Pricing . . . . to recover costs; to create new resources (to establish value; to influence behavior; to promote efficiency; to promote equity)
What is the purpose of pricing
100
_______fees generated for operating privately owned houseboats on state lakes – use of picnic sites) and _______fees generated from hunting and fishing, etc.
What are License & Permit Fees
100
1. Units of measurement will vary (sand is purchased by the ton; furniture is purchased by the piece; transportation is figured by the mile; paper is figured by the gross
2. Formula (c$ = unit cost x number of units)
What is how to determine equipment, supplies, transportation and related costs
100
To use up; to expend all dollars from account
What is Expended Funds
100
1. Category based
2. Most common used type of budget format
What is an Object Classification Budget
200
Expenditure of physical or mental exercise — personal energy.
What is an Effort Price
200
Generated from visiting (gaining access to) recreation venues / facilities
What is an Entrance Fee
200
Always work from the known to the unknown
What is a Budgeting Axiom
200
Pending transactions that will occur near the end of the accounting period, and the budget will not change until these are accounted for.
What is Open Ended Budgeting
200
1. Assumes a new budget every year (with no previous budget information)
2. Organizations remove bias from budget decisions
3. Facilitates budget allocations based on need, not on history
What is known as Zero - Based Budgeting
300
Charging different price for different populations (customer characteristics; product levels; distribution; merit)
What is Differentiated Pricing
300
Represents rentals of facilities & equipment; mgt. of operations (golf, concessions, tennis, zoos, stadiums, field rentals, event spaces, etc.)
What is source of income example - contracts
300
The manager will need to be able to determine cost of staffing the ice skating facility for the winter season.
What is Personnel Budget – Ice Skating Rink
300
Is a period used for calculating annual financial statements. Regulatory laws regarding accounting and taxation require such reports once per twelve months
What is a Fiscal Year
300
1. Construct a normal operating budget using another budget format
2. Determine frequency of budget reporting (daily, weekly, monthly)
3. Establish spending limits
4. Determine frequency for adjusting allocated budget
What is known as the four steps of a Running Budget
400
Costs resulting from actual operation of the program.
What is Variable Costs
400
Payment paid to a facility owner or operator by a facility user as a necessary condition for using the facility.
What is a user fee
400
1. Determine cost of program
2. Determine anticipated number of participants
3. Divide recovery cost by number of participants
What is three steps in determining fees
400
The life of a budget from creation to evaluation. The four segments of the budget cycle — preparation and submission, approval, execution and audit and evaluation — provide the framework for creating one of the most important tools a business needs to succeed
What is a Budget Cycle
400
Best used for easily measurable outputs (e.g., Maintenance, Construction, etc.)
What is known as a Performance Budget
500
Direct & indirect expenditures attributed to participation:
1) Registration Fee
2) Fees paid to facilitate participation (transportation; clothing & equipment; proxy; refreshment/sustenance; qualification).
What is a Monetary Price
500
Organized process of seeking $$$ gifts to support leisure services and capital improvements.
What is Fundraising
500
Identify All Personnel Costs
a. (number (#) of personnel required;
b. commitment of employment (days, weeks, months, hours);
c. rate of pay (hourly, salary, exempt).
What is an Expenditure Step
500
1. Systematic process
2. Forces strategic planning
3. Precursor for organization & individual work plans
4. Moves organization towards quantifiable goals and objectives
5. Standardization of fiscal processes
6. Reinforces measures of effectiveness
7. Part of complex decision making
8. Measurement tool for policy bodies
9. Mechanism for control
What are the nine characteristics of a budget
500
1. Driven by organization goals and objectives
2. Identify program goals and objectives
3. Builds on organization goals
4. Focus on outcomes and output
5. Link goals and objectives to budget
6. Shows cost/benefit ratio