This tutorial will provide you with the information you need to decide if a career in finance is right for you, and help you narrow down your options within the finance field. The tutorial will begin by providing background information on the financial industry, including an overview of various qualifications and credentials that are commonly found in the industry and the main types of institutions that employ finance workers. After this introductory material, the tutorial will move on to discuss specific roles, such as investment banker, trader or portfolio manager. In each of these sections, you will find information on where jobs are, as well as on the career path and qualifications often necessary to find a job. Each section will also provide a brief sketch of what the different jobs entail. While you won't find everything you need to make a career choice in this tutorial, you should find enough information to provide you with a good starting point towards narrowing your focus on what type of finance job might be right for you. Armed with that knowledge, you'll then be able to dig deeper to find more information on the jobs that are particularly intriguing to you.
Answer 1
The Australian Refugee Foundation (ARF) was established in 1998 to procure and manage funds for the Refugee Council of Australia.
As the RCOA is primarily an independent advocacy and policy non-government organization working with and for refugees and asylum seekers, it is important that it should have an independent source of funding. Otherwise its work might be viewed as serving sectional interests, or as reflecting a particular ideological or political standpoint.
The ARF is the source of such funding. It is actively seeking funds so that RCOA's door can remain open and that its work in promoting the human rights of refugees and asylum seekers can continue.
The Diversity and Social Cohesion Program (incorporating the former Diverse Australia Program and National Action Plan to Build on Social Cohesion Harmony and Security) provides funding to help organizations create a spirit of inclusiveness and to help ensure all Australians are treated fairly regardless of their cultural background or circumstance. The program aims to promote respect, fairness and a sense of belonging for Australians of every race, culture and religion and develop the community capacity building skills of specific community groups under significant pressure due to their cultural, religious or racial diversity. The program also provides funding for Multicultural Arts and Festivals Grants which provide community organizations with assistance to host multicultural arts and festivals projects, providing opportunities for Australians of all backgrounds to come together and experience different cultural traditions.
The Fund consolidates the activities of a range of initiatives and grant programs, and provides a large, flexible funding pool for initiatives aimed at aged care service improvement and promoting healthy and active ageing. The establishment of the Fund enables the Australian Government to better support activities that promote healthy and active ageing, to better respond to existing and emerging challenges including dementia care and to better support those services targeting Aboriginal and Torres Strait Islander people and people from diverse backgrounds.
The second funding round of the Fund also includes initiatives introduced as part of the Living Longer Living Better aged care reform package, announced in April 2012. The aged care reform package includes additional funding for activities that increase support for people with dementia, support the uptake of evidence based better practice in aged care, and greater recognition of and support for older people from diverse backgrounds. Applications were also sought from eligible organizations to undertake activities for Dementia Behavior Management Advisory Services (DBMAS).
The Minister for Families, Community Services and Indigenous Affairs, the Hon Jenny Macklin MP, and the Minister for Community Services, the Hon Julie Collins MP, announced that more than 166,000 volunteers across 4,800 organizations throughout Australia will benefit from funding of $16 million under Volunteer Grants 2012. Grants of between $1,000 and $5,000 each will enable organizations to purchase small equipment items to assist volunteers and contribute towards reimbursement of fuel costs, transport costs incurred by volunteers with disability who are unable to drive, training courses and background screening checks for volunteers. Volunteers give their time and energy to help others, often reaching out to the most vulnerable members of our society. The Australian Government is committed to supporting volunteers in their important work.
Home Visiting is a service provided in the homes of pregnant women, children from birth to eight years, and their families. Home Visiting has been found to improve parenting, school readiness, and health. It can help prevent child abuse and neglect. The Patient Protection and Affordable Care Act (Health Care Reform Act) requires each state to conduct a needs assessment in order to receive the 2011 Title V (Maternal and Child Health) Block Grant funds. This needs assessment will identify communities at risk, the quality and capacity of existing early childhood home visiting programs and the State's capacity for providing substance abuse treatment and counseling services. For the Needs Assessment, Wisconsin will look at information about factors that put children at-risk for health or learning problems, such as premature birth, poverty, and crime rates. We will collect information about current home visiting programs and substance abuse services throughout the state. The Department of Children and Families (DCF) and the Department of Health Services (DHS) along with their partners will use this information to decide the best use of resources for home visiting services in Wisconsin. The initial $500,000 funding available from this grant can be used for the needs assessment and planning process. DCF and DHS are using existing staff to complete the needs assessment and plan to hire additional staff for implementation of the plan. This process will determine how we identify communities of highest need and the high risk populations to be served and determine what model(s) will be used to deliver evidence-based early childhood home visiting services. This work will require a collaborative effort from many partners. A "shared governance" model is proposed to oversee this work. DCF and DHS in cooperation with the Department of Public Instruction and the Children's Trust Fund are charged with the oversight of the project. We recognize the importance of working with our partners and are proposing a variety of opportunities for participation during the planning process including interactive webcasts, workgroups, and face-to-face meetings.
The Office of Multicultural Affairs and Citizenship brings to DPC a number of functions formerly located within the Victorian Multicultural Commission. The office drives multicultural policy and program implementation, focusing on settlement of newly arrived migrants.It manages a range of programs and services such as:
language services
enhancing cultural precincts
community grants program
promoting harmony and multipath initiatives
settlement coordination
international student care
The Northern Territory Department of Sport and Recreation's vision is "Territorians having a lifelong involvement in sport and active recreation". To achieve this vision, we facilitate the development of a vibrant, self-managed, accessible and sustainable sport and active recreation system across the Northern Territory. We will know if we are achieving our purpose and moving towards our vision if:
we increase the number of Territories participating in sport and active recreation; and
Territories achieve more national and international sporting success.
On a day-to-day basis we:
provide grants to the industry to help build capacity;
deliver development programs to the industry to help build capacity;
deliver an Indigenous Sport Program targeted at remote communities;
provide a state-of-the-art elite athlete development centre at the Northern Territory Institute of Sport;
construct, maintain and manage key sporting facilities;
procure and then deliver major national and international sporting events;
deliver water safety programs, including administering the Swimming Pool Safety Act; and
provide support and assistance to the racing industry in the Northern Territory.
Each year, the American Honda Foundation (AHF) and Foundation provide grants to non-profit organizations to build bridges to the future, the community and youth in the United States. Throughout the years, both foundations have provided grants to organizations that offer unique approaches to teaching and developing youth in minority and underserved communities. Since its inception in 1984, the American Honda Foundation supports organizations in the areas of youth, literacy, mathematics and scientific education. Established in 1981, the Honda of America Manufacturing Foundation contributes toward youth and education programs. The American Honda Foundation provides grants on a national level, whereas the Honda of America Manufacturing Foundation funds only in the specific hiring areas surrounding the Honda plant in Marysville, Ohio.
Arts and Museums Minister Gerry McCarthy today congratulated this year's recipients of the Territory Government's Screen Grants Program."Film and television are a big part of the great Territory lifestyle," Mr. McCarthy said. "Territories' love going to the Deckchair Cinema to see the stars onscreen and in the sky as well as enjoying travelling film festivals that come to town. "That's why this Government has funded nine projects a total of almost $65,000 to bring some of the best films and festivals to the Territory while also supporting home grown talent." "The Territory Government's Screen Grants Program supports screen activities including forums, festivals, exhibitions, premieres and touring programs," Mr. McCarthy said. "Industry or Screen Culture Funding also supports short courses, workshops, seminars, programs and activities that contribute to the development of Territory screen practitioners. "Through the Northern Territory Film Office we will invest in home-grown productions with a particular focus on fostering the talent of local artists and production teams so that our film and television industry continues to grow while raising the profile of our talented screen. "These outcomes are to help the community make best use of its natural, cultural and artistic assets to create commercial, educational and recreational opportunities and to support the creation of new understandings and expressions of Territory identity."
Nonprofits around the world have felt the impact of the global recession of 2008 as donation sources have dried up and funding has become less reliable. Today's nonprofits are realizing more than ever the importance of creating earned income ventures to sustain their operations in tough times. Although earned income traditionally makes up a small percentage of nonprofit income, a profit-making component can help to ensure consistently reliable income levels. The most basic form of earned income venture is a profit-making business run by the nonprofit, which channels its profits directly into the organization. A Better Way Ministries in Newnan, Georgia, a drug rehabilitation and gospel outreach program, for example, employs the men in its care in a number of small, profitable companies, including an auto detailing company, a bread company and a moving company. The money generated by these satellite companies allows the parent organization to earn income while helping the program recipients to earn an income during the program. Cause marketing is a less hands-on venture that can provide a large return on a small investment. Nonprofits can allow corporations or events to leverage their name and logo in advertising campaigns in return for a contribution or profit-sharing agreement.
Answer 2
Financial planning means to prepare the financial plan. A financial plan is also called capital plan. A financial plan is an estimate of the total capital requirements of the company. It selects the most economical sources of finance. It also tells us how to use this finance profitably. Financial plan gives a total picture of the future financial activities of the company.
Financial Planning is the mathematical sum of following parameters:
Financial Resources (FR) + Financial Techniques (FT) = Financial Planning.
A financial plan contains answers to the following questions:
How much finance (short-term, medium-term and long-term) will be required by the company?
From where this finance will be acquired (gathered)? In other words, what are the sources of finance? That is, owned capital (promoter contribution, share capital) and borrowed capital (debentures, loans, overdrafts, etc.).
How the company will use this acquired finance? That is, application or utilization of funds. Financial plan is generally prepared during promotion stage. It is prepared by the Promoters (entrepreneurs) with the help of experienced (practicing) professionals. The promoters must be very careful while preparing the financial plan. This is because a bad financial plan will lead to over-capitalization or under-capitalization. It is very difficult to correct a bad financial plan. Hence immense care must be taken while preparing a financial plan
After the company starts, the finance manager does the financial planning. The types of financial plans are depicted and briefly explained below. There are three types of financial plans:
Short-term financial plan is prepared for maximum one year. This plan looks after the working capital needs of the company.
Medium-term financial plan is prepared for a period of one to five years. This plan looks after replacement and maintenance of assets, research and development, etc.
Long-term financial plan is prepared for a period of more than five years. It looks after the long-term financial objectives of the company, its capital structure, expansion activities, etc.
Melalueca Refugee Centre need to plan their finances as any other business. Unlike a for-profit firm, Melaleuca Refugee Centre receives funds from grants and donations, often restricted for a certain program or for use in the future. Budgeting and planning for Melaleuca Refugee Centre can be tricky because of different income streams and compliance issues.
Many nonprofit organizations face instability in their revenue cycle. The main challenge is to estimate reasonable cash flows in a future that is not secure. Donors may stop making usual donations, foundations may stop making gifts and governments may cut grants. The key is for a nonprofit to react quickly to decreases of income and to be always on the lookout for extra-funds. If Melaleuca Refugee Centre loses a major grant, it must cut down expenses right away and that usually involves layoffs and other unpleasant tasks.
Often Meleleuca Refugee Centre do not have management or staff with expertise in financial matters, making financial planning that more difficult. Board of directors should make an effort to recruit accounting or financial professionals that can help in this area as paid staff or as volunteers. Executives should make an effort to learn how to read a financial statement, how to set up a budget and how to manage finances in general.
Typically managers at a nonprofit are too busy to stop and plan ahead. Many organizations run with minimum staff and most managers are hands-on, involved in various areas and tasks with no time to plan ahead. Financial planning and strategy require attention and too often, management make financial plans in too much of a hurry without putting the time and energy required, resulting in substandard financial planning.
Of all the fraud schemes perpetrated in our world today, financial statement fraud seems to get the least air time. That makes no sense, as financial statement fraud happens to be one of the most costly types of fraud.
The problem is that involved parties, both inside and outside of the organization, rely on the information provided in the financial statements. They assess the financial results and make predictions and decisions about the future of the company based on those results.
Financial statements are the measuring stick that numerous parties use to assess the financial health of a company. Falsified financial statements can mean only one thing - those assessments are faulty.
But financial statement fraud is an ugly fraud. Its methods are complex and often not understood by the average consumer or investor. And its results often aren't tangible to the average person, unless we're talking about a famous fraud like Enron.
Financial statement fraud is almost always perpetrated by upper management or organozation owners. Executives are entrusted with entire organization. They have access to nearly all data and they can exploit this access to commit and fraud and cause the fraud to be concealed.
The power the executive has by virtue of her or his position in the company is closely linked with the high cost of financial statement fraud. Power and access within a organozation make it possible for larger frauds to be committed and covered up.
One of the most innocent-sounding terms used to describe financial statement fraud is "earnings management." Such a phrase minimizes the seriousness of the crime. "Management" almost makes it sound like something good!
But earnings management isn't a noble effort. It is, in fact, financial statement fraud. The degree and seriousness can vary, but it is fraud nonetheless. It is the purposeful manipulation of account balances in order to make the financial statements conform to some predetermined template.
Especially with public organization, there are expectations related to the financial results, and executives may alter numbers to conform. Earnings management (financial statement fraud) means that management played games with the numbers, shifting revenue or expenses from one period to the next, or inflating assets or underreporting liabilities.
In addition to the opportunity to manipulate revenue, expenses, assets and liabilities, there are other forms of financial statement fraud that are gaining in popularity. Schemes include the misuse of reserves, often referred to as using reserves as "cookie jars" to shift income and expenses between periods depending upon the company's "need" for the financial statements to fall within certain parameters.
The misapplication of accounting rules is another opportunity for financial statement manipulation. Executives may deliberately incorrectly apply accounting rules in a way that enhances the company's financial results.
One of the simplest ways to manipulate financial statements is through the omission of information. There are rules regarding explanations and disclosures that must accompany financial statements. Without that additional information, the financial statements themselves might easily be misinterpreted. Deliberately omitting necessary information from the notes to the financial statements is a simple, but effective, way to tender misleading financials.
Financial statement fraud can have an impact on any person or organization that has a financial interest in the success or failure of a organization.
If enough financial statement frauds occur, or if the frauds are large enough, there are wide-reaching effects for other organization. Consider the case of the Sarbanes-Oxley Act of 2002. The legislation followed the collapse of some large public organization with executives who engaged in significant financial statement fraud.
This legislation attempted to address financial statement fraud and bring more reliability and transparency to the financial reporting process. Sarbanes-Oxley required companies to make changes, and it also changed how independent auditors do their work.
The legislation has caused companies to collectively spend billions of dollars on assessing their processes, engaging consultants to help with the assessments, and enhanced independent audits. This is an indirect cost of financial statement fraud, but its impact on companies is direct. It has been very expensive.
Financial statement fraud often doesn't have a readily apparent or direct financial impact on interested parties. But because it is rampant and its indirect costs are so high, it is important that the users of financial statements be aware of the risk and the impact.
Regulations may be effective in curbing some of this fraud, but a skeptical eye on the part of interested parties might be more effective in protecting donaters from the negative effects of financial statement fraud.
Answer 3
1) Profitability Ratios:
a) Net profit margin = Net profit
Sales
Year 2011 = $ 755,436 = 0.17: 1
$ 4,375,160
Year 2012 = $ 937,325 = 0.18: 1
$ 5,090,820$
b) Return on total assets = Profit available to common shareholder
Total assets
Year 2011 = $ 755,436 = 0.49: 1
$ 1,542,283
Year 2012 = $ 937,325 = 0.36: 1
$ 2,572,861
c) Return on equity = Profit available to common shareholder
Equity
Year 2011 = $ 755,436 = 0.8: 1
$ 949,745
Year 2012 = $ 937,325 = 0.5: 1
$ 1,887,070
d) Gross profit margin = Gross profit
Sales
Year 2011 = $ 0 = 0: 1
$ 4.375,160
Year 2012 = $ 0 = 0: 1
$ 5,090,820
2) Liquidity Ratios:
a) Current Ratio = Current assets
Current liabilities
Year 2011 = $ 1,516,902 = 2.56: 1
$ 592,638
Year 2012 = $ 2,568,059 = 3.74: 1
$ 685,791
b) Quick ratio = Current asset - (Inventories) - Prepayment
Current liabilities
Year 2011 = ($ 1,516,902 - $ 0 - $ 0) = 2.56: 1
$ 592,638
Year 2012 = ($ 2,568,059 - $ 0 - $ 0) = 3.74: 1
$ 685, 791
Answer 4
Non-profit organizations are the newest and fastest growing sector in the Malaysia with the number of such organizations doubling during the last 25 years. In addition to growth in numbers, nonprofit organizations have become increasingly complex entities influencing public policy, participating in community affairs, and forging partnership with private and public organizations. With increased growth and complexity, a significant need has emerged for sophisticated managers with organizational acumen, technical skills, and an in-depth understanding of what it means to work in the nonprofit world.
Nonprofit organizations touch on every aspect of our lives and on every level of institutions. Most are in social and health services like the Melaleuca Refugee Centre. But they include hospitals, universities, museums, social clubs, and economic development agencies. Melaleuca Refugee Centre have always been an important part of the public service system. To an increasing degree, governments are providing social services through contracts with Melaleuca Refugee Centre. For example, continued resource scarcity, devolution of responsibilities by federal and state governments, and privatization have put additional pressure on the not-for-profit sector to fill in where government withdraws and to work in partnership with other organizations in the delivery of public services. Often referred to as the ?third sector,? it is composed of charitable or public benefit, advocacy, mutual benefit, and religious organizations. Of the 1.6 million organizations in the third sector, our primary focus will be on the 1.2 million 501(c)(3) public serving or benefit organizations in the arts, health, and human services, education, and the environment.
This course focuses on issues in the administration and management of Melaleuca Refugee Centre organizations including relationships between the nonprofit, public, and private sectors. It is the mission of this class to familiarize you with the work of Melaleuca Refugee Centre organizations and with the challenges faced by this sector. This mission will be achieved by combining theory with practice. We will begin by examining the size, scope, role, sub-sectors, and distinctive characteristics of the nonprofit sector. We will then briefly discuss legal requirements involved in establishing a nonprofit organization and key management trends in this sector. Then our attention will shift to examining some of the critical management tasks involved in building an organization?s capacity to achieve excellence. This can include tasks such as leadership, setting direction and establishing accountability, creating a dynamic and effective board of directors, developing and managing financial and human resources, and effective marketing and communications. This course is an applied course designed for graduate students. As an applied course, you will be required to become involved in a Melaleuca Refugee Centre organization to experience hands-on and gain knowledge of the reality of nonprofit management. Interested Melaleuca Refugee Centre organizations are asked to submit proposals outlining clearly defined projects for you to undertake. The Melaleuca Refugee Centre organizations will get benefit from your analyses and recommendations.
This analysis will provide examples of internal and external vulnerabilities
indicated through the financial statements, future improvements that could be made to
increase financial stability using budgets, and the vital that role the three documents play in
the health of a nonprofit organization such as Melaleuca Refugee Centre.
The difference in analyzing a Melaleuca Refugee Centre's balance sheet and a for-profit's balance sheet is the reporting of the organization's equity. Equity derives from the Melaleuca Refugee Centre generated earnings from its operations compared to what the organizations owes. Earnings retained are recorded as net assets or fund balance. In general, the
more net assets an Melaleuca Refugee Centre has retained the greater the organization's net worth. This paper will analyze issues arising from 10 organization's negative or positive net worth. The analysis will also provide information on fund accounting or the breakdown of net assets into unrestricted net assets, permanently restricted net assets, and temporarily restricted assets. The analysis of the income statement will discuss the ratio of expenses during a given period of time to the projected or budgeted expenses during the same period of time. As argued by John C. Thomas in The JosseyBass Handbook of Nonprofit Leadership and Management, the income statement "explains the change in operating equity between two balance sheets". This information can enable the Melaleuca Refugee Centre to determine if projects, programs, or other unforeseen expenses incurred have affected the organization as a whole. Analysis of the cash flow statement allows organizations to gather information on the income and expense
management of the organization.
An organization can determine if net income and net assets are accurate at the end
of the year by analyzing the statement of cash flow to determine if there are any unpaid
expenses or if revenue will be generated at a later date. In addition, by analyzing the unpaid
expenses, an organization can budget appropriately for the given financial period.
CONCLUSION
The Melaleuca Refugee Centre discussed the functions of finance, and the environment which finance operates, and how the non-financial manager fits in a typical company`s structure.
The financial functions of the business impact non-financial activities such areas as record keeping, performance evaluation, variance analysis, and getting and utilization of resources. The non-financial manager must comprehend the goals, procedures, techniques, yardsticks, and functions of finance to optimally perform his or her duties. Ignorance of finance will not only lead to incorrect analysis and decisions but will also prevent you from moving up in the organization.
An important reason for which you need financial and accounting knowledge is that without a good understanding of these disciplines you do not have the tools needed for effective management decision making. You will have to rely totally on the financial manager, whose recommendations you may not be able to totally understand or, if necessary, dispute. A successful operation blends production, marketing, and finance with some degree of goal congruence. Decisions that make sense in terms of marketing and sales must also make financial sense. Without some financial background, you cannot contribute sound input to the decision process.
