Financial Management for Public, Health, and Not-for-Profit Organizations PDF
Preview Financial Management for Public, Health, and Not-for-Profit Organizations
Financial Management for Public, Health, and Not-For-Profit Organizations Sixth Edition 2 Dedications Steven A. Finkler To Max, Livi, Judah, and Josie Daniel L. Smith To Tara, Madison, and Hudson Thad D. Calabrese To Abby, Benjamin, Noah, and Ethan 3 Financial Management for Public, Health, and Not- For-Profit Organizations Sixth Edition Steven A. Finkler New York University Daniel L. Smith University of Delaware Thad D. Calabrese New York University 4 Copyright © 2020 by CQ Press, an Imprint of SAGE Publications, Inc. CQ Press is a registered trademark of Congressional Quarterly Inc. All rights reserved. Except as permitted by U.S. copyright law, no part of this work may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without permission in writing from the publisher. All third party trademarks referenced or depicted herein are included solely for the purpose of illustration and are the property of their respective owners. Reference to these trademarks in no way indicates any relationship with, or endorsement by, the trademark owner. FOR INFORMATION: CQ Press An Imprint of SAGE Publications, Inc. 2455 Teller Road Thousand Oaks, California 91320 E-mail: [email protected] SAGE Publications Ltd. 1 Oliver’s Yard 55 City Road London, EC1Y 1SP United Kingdom SAGE Publications India Pvt. Ltd. B 1/I 1 Mohan Cooperative Industrial Area Mathura Road, New Delhi 110 044 India SAGE Publications Asia-Pacific Pte. Ltd. 18 Cross Street #10-10/11/12 China Square Central Singapore 048423 Library of Congress Cataloging-in-Publication Data Names: Finkler, Steven A., author. | Smith, Daniel L., author. | Calabrese, Thad D., author. Title: Financial management for public, health, and not- for-profit organizations / Steven A. Finkler, New York University, Daniel L. Smith, University of Delaware, Thad D. Calabrese, New York University. Description: Sixth edition. | Thousand Oaks : CQ Press/SAGE, [2019] | Includes bibliographical references and index. Identifiers: LCCN 2018030820 | ISBN 9781506396811 (hardcover : alk. paper) Subjects: LCSH: Finance, Public—United States. | Finance, Public—United States—Accounting. | Health facilities—United States—Business management. | Nonprofit organizations—Finance. Classification: LCC HJ257.3 .F555 2019 | DDC 658.15—dc23 LC record available at https://lccn.loc.gov/2018030820 Printed in the United States of America 5 This book is printed on acid-free paper. Acquisitions Editor: Scott Greenan Content Development Editor: Scott Harris Editorial Assistant: Lauren Younker Production Editor: Tracy Buyan Copy Editor: Alison Hope Typesetter: Hurix Digital Proofreader: Jennifer Grubba Indexer: Joan Shapiro Cover Designer: Scott Van Atta Marketing Manager: Jennifer Jones 6 Brief Contents 1. Preface 2. Case Examples 3. About the Authors 4. PART I Introduction: Setting the Stage 5. 1 Introduction to Financial Management 6. PART II Planning 7. 2 Planning for Success: Budgeting 8. 3 Additional Budgeting Concepts 9. 4 Understanding Costs 10. 5 Capital Budgeting 11. 6 Long-Term Financing 12. PART III Implementation and Controlling Results 13. 7 Managing Short-Term Resources and Obligations 14. 8 Accountability and Control 15. PART IV Reporting Results 16. 9 Taking Stock of Where You Are: The Balance Sheet 17. 10 Reporting the Results of Operations: The Activity and Cash Flow Statements 18. 11 Unique Aspects of Accounting for Not-for-Profit and Health-Care Organizations 19. 12 Unique Aspects of Accounting for State and Local Governments—Part I: The Recording Process 20. 13 Unique Aspects of Accounting for State and Local Governments—Part II: Reporting Financial Results 21. PART V Financial Analysis 22. 14 Financial Statement Analysis 23. 15 Financial Condition Analysis 24. Glossary 25. Index 7 Detailed Contents Preface Case Examples About the Authors PART I Introduction: Setting the Stage 1 Introduction to Financial Management What Is Financial Management? Public Sector Resource Flows Why Discuss Public, Health Care, and Not-for-Profit in One Book? Why Should Public Service Organizations Worry About Financial Management? Should Public Service Organizations Earn a Profit? Ongoing Case Study Summary Key Terms from This Chapter Questions for Discussion Appendix 1-A. Fundraising Key Terms from This Appendix PART II Planning 2 Planning for Success: Budgeting Mission Strategic Plan Long-Range Plan Budgets CASE STUDY: Special Purpose Budget Behavioral Aspects of the Budget Process CASE STUDY: Developing a Government Budget Summary Key Terms from This Chapter Questions for Discussion Problems 3 Additional Budgeting Concepts Line-Item and Responsibility Center Budgets Centralization Versus Decentralization Program and Functional Budgets Budgeting Techniques Additional Governmental Budgeting Issues Summary Key Terms from This Chapter 8 Questions for Discussion Problems Appendix 3-A. A Performance Budget Example Appendix 3-B. Forecasting Using Historical Data Key Terms from This Appendix 4 Understanding Costs Basic Concepts and Definitions Cost Behavior Break-Even Analysis Cost Measurement Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 4-A. Additional Break-Even Analysis Issues 5 Capital Budgeting Why Do We Need a Separate Capital Budget? Definition of Capital Assets: Theory and Practice Why Do Capital Assets Warrant Special Attention? The Time Value of Money Capital Asset Investment Analysis Summary Key Terms from This Chapter Questions for Discussion Exercises (TVM) Problems Appendix 5-A. Using a Financial Calculator for Time Value of Money Calculations Appendix 5-B. Using Computer Spreadsheets for Time Value of Money Calculations— Examples 6 Long-Term Financing Equity Financing Long-Term Debt Social Impact Bonds (SIBs) Summary Key Terms from This Chapter Questions for Discussion Exercises (TVM) Problems Part III Implementation and Controlling Results 7 Managing Short-Term Resources and Obligations 9 Working Capital Management Short-Term Resources Short-Term Obligations Summary Key Terms from This Chapter Questions for Discussion Problems CASE STUDY: The Case of the Missing Check Appendix 7-A. Economic Order Quantity Key Term from This Appendix Appendix 7-B. Credit Terms 8 Accountability and Control Management Control Systems Measures of Performance Controlling Quality Variance Analysis Ethics Safeguarding Resources The Form 990 Consequences of Ethical Violations Summary Key Term from This Chapter Questions for Discussion Problems PART IV Reporting Results 9 Taking Stock of Where You Are: The Balance Sheet The Framework for Financial Accounting Generally Accepted Accounting Principles International Financial Reporting Standards Fiscal Years Balance Sheet Elements Assets: A Closer Look Liabilities: A Closer Look Net Assets or Fund Balance: A Closer Look Recording Financial Information Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 9-A. The Recording Process: Debits and Credits 10
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