Financial Management in the Arts
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Financial analysis is an essential requisite for sound strategic planning and governance, and is a foundation upon which its resources – human, physical and financial – are maintained and monitored. Students will learn how to communicate financial concepts effectively, so that they are equipped to deal with a variety of stakeholders. This course introduces the student to the bookkeeping, accounting and financial principles underlying sound management decision-making in arts organizations. Beginning with the basic skills of double entry bookkeeping and preparation/analysis of financial statements relevant to a culture and heritage organization, the material enables the student to understand the fiscal well being of the organization. Subsequent course emphasis will shift to budgets and budgeting, cash flow, electronic financial reporting and myriad other managerial practices used in administration. Case studies complement the learning and allow an investigation into practical fiscal challenges confronting contemporary arts managers.