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   Part L. Generating, Managing and Sustaining Financial Res... >
      Chapter 43. Managing Finances >
         Section 2. Managing Your Money >
             Tools & Checklists - A checklist that summarizes the major points contained in the section. >

Managing Your Money

  

Tools & Checklists

 Contributed by Phil Rabinowitz Edited by Bill Berkowitz and Tim Brownlee

Tools
Checklist

Tools

Tool #1: Spreadsheets

A spreadsheet is a way to display a budget or the finances of an organization in a way that makes it clear how much money can be and/or has been spent for each line item from each funding source. In its simplest terms, a spreadsheet is a grid with a list of funding sources along its top edge and a list of expense categories running down its left-hand edge, so that each vertical column represents a funding source , and each horizontal row represents an expense category. Where each column and row meet (this meeting place is called a cell), there should be a number representing the amount of money from that particular funding source (the column) that goes to that particular expense category (the row).

While you can make a spreadsheet either by hand or by computer, the advantage to a computer spreadsheet is that it allows you to put formulas in particular cells to total up a column or row, or to otherwise make sure that the number in that cell reflects a change elsewhere. In the spreadsheet below, for instance, each of the cells in the "Totals" row at the bottom automatically adds all the figures in its column, so that if you enter a new number in one of the cells in that column, the total at the bottom will change automatically. The same is true for the cells in the "Totals" column on the right, with the difference that those cells are set up to total their rows. In the "Fringe" row, each cell - except for the "Total" ones - is set to figure 25% of the total salaries in its column, because you already know that fringe benefits are 25% of salary.

Consolidated United Conglomerated Community Health Program

 

United Way

Dept of Health

County

Raffle

Totals

Coord Salary

$ 2,000.00

$ 22,000.00

$ 5,000.00

$ 1,000.00

$ 30,000.00

Aide Salary

$ 5,000.00

$ 8,000.00

$ 4,000.00

$ 1,500.00

$ 18,500.00

Fringe

$ 1,750.00

$ 7,500.00

$ 2,250.00

$ 625.00

$ 12,125.00

Rent

$ 750.00

$ 5,500.00

$ 2,000.00

$ 125.00

$ 8,375.00

Insurance

$ -

$ 1,500.00

$ -

$ -

$ 1,500.00

Office Supplies

$ 500.00

$ 1,200.00

$ 275.00

$ -

$ 1,975.00

Program Materials

$ -

$ 1,300.00

$ 475.00

$ -

$ 1,775.00

Totals

$ 10,000.00

$ 47,000.00

$ 14,000.00

$ 3,250.00

$ 74,250.00


Because the cells change their totals automatically when new figures are introduced , a computer spreadsheet makes it easy to test out different ways of spending money , and to see immediately how much you can afford to spend in particular categories.


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Checklist

Here, you'll find a checklist that summarizes the major points contained in the text


___You understand why your company needs a money management plan

___You have included the following systems and decisions in your management plan:

  • Systems:

___Accounting

___Banking

___Money-handling

___Petty cash

___Payroll

___Payables and receivables

___Grants management

___Handling cash flow issues

  • Decisions:

___Computerizing your accounting

___Types of bank accounts

___What constitutes full-time employment

___Which bills and obligations to settle first

___You have checked if your elegible for tax-exempt status


Handling cash flow

___You tried to anticipate when cash flow problems may occur

___You have set your priorities beforehand

___You developed a cash flow contingency plan based on your priorities and the situation of your organization


Management and investment issues

___You have checked the following issues for day-to-day money handling:

___Shopping for goods and services

___Negotiating with funders

___Maintaining systems

___A Certificate of Deposit

___A Money Market Account


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