Case Study 5: Adjusting the Budget Agency X has been doing well financially but wants to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Case Study 5: Adjusting the Budget Agency X has been doing well financially but wants to provide more services to its clientele. They recently applied for a grant from The New England Health Foundation (NEHF) for $1,000,000 to provide these services. The Foundation has indicated that they are interested in funding AX but can only provide $850,000 of the requested funds. The want a full description of the service that will be provided and they also need to see a budget for how the funds will be allocated both in terms of Personnel and Other than Personnel Services (OTPS). They are requesting a detailed budget with a budget narrative by the end of the work week. NEHF has heard that there has been some mismanagement at the agency and some of the foundation's board are not assured that the money will be spent appropriately. To be sure of the veracity of Agency X in getting this money, they want to see the original budget along with an updated line by line budget showing where Agency X will get the additional $150,000 to cover the cost that the Foundation will not pay for. Assignment The type of services to be provided will be up to you, the department manager. Who your collaborators are (if any), where you get the other funding, and how you structure your program will be up to you. Be creative. You should do some research on approximate cost of items in your budget to make the budget as realistic as possible. Attach or refer to (cite on a reference page) anything you used to justify your costs (e.g., Office Max for cost of a desk, Toyota Leasing for a leased vehicle, Progressive for car insurance, etc.). Some things can be estimated (e.g., how much office supplies you will use for the year). Use the Excel spreadsheet to do your budget and narrative. The headings on the spreadsheet are suggestions, with the exception of NEHF, who are the funders for this grant. Make sure you have a narrative that does the math to show how you arrived at your cost for every item even in-kind costs. The A&G for the fiduciary's administrative cost is a fixed cost set at 10% of the budget. Check the Bureau of Labor Statistics for average salaries by industry. Case Study 5: Adjusting the Budget Agency X has been doing well financially but wants to provide more services to its clientele. They recently applied for a grant from The New England Health Foundation (NEHF) for $1,000,000 to provide these services. The Foundation has indicated that they are interested in funding AX but can only provide $850,000 of the requested funds. The want a full description of the service that will be provided and they also need to see a budget for how the funds will be allocated both in terms of Personnel and Other than Personnel Services (OTPS). They are requesting a detailed budget with a budget narrative by the end of the work week. NEHF has heard that there has been some mismanagement at the agency and some of the foundation's board are not assured that the money will be spent appropriately. To be sure of the veracity of Agency X in getting this money, they want to see the original budget along with an updated line by line budget showing where Agency X will get the additional $150,000 to cover the cost that the Foundation will not pay for. Assignment The type of services to be provided will be up to you, the department manager. Who your collaborators are (if any), where you get the other funding, and how you structure your program will be up to you. Be creative. You should do some research on approximate cost of items in your budget to make the budget as realistic as possible. Attach or refer to (cite on a reference page) anything you used to justify your costs (e.g., Office Max for cost of a desk, Toyota Leasing for a leased vehicle, Progressive for car insurance, etc.). Some things can be estimated (e.g., how much office supplies you will use for the year). Use the Excel spreadsheet to do your budget and narrative. The headings on the spreadsheet are suggestions, with the exception of NEHF, who are the funders for this grant. Make sure you have a narrative that does the math to show how you arrived at your cost for every item even in-kind costs. The A&G for the fiduciary's administrative cost is a fixed cost set at 10% of the budget. Check the Bureau of Labor Statistics for average salaries by industry.
Expert Answer:
Answer rating: 100% (QA)
1 Services to be provided The services to be provided by Agency X as part of the grant from the New England Health Foundation NEHF will focus on preventive health care This will include educational pr... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
Students also viewed these accounting questions
-
The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city's park. On May 1, 2017, the city was notified that it had been awarded...
-
The City of Water ville applied for a grant from the state government to build a pedestrian bridge over the river inside the citys park. On May 1, the city was notified that it had been awarded a...
-
In the graphite picture, imagine that we are interested in a point 5:67 ngstroms over and 3:14 ngstroms up from the origin. (a) Express that point in terms of the basis given for graphite. (b) How...
-
Discuss the concept of the Process Spectrum. Use examples where appropriate.
-
After successfully running her small private recruitment agency for a number of years, Jessica feels it is now time to expand. Her friends in business have told her to 'get big or get out'. One of...
-
Modify the preceding problem to develop a flowsheet as shown in Figure P16.16. Replace the heat exchanger, E-2001, with a countercurrent heat exchanger between the feed to and product from the...
-
Water flows steadily from a tank mounted on a cart as shown in Fig. P5.44. After the water jet leaves the nozzle of the tank, it falls and strikes a vane attached to another cart. The cart's wheels...
-
Sauer Milk Inc. wants to determine the minimum cost of capital point for the firm. Assume it is considering the following financial plans: a. Which of the four plans has the lowest weighted average...
-
Find an acquaintance willing to watch a short clip of a car crash (it is no worse than what you'd see on Mythbusters): Tell them this explicitly - "My professor is asking us to do the assignment to...
-
A block diagram for internal model control, a control technique that is considered in Chapter, is shown in Figure. Transfer function Gp denotes the process model, while Gp, denotes the actual process...
-
You are trying to co Temperature A is 50 degrees Celsius and 122 degrees Fahrenheit. Temperature B is 100 degrees Celsius and 212 degrees Fahrenheit. What graph models the relationship between the...
-
How do historical legacies and cultural continuities intersect with contemporary socio-economic dynamics to shape the contours of social change within diverse cultural contexts?
-
How does the intersectionality of various social identities shape the contours and outcomes of efforts aimed at effectuating societal change?
-
Jan. 6 9 12 15 Hunter invested $280,000 in the clinic by opening a bank account in the name of Hunter Medical Clinic. Hunter Medical Clinic paid cash for land costing $135,000. There are plans to...
-
How does the concept of social order emerge from the micro-level interactions between individuals, and how do disruptions or deviations from established norms and expectations affect this order?
-
You are the hired for the ABC, Inc. The production manager asked you to develop a Lean Manufacturing plan to be implemented in the company. You must describe the main points of the plan and the...
-
What will be the impact of increasing Novelty / New parts?
-
Fill in each blank so that the resulting statement is true. A solution to a system of linear equations in two variables is an ordered pair that__________ .
-
Examine the Federal Accounting Standards Advisory Boards website at www.FASAB.gov and prepare a brief report about its mission and structure and compile a list of organizations represented on its...
-
Steiner Colleges statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019...
-
The trial balance of the Federal Antiquities Administration, as of August 31, 2020, follows: Required Prepare a statement of budgetary resources for the 11 months ended August 31, 2020, assuming that...
-
The PFD in Figure 11.63 shows a process in which two liquid products, A and B, are produced from a feed stream of raw material R. In the process, the reactor feed is preheated to \(300^{\circ}...
-
Consider a process with the following streams: (a) Compute \(\Delta T_{\text {thres }}\) as well as the minimum external heating and cooling requirements as a function of \(\Delta T_{\text {min }}\)....
-
Design a HEN to meet the MER targets for \(\Delta T_{\text {min }}=10^{\circ} \mathrm{C}\) and \(N_{H X, \text { min }}\) for a process involving five hot streams and one cold stream as introduced by...
Study smarter with the SolutionInn App