Advanced Fiscal Management for Parks, Recreation Tourism & Sport

Advanced Fiscal Management

PRT 503: Advanced Fiscal Management for Parks, Recreation Tourism & Sport 

Course Description: This course is intended to provide students with advanced concepts of financial management as applied to the unique industries of parks, recreation, tourism, and sport management. Emphasis will be placed on understanding how the receipt, disbursement, and utilization of funds can foster sustainability within these types of organizations. Additionally, this course will focus on developing the skills necessary to apply ethical financial analysis principles through financial risk management.

Learning Objectives:

Identify and summarize the characteristics of the economic environment in which different parks, recreation, tourism and sport organizations operate

Critically assess and articulate the economic impact of public recreational facilities and events

Identify different revenue streams utilized by contemporary organizations and demonstrate strategies to acquire revenues via these streams; 

Create a grant proposal for a relevant parks, recreation, tourism or sport organization

Demonstrate the ability to make strategic decisions about budgeting

Identify and describe the financial management considerations for capital investments

Discuss current financial practices common in the industry

Create an overall financial analysis for a parks, recreation, tourism and sport organization

Reflections and Summary of my work toward developing these competencies: Budget

This class was one of my most challenging, but also one of my favorites. I felt like the the assignments were directly aligned with the leaning objectives of the class.  Discussion Board 1 (DB 1) ask each student to,  “Describe the type of organization in which you work (e.g., Public; Private, not-for-profit; Private, commercial). What do you see as the biggest financial challenges facing your organization in the future? How is your organization responding to these challenges? Do you think your organization’s current operations are sustainable? Why or Why not? In answering these questions we had to contemplate numerous learning objectives related to the characteristics of the economic environment  as will assessing economic impacts. The major point I got out of DB 1 was that an organization needs to identify different revenue streams  and have a strategy to acquire revenue  via theses streams in order to remain sustainable.  In my DB 1 post (Ameer’s DB 1 Post), i discuss and identify fiscally related characteristics of my current employer UNC Hospital  as well as address profits,operating margins,budgets, and sustainability. Dr. Edwards required each student to complete a complex budget ComplexBudget. This required collecting,analyzing, and interpreting financial  data. This exercise required me to create a financial analysis,  and demonstrate the ability to make strategic decisions about budgeting.  In week 4 the class was given the task of preparing a grant proposal Budget and Justification  for a specific program or project on behalf of their current organization. Grants are a major source of funding for many parks and recreation organizations. The Organization Financial Analysis assignment Company Analysis Assignment, included an executive summary, company profile, economic issues, revenue and expenditure summary, assets and liability summary and an overall financial analysis and future trends. Each weeks assignment allowed for the opportunity to meet all learning

PRT 503 gave me real world answers to ways in which to run a financially sustainable organization.  PRT 503 has improved my  ability to make strategic decisions about budgeting, and articulate an overall financial analysis for my future employers.