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Omega Health Foundation Financial Evaluation

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Running Head: Omega Health Foundation Financial Evaluation

Omega Health Foundation Financial Evaluation

Financial Position of Omega Health Foundation (OHF) The principles of finance and OHF’s financial position are very important to any leader of the organization and not just the financial officer or director. This evaluation of OHF finances will explain the financial position of OHF and offer recommendations to strengthen OHF’s financial position. Included in the evaluation will be an explanation of the principles of finance and how they relate to OHF, a comparison of net incomes and cash flows, a comparison of the market value of an asset and the book value, the addressing of OHF’s strengths and weaknesses and recommendations to further strengthen OHF.
Principles of Finance and how They Relate to OHF The principles of finance are an important aspect of OHF. Leaders of every department and not just the financial officer and director should be aware of these principles. These principles include financial viability, accounting entity, money measurement, duality, cost valuation, accrual accounting, and stable monetary unit. To be familiar with the four major types of statements these accounting principles should be understood. The phrase “generally accepted accounting principles” is usually used to refer to the rules and requirements that form the preparation of the four financial statements. These financial statements are used to aid in decision making (Cleverly & Cameron, 2007).
Financial Viability A successful health care organization (HCO) must be cost efficient. The HCO must collect dollar payments from the community that could include both patients and non-patients in the amount equal to at least the amount that it pays to its suppliers to be financially viable. To determine this one could look at the

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