This is a group assigment, we already did the presentation but also we should write a paper. This is the power point presentation we did, just I need to write 2 pages but with my new budget and scenario. my scenario is: вЂу The organizationâЂTMs chief financial overseer embezzles the cash reserves and flees, taking 25% of the organizationвЂ ™ s next fiscal yearвЂ ™ s budget with her. This is a part of one of the group doing: assigment, we already did the presentation but also we should write a paper. This is the power point presentation we did, just I need to do is to write 2 pages but with my new budget and scenario. my scenario is : вЂу The organizationвЂTMs chief financial overseer embezzles the cash reserves and flees, taking 25% of the organizationвЂTMs next fiscal yearвЂTMs budget with her.
Budgets play an invaluable part when planning an organizationâЂTMs future goals. In order to effectively accomplish their goals and best serves their clients, administrators of an organization must responsibly plan the allocations of their funds. However, when internal problems and politics interfere with the budget, it is the responsibility of the agency to act effectively while dealing with a cut in resources. Following the embezzlement of nearly $ 250,000 by their chief financial overseer, Effective Resident Services of California, Inc. (ERSC) has been dealing with the financial fallout from losing 25 percent of their yearly budget. In order to achieve its goals, ERSC must drastically decrease its spending while providing care for its employees and the families that rely on their support.
Effective Resident Services of California, Inc
Since 2001, the Effective Resident Services of California, Inc. (ERSC) has worked to support the wellbeing of low income families. ERSC currently provides free, voluntary services to over 4,500 low income families across 18 affordable housing developments in California. ERSCвЂ ™ s core mission is to extend support that will strengthened impoverished communities through functional services. Families and individuals are geared with tools that cultivate success through employment efforts and after-school programs – both educational and recreational in nature. ERSC also provides comprehensive case management for individuals and families alike, cultivating palpable support within the serviced developments. Given the financial burdens afflicting these communities, ERSC remains particularly influential in bridging services that supply positive outlets for families and individuals. With this in mind, the continuity of these services remains crucial as these services may indirectly break down transgenerational poverty and violence alike (Might have gone off on a tangent here) through employment, education, extracurricular activities, case-management, translation services, and employment-related aid.
tHIS IS POWER POINT PRESENTATION:
This is a summary:
Scenario / crisis at hand
вЂу The organization¡¯s chief financial overseer embezzles the cash reserves and flees, taking 25% of the organizationвЂ ™ s next fiscal yearвЂ ™ s budget with her.
вЂу ERSC has been dealing with financial problems since it lost 25% of its yearly budget.
Ђ </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s>. However, people who embezzle cash reserves and flees like in this scenario, it affects extremely people with serious economic situations and cause substantial damages to the communities.
вЂу To produce evidence to make the Effective Resident Services of California (ERSC) higher quality and more accessible for low income families around the state of California.
вЂу Develop new strategies to obtain better resources and programs more efficiently for the future.
вЂу Work closely with communities to support low-income families to become successful people.
вЂу Advocate for services, new programs, rights, and social justice for low income families.
Safeguarding from Future Embezzlement: Zero Point Budgeting
вЂу Requires all managers and others in charge of finances to justify ALL expenditures instead of justifying their proposed changes to the budget
вЂу Changes require additional review and approval from other supervisors / directors
вЂу Makes it harder to artificially inflate budget
New Budget = $ 868,000 ($ 36k one-time fee / $ 30k Grant / $ 2k liquid assets)
Program Costs = $ 77,400 cuts (Part-Time to Full Transportation = -5k) (Added 3k Regional Transportation)
General / Admin = $ 67,000 cuts $ 11,000 added Consultant (Executive $ = $ 40,000) (Training = – $ 5,000) $ 5,000) ($ 11,000 added to Consultants)
Revised Budget: Additions
вЂу Donations of space and one time $ 2000 service fee from the 18 developments we service
вЂу $ 30k in different grants from Bank of the West
вЂ $ $ 11k addition to auditing consultants to ensure proper training in new budgeting system
вЂу $ 3k addition to regional transportation
Revised Budget: Cuts
вЂу Transportation (-5k)
вЂу Supplies (-5k)
вЂу Training and Conferences for the Executive Director (-5k)
вЂу DirectorвЂTMs Executive Salary (-40k)
вЂу Reduction in staff / promotion of 8-workers to full time workers (- $ 72,400)
вЂу Corporate relocation (-12k)
Reallocation of funds
вЂу Temporary Cuts
вЂу One-time Service fee
вЂу Exhaust liquid assets
вЂу Reallocation of funds necessary to service clients.
вЂу Budget expected to resume in original years.
вЂу Added funds to consulting services to ensure embezzlement does not occur again. (Gov. Audits)
вЂу Budget has been redesigned with the best interest of all involved.
вЂу ERSC will diligently work to protect internal culture and external reputation.
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