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Finance Committee Presentation to PPOA Board of Directors - PowerPoint PPT Presentation

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Finance Committee Presentation to PPOA Board of Directors
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  1. Finance Committee Presentationto PPOA Board of Directors Authorization for Expenditure “AFE” Process October 25, 2006

  2. Introduction • Authorization for Expenditure (AFE) • Proposal to Formalize Pecan Plantation’s Capital Approval Process • Overview of Proposed Procedure • Benefits to Pecan Plantation • Next Steps

  3. Instructions Commentary: As a Minimum, Each AFE Should Have Sections on the Following: • Project Title & Type (Section II) • Project Description (Section III): • Summary - How Much Are We Spending and What Are We Spending It On? • Financial Justification? • Alternatives and/or Impact of Not Investing? • Estimates & Cost Range

  4. Instructions Summary of Financial/Project Data • Quotations (Section IV) • Method of Purchase & Project Schedule (Section V) • Status in the Budget/Plan Including any Variances, etc. and Related Retirements (Section VI) Endorsements & Approvals (Section VII)

  5. Benefits • Creates Sound Business Culture • Culture Transcends Individuals • Creates Consistency • Provides a Management Tool & Documentation • Encourages Involvement Across Organizational Levels • Creates a Healthy Thought Process

  6. Next Steps • Board Must “Embrace” Process • Management Commitment to Process and Endorsement with Employees • Training Meetings (Finance) • Implementation of Process FY 2007