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Managing Finances

Managing Finances. 24 Hour Recall. Think back 24 hours. What have you done during that time? More importantly, how much money did you spend? Take a moment and write down EVERY CENT you spent during that 24 hours. Bible Study. Read 1 Timothy 6:10

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Managing Finances

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  1. Managing Finances

  2. 24 Hour Recall Think back 24 hours. What have you done during that time? More importantly, how much money did you spend? Take a moment and write down EVERY CENT you spent during that 24 hours.

  3. Bible Study • Read 1 Timothy 6:10 • Discuss the commentary found on page 1 of the workbook • Answer the question at the end of the commentary section

  4. 3 Key Elements to Financial Management • Financial Planning • Finance Control • Financial Decision-making

  5. Discussion The tasks of establishing the budget, staying within the budget and the allocation of available funds are constant issues. Present which of these three financial management areas appears to present the biggest concern in your programme and the reason you selected that particular task.

  6. Financial Planning • Biblical principles • Short term goals • Long term goals • Realistic Budget • Income based budget • 90 day operating reserve • Accountability

  7. Discussion Exercise • Compile a list of essential items that you would include in your next budget. • Share your list and defend each item’s inclusion

  8. Financial Control Helps organization meet objectives • Are the income and expenditures matching budget predictions? • Are the resources being used efficiently? • Are the financial resources kept in a secure location? • Etc.

  9. Exercise • Take a few minutes to plot your programme’s anticipated income and expenditure on a 12 month graph. • Discuss the consequences of any discrepancies.

  10. Discussion Question What other questions would be good to ask for financial controls?

  11. Financial Decision-making • Allocation of financial resources • Adjusting to balance budget • Alternative funding • Reducing expenditures

  12. What Would You Do? Your programme receives a $10,000 donation and your board asks you for a proposal as to how it should be spent. You have to consider that your four staff is two months behind in wages, the quarterly mortgage payment on the office is due, the deposit for the summer campsite is overdue and you have been offered a used bus for a very good price of $11,000. Discuss the process you would follow to make this decision?

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