Financial Management A Course for School Food Service Directors. Pretest. Chapter One: Communicating the Importance of Effective Financial Management. Objective Recognize the importance of effective communication regarding financial management of the school nutrition program(SNP).
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Financial Management A Course for School Food Service Directors
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Question for Discussion • Based on your experiences, what is your definition of financial management?
Financial Management • Financial Management: -the financial goals and program objectives for the school nutrition program, and -attaining those goals through the effective use of resources
Question for Discussion • What are some ways school food service directors can demonstrate financial accountability?
Key Concepts • Financial goals of the school board • School nutrition program self-supporting • Efficient accounting system • Accurate, timely financial management • Adherence to submitted food service budget
Key Concepts • Financial objectives of the school nutrition program • Basic financial management practices • Customer satisfaction • Well managed resources for cost containment • Interpreting financial information for decision-making
Question for Discussion • What are examples of financial goals/objectives for a school nutrition program?
Food Service Director to Principals • School activities affect participation • Student increases/decreases in free/reduced price numbers • Merchandising activities
Food Service Director to Manager • Policies and Procedures • Menus • Price changes • Budget • Explain yearly projections of revenues and expenditures • Reporting forms • Maintenance request procedures • Special promotions
Manager to Food Service Director • Market and grocery orders • Monthly inventory • Meal costs • Meals per labor hour • Daily meal counts • Daily cash reconciliation
Manager to Food Service Director • Product evaluation • Guests to the program • Power outages • Equipment repair needs • Accidents • Special events • Banking problems • Clarification on policies/procedures
Federal Sources • Payment for breakfast and lunch meals • Federal cash reimbursement for snacks • Value of donated commodities • Grant money awarded to school districts • Funds for other federal nutrition programs
Scenario for Discussion Students who choose not to eat school meals result in lost revenue to the program. Discuss how schools should go about setting participation goals and then follow-up with plans to increase participation.
Scenario for Discussion Some parents do not complete application forms for their children to receive meal benefits although the children are eligible. Suggest ways that the school districts might approach these parents and their children to encourage them to participate.
Scenario for Discussion More and more school districts are reporting student theft of food displayed on the serving line. Suggest ways the school district can eliminate theft of food items.
Scenarios for Discussion • Have program costs been analyzed according to categories of expenditure? • How do program costs in the school’s food service operation compare to other school programs or to industry standards? • Have school food service staffs been included in the financial management of the operation?
Scenarios for Discussion • Do staff have an understanding of the importance of cost controls to the success of the operation? • If there is a need to reduce costs, are the reductions being made in activities that have less value to the customers?
Chapter Three: Expenditure Sources by Category Objective Identify SNP expenditure sources by category • Labor (Salaries and Wages) • Employee Benefits • Purchased Professional Services • Purchased Property Services • Purchased Food & Donated Commodities • Other Purchased Services • Supplies • Property • Miscellaneous • Fund Transfers Out
Chapter Four: Accountability in Financial Reporting Objectives • Define the essential financial reports used in the school nutrition program. • Recognize the importance of ethical standards in developing school nutrition program financial reports.
