Expert answer:Can you please review these two budgets and their

Solved by verified expert:I need the following answered for the two uploaded budgets for two of my classmates. Each has a budget and a budget narrative. Be as detail as possible. Each students review should be no more than 5 DETAILED paragraphs and no more than 1 1/2 page for both. Please be sure to answer each bullet point.Is (or is not) the budget relevant to the mission? why?Is the budget reasonable based on last year’s actual and the information in the narrative? (point to specifics)Is the income feasible? (upon what is your assessment based?)Are the salaries comparable to others in the field and reasonable for the positions? (how do you know this, What data specifically informed your evaluation of the question?)Do you think that the upcoming years actual will reasonably reflect what is in the budget you are viewing? (if yes, why do you feel assured, if not, why not?)
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Amanda Kay
Budget Narrative
*Note: A detailed copy of the 2016 budget was not made available for this project. Instead, a greatly
condensed, though still informative summary was provided. A condensed version of the 2016 Actuals and
2017 Budget were added for ease of direct comparison.
In 2016, a deficit of $305,000 occurred despite a budget that planned for $63,000 in profit. As a result of
this deficit, the 2017 fiscal year budget is far more conservative, tightens the belt, and pulls back on
spending in several areas. Additionally, the budgeted income levels for various sources of revenue have
been adjusted accordingly.
A study of revenue from program fees was completed from fiscal years 2002-2010. This study showed
an average growth rate of 4.7% year to year within program enrollment and public support. The
program fees from 2016 to 2017 are budgeted to increase by approximately 10%. This very steep
increase is the result of a new program being added within the Adult Services department in 2016 that is
expected to grow at an accelerated pace during 2017. This growth is possible even with a very limited
growth in salaries, requiring just one additional staff person. This program will not add any significant
expense in the way of rent due to an extremely generous donation of space by the township.
Due to changes in the political atmosphere, a significant increase in the cost of employee benefits is
expected and budgeted for. Though this is a large expense, all of the services provided by Stepping
Stones must be provided by staff who are healthy, so it is well justified by the mission. The majority of
other expenses have been trimmed down just a bit from the previous year to help control the possibility
of another deficit year. Though this may create a squeeze on planning, it should not be significant
enough to have a negative impact on the services being provided.
Expenses were allocated based on a calculation of “person-days” per program for some and square
footage of spaces used for each program for others. A person-day is the calculation of the number of
clients attending each day multiplied by the number of days throughout the year they attend. This
results in a general program distribution of 50% expense to Adult Services, 20% expense to Education,
and 30% expense to Recreation. While this is not a perfect method of allocation, it generally meets the
needs of each area. Though difficult to view through a high-level budget, items such as utilities and
maintenance costs are based on square footage, as well as expenses directly related to the costs of each
building and site. With five sites each operating a different number of programs on the site (zero to five)
for different lengths of time, this calculation is complex and is often defaulted to the 50/20/30% listed
above.
Despite a significant loss from the Adult Service department each year, this program is true to the heart
of Stepping Stones’ programming and mission – to help individuals with disabilities achieve
independence. This deficit is more than made up for with revenue from program fees from the
Education and Recreation departments, and public support from fundraising.
The confidence level of each funding source was determined based on past history with that source,
expected attendance within programs, and definitive contracts. All formal contracts for funding have
been denoted as having 100% confidence levels.
Salary allocations were heavily determined by functional department. Most executive-level
administrators are considered to fall 100% into administration. Other services are divided using the
50/20/30% allocation system in place. While a time study would be the most effective way to develop a
better system of allocation, it has been determined that the cost to perform such a study would not be
worth the savings that might be created by performing one.
Salary calculations follow the salary allocations exactly. Benefits are calculated using a standardized rate
of 21% of salary. Benefits include payroll tax, workers compensation, health/dental/life/disability
insurance plans, 403b savings, and paid time off. It is expected that the cost of these benefits will
continue to increase each year.
Overall, this budget is designed to directly address the shortfall of funds from 2016, as well as help to
add to the funding reserves that are always in place in this organization. With appropriate attention
given to spending habits within each department, and modified expectations of income, this budget
should allow for a successful year financially.
BUDGET DETAIL
FY 2017
ACTUAL – DETAIL
FY 2016
BUDGET
FY 2016
Income
Program Fees
Rentals
United Way
Public Support
Rotary Club of Cincinnati
Other Income
Total Income
$
$
$
$
$
$
$
4,420,000
70,000
176,500
930,500
140,000
215,000
5,952,000
$
$
$
$
$
$
$
3,989,745 *See narrative note
68,753
176,500
886,430
132,557
161,057
5,415,042 $
5,492,000
Expenses
Salaries
Benefits and Payroll Taxes
Contracted Services
Food
Transportation
Program Supplies
Office Supplies/Tech
Professional Fees/Dues
Utilities
Insurance
Maintenance/Repairs
Bad Debt Expense
Publications
Training/Conference
Travel
Misc
Depreciation
Total Expenses
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,609,525
758,000
105,000
80,000
18,000
184,000
65,000
210,000
133,000
66,000
185,000
15,000
18,000
42,000
45,000
44,475
280,000
5,858,000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,585,501
624,175
106,755
81,362
17,797
184,312
62,382
211,248
133,061
65,932
191,206
19,982
19,380
41,086
46,382
45,881
283,861
5,720,303 $
5,429,000
Net Income
$
94,000 $
(305,261) $
63,000
BUDGET CONDENSED
FY 2017
ACTUAL CONDENSED
FY 2016
BUDGET CONDENSED
FY 2016
Income
Fees
Public Support
Other
Total Income
$
$
$
$
4,490,000
1,247,000
215,000
5,952,000
$
$
$
$
4,058,498
1,195,487
161,057
5,415,042
$
$
$
$
4,005,000
1,237,000
250,000
5,492,000
Expenses
Human Resource
Operating Exp.
Overhead Exp.
Total Expenses
$
$
$
$
4,916,000
531,000
411,000
5,858,000
$
$
$
$
4,528,000
567,000
360,000
5,455,000
$
$
$
$
4,547,000
495,000
387,000
5,429,000
Total
Income
Program Fees
Rentals
United Way
Public Support
Rotary Club of Cincinnati
Other Income
Total Income
$
$
$
$
$
$
$
4,420,000
70,000
176,500
930,500
140,000
215,000
5,952,000
Expenses
Salaries
Benefits and Payroll Taxes
Contracted Services
Food
Transportation
Program Supplies
Office Supplies/Tech
Professional Fees/Dues
Utilities
Insurance
Maintenance/Repairs
Bad Debt Expense
Publications
Training/Conference
Travel
Misc
Depreciation
Total Expenses
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,609,525
758,000
105,000
80,000
18,000
184,000
65,000
210,000
133,000
66,000
185,000
15,000
18,000
42,000
45,000
44,475
280,000
5,858,000
Net Income
$
Program 1
Adult Services
1,950,000
150,000
2,100,000
Program 2
Education
960,000
–
8,000
16,200
36,800
9,750
66,500
33,000
92,500
–
10,500
11,250
–
94,000 $
960,000
2,103,400
449,714
–
Program 3
Recreation
1,510,000
70,000
26,500
2,837,614
(737,614) $
1,606,500
589,850
123,869
21,000
8,000
1,800 36,800
9,750
26,600
13,200
37,000
10,500
11,250
889,619
298,275
62,638
84,000
60,000
70,382 $
833,987
110,400
9,750
39,900
19,800
55,500
21,000
11,250
772,513
Administration
–
–
–
–
$
Fundraising
–
–
930,500
140,000
215,000
1,285,500
452,000
94,920
166,000
34,860
4,000 32,500
210,000 15,000 9,000
11,250 44,475 280,000 1,153,145
213,110
(1,153,145) $
1,072,390
3,250
9,000
Income Estimation and Calculations
Source
From Fees
Adult Day Service Fees
School Contract Fees
Camp Tuition
Weekend Program Fees
Subtotal
Amount
Likelihood of Funding
$
$
$
$
$
1,950,000
960,000
1,390,000
120,000
4,420,000
95%
98%
95%
85%
From Rentals
Clermont County Recovery
Subtotal
$
$
70,000
70,000
100%
From Public Support
Contributions from Indv. And Corporate Donors
Macy’s
Contemporary Cabinetry
F. Fischer
K. Pettengill
Other smaller donors
Grants
Greater Cincinnati Foundation
Pfau Foundation
Schott Foundation
Cambridge Foundation
Wolgemuth
United Way
Rotary Club of Cincinnati
Bloom Signature Event
Open Your Heart Event
Golf Classic Event
Subtotal
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
374,000
15,000
15,000
30,000
30,000
284,000
240,000
125,000
50,000
50,000
10,000
5,000
176,500
140,000
210,000
70,500
36,000
1,247,000
From Other
Oil Field Production Donation
Investment Income
Subtotal
$
$
$
15,000
200,000
215,000
90%
95%
Total Income/Overall Confidence
$
5,952,000
95%
90%
90%
100%
100%
80%
97%
100%
100%
98%
90%
100%
100%
97%
97%
97%
Name
Chris
Sam
Melissa
Kelly
Jason
Cas
Karen
Amanda
Kim
Administrative
Development
Adult Services
Step Up
Recreation
Maintenance
Position
Executive Director
Director of Programs and Operations
Director of Finance
Director of Development
Director of Human Resources
Director of Facilities
Operations Director
Adult Services Director
Education Director
13 employees
3 employees
44 employees
15 employees
4 employees
7 employees
Adult Services
0%
0%
0%
0%
0%
0%
0%
100%
0%
50%
0%
100%
0%
0%
50%
Education
0%
0%
0%
0%
0%
0%
0%
0%
100%
20%
0%
0%
100%
0%
20%
Recreation
0%
0%
0%
0%
0%
0%
0%
0%
0%
30%
0%
0%
0%
100%
30%
Administration
Fundraising
Totals
100%
0%
100%
0%
100%
5%
0%
100%
100%
0%
100%
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
100%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
105%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Salary Calculations
Name
Chris
Sam
Melissa
Kelly
Jason
Cas
Karen
Amanda
Kim
Administrative
Development
Adult Services
Step Up
Recreation
Maintenance
Position
Executive Director
Director of Programs and Operations
Director of Finance
Director of Development
Director of Human Resources
Director of Facilities
Operations Director
Adult Services Director
Education Director
13 employees
3 employees
44 employees
15 employees
4 employees
7 employees
Benefit Calculations
Name
Position
Chris
Executive Director
Sam
Director of Programs and Operations
Melissa
Director of Finance
Kelly
Director of Development
Jason
Director of Human Resources
Cas
Director of Facilities
Karen
Operations Director
Amanda
Adult Services Director
Kim
Education Director
Administrative
13 employees
Development
3 employees
Adult Services
44 employees
Step Up
15 employees
Recreation
4 employees
Facilities
7 employees
Totals
Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
110,000
80,000
70,000
70,000
65,000
70,000
57,000
52,000
50,000
400,250
96,000
1,754,275
421,000
120,000
194,000
3,609,525
23,100
16,800
14,700
14,700
13,650
14,700
11,970
10,920
10,500
84,053
20,160
368,398
88,410
25,200
40,740
758,000
Adult Services
$
52,000
$
200,125
$
1,754,275
$
97,000
Adult Services
$
10,920
$
42,026
$
368,398
$
20,370
$
441,714
Education
$
50,000
$
80,050
$
421,000
$
38,800
Recreation
$
120,075
$
120,000
$
58,200
Administration
$
110,000.00
$
80,000
$
70,000
$
65,000
$
70,000
$
57,000
–
Fundraising
$
70,000
$
96,000
–
Education
$
10,500
$
16,811
$
88,410
$
8,148
$
123,869
Recreation
$
25,216
$
25,200
$
12,222
$
62,638
Administration
$
23,100
$
16,800
$
14,700
$
13,650
$
14,700
$
11,970
$
94,920
Fundraising
$
14,700
$
20,160
$
34,860
2018 Budget Narrative – Eastern National
Megan Cartwright
Background and Mission
Eastern National (EN) is a 501(c)3 nonprofit cooperating association, supporting the interpretive, educational, and scientific
programs and services of the National Park Service and our other public trust partners. We partner with 175 of the nation’s
most significant cultural, historical, and recreational destinations in 33 states, the District of Columbia, Puerto Rico, and the US
Virgin Islands. We operate museum stores and donate the proceeds from every sale to the partners we serve. Since our
founding, we have contributed more than $142 million to our partners in support of vital educational programs. As our
mission states, “Eastern National promotes the public’s understanding and support of America’s national parks and other
public trust partners by providing quality educational experiences, products, and services.”
Prior Year Performance
In 2016, the National Park Service celebrated their Centennial anniversary. With a change in the administration pending, NPS
used this milestone to promote the cultural and historic resources that are managed and protected by this government
agency. In 2016, their call to action showcased how diminishing federal appropriations and growing park visitation are
impacting the agency’s ability to achieve its mission that, “…preserves unimpaired the natural and cultural resources and
values of the National Park System for the enjoyment, education, and inspiration of this and future generations. The Park
Service cooperates with partners to extend the benefits of natural and cultural resource conservation and outdoor recreation
throughout this country and the world.”
Combined with the national campaign to promote the NPS Centennial, advanced planning in product and programs led to the
highest income in a single year in EN’s history. As a result, Eastern National exceeded targeted revenues by over $2.8M, or
7.3% over budget.
Strategic Plan 2017 – 2019
With guidance from the Board, the organization decided to leverage increased sales growth from this year to complete a 3year Strategic Plan that would strengthen the foundation and accelerate mission delivery and growth. Strategic initiatives
include investment in developing talent, strengthening retail technology and systems, and establishing a fundraising capability
within the organization. In 2017, $1.1M was approved by the Board to support these strategic initiatives, and as you review
the budget, you will notice an increase in recruitment and the operational expense budget in 2017 as a result.
At the end of this 3-year plan, investments in key personnel will increase field capacity to grow and enhance revenue
generated by programs. Soliciting donations at the register and building a philanthropic division of our organization will
provide a new revenue stream to support NPS growing needs. By 2019, EN has a goal of achieving $50M in revenue from same
store sales, adding nearly $700,000 in solicited donations, and growing gross margin to 58%.
2018 Budget Summary
Revenue Notes
After Year 1 of implementation, the organization investments are delivering increased sales revenues in targeted locations.
However, in mid-September, the Caribbean and Southeast regions were dramatically impacted by Hurricane Irma and
Hurricane Maria. NPS sites and park stores were closed to the public for several weeks in Florida. Parks and stores in Puerto
Rico remain closed nearly 2 months later. While income was trending up to budget (nearly 5% from November to September)
these storms resulted in $180,000 shortfall to the company budget in the last month of our fiscal year (November 1 – October
31). While 2017 revenues did fall just short of projection, this is not a reflection of investments in strategic initiatives. We
remain confident that the investments are continuing to deliver strong results, and we are on track to meet our 3-year goal of
growing revenues to $50 million, and increasing our percent of aid to parks.
Revenue Allocation
Through 2017, Eastern National funding is almost entirely earned income through the sales of interpretive and educational
products and services. A small amount of income is from interest collected on one company asset (<$1,000 annually) and a modest amount of income is generated from administrative fees that are collected for interpretive services based on contracts. Income and earnings sources may evolve in the next few years as we explore grant writing and fundraising capabilities within the organization. This is demonstrated in the budget workbook on the Revenue Allocation tab. 2018 Budget Narrative – Eastern National Megan Cartwright Selling Expense vs General Expense EN allocates expenses such as rent, utilities, and office supplies to the specific location where the expenses are generated or where they benefit the operation. Because our operating model manages payroll and expenses for over 300 retail stores in 34 states, all field income and expenses are allocated to the specific location and appear on financial statements under Selling Expenses. Supplies and utilities that relate to activities within our corporate headquarters appear on financial statements under General Expenses. These are allocated to each individual department based on the number of employees within each department. This is demonstrated in the budget workbook on the Expense Allocation tab. Program Detail Worksheets EN programs are managed by assessing income and expenses associated with individual lines of business within geographic regions. For the Salary allocation exercise, I selected the Coastal Mid-Atlantic Region to highlight a strategic initiative that will be budgeted in 2018. Currently, the operations in the Coastal Mid-Atlantic include national park stores in Virginia and North Carolina. In 2016, EN was asked by the Park Management to explore the opportunity of becoming the Friends of the Outer Banks Parks and begin working towards a philanthropic partnership for Cape Hatteras National Seashore and Wright Brothers National Memorial. As we work to develop this fundraising division within EN, there will likely be expense activities related to this in 2018, and income generated by 2019. In the past, Eastern National would have no operational budget or salary allocation to Fundraising, but in 2018 this will change. As a result, this exercise was beneficial to consider the involvement of each manager’s role and responsibilities in establishing this division. The allocation shows the key operational managers involved in decision making for programs and fundraising in the Coastal Mid-Atlantic. The President and CEO of the organization oversees all programs and fundraising activities, and his salary is included in the General Expense section of the budget. In my role, as the Director of Retail, my primary responsibilities support programs, and my salary is included in the Selling Expense section of the budget. However, I will have some involvement with the development of the Friends Group. I will provide guidance for how fundraising activities may impact our current interpretive programs and product development in our park stores. I will meet with consultants to provide background and help to establish our policies and procedures. Working with the Assistant Director of Retail and Regional Manager, we will establish an organizational structure to support both program and fundraising activities within the region. While the Store Manager and Associates will have no active fundraising responsibilities, they will likely be a point of contact for the fundraising manager to coordinate programs with Friends activities. The park stores will likely be asked to remain open during fundraising events at the park, and a line of products to promote and support Friends membership will be developed. Obviously, the Fundraising Manager will have the highest allocation of responsibility for the Fundraising activities. As this is a new line of business within the organization, I expect that some of this manager’s responsibilities will be in developing the supporting documentation needed to make this a standard, consistent, and repeatable organizational division within the company, which will be allocated to G&A expenses. The allocation of the salary and benefits for the employees in this work group are indicated in the Program Detail Budget tab, as well as the revenue budget by month, the total budget for the year, and the comparison variance from prior years. Please note, that sales were budgeted -7% below prior year for the Outer Banks Wright Brothers store, due to renovations in the main visitor center that displaced the store operation to a smaller temporary store. Summary With strong momentum after y ... Purchase answer to see full attachment

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