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Budget and Finance


Short term budgets Is the annual budget lasting 1 year, covers day to day expenses (operational/eqiupment/supply), possibly travel expenses and continuing education funds
What type of budget includes building projects or expensive items? Long term Budget
Whats unique about a Limited Budget? money is managed through the year, any extra is put into other parts of the organization
what type of budget rolls over left over money from the previous year? Roll over budget
What budget fractions the budget to specific sub areas? Program ex: 1/4 to ortho, 1/4 to supplies etc
What type of budget is ideal for opening clinics and why? the Variable budget allows for adjustments to monthly expenses based on monthly revenue
Describe zero based budget type: all budget items must be fully justified, provides comprehensive financial monitoring
Whats a fixed budget? the budget is set for a period of time (monthly or quarterly) and is adjusted as needed
Whats known as the flexible budget? the Variable budget allows for adjustments to monthly expenses based on monthly revenue
What is included in the operatinal budget? Salaries, Administrative costs, phone, supplies, office supplies
Equipment/Supplies budget is divided into what two catgories? Expendable and non expendable, annual services (calibration, recert, maintenance of machines)
Items that are reusable with a limited shelf life are known as? non expendable
Items that connot be reused are known as? expedable
Capital expenses are: large item or piece of equipment that exceeds the annual budget (machine, gator, whirl pool) ex. 5 year plan
7 Steps of budgeting process: planning, gathering data, analyzing feedback, present final plan, getting approval, implement the plan, evaluate the plan
During the planning phase what needs to be taken into consideration? past history, determining needs or what needs to be changes, and look at other sucessful programs for ideas
What stage of the budgeting process should your 'wish list' be made? gathering data, at this point review current inventory and anticipate future changes
When do you develop a justification for the request in your bugdet? Step 3: analyzing feed back, you develop a greater negotiation power
Things to know when Presenting the final budget: be prepared, know the audience, research current budget restrictions, graphs/charts/number projections
To get approval what must take place? tiered lecel approach for approval, final is approved by upper level administrators
When implementing the budget what do you need to know? develop proper inventory and purchasing procedure, avoid spending beyond budget, develop contingency plas for mid-cycle changes or needs
when does monthly,/quarterly/annual review of inventory become important? evaluating the budget
Created by: cwc2447