Financial Accounting Analysis

timer Asked: Oct 22nd, 2018
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Part 2: Financial Accounting Analysis

For this part of your Scholar-Practitioner Project, you will develop a financial accounting analysis of the public health initiative you selected in Week 2.In your analysis, be sure to incorporate return on investment, time-value of money, and inflation factors.

The financial accounting analysis should include:

  • A 5-year proposed budget including major line items (see example template via link to the NIH grants page in syllabus)(Please use PHS398 form page 4 and PHS 398 form page 5.)
  • An analysis of budget line items, costs, sources of revenue, and deficits
  • An analysis of the fiscal soundness and long-term viability of the public health initiative

5 pages

Please I have attached the necessary documents needed for this assignment including the one you previously worked on, please let me know if you have any other questions.

Thank you - Click on about; click on annual report

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Program Director/Principal Investigator (Last, First, Middle): Doe, John DETAILED BUDGET FOR INITIAL BUDGET PERIOD DIRECT COSTS ONLY FROM THROUGH 1-1-19 12-31-19 List PERSONNEL (Applicant organization only) Use Cal, Acad, or Summer to Enter Months Devoted to Project Enter Dollar Amounts Requested (omit cents) for Salary Requested and Fringe Benefits NAME ROLE ON PROJECT Cal. Mnths Acad. Mnths Summer INST.BASE Mnths SALARY SALARY REQUESTED FRINGE BENEFITS TOTAL Commented [SB1]: This indicated 28% fringe rate, each institution is different. This can usually be found by Googling. TBN PD/PI 12 100,000 100,000 28,000 128,000 TBN Scientist 12 65000 65000 18200 83200 TBN Research Asst 6 50000 25000 7000 32000 Commented [SB2]: This shows 6 months or 50% of the base salary. TBN Dietician 3 40000 10000 2800 12800 Commented [SB3]: This is 3 months or 25% of the base salary. 200,000 56,000 256,000 SUBTOTALS CONSULTANT COSTS Jones, Bob 5000 Commented [SB4]: This is 28% of the salaries requested. Commented [SB5]: This column should add up both vertically and horizontally so double check your math! EQUIPMENT (Itemize) Industrial Fan 5000 Commented [SB6]: Equipment would be > $5000. If less it is a supply. Commented [SB7]: Itemized detail of the cost and purpose of each item goes in the budget justification. SUPPLIES (Itemize by category) Test Tubes, Weight Control Printed Pamphlets, Questionnaire Designing Program 600 TRAVEL APHA 2000 INPATIENT CARE COSTS OUTPATIENT CARE COSTS ALTERATIONS AND RENOVATIONS (Itemize by category) Commented [SB8]: Itemized detail of the cost and purpose of each item goes in the budget justification. OTHER EXPENSES (Itemize by category) Compensation Cards for Participation 2000 CONSORTIUM/CONTRACTUAL COSTS DIRECT COSTS SUBTOTAL DIRECT COSTS FOR INITIAL BUDGET PERIOD (Item 7a, Face Page) $ 270,600 $ 270,600 FACILITIES AND ADMINISTRATIVE COSTS CONSORTIUM/CONTRACTUAL COSTS TOTAL DIRECT COSTS FOR INITIAL BUDGET PERIOD PHS 398 (Rev. 08/12 Approved Through 8/31/2015) Page OMB No. 0925-0001 Form Page 4 Commented [SB9]: Contractual work requires a completely separate budgets so this is not required for the course. Doe, John Program Director/Principal Investigator (Last, First, Middle): BUDGET FOR ENTIRE PROPOSED PROJECT PERIOD DIRECT COSTS ONLY BUDGET CATEGORY TOTALS PERSONNEL: Salary and fringe benefits. Applicant organization only. CONSULTANT COSTS EQUIPMENT SUPPLIES TRAVEL INITIAL BUDGET PERIOD (from Form Page 4) 2nd ADDITIONAL YEAR OF SUPPORT REQUESTED 3rd ADDITIONAL 4th ADDITIONAL 5th ADDITIONAL YEAR OF SUPPORT YEAR OF SUPPORT YEAR OF SUPPORT REQUESTED REQUESTED REQUESTED 256,000 263,680 271,590 279,737 288,129 5,000 5,150 5,304 5,463 5626 5000 5150 5304 5463 5626 600 618 636 655 674 2,000 2060 2121 2184 2249 2,000 2060 2121 2184 2249 270,600 278,718 287,076 295,686 304,553 270600 278718 287076 295686 304553 Commented [SB1]: 3% increase annually is standard. Commented [SB2]: INPATIENT CARE COSTS OUTPATIENT CARE COSTS ALTERATIONS AND RENOVATIONS OTHER EXPENSES DIRECT CONSORTIUM/ CONTRACTUAL COSTS SUBTOTAL DIRECT COSTS (Sum = Item 8a, Face Page) F&A CONSORTIUM/ CONTRACTUAL COSTS TOTAL DIRECT COSTS TOTAL DIRECT COSTS FOR ENTIRE PROPOSED PROJECT PERIOD $ 1,436,663 JUSTIFICATION. Follow the budget justification instructions exactly. Use continuation pages as needed. John Doe, Ph.D. (PI) will be the lead faculty member on the grant project………. The following Sample is not for this BUDGET. It does give you an idea of how a budget justification should be written. PHS 398 (Rev. 08/12 Approved Through 8/31/2015) Page OMB No. 0925-0001 Form Page 5 Commented [SB3]: These equal $1,436,663 SAMPLE NIH R01 Budget Justification BUDGET JUSTIFICATION Senior/Key Personnel Margaret Meade, PhD, Principal Investigator. Dr. Meade will be responsible for the overall administration of this project. She will share responsibility for the substantive direction of the project with Dr. Benjamin Spock and Dr. Vandana Shiva. Dr. Meade will have primary responsibility for the organization and operation of the project. She will oversee hiring, training, and supervision of all staff and ensure the quality of data collection, coding, and data management over time. She will train data collectors and behavioral and interview coders. She will conduct much of the data analyses and author publications. In Year 1, Dr. Meade will devote 25% of her effort (of her 9month faculty assignment) during the academic year and .5 summer month managing this project. In years 24, she will devote 15% each academic year and 1 summer month each year to work on the project. Dr. Spock will serve as co-investigator and coordinate specific aspects of the project in collaboration with Dr. Meade. Dr. Spock will have primary responsibility for coding and scoring measures of mothers’ attributions about crying and will assist Dr. Meade in training the project staff to code maternal behavior/sensitivity. He will assist with designing effective strategies for sample recruitment and retention. He will assist with the interpretation of data and will co-author publications. Dr. Spock will devote a 20% effort (of a 10-month faculty assignment) to this project throughout each year for the duration of the project. Dr. Shiva will serve as co-investigator on this project. As Program Director of the UNCG Center for First Generation North Carolinians, she has connections with diverse population groups in the area. These connections will serve in the efforts to recruit first-generation Americans refugees and immigrant families for the study. She will have primary responsibility for creating procedures to ensure the adequate collection and interpretation of data to assess mother and infant vagal withdrawal. She contributes knowledge of crosscultural feminist theory and cultural competence, and will also co-author publications. Dr. Shiva will contribute 15% of her effort to this project each year (12-month position). Other Personnel A full-time, MA-level Project Coordinator will be responsible for the day-to-day management of the project, and will work closely with Dr. Meade and the co-investigators in hiring, training, and supervising the project staff. A full-time Research Assistant will be responsible for arranging recruitment visits and scheduling participant visits, and will assist with data collection. This person will also order research supplies and reconcile the budget. In Years 3 and 4, a full-time postdoctoral fellow with advanced quantitative skills will be hired to assist with data analysis and manuscript preparation. Graduate Research Assistants will be supported by the project; two GRAs will work during Year 1, and additional GRA’s will be hired to work in Years 2-4. Their primary responsibilities will be to recruit participants and to collect and code data. Additional GRAs will be needed during the summer for coding and during peak data collection years when there is a great deal of overlap in assessment points. GRAs will work 50% of their time during the academic year and 100% for the summer. Fringe benefit rate is 32% for full-time employees, .8 % for enrolled students, and 8.45% for non-enrolled students during the summer. Equipment Funds are requested to purchase three Biologs ($7,150 each). These are ambulatory physiological data recorders with multiple channels that will be used to record mothers’ heart rate (RSA), activity level, and 1 electrodermal activity (e.g., skin conductance). Recorded data is compactly stored on a removable memory card. When recording is complete, the card is inserted into a card reader which is connected to a PC through a serial port. The affiliated Downloading and Plotting Software ($1,100 under Supplies) which operates on the PC supervises the downloading of data to the PC and ensure data is recorded according to the needs specified by the researchers. From this program, the data can be converted into separate data files for each physiological measure. These measures are all synchronized with one another and can be synchronized with video files as well. Three Biologs are needed because there are several periods when assessment points overlap (e.g., prenatal interviews, 6 months laboratory visits, and 6 month home visits), and dedicated equipment for each type of visit will ease scheduling demands. Travel Funds are requested for each of the assigned consultants to visit Greensboro once each year ($1,500 per trip) that they work for the project. Staff will travel to meet with hospitals and governmental health services during the first two years. Reimbursement is calculated at 160 visits each year, 20 average miles at $.585 per mile. Travel for home visits is estimated at 20 miles round trip; travel reimbursement is calculated at $.585 per mile throughout the years, according to the number of home visits scheduled for the 6-month visit (see schedule below). Funds are requested for one professional conference in Years 2-4 to present findings from the study ($1,200 per trip). Other Direct Costs Supplies Startup supplies – For Year 1, funds are requested to purchase electrodes (67 adult, 67 child, total $1,340), Biolog software ($1,100), Noldus software upgrade and license for coding visits ($5,000), an external data module ($2,850) to synchronize video and physiological data, two DVD video cameras ($650 each) to be used at home visits, two wall-mounted DVD video cameras ($2,000 each) for the lab, two desktop computers ($1,000 each), a laptop ($2,000), printer ($350), and two external hard drives ($300 each). General research supplies – Research supplies are calculated at approximately $1,875 per year, and include snacks for participants, printer cartridges, blank DVD’s for data storage, DVD storage portfolios, paper and other office materials. Funds are requested during Years 2-4 for consumable research supplies using a cost estimate based on Year 1. Small gifts, approximately $10 each, will be given to participants as incentives each year, calculated according to the number of participants scheduled each year (see timeline below). Consultants In Years 1 and 2, Dr. Carol Adams from the University of Northern Virginia will train 3 research assistants to administer the Adult Attachment Interview (AAI). She will periodically review interview transcripts to ensure adherence to the interview protocol over time. Dr. Adams will also assist in identifying trained AAI coders. She will provide support for this project at a rate of $400 per day for 5 days during Years 1 and 2. In Year 1, Dr. Susan Griffin of American University will assist the PI and co-investigators in communicating with the manufacturer of Biolog to ensure that the physiological equipment and software that records and summarizes the data will be configured properly given the goals of the study. She will also assist in preparing data collection procedures for the measurement of activity level and electrodermal activity and in the interpretation of these measures in data analysis. Dr. Griffin will provide support for this project at a rate of $500 per day for 5 days during Year 1. Be sure to also include an analysis of the fiscal soundness and long-term viability of the public health initiative and references for that section. 2 Grant-Funding Process and Funding Sources INSTRUCTIONS FOR STUDENTS IN ECONOMICS AND FINANCING IN PUBLIC HEALTH SYSTEMS: Professional grant writers acknowledge the writing of a grant proposal takes time, effort, research, and thoughtful consideration (Rattihalli & Field, 2011; Bordage & Dawson, 2003; Madden & Wiles, 2003; and Thompson, 1997). Although the process seems daunting to the novice grant proposal writer, the information presented here summarizes principles to use when seeking and applying for public health funding sources. Principles of Grant Proposal Writing Accessing Funds Accessing funds can be challenging and time consuming. How do you know which funding source to select, and how do you approach potential funding sources? It takes effort to develop these skills, and the information below may help provide some tips on accessing funds for your community public health initiative. • Plan ahead and know your specific needs o Clearly define resources you need to accomplish your initiative. o Identify what resources you already have access to within your community. o This is an important step for sustainability and is a crucial part for what funding sources look for. • Clearly understand funding goals and guidelines o Research funding sources/resources that align with your project or goal (see page 4). o Customize your proposal with the funders’ goals and objectives. o Follow all technical guidelines as requested by the specific funding agency. • Have a clear picture of success o What are the funding agencies purchasing with their money? o How will you deliver your product? o How will you measure your progress toward reaching your goals? • Have measurable outcomes o Who is the individual/population that will benefit and how? o How will your initiative be evaluated? © 2012 Laureate Education, Inc. 1 • Plan for sustainability o Funding agencies want projects that will continue once the grant period is over. o How will you sustain the program? Direct Costs for Grants For many grant proposal writers, the budget component can be very intimidating. Understanding basic principles of writing grants (e.g., how costs are presented) may lessen the stress of writing a grant proposal. Direct costs for your grant proposal are perhaps the most important component in your grant’s budget. They represent the funds you are seeking from the funding source. The costs described below are considered direct costs. • Personnel: o If your program requires that you cover staff costs, you will include that salary under the category “personnel.” If you are hiring new staff, determining the actual salary can be tricky. One place to start is by checking with similar organizations to find out what they are paying program employees. State whether wages are based on annual salary or hourly wage If hourly, show the breakdown of hours and weeks (i.e., $10.00 per hour X 40 hours per week X 52 weeks = $20,800). • Fringe Benefits: o Fringe benefits are those taxes and benefits that the employer must pay for an employee. They are primarily based upon gross salary and average about 21 percent to 27 percent. Fringe benefits that are required by law include FICA (Social Security and Medicare), FUTA (Federal Unemployment Taxes/Insurance), SUTA or SUI (State Unemployment Taxes/Insurance), and Worker’s Compensation (on-the-job accident insurance). Other benefits include medical insurance and paid sick leave. When listing fringe benefits in your budget, be sure to note “Standard Government Fringe Benefits Package as Required by Law,” in case a reviewer does not know what fringe benefits include. • Travel: o Many times, travel can be included in the proposal’s budget. While travel expenses are a heavily scrutinized item, there are ways to get them approved. Make sure to provide clear formulas and documentation for why travel is necessary. Include the cost for a plane ticket, the cost of a hotel per night, the number of nights you will be staying, and a food allowance. © 2012 Laureate Education, Inc. 2 o Be sure and use realistic but conservative figures, and avoid using round numbers (i.e., use $1,280 instead of $1,000). • Equipment: o Funding sources often scrutinize the purchase of equipment. To help them understand equipment costs, provide them with documentation of the program need for the equipment. Equipment costs should be well defined and include specifications. For example, you might include a high speed copier system to be used to reproduce reports and other documents for committees, staff members, and volunteers. You should explain how the copier will help you in administering the program. • Supplies: o Funding sources qualify or define supplies differently. Always check with the funding source before proceeding with this section. It is also important to explain how the supplies will assist in running the program. It is also helpful to break down supplies into categories such as general office supplies, educational and training supplies, and computer supplies. Writing a Grant Proposal Whether you are writing a grant proposal for a fellowship or as a project grant, it still requires a number of issues that need to be considered. As Madden and Wiles (2005) assert, “it is important to be aware that preparing a competitive proposal is a time-intensive process which requires considerable resources …. [and] the preparation of the proposal itself will involve considerable research” (page 518). To simplify the grant writing process Rattihalli and Field (2011, page 60) and Bordage and Dawson (2003, page 377) developed key learning points with questions to consider when developing a grant proposal. Task Generic: Study Design: Costs: Questions to be answered o Is this the right funding body (amount of funding, duration of funding, priorities of funding body)? o Are all of the right people involved in this study (collaborators/specialists/lay involvement)? o Is the background work optimal (pilot data/conducting thorough literature review/background research knowledge)? o How important is the topic you selected for the field? o Has the methodology been discussed with relevant experts (i.e., statistician, local community, etc.)? o If relevant, have you thought of ways to optimize recruitment? o Does the amount fall within the remit of the funding body? o Are you aware of the process and timelines of the University or Business or Non-Profit or Public Health or NHS finance departments involved (for a project related grant)? © 2012 Laureate Education, Inc. 3 o The application itself: o o o Other important considerations: o o o o o o o o o o o o o o Would it be relevant to involve the Local Research Network for Service Support Costs (for a project-related grant)? Have you highlighted the importance of the research topic, the strength of the research team and the business/industry/department? Would a pre-submission wider review of the grant application be relevant? Do you need letters of support (from lay representatives/local Research Network/clinicians who have agreed to participate)? Timelines: preparation and application tasks take a lot of thought and time. What topic or idea of study are you interested in? What is the “best” research design to answer your question? What has already been done in this area (the literature review)? What intervention (independent variable) are you interested in? Are you looking for differences or a relationship (association)? Have you thought about any ethical issues likely to be raised? Have you considered relevant legislation and regulation issues (e.g., data handling and storage)? How will you control for confounding variables? Do you want to intervene or simply observe? How much will your study cost (budget)? How will you keep track of your study (research protocol)? What is the granting agency that would be interested in funding your project (funding sources)? Who will be doing what tasks and function in what roles (personnel)? Example of a Research Study Timeline: Grant Proposal Development & Submission Organization Data Collection Data Entry Data Analysis Report Writing Submit to Funding Source Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan © 2012 Laureate Education, Inc. 4 From “Basics of Research (Part 10): The Grant Application Process,” by C. B. Thompson, October–December 1997, Air Medical Journal, 16, p. 121. Types of Funding Sources/Resources According to Rattihalli and Field (2011), there ...
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