...hello my friendsExecutive Summary/Overview Harrison Innovation, LLC seeks to provide individuals, organizations, corporations, and small businesses with the resources to market themselves in the most profitable way while promoting community awareness. While the company is Kentucky-based, Harrison Innovation (HI) currently works with clients locally, nationally, and internationally. Some of our clients include: Muhammad Ali Center, LEO Weekly, The Steward’s Staff (a local non-profit organization), Madison and Mulholland (a New York firm), and Bridge-kids (international non-profit organization). Harrison Innovation is a limited liability company which means that there are unlimited numbers of shareholders and is taxed as a partnership while liability is limited to its use to avoid personal lawsuits (Ferrell, Hirt, Ferrell, 2009 pp. 145). Mission Statement The mission statement of Harrison Innovation, LLC is to connect businesses with non-profit organizations through special events which unites commerce opportunities, provides additional resources and builds positive brand-awareness for both entities. Target Market The target market of Harrison Innovation, LLC is mid-size to high income corporations and businesses to low income start-up non-profits locally, nationally, and internationally. Harrison Innovation excels with a total market approach meaning an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs (Ferrell...
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...EXECUTIVE SUMMARY 1 a. Pick a small or medium-sized business that you know something about. Write a short description of the company followed by a plan of 3-4 sentences in which you describe how you would go about determining which of your products or services are not profitable. Conclude this part of your Executive Summary with a sentence or two to describe the impact on your clients or customers if you stopped offering the unprofitable product or service. Bose Corporation is an American privately held organization, based in Framingham, Massachusetts that specializes in audio equipment. Bose is best known for its loudspeakers, noise-cancelling headsets, and automotive sound system, other products manufactured by Bose include amplifiers and headphones. To determine which products are unprofitable, we need to perform a financial analysis on the products being sold. If there are too many products in a company then it is certain that some of them make no money at all. The most basic way to find this out is to sort and rank all the products showing total revenue, direct costs and gross profit for each product. This is an essential method to distinguish products that make superior profit with unprofitable ones. To figure out which services are unprofitable, list all the services, the cash collected from those services, and the time applied to the service. By dividing the cash collected by the total time applied gives me a very good estimation of the profitability of each service...
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...Governance in Non-Profit Healthcare MGMT 640 Executive Summary Good leadership, financial management, and governance are the essentials for success in any organisation, whether the organisation is a non-profit organisation or a for-profit organisation. In non-profit healthcare the seamless interaction of all the parts makes the organisation successful as a whole. Service provided must be consistent with the goals of the organisation. Agencies and watchdogs have become even more visible seeking accountability and transparency. But how do leaders within the organisation work together to make it a success, how are they governed to achieve the goals of the organisation? In for-profit effective governance is easily recognisable, and achieved. The most important element in an organisation that operates for profit is its balance sheet, great sales and rising stock prices, profits being paid out as dividends, no mention of fraud in the company accounting, these are all excellent indicators of effective governance. In non-profits more so in healthcare, it is terribly difficult to measure or see effective governance. Also, the idea of optimum efficiency may have differing connotations for each stakeholder. Non-profits benefit from the luxury of not having to suffer agency conflicts; nevertheless they must ensure that there are measures in place that ensures transparency. Based on the five (5) overarching strategies suggested...
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...questions. This includes the question of, “do we hold non-profit to a different standard than other companies?” Upon pondering this question and the broadness of it. The decision was made to write about it this week in an article summary. Only, where was I going to start on finding an article that could expand on this question without being too broad? After giving it some thought, I decided to do some research on whether or not government held non-profit organizations to a higher standard. For the sake of this article, I want to focus on whether or not government holds non-profit organizations to a different standard in terms of getting grants to fund such programs. After reading the article White House (n.d.) Guidance to Faith-Based and Community Organizations on Partnering with the Federal Government. Retrieved February 8, 2012 from http://www.ethicsinstitute.com. Every year, "the federal government" spends billions of dollars for health and human service programs. When it comes to non-profit, however, the government has made it difficult. There are a lot of bureaucratic and administrative obstacles. Starting with the fact that most program officers are often unfamiliar with the work that non-profit groups do. In August 2001, the White House Office of Faith-Based and Community Initiatives released a report. Unlevel Playing Field that identified many of the barriers that faith-based and non-profit organizations face in accessing Federal...
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...The financial structures of health care entities non-profit, for-profit and government are different with funding, ownership, and type of services rendered. Financial managers, financial markets, and investors are the essential components that make up the financial world within a healthcare organization. Financial managers basically rely on investors to supply money through the financial markets when determining whether to use debt or use equity financing. To understand the full benefit of the financial resources, it is important to understand the overall financial structure. In other words how it is set up. In this paper, I will try to compare the financial environment of for-profit Pruitt Health Clinic, not-for-profit Phoebe Memorial Hospital, and VA Clinics. (to the best of my ability) In the health care sector entities regardless of their status (for-profit, not-for-profit, or government owned) should have the same common goal of providing quality healthcare to the residents of its community. Health care organizations are very different compared to other business when it comes to finances. The financial structure is described as the way funds are financed and the balance sheet shows what the organization looks like at a particular point in time. For example Phoebe Putney Memorial Hospital will compare fiscal year to another fiscal year to decide what needs to stay, go or be “tweaked”. Some organizations have a method to reading the spread sheet as well. PPMH for...
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...Comparative Summary Kristina O'Bryant HCS/577 May 23, 2016 Ronald Sugar Comparative Summary There are several financial environments that various entities exist in. These include for-profit, not-for-profit, and government organizations. These environments have many similarities, as well as differences. Examples of these may include the Methodist Hospital in San Antonio, which is a for-profit organization; the American Heart Association, which is a not-for-profit organization; and the U.S. Department of Health and Human Services, which is a government organization. Each of these organizations has their own practices and policies unique to them. Not-For-Profit According to Investopedia (2016), a not-for-profit organization does not earn profits with the intent to line the pockets of an owner, but rather it is earned or donated and then used to achieve the goals or objectives of the organization. Many, but not all NFPs are charities or some other public service organization. NFPs are able to apply for a tax exempt status, as long as they meet certain criteria set by the state and federal government, thereby freeing them from most forms of taxation. Any donations that are made to the organization may be tax deductible for the person making the donation. According to Carter (2016), “Not-for-profit organizations raise capital by soliciting donations from businesses and individuals. Government and private grants may be used to fund the operation of a nonprofit organization. A not-for-profit...
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...Case Study Executive Summary d.light is a social global enterprise providing affordable solar-powered solutions designed for the two billion individuals in the developing world without access to reliable energy, founded by Sam Goldman and Ned Tozun. There are offices located in Africa, China, South Asia, and the United States. d.light has successfully improving lives of over 50 million people by selling over 10 million solar light and power products in 62 countries. d.light’s dedication is to provide the most reliable, affordable, and accessible solar lighting and power systems for developing world, with a goal of reaching 100 million individuals by 2020 ("About Us," n.d.). For Profit or Non- Profit? “d.light is dedicated to providing distributed solar energy solutions for households and small businesses that transform the way people all over the world use and pay for energy ("About Us," n.d.).” The mission of d.light is mainly focusing on providing distributed solar energy to households and small businesses. Unlike missions of other organizations, d.light does not mention that one of its mission, nor its goal and vision, is to provide a return for its stakeholders. Therefore, based on what d.light is doing, it is reasonable to turn d.light into a non-profit organization. However, before making decision on which module to apply on d.light, the organization must understand the difference between for profit and non-profit organization. One of the largest differences...
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...INTERNAL CONTROLS AND FRAUD PREVENTION IN NON-PROFIT ORGANIZATION WRITTEN BY DAVID SANNI Designed to provide information on key areas that can strengthen the internal control system of VI-MID-ISLAND SERVICE (VIMS) Submitted To VANESSA OLTMAN Faculty of Management Vancouver Island University Nanaimo, BC, Canada (Nov/15/2012) Table of Content 1.0 INTRODUCTION 3 2.0 NATURE OF FRAUD IN CANADIAN NON PROFIT ORGANIZATION 3 2.1 TYPE OF FRAUD IN NON PROFIT ORGANIZATIONS 3 2.2 PERPETRATORS OF FRAUD IN NON PROFIT ORGANIZATION 4 2.3 IMPACT OF FRAUD TO NON PROFIT ORGANIZATION 4 3.0 COMPREHENSIVE APROACHE TO REDUCE FRAUD 5 3.1 UNDERSTANDING INTERNAL CONTROL 5 3.2 BENEFIT OF INTERNAL CONTROL 5 3.3 LIMITATIONS OF INTERNAL CONTROL 6 3.4 CONTROL MEARSURES IN PREVENTING FRAUD 6 3.5 SUMMARY AND CONCLUSION……………………….………………….8 4.0 REFERENCE…… ……………………………………………………………9 1.0 INTRODUCTION The Canadian non profit sector has one of the largest populations in the world, accounting for over 7% GDP and creating 2 million full time jobs for Canadians. Further discoveries was made that 78% Canadians donates money to non profit Organization irrespective of all walks of life and income bracket. These donations are received to address core issues...
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...Executive Summary Nonprofit organizations (NPOs) play a major positive role in all economies and societies that they service. These organizations have helped millions of people around the world by providing a great deal of valuable assistance and support via educational, scientific, charitable, legal, and many other means. An NPO is “a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers” (law.cornell.edu). Types of NPOs include volunteer service organizations, public charities and schools, public clinics and hospitals, political organizations, legal aid societies, labor unions, churches, research institutes, professional and environmental associations, museums, and some government agencies (law.cornell.edu). Some of the purposes service for these organizations include working for social change, to help people help themselves, and to fight for the civil rights of others. NPOs are a vital part of our nation’s economy, as they not only provide much needed public services to all concerned citizens and inhabitants of the U.S., they also provide millions of jobs for nation’s workforce. This essay will discuss the application of financial management techniques in NPOs. A comparison and contrast of nonprofit and for profit organizations (FPOs) will be examined while focusing on the fundamental differences between the two. How NPOs and FPOs are affected by different laws that...
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...Executive Summary RAC Sports will be a Non profit multisport tournament fundraiser stationed in Thayer, Missouri. There are currently no other sports program like this one anywhere in the Thayer or West Plains. This plan will be used to define the scope of our services, as well as a means of gaining the necessary funds to operate our mission. It will also be used on a continual basis in the evaluation of The RAC Sports mission, goals, and objectives. The keys to success for RAC Sports are our ability to market effectively, creating an unmatched "family" atmosphere where people will like to be, and hiring qualified/certified and knowledgeable referees to aid in the running of our programs and leagues. The sports industry is a booming business that produced over $10.6 billion last year and is projected to continue its current trend according to Sports Illustrated. RAC Sports is conservatively projecting a strong net profit in its 2nd full year of operation with this number increasing significantly by the end of year three. Company Summary RAC Sports is a Non Profit organization that will provide both customers and casual users an opportunity to participate in a variety of sports and leisure programs and activities with Christian and family values. Company Ownership RAC Sports is a non profit incorporation that is operated by Refuge Apostolic Church and Mike Davis Partnership all proceeds go do the RAC Charities for children, and 10% will go to scholarship funds for local high school...
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...Financial Management of Health Care Organizations Latasha Rowell August 4, 2015 HCS/405 Conway Brew Financial Management In any business, financial managers should ensure that financial reporting practices and ethical standards are being met as well as maintained. These practices are vital in the financial success for any company, especially in health care finance. Within this paper, a summary of the four elements of financial management, generally accepted accounting principles, and general financial ethical standards will be discussed. Summary of the Four Elements of Financial Management There are four main financial statements of a profit earning organization. They include the balance sheet, the statement of revenue and expense, the statement of fund balance or net worth, and the statement of cash flows. The balance sheet provides a snapshot of what an organization's owns and owes. This is displayed as assets and liabilities. The balance sheet provides a snapshot of a company’s net worth. The income statement provides an overview of the financial flow of an organization. This report is commonly extracted for a specific period of time rather than a single point in time. This statement is most often utilized in an audited financial report on a quarterly and annual basis. The statement of net worth calculates the non-operating expenses and allows the income statement to tie back to the balance sheet when the three statements are prepared for the same point in time...
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...National, State, and Local Human Service Organizational Structures and Processes Summary National, State, and Local Human Service Organizational Structures and Processes Summary Team A selected three organizations to analyze and understand their organizational structures and processes, and also to compare and contrast their similarities and differences. The organizations selected include the Red Cross, Arizona Child Protective Services, and Native Connections. Each organization will be examined for their organizational structure and whether the organization is governmental, private, for-profit, or nonprofit. The paper will analyze the departments, divisions, or specific areas of program delivery and how the organization builds community. How building community affects the value of the organization will also be discussed. The organizational culture will be examined and why the culture is important to the organization. The Blake and McCanse’s Leadership Grid and Hersey and Blanchard’s Situational Leadership Model will be related to the each organization’s human relations model. A relevant strategic plan or organizational chart for each organization will be examined and a summary will be given of the differences between the national, state, and county or local human service organizations selected. Organizational Structure Organizational structure defines how the organization is arranged and operates (Lewis, Packard, Lewis, 2007). The Red Cross is structured in a combination...
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...Comparative Summary M W HCS/577 February 24, 2014 Comparative Summary According to Finkler & Ward (2006), “health care is an enormous part of the US economy, representing 17% of all personal consumption expenditures annually” (p. 7). The health care industry has multiple components, diverse types of providers, and many different types of health care organizations playing an integral part in the delivery of health care. Health care is provided by different health care financial environment namely for-profit organization (FP), not-for-profit organizations (NFP), and governmental organizations (Finkler & Ward, 2006). This paper will identify one entity from each health care financial environment identified from the previous week’s worksheet and will describe the financial structure of each financial environment. This paper will also address the policies that make this financial environment unique and identify which financial management practices are prevalent in the financial environment. This paper will also explain why effective financial management is more difficult in health care than in other industries. Entities FP, NFP, and government facilities exist throughout the country. This paper identifies the first entity FP healthcare organization JFK Medical Center. The second entity is Naples Community Hospital (NCH), a NFP healthcare organization, and the third entity is the Veterans Administration, a government funded facility. JFK Medical Center is a 460-bed...
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...General Example for Case Analysis General Environment Each of the following model elements addresses the industry first. First, a profound statement is made, about the element, and evidence is presented that supports that statement. Second, a statement is made and justified, which positions the firm, relative to the competition, within the industry. Third, position the firm of interest, compared to the competition. Summary Industry: "The general environment is favorable/unfavorable to the ______ industry." Give the specific locations of opportunities and threats that will appear. Firm Position:"The general environment is favorable/unfavorable to _______." ============================================================ Porter’s 5 Forces Model Each of the following model elements addresses the industry first. . First, a profound statement is made, about the element, and evidence is presented that supports that statement. Second, a statement is made and justified, which positions the firm, relative to the competition, within the industry. Bargaining Power of Suppliers Industry: "Bargaining Power of Suppliers is high/low/moderate, for the _______ industry." Give supporting evidence, from the case. Firm Position:"Bargaining Power of Suppliers is high/low/moderate for __________." Give supporting evidence, from the case. Bargaining Power of Customers Industry: "Bargaining Power of Customers is high/low/moderate, for the _______...
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...names and other identifying information to protect confidentiality. This report looks at difficulties that Teabox had while implementing their “Life Education” proposal into action, which was caused by Steward Ltd. participating in “Enhancing Employment of People with Disabilities through Small Enterprise Project”. As well as, how the idea of the project is being worked out and what impact it had on business strategy. The main idea of “Life Education” was to advocate a healthful diet, as well as provide work and training opportunities for disabled, former mental patients, and women. In order to support this, organization needed seed money from the program set by the Social Welfare Department. However, when working in a non-profit organization, good intentions are not the only thing necessary, lack of financial and management experience will have its toll on organization, as it did with Teabox. This report is based only on the case study and will include only the information given, so that, when analyzed we could make a conclusion and correspond with appropriate way of dealing with the problem. Background Information Teabox started as a small food retailer in Hong Kong secondary school in 2005 and is currently situated in Pooi Kei College (PKC) and Ma Ko Pan Memorial College (MKP). It was established by...
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