MScN, Post RN BScN, DCC, RN Principal - KK) Nursing College

Fiscal Management

Sarfraz MasihMScN, Post RN BScN, DCC, RN

Principal

Karachi King’s College of Nursing, Karachi

Sarfraz Masih, Karachi 2

Agenda of Talk

Definition of budget, budgeting and financial management terms

Purposes of budget General principles of good budgeting The role of the principal in budget planning and

implementation Budget preparation Considerations in preparing a budget Administering the school / college budget Source of financial aid for students


Budget

A quantitative statement, usually in monetary terms, of the expectations of a defined area of the organization over a specified period of time in order to manage financial performance.

(Sullivan & Decker, 2009)


Budgeting

Budgeting is a process of planning and controlling future operations by comparing actual results with planned expectations. Planning involves establishing goals

Controlling is process of comparing actual results with the results projected in the budget.

(Sullivan & Decker, 2009)


Finance Management

A series of activities designed to allocate resources and plan for the efficient operation of an organization.

Financial management is targeted at the allocation of scarce resources.

(Huber, 2006)


Purposes of Budgets

Purposes

Express

management’s

plans for

coming periods

Increase

motivation to

achieve

stated goals

Formalize in writing management’s

plans in quantitative terms

Cause managers to think ahead,

anticipate results and act to

correct poor results


Coordination of financial and nonfinancial planning

Top management support

Employee participation ingoal setting

Communicating results

Flexibility

Follow-up

General Principles of Good Budgeting


General Principles of Good Budgeting

Periodicity

Comprehensiveness

Authority

Accuracy

Predictability

Transparency & accountability(Africa Budget Project; Idasa: Budget Information Service)


Role of Principal in Budget Planning & Implementation

Definition of Educational administration


Educational Administration

Educational administration is concerned with

formulation, execution and appraisal of educational policies.

Educational administration is to enable the right pupils to receive the right education from the right teachers at the cost within the means of the state / organization under conditions which will enable the pupils best to profit by their training.

(Basanvanthappa, 2009)



Budgeting means preparing the statement of income and expenditure for the smooth functioning of an educational institution.

The budgeting consists of

preparing an inventory of education requirements,

drawing up programs for meeting the requirements and allocating financial means to them.



Infrastructure New establishment

Maintenance

Library development Addition of new books

Increase of copies

Labs development Computer lab

Skills lab

Science lab



Teaching & learning process Conducive classroom

Clinical / educational visits facilitation

Teaching learning resources

Admission process

Professional activities IND celebration

Seminar, workshop, symposium etc.

Recreational activities Picnic

Students, teachers and staff /family gathering



Faculty development Arrangement of professional progammes

Sponsor to attend professional programme/s

Sponsor for short courses

Sponsor for higher education

Research Article discussion

Conduct researches

Funds for researches

Miscellaneous



Formulation

Execution

Appraisal

of

Educational policies


Budget Preparation

The need for early decisions

The need for a hard constraint

Defining for available resources

Establishing spending limits with organizational priorities

Making spending known to line of authority

Avoiding questionable budgeting practices


Budget Preparation

Start early

Contact your OR representative and let them help you

Ask questions

Construct your budget

Incorporate it into your proposal


Considerations inPreparing a Budget

Management's assumptions are:

State of the economy for the planning period

Adding, deleting or changing product lines

Nature and degree of competition

Effects of government regulation

Useful accounting data from past periods can be adjusted for future expectations.


Administering School / College Budget

1. Plan the exercise 2. Remember the Business Strategy3. Past Performance is irrelevant4. Analyze the Risk5. What is included?6. Check7. Be in Control of the Process

(http://www.zimbio.com/member/davidw/articles/275965/Discover+7+Principles+Good+Budget+Preparation)


Sources of Financial Aid for Students

scholarships as a source of financial aid

loans as a source of financial aid

work-study as a source of financial aid

(www.trpi.org)


References Basavanthappa, B.T (2009). Nursing Education. 2nd (ed.).

New Delhi: Jaypee Sullivan, E. J., & Decker, P. J. (2009). Effective Leadership

and Management in Nursing. New Jersey: Prentice Hall Huber, D. (2000). Leadership and Nursing Care

Management. 3rd (ed.). Saunders: USA. Pachon, H. P., & Zarate, M. E. (n.k). Perspectives of College

Costs, Benefits, and Financial Aid Among California Latino Youth . Retrieved August 31, 2010 from file:///E:/KKCON/Senior%20Electives/Nursing%20Education/Administration%20of%20Educational%20Programme/College%20Budget.ppt#265,15,www.trpi.org

http://www.zimbio.com/member/davidw/articles/275965/Discover+7+Principles+Good+Budget+Preparation

www.adb.org/documents/manuals/govt_expenditure/Chap4.PDF

http://www.zimbio.com/member/davidw/articles/275965/Discover+7+Principles+Good+Budget+Preparation


Any More …


THE END

I would be happy to assist you

with your budget planning!

http://vrpacioli.loyola.edu/ac102/chapter23/chap23_vkp.html

http://vrpacioli.loyola.edu/ac102/chapter23/chap23_vkp.html

MScN, Post RN BScN, DCC, RN Principal - KK) Nursing College

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