a given point in time are recorded on a balance sheet
-used by financial managers to report point-in-time financial conditions |
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Term
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Definition
| things that are owned are detailed on the left side of a balance sheet |
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Term
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Definition
| cash, equipment, inventories, buildings, land |
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Term
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Definition
| trademarks, names, patents |
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Term
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Definition
| something that is or can be converted into cash within one year |
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Term
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Definition
something that cannot readily be converted into cash
-temporary investments
-vehicles
-buildings |
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Term
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Definition
what the organization owes is recorded on the right side of the balance sheet.
include short term and long term financial obligations or commitments to staff, contractors, lenders, suppliers
Examples:
accounts payable
rent
salaries
dividends to stockholders
taxes |
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Term
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Definition
ownership in any asset after all debts associated with that asset are paid off
examples:
owner's equity
stock shares
earnings
dividends |
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Term
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Definition
| presents the value of all goods or services received by the organizations for which payment is due |
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Term
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Definition
includes all amounts that the organization expects to receive in the near future due to services rendered or goods sold to customers
-waiting for customer to pay after invoice is sent out |
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Term
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Definition
| useful tool that allows the manager to receive the financial activity of the organization with respect to the budget |
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Term
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Definition
-compares projected and actual revenues and expenditures for specific programs or events
-includes commentary that helps future organizers of the program/event understand what contributed to the financial success or failure of the project |
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Term
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Definition
-provides a single metric, which is a function of both room rate and occupancy
-revPAR is calculated by multiplying the average daily room rate times the occupancy rate
example:
210 per night with average occupancy of 74%
=155.40 |
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Term
Financial ethics and safeguards
safeguards |
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Definition
1. make sure the vendor is vetted and accepts electronic payments
2. get quotes
3. draw up an electronic purchase order and submit for approval
4.intermediate level approval
5. my approval
6. directors approval
7. controller's office approval
8.receive good/service, two signatures approving payment
9.process payment to vendor |
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Term
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Definition
| an audit provides an independent evaluation of financial practices to ensure efficiency, proper use of funds, and compliance with policies and regulations |
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Term
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Definition
-conducted by accounting employees within the organization
-verify the organization is preparing financial statements and is following GAAP generally accepted accounting principles |
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Term
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Definition
-for many public organizations, external audits are required to assure accountability and proper financial management of taxpayer funds
-conducted by experts outside the organization such a bank examiners, Certified Public Accountant firms, or governmental accounting agencies |
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Term
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Definition
executive director of visit bloomington
blooming/monroe county tourism, taxes on food, beverage/hotels |
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Term
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Definition
-property taxes, assessed value, public funding (stocks/bonds/property taxes) private (investors/loans)
-recording, monitoring, and managing financial consequences of past and current activities of the organization |
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Term
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Definition
Marketing costs
expenses and revenues |
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Definition
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