Financial Management for Public, Health, and Not-for-Profit Organizations 7/e

Dr. Steven A. Finkler is Professor Emeritus of Public and Health Administration, Accounting, and Financial Management at New York University's Robert F. Wagner Graduate School of Public Service (NYU Wagner). At NYU Wagner he headed the specialization in health services financial management for more than 20 years. Dr. Finkler is an award-winning teacher, author, and researcher. Among his publications are 31 books, including Financial Management for Nurse Managers and Executives, 5th ed. (with Cheryl Jones and Christine T. Kovner, 2018); Accounting Fundamentals for Health Care Management, 3rd ed. (with Thad Calabrese and David Ward, 2019); and Finance and Accounting for Nonfinancial Managers, 5th ed. (2017). He has also published more than 200 articles in many journals, including Health Services Research, Journal of Public Policy and Management, and Healthcare Financial Management. He received a bachelor of science degree in economics (dual major in accounting and finance), and a master of science degree in accounting from the Wharton School at the University of Pennsylvania, and a master of science degree in economics and doctorate in business administration at Stanford University. Dr. Finkler, who is also a certified public accountant, worked for several years as an auditor with EY (formerly known as Ernst and Young) and was on the faculty of the Wharton School before joining NYU. He is a past member of the executive board of the International Society for Research in Healthcare Financial Management and the editorial board of Health Care Management Review, and he served as treasurer and a member of the board of governors of the Daughters of Israel Geriatric Center. He was the editor of Hospital Cost Management & Accounting for 12 years and is a past member of the National Advisory Council for Nursing Research at the National Institutes of Health. He consults extensively, both around the country and abroad. Thad D. Calabrese, PhD, is associate professor of public and nonprofit financial management at NYU Wagner, and is director of the school's finance specialization. His research focuses on not-for-profit and government accounting and finance and is published in the Journal of Public Administration Research and Theory, Public Administration Review, Public Budgeting & Finance, Journal of Accounting and Public Policy, Nonprofit and Voluntary Sector Quarterly, National Tax Journal, Public Finance Review, and Nonprofit Management & Leadership (NML), among others. In addition, he has served in several member-elected positions, including Chair of the Association for Budgeting and Financial Management and Treasurer for the Association for Research on Nonprofit Organizations and Voluntary Action. He currently serves on the Governmental Accounting Standards Advisory Council. Prior to entering academia, he worked as a financial manager in the not-for-profit sector and in local government. Daniel L. Smith, PhD, is Associate Dean for the Social Sciences in the College of Arts & Sciences and Associate Professor in the Biden School at the University of Delaware. His research focuses on state government budgeting and financial management and appears in Journal of Policy Analysis and Management, Journal of Public Administration Research and Theory (JPART), Public Administration Review (PAR), Public Budgeting & Finance, and Public Choice, among others. In addition, he has been coeditor of JPART and has served on PAR's editorial board. Dr. Smith is a past chair of the Association for Budgeting and Financial Management and a former member of the Governmental Accounting Standards Advisory Council. He is a current member of the Commission on Peer Review and Accreditation (COPRA). He earned his doctorate in public administration in the School of Public and International Affairs at the University of Georgia.

Preface Case Examples About the Authors Part I: Introduction: Setting the Stage Chapter 1: Introduction to Financial Management What Is Financial Management? Public Sector Resource Flows Why Discuss Public, Health Care, and Not-for-Profit in One Book? Why Should Public Service Organizations Worry About Financial Management? Should Public Service Organizations Earn a Profit? Ongoing Case Study Summary Key Terms from This Chapter Questions for Discussion Appendix 1-A. Fundraising Key Terms from This Appendix Part II: Planning Chapter 2: Planning for Success: Budgeting Mission Strategic Plan Long-Range Plan Budgets Behavioral Aspects of the Budget Process Summary Key Terms from This Chapter Questions for Discussion Problems Chapter 3: Additional Budgeting Concepts Line-Item and Responsibility Center Budgets Centralization versus Decentralization Program and Functional Budgets Budgeting Techniques Additional Governmental Budgeting Issues Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 3-A. A Performance Budget Example Appendix 3-B. Forecasting Using Historical Data Key Terms from This Appendix Chapter 4: Understanding Costs Basic Concepts and Definitions Cost Behavior Break-Even Analysis Cost Measurement Summary Key Terms from This Chapter Questions for Discussion Multiple Choice and Fill in the Blank Questions Problems Appendix 4-A. Additional Break-Even Analysis Issues Appendix 4-B. Using Excel to Solve Break-Even Problems Chapter 5: Capital Budgeting Why Do We Need a Separate Capital Budget? Definition of Capital Assets: Theory and Practice Why Do Capital Assets Warrant Special Attention? The Time Value of Money Capital Asset Investment Analysis Summary Key Terms from This Chapter Questions for Discussion Exercises (TVM) Problems Appendix 5-A. Using Computer Spreadsheets for Time Value of Money Calculations: Examples Appendix 5-B. Using a Financial Calculator for Time Value of Money Calculations Chapter 6: Long-Term Financing Equity Financing Long-Term Debt Social Impact Bonds Summary Key Terms from This Chapter Questions for Discussion Exercises (TVM) Problems Part III: Implementation and Controlling Results Chapter 7: Managing Short-Term Resources and Obligations Working Capital Management Short-Term Resources Short-Term Obligations Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 7-A. Economic Order Quantity Key Term from This Appendix Appendix 7-B. Credit Terms Chapter 8: Accountability and Control Management Control Systems Measures of Performance Controlling Quality Variance Analysis Ethics Safeguarding Resources The Form 990 Consequences of Ethical Violations Summary Key Term from This Chapter Questions for Discussion Problems Part IV: Reporting Results Chapter 9: Taking Stock of Where You Are: The Balance Sheet The Framework for Financial Accounting Generally Accepted Accounting Principles International Financial Reporting Standards Fiscal Years Balance Sheet Elements Assets: A Closer Look Liabilities: A Closer Look Net Assets or Fund Balance: A Closer Look Recording Financial Information Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 9-A. The Recording Process: Debits and Credits Appendix 9-B. Using Dollar Signs and Underlines in Accounting Chapter 10: Reporting the Results of Operations: The Activity and Cash Flow Statements The Activity Statement The Statement of Cash Flows Interrelationships among Financial Statements Notes to Financial Statements Recording and Reporting Financial Information Starting from Scratch Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 10-A. Sources of Revenue for Governments Key Terms from This Appendix Appendix 10-B. Accelerated Depreciation Methods Appendix 10-C. Inventory Valuation Methods Appendix 10-D. The Recording Process: Debits and Credits Appendix 10-E. The Accounting Cycle Chapter 11: Unique Aspects of Accounting for Not-for-Profit and Health-Care Organizations Accounting for Not-for-Profit Organizations Fund Accounting Depreciation Donated Goods and Services Investments Taxes Accounting for Health-Care Organizations Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 11-A. Taxation of Not-for-Profit Entities Chapter 12: Unique Aspects of Accounting for State and Local Governments-Part I: The Recording Process Bases of Accounting Government Fund Accounting Recording Financial Information Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 12-A. The Recording Process: Debits and Credits Chapter 13: Unique Aspects of Accounting for State and Local Governments-Part II: Reporting Financial Results Reporting Financial Information Summary Key Terms from This Chapter Questions for Discussion Problem Appendix 13-A. Interrelationships among Government Financial Statements Part V: Financial Analysis Chapter 14: Financial Statement Analysis Financial Statement Review The Notes That Accompany Financial Statements Ratio Analysis Assessment Summary Key Terms from This Chapter Questions for Discussion Problems Chapter 15: Financial Condition Analysis Financial Condition Analysis Financial Statement Analysis versus Financial Condition Analysis Ratio Analysis Summary Key Terms from This Chapter Questions for Discussion Problems Appendix 15-A. Bond Ratings Key Terms from This Appendix Glossary Index