Financial Resource Management, 2nd ed. [ebook]

Sport, Tourism, and Leisure Services
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ISBN/ISSN:978-1-57167-603-0
Copyright:2008
Edition:2nd
Pages:292
Dimensions:7 x 10
Supplements:Yes
Author(s): Russell E. Brayley
Daniel D. McLean



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About

Description: 

Financial Resource Management is written with the needs of the sport, tourism, and leisure service manager in mind.

Initially discussing the principals of economics and finance, this book provides the reader with the necessary skills and knowledge to prepare, present, and manage budgets, as well as generate revenues for capital development and day-to-day operations.

The text includes sections on Financial Management in Context, Organization, Economics, Planning, and Revenue and Expenditure Management.

Table of Contents: 

PREFACE

SECTION A - FINANCIAL MANAGEMENT IN CONTEXT
 
CHAPTER 1 - Financial Management in Public, Private Not-for-Profit, and Commercial Sport, Tourism, and Leisure Service Organizations
Introduction
Public Enterprises
   Legislative/Legal Parameters
   Social Roles/Expectations
   Market Management Techniques
   Indicators of Success
   Financial Management Opportunities and Challenges
   Other
Private Not-for-Profit Enterprises
   Legislative/Legal Parameters
   Social Roles/Expectations
   Market Management Techniques
   Indicators of Success
   Financial Management Opportunities and Challenges
   Other
Commercial Enterprises
   Legislative/Legal Parameters
   Social Roles/Expectations
   Market Management Techniques
   Indicators of Success
   Financial Management Opportunities and Challenges
Competition and Cooperation
Summary

CHAPTER 2 - Financial Management in Public and Not-for-Profit Leisure Service Organizations
Introduction
Public Leisure Service Enterprises
   Organizational Structure
   Operational and Fiscal Authority
   Financial Objectives
   Debt Management
   Accounting Management
   Reporting
   Performance Evaluation
Not-For-Profit Leisure Service Enterprises
   Organizational Structure
   Financial Objectives
   Debt and Account Management
   Reporting
   Performance Evaluation
Summary

CHAPTER 3 - Financial Management in Sport Organizations
Introduction
Sport as an Industry
Public Subsidization of Sport Facilities
Television Ratings and Broadcasting Fees
Franchise Values and Player Salaries
Attendance Costs of Sporting Events
Summary
References

CHAPTER 4 - Financial Management in Tourism and Commercial Recreation Organizations
Introduction
Financial Objectives
Debt and Inventory Management
Account Management
Reporting
Performance Evaluation
Summary

SECTION B - ORGANIZATION
 
CHAPTER 5 - Functions
Introduction
Financial Responsibility
Financial Functions of the Organization
   Director of Finance 
   Controller (also called “Comptroller”) 
   Treasurer 
   Assessor  
   Purchasing Agent 
   Auditor 
Summary

CHAPTER 6 - Departmentalization
Introduction
Organization for Financial Management in the Public Sector
Organization for Financial Management in the Private-Not-for-Profit and Commercial Sectors 
   Program, Unit Involvement in Financial Management 
Politics and the Financial Management Organization
Summary
SECTION C - ECONOMICS
 
CHAPTER 7 - Economic Principles
Introduction
Supply and Demand 
Estimating Supply and Demand 
Inflation
Interest
Future Value
Present Value
Depreciation
Sensitivity to Changes in Price
Economic Impacts
Summary

SECTION D - REVENUE MANAGEMENT
 
CHAPTER 8  - Revenue Sources
Introduction
Types of Income Sources
Compulsory Income Sources
   Types of State and Municipal Taxes
   Other Sources of Compulsory Income
   Federal Government Sources
Gratuitous Income
Earned Income
Investment Income
Contractual Receipts
Partnerships and Collaborations
Revenue Structure Plan
Summary
References

CHAPTER 9 - Pricing
Introduction
Purposes of Pricing
   Pricing to Recover Costs
   Pricing to Create New Resources (Added Value Pricing)
   Pricing to Establish Value
   Pricing to Influence Behavior
   Pricing to Promote Efficiency
   Pricing to Promote Equity
The Appropriateness and Feasibility of Pricing
The Nature of Price
   Monetary Price
   Opportunity Price
   Psychological Price
   Effort Price
Approaches to Establishing Price
Calculating Costs for Unit Pricing
   Subsidization and Unit Pricing
Other Considerations in Establishing Price
   Willingness to Pay/The Going Rate
Sensitivity to Changes in Price
   Adjusting Prices
Summary

CHAPTER 10 - Grantseeking
Introduction
Why Pursue Grants?
The Granting Environment
The Grantseeking Process
   Step 1: Identifying a Potential Idea
   Step 2: Discovery, Selection, and Contact with a Granting Agency
   Step 3: Preparation of the Grant Proposal
   Step 4: Submitting the Grant Proposal
   Step 5: Grantmaker’s Decision
   Step 6: Grant Administration
Summary
References

CHAPTER 11 - Philanthropy and Fundraising
Introduction
Philanthropy
Why Fundraising is Important
The Role of Fund Development
Why People Give
Charitable Organizations
   Activities of a Charitable Organization Established to Support the Park System
Fund Development
Fundraising Sources
Goal Setting, Relationships, and the Gift Pyramid
   Goal Setting
   The Gift Pyramid
Fundraising Strategies
   Annual Campaigns
   Planned Giving
   Special Events
   Support Organizations
Selecting Fundraising Strategies
Summary
References

CHAPTER 12 - Sponsorship 
Introduction
Causes of Sport Sponsorship Growth
Setting Sponsorship Objectives
Sponsorship: The Corporate Perspective
Sponsorship Acquisition: The Sport Organization’s Perspective
Selling the Sponsorship Opportunity
The Sponsorship Proposal Document
Marketing Benefits of Sponsorship
   Cross Promotions
   Virtual Advertising
   Hospitality
Evaluation
Summary
References

SECTION E - EXPENDITURE MANAGEMENT
 
CHAPTER 13 - Budgeting Basics
Introduction
Budget Construction Guidelines
   Gathering Information
   Identifying the Budget Goal
   Essential Information
   Gathering New Information
   Organizing the Data
Determining Costs
   Organizing the Data
   Organizing the Data
   Organizing the Data
Budgeting for Contingencies
Summary

CHAPTER 14  - Budget Preparation
Introduction
Budget Processes
   What is a Budget?
   The Budget Cycle
 
Funds
   Government Funds
   Proprietary Funds
   Fiduciary Funds
Budget Preparation Format
Budget Preparation Activities
   The Relationship of Strategic Planning to Budget Preparation
   Budget Preparation Philosophies
   Preparing the Departmental Work Plan
   Estimating Personnel Service Requirements
   Staffing Issues
   Contractual Service Requirements
   Materials, Supplies, and Equipment Costs
   Reviewing Budget Estimates at the Departmental Level
Summary
References

CHAPTER 15 - Budget Formats
Introduction
Common Budget Formats
   Object Classification and Line Item Budgets
   Program Budget
   Performance Budget
   Running Budget
   Zero-Based Budgeting
Summary
References

CHAPTER 16 - Capital Budgeting
Introduction
Benefits of Capital Budgeting
The Capital Budgeting Process
Capital Improvement Revenue Sources
Bonds 
Other Capital Improvement Revenue Sources
Capital Budgeting in the Commercial Sector
   Decision Processes
   Income Sources of Commercial Capital Projects
Summary
References

CHAPTER 17 - Budget Presentation
Introduction
Purposes of Budget Presentations
The Written Budget Document
Presenting the Budget
   Principles of Effective Presentation
   Presentation Tips
Summary

CHAPTER 18 - Accounting and Reporting
Introduction
Stock and Flow
   The Balance Sheet
   The Income Statement (aka Profit/Loss Statement)
Internal Control
   Petty Cash
Reporting
   The Budget Statement
   Project/Event Report
   RevPAR (Revenue Per Available Room) 
   Daily Operations Report
Summary

SECTION F - PLANNING
 
CHAPTER 19 - Business Planning
Introduction
Format of the Business Plan
   Title Page
   Front Matter
   Executive Summary
   The Enterprise
   The Industry
   Product/Service Offering
   Market Analysis
   Marketing Plan
   Development Plan
   Production/Operations Plan
   Management Team
   Financial Plan
   Appendices
Summary
References
APPENDIX
INDEX
 

About the Author(s)

Russell E. Brayley

Russell E. Brayley, Ph.D., is a professor and Director of the Division of Sport, Recreation, and Tourism at George Mason University.

His professional experience includes community recreation as a city recreation director and a senior community recreation consultant for the Government of Alberta, Canada.

He served for many years as a board member and president of the Resort and Commercial Recreation Association.

Dr. Brayley is an internationally recognized scholar and researcher, and he has held teaching, research, and administrative positions at the University of Manitoba, Indiana University, and George Mason University.

Daniel D. McLean

Daniel D. McLean is chairperson and professor of the Recreation and Sport Management Department at the University of Nevada–Las Vegas.

He earned his Ph.D. from Kansas State University. Dr. McLean is a recognized scholar, author, and educator.

He has continued his pre-academic professional service through a variety of collaborative activities including research for the National Association of State Park Directors.

He has served in leadership roles in numerous professional associations.