Assignment Task:
TASK:
This is assessment 1 of 2.
1. Background/Overview
As a community services team leader or manager, you will be required to develop a good understanding of managing the financial resources and processes of the organisation, as well as knowing how to manage projects effectively.
Your role will be responsible for ensuring that the finances of the organisation are managed in such a way as to be effective, efficient and in compliance with all legislation.
2. Brief
The tasks in this assessment will focus on the content of Topics 8.1 and 8.2 in relation to finances, and include the following:
Providing definitions for financial concepts
Research into financial statements of a community organisation and what they mean
Practical worked examples of a quarterly budget review and action needing to be taken to ensure the budget remains on track.
Your second assessment will focus on developing a project plan and demonstrating how you would manage the project.
Deliverables
Please submit this assessment in Word doc format.
To do list:
Write your name and student ID at the top of this page.
Read the background/overview and brief sections of this document.
Complete the 3 parts.
Collate your written answers into one Word document.
Save the Word document using the naming convention: your student number_assessment number.doc. For example: “12345678_31135_01.doc.”
Upload your document in Open Space using the relevant Assessment Upload link in this Module.
3. Questions/Task
Part 1
1. Complete the table below by providing a definition for the term and explaining its importance to the financial management of the organisation.
Term Definition
(Approximately 25 words) Importance for financial management(Approximately 25 words)
Budgeting Cash flows Electronic spreadsheets Ledgers Financial statements Profit and loss statements Ageing summaries Petty Cash 2. Identify two accounting principles and explain how they impact on your financial management processes (Approximately 25-50 words each). We have provided an example in the first row.
Accounting Principle Impact on your financial management process
E.g. Consistency Principle Once you adopt an approach for consistency you should continue to use it. If you use cash accrual you should continue to be cash accrual each year.
1. 2.
3. Locate an annual financial report for a community organisation. Most organisations include financial statements/reports in their annual report. These may be located on an organisation’s website.
Answer the following questions in relation to the annual report you have chosen:
Provide the organisation’s name:
Provide the URL for financial report:
Identify what financial information the report offers – describe the contents of the report and explain what it tells you about the financial activities of the organisation (50 to 100 words).
Using the same organisation identified above, examine and comment on the financial summaries for information about the fiscal condition of the organisation. Confirm the following:
Did they have a deficit or surplus budget?
Was this explained in the treasurer’s report?
Read the auditor’s report.
Did the auditor find the organisation complied and, if so, with what standards did they comply? (Approximately 25-50 words)
What ATO record keeping requirements does the organisation need to abide by? (Approximately 25-50 words).
Part 2 – Budget Case Study
CareShore is reviewing its quarterly budget provided below. Answer the following questions on this financial review.
CareShore Financial Plan 2016 – 2017 Annual Budget Projected Quartely Budget:
July to Sept Actual Income/
Expenditure:Jul-Sep Quarter Variance
(Projected Budget +/- Actual) Revised Budget:October to December Quarter Comments
(Please justify reason for adjustment)
Income $ $ $ $ $ Grants 1,305,325 326,331 350,000 23,669 Donations 105,000 26,250 25,000 -1,250 Interest 24,500 6,125 4,000 -2,125 Other Income 68,000 17,000 56,000 39,000 TOTAL 1,502,825 375,706 435,000 59,294 Expenditure $ $ $ $ $ Rent 125,000 31,250 31,250 0 Administration 265,000 66,250 80,000 13,750 Depreciation 24,365 6,091 0 -6,091 Employee Costs 940,560 235,140 250,000 14,860 Travel 6,000 1,500 1,250 -250 Program Costs 70,000 17,500 20,000 2,500 Contingency 1,900 475 0 -475 Other 70,000 17,500 12,000 -5,500 TOTAL 1,502,825 375,706 394,500 18,794 What is this report telling you about their current budget allocations? (Approximately 25-50 words)
For example, you could talk about what is most overspent and underspent.
List 2 significant line items that needs to be adjusted and briefly explain why?
(Approximately 25-50 words)
What further information do you need to ensure the budget going forward is realistic? (Approximately 25-50 words)
Who else do you need to consult/negotiate with in the organisation when reviewing the budget? (Approximately 25-50 words)
Complete the final column ‘Revised Budget’, explaining your decisions in the ‘Comments’ column. (Approximately 25-50 words)
Complete your answers in the relevant columns in table “CareShore Financial Plan 2016-2017” located at the beginning of Part 2 above.
Now that you have made changes to the budget, who needs to be advised and how will you disseminate the information?
Who needs to be advised? How will you disseminate the information?
(Approximately 25-50 words)
Clearly, you have had some unexpected expenditure that has impacted the budget. What processes will you now put in places to control costs? (Approximately 25-50 words)
Finally, the budget overruns have meant that you will now need to develop and implement a contingency plan.
In the table below, develop a contingency plan to ensure the budget is back on track. Include how you will monitor this plan to maintain your financial objectives and who will be involved in the management of the plan.
Contingency Plan
(Approximately 100-200 words)
How will you monitor this plan?
Who will be involved in the management of this plan?
Part 3
a) Name the Government Legislation for the Goods and Services Tax – GST (Approximately 25 words).
Explain what GST is and how it is implemented? (Approximately 25-50 words).
Who is required to register for GST? (Approximately 25 words).
2. Based on your work placement or current place of work, identify a work team that you have observed in operation:
Identify who in that team was responsible for management of finances, and outline an example of them supporting other team members when managing the finances.
Who was responsible for the management of finances?
Provide an example of how they supported other team members when managing the finances
(Approximately 50-75 words)
Provide an example of what financial data may be used to assist staff to review an aspect of their work (Approximately 25-50 words).
Identify and describe an improvement made by the team to the financial management of their section. (Approximately 25-50 words).
4. Assessment Rubric
Below is a rubric that determines whether your answers and knowledge is satisfactory or not yet satisfactory.
To pass the assessment, you must complete ALL the requirements for the column that is titled ‘satisfactory’.
It is advisable to read the rubric before attempting the assessments to help you attain the correct submission standard.
Criteria
Satisfactory
Not yet satisfactory
Part 1
Question 1 The student is able to adequately identify the 8 listed terms and explain their importance to financial management The student fails to adequately identify the 8 listed terms and explain their importance to financial management
Part 1
Question 2 The student is able to adequately identify 2 accounting principles and their impact on financial management processes The student fails to adequately identify 2 accounting principles and their impact on financial management processes
Part 1
Question 3a The student is able to adequately identify the name of a non-government community service agency The student fails to adequately identify the name of a non-government community service agency
Part 1
Question 3b The student is able to adequately identify a URL where a non-government community service agencies financial report is located The student fails to adequately identify a URL where a non-government community service agencies financial report is located
Part 1
Question 3c The student is able to correctly identify the contents of the financial report and give an overview of the financial position of the organisation The student fails to correctly identify the contents of the financial report and give an overview of the financial position of the organisation
Part 1
Question 3d The student is able to correctly identify whether the organisation had a surplus or deficit budget for the financial year The student fails to correctly identify whether the organisation had a surplus or deficit budget for the financial yearPart 1
Question 3e The student is able to correctly identify whether the surplus or deficit budget was explained in the treasurers report The student fails to correctly identify whether the surplus or deficit budget was explained in the treasurers report
Part 1
Question 3f The student is able to adequately identify the accounting standard and whether the organisation complied The student fails to adequately identify the accounting standard and whether the organisation complied
Part 1
Question 3g The student is able to adequately identify the ATO record keeping requirements of the organisation The student fails to adequately identify the ATO record keeping requirements of the organisation
Part 2
Question 1 The student is able to adequately identify from the example provided the state of the current budget allocations. Areas overspent or underspent are identified correctly. The student fails to adequately identify from the example provided the state of the current budget allocations. Areas overspent or underspent are not identified correctly.
Part 2
Question 2 The student is able to adequately identify which areas in the budget need to be adjusted. The student fails to adequately identify which areas in the budget need to be adjusted.
Part 2
Question 3 The student is able to adequately identify what additional information is required to ensure the budget is on track going forward The student fails to adequately identify what additional information is required to ensure the budget is on track going forward
Part 2
Question 4 The student is able to correctly identify who in the organisation needs to be consulted to ensure the budget is adjusted correctly The student fails to correctly identify who in the organisation needs to be consulted to ensure the budget is adjusted correctly
Part 2
Question 5 The student is able to revise the budget appropriately and give reasons for changes to allocations The student fails to revise the budget appropriately and give reasons for changes to allocations
Part 2
Question 6 The student is able to adequately identify once the budget has been revised who in the organisation needs to be advised and how the changes to the budget will be disseminated The student fails to adequately identify once the budget has been revised who in the organisation needs to be advised and how the changes to the budget will be disseminated
Part 2
Question 7 The student is able to adequately identify what processes should be put in place to ensure the budget is managed The student fails to adequately identify what processes should be put in place to ensure the budget is managed
Part 2
Question 8 The student is able to adequately develop a contingency plan to ensure the budget is back on track. In the plan the student was able to identify how the plan will be monitored and by whom it will be managed The student fails to adequately develop a contingency plan to ensure the budget is back on track.
And/or
In the plan the student fails to identify how the plan will be monitored and by whom it will be managed
Part 3
Question 1a The student is able to adequately identify the correct legislation for the Goods and services tax. The student fails to adequately identify the correct legislation for the Goods and services tax.
Part 3
Question 1b The student is able to adequately identify what the GST is and how it is implemented The student fails to adequately identify what the GST is and how it is implemented
Part 3
Question 1c The student is able to adequately identify who needs to register for the GST The student fails to adequately identify who needs to register for the GST
Part 3
Question 2a The student is able to, based on work experience, adequately identify who is responsible for the management of finances and provide an example of how they support a team member with managing finances
The student fails to, based on work experience, adequately identify who is responsible for the management of finances and provide an example of how they support a team member with managing finances
Part 3
Question 2b The student is able to adequately provide an example of financial data that may be provided to assist staff to review an aspect of their work
The student fails to adequately provide an example of financial data that may be provided to assist staff to review an aspect of their work
Part 3
Question 2c The student is able to adequately Identify an improvement made by the team to the financial management of their section and describe it adequately The student fails to adequately Identify an improvement made by the team to the financial management of their section and describe it adequately
Overall assessment expectations
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