Financial mathematics: Plan and describe how to manage finances of social clubs
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Subject outcome
Subject outcome 5.1: Plan and describe how to manage finances of social clubs.
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Learning outcomes
- Describe financial concepts related to social clubs, methods of financing and financial control.
- Range: normal operating expenses telephone, stationery, water & electricity, consumables plus club specific income and expenses: membership fees, donations, sponsorships, affiliation fees, license fees, honorarium, function fees, cutlery and crockery, catering and other expenses to host specific events e.g. prize giving functions, year-end functions, any other club events.
- Use given information to draw up a yearly budget for a social club.
Note: Detailed examples and templates are available on the internet. - Use given information to record actual income and expenditure for a year.
- Compare actual income and expenses to the projected budget figures.
- Identify variances and provide possible corrective actions to be taken to control future finances of the club.
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Unit 1 outcomes
By the end of this unit you will be able to:
- Calculate operating expenses.
- Draw up a yearly budget.
- Use given information to record actual income and expenditure for a year.
- Compare actual income and expenses to the projected budget figures.
- Identify variances and provide possible corrective actions to be taken to control future finances of the club.