Due date: 03/05/2023 Prepare a brief summary of the contents of chapters 1-8 and the two attached power points. Focusing on the main points covered. Required Text: Lawrence...

Summary         2
SUMMARY OF FINANCIAL MANAGEMENT FOR HUMAN SERVICE ADMINISTRATORS: LAWRENCE L. MARTIN
Table of Contents
Summary    3
Chapter 1: The Importance of Financial Management    3
Chapter 2: Programs, Program Structures, Program Managers, and Responsibility Centers    4
Chapter 3: Understanding Financial Statements    4
Chapter 4: An Accounting Exercise    5
Chapter 5: Financial Analysis    6
Chapter 6: Performance Measurement    7
Chapter 7: Budgeting and Budgeting Systems    7
Chapter 9: Cost Analysis    8
Summary
Chapter 1: The Importance of Financial Management
This chapter has effectively focused on the importance of financial management and the effectiveness of the prospects of financial management for human service administrators. This has provided an understanding of the concepts and tools required by human service administrators to enhance the context of financial management in the organization. The chapter has introduced the concept of Financial Management with a classical definition of financial management provided by Lohmann. In this, he has defined financial management as the control and use of money and other resources for achieving the organization's goals along with the standards maintained. This has also provided an understanding of why human service agencies need to give effective significance to financial management and has elaborated on the factors that relate to human service with the effectiveness of financial management in the organization.
The chapter has effectively considered the relevant importance of financial management. It has elaborated the context of the maturation of human services, the accountability of the movement of resources, competition, social productivity, and economic growth with its relative effectiveness of financial management. The managed care and the context of maintaining these stakeholder trust and confidence is also relevant aspect of the financial management by the human administrators in the organization. The relevant aspect of competition and contract environment is also effective to define the nature of service organization and the effectiveness of the non-profit organization. This chapter has also provided the effectiveness of the adoption of financial management perspective to the administration of human service agencies. The basic concepts on principles of financial management across the various sectors are effective. The relative importance of the various financial management tools has been provided in this particular chapter.
Chapter 2: Programs, Program Structures, Program Managers, and Responsibility Centers
This particular chapter focuses on the identification of the human service agencies program and the creation of a program structure that is refe
ed to as the basic building blocks of financial management. The administrators need to develop command of special programs that can help to expand the efficiency of the organization regarding financial management. This particular chapter has effectively considered the building blocks of financial management that identify the programs, create a program structure, assignment of the program managers, and designate the responsibility centers. This chapter has effectively focused on the different types of responsibilities centers that are concerned with the different types of financial accountability. The financial management aspects have always been a context for the types of responsibility centers. Descriptions and the context of different centers have been introduced. It also gives a
ief idea about how the structure of the program looks and the effectiveness of the financial management and its associated effectiveness in the organization.
Chapter 3: Understanding Financial Statements
The third chapter provides a considerable amount of information regarding the purpose, content, and format of the financial statements. This chapter provides an effective view of how the accountant maintains a human service agency's financial books and records and prepared the financial statements. Several types of financial statements have been discussed and provide are a basic understanding of the appearance and formats of the financial statements. This also gives some preparatory and initial...