Budget
What is a Budget?
A plan for earning revenue and spending.
The income statement can also be referred to as what...?
Profit and Loss Statement
What is a Balance sheet?
A sheet that shows a summary of a program's financial status at a given point in time.
What is a cash flow statement?
A financial statement that shows the amount of cash entering and leaving the business
What is the name of the trainer?
LaShonda
What is included in a Budget?
Income and Expenses
What is included in the Income Statement?
Revenue, Expenses, and Net Income
What information can be found on a balance sheet?
Assets, Liabilities, Equity or Net worth
What does the cash flow statement include?
Cash in, cash out, cash on hand
What is the title of this training?
Strengthening Business Practices Module I for Centers: Financial Statements and Internal Controls.
Why should a Budget matter to you?
Better understand the financial health of the program, making informed decisions, manage spending, helps plan for future goals, and provides confidence to outside funders.
Funds received
What are Assets?
What you own that has value
Why does a cash flow statement matter to you?
Help to understand how cash is moving through the business. Help to plan for cash needed to pay for future expenses.
What are Internal Controls?
Processes to help you manage risks in your business.
Money spent or costs incurred to run the program and earn revenue
Expenses
What are Expenses?
Funds spent
What are liabilities?
What you owe.
What does cash received minus cash paid out equal?
Net change in cash.
Name two goals of internal controls.
Protect your assets and Prevent mistakes.
The total amount of money collected for services or goods sold before any expenses are subtracted
Revenue
Revenue minus expenses equal....
Net Income
The total of all assets, subtract the any liabilities will leave you with what?
Net worth or Equity
A business must have what in order to pay expenses?
Cash.
Name three examples of Internal Controls.
Accurate and timely financial reporting, Written Parent Handbook, and Separation of Duties.