Introduction to fiscal management as a strategic planning process resulting in the selection of accounting systems and the development and control of budgets. Emphasis is on the creation of a financial plan based on an assessment of fiscal status, an environmental scan, market survey, and the selection and implementation of a budget format. Special attention is given to capturing alternate sources of funding, preparation of grant proposals and determination of appropriate investment strategies.
Prerequisites
17:610:570 Management of Library and Information Organizations
Course Objectives
Introduce the purpose and process of financial management as well as the major functions and tasks of the financial manager.
Develop the process for determining fiscal status and create an understanding of the major accounting system applicable to library and information organizations.
Focus on the concept and implementation of an environmental scan, including the analysis of economic, legal, political, social, and technological conditions in both internal and external spheres of influence.
Emphasize conducting a market survey with attention to the population the organization is chartered to serve and the population actually served.; how programs and services are delivered; what constitutes the library or information center's competition; and methods of evaluating performance using a combination of population, input, output, impact and cost measures.
Consider the organization's potential for recruiting new customers and setting assumptions about future financial problems and their solutions.
Demonstrate the process for setting financial goals and objectives and establishing long term budgetary forecasts.
Introduce the development of budgets using four budgetary processes: line item, program, performance, and zero-base.
Explore funding strategies including gathering grants and finding funding from a variety of sources.
Create familiarity with the process for evaluating the financial plan.
Organization of the Course
I. Aspects of Financial Management
II. The Library's Fiscal Status
III. Environmental Scan
IV, V. Market Survey
VI. Fiscal Action Plan
VII. Budget Process
VIII. Budget Design and Presentation
IX. Alternate Sources of Funding
X. Gathering Grants
XI. The Financial Plan
XII.Evaluating the Financial Plan
XIII. The Financial Plan as Communication Device
XIV. The Executive Summary
Major Assignments
Fiscal Analysis (30% of grade) Using the current fiscal trends of your library workshop, make some assumptions for its future financial health. Due Class IV.
Market Analysis (30% of grade) Prepare a Market Survey of your library workshop from available data. Observe the library in operation. How well is the library serving its population? Due Class VIII.
Financial Plan (40% of grade) Create or improve the financial plan for the library workshop and a critique of the financial planning model. Due Class XIV.
Requirements for the Course
Class attendance. Practice assertively presenting a point of view backed up by information you have gathered that is relevant to the topic. It is expected that you will come to class each week, ready to participate in discussions based on your reading as well as your experience.
Reading assignments. Actively apply what you learn to class discussions, activities and assignments.
Completing all assignments on time.
Bibliography
Allen, F.R. 1996. "Materials Budgets in the Electronic Age: A Survey of Academic Libraries,"
College and Research Libraries, 57 (2), pp. 133-143.
Altman, E. and Pratt, A. 1996. "Fund Raising---Library Fundraising: Models for Success,"
Journal of Academic Librarianship, 22 (3), p. 235.
Bayley, L. 1995. "Grant Me This: How to Write a Winning Grant Proposal," School Library Journal, 41 (9), pp. 126-128.
Beasley, A.E. 1996. "Coping with Shrinking Budgets," Book Report, 14 (4), pp. 18-20.
Berger, S. 1991. "The First Audit," The Bottom Line, 5 (2), Summer, pp. 28-30.
Birdsall, D.G. 1995. "The Micropolitics of Budgeting in Universities: Lessons for Library
Administrators," Journal of Academic Librarianship, 21 (6), pp. 427-437.
Bradbury, D.J. 1988. "Seven Strategies for Effective Fund-Raising," The Bottom Line, 2 (4), pp. 11-14.
Burgin, R. 1987. "Creative Budget Presentation: Using Statistics to Prove Your Point," The BottomLine, 1 (1), pp. 13-17.
Clark, C. 1990. "Going It Alone! Fundraising Without a Consultant," The Bottom Line,4 (4), pp. 8-11.
Clay, E.S. II. 1987. "Fundraising by Strategic Design," The Bottom Line, 1 (3), pp. 25-27.
Cleary, P.M. 1989. "Private Funds Versus Public Funds," The Bottom Line, 3 (3), p. 30.
Craft, M. 1995. "Private Funds Versus Public Funds," The Bottom Line, 8 (4), pp. 5-9.
Dahlgren, A.C. 1990. "Funding Library System Services," The Bottom Line, 4 (4), pp. 20-26.
Devlin, B. 1988. "Basic Budget Primer: Choosing the Best Budget for Your Library," The Bottom Line, 2 (3), pp. 20-24.
Dunkle, C.B. 1996. "Outsourcing the Catalog Department: A Meditation Inspired by the The Business and Library Literature," Journal of Academic Librarianship, 22 (1),pp. 33-44.
Eisner, J. 1990. "Contingency Budgeting," The Bottom Line, 4 (3), p. 41.
Eisner, J. 1990. "The Budget: An Imprecise Document for Cost Analysis," The Bottom Line,4 (4), pp. 37-38.
Fine, S. 1989. "Change and Resistance: The Cost/Benefit Factor," The Bottom Line, 5 (1),Spring, pp. 18-24.
Flagg, G. 1996. "Utica Mayor Zeroes out Library's Entire Funding," American Libraries,27 (4), pp. 19-20.
Gertzog, A. 1986. "Gathering Grants---Financial Boon or Bust," The Bottom Line, Charter Issue, pp. 17-20.
Goldberg, S. 1990. "Library Endowments Building for Equity," The Bottom Line, 4 (10, Spring, pp. 22-23.
Hall, R. 1995. "Door-to-Door Canvassing and Personal Contact in Library ReferendaCampaigns," The Bottom Line, 8 (4), pp. 21-25.
Hanson, C., (Ed.) (1998). "Cost Finding for Libraries," The Bottom Line, 11 (2), pp. 52-65.
Harris, G and Marshall, J.G. 1996. "Building a Model Business Case: Current Awareness Service in a Special Library," Special Libraries, 87 (3), pp. 181-190.
Hawbaker, A.C. and Wagner, C.K. 1996. "Periodical Ownership Versus Full Text Online Access" A Cost-Benefit Analysis," Journal of Academic Librarianship, 22 (2), pp. 105-109.
Hayes, S. and Brown, C.D. 1989. "Fund Accounting Basics," The Bottom Line, 3 (30), pp. 32-33.
Hayes, S. and Gabhart, D. 1988. "There's Depreciation in Your Future," The Bottom Line, 2 (2) pp. 27-28.
Hayes, S. and Klein, L.A. 1988. "Cost Accounting Basics: When (Or) Do They Apply to Libraries?" The Bottom Line, 2 (1), pp. 29-30.
Herzlinger, R.F. 1994. "Effective Overweight: A Guide for Nonprofit Directors," Harvard Business Review, 72 (July-August), pp. 52-60.
Holt, G.E., et al. 1996. "A Framework for Evaluating Public Investment in Urban Libraries,"The Bottom Line, 9 (4), pp. 4-13.
Hoogelspel, A. 1991. "Financial Reporting Through the Audit," The Bottom Line, 3 (1), Spring, pp. 30-32.
Hurd, J.M. 1996. "ARL Academic Science and Technology Libraries: Report of a Survey,"College and Research Libraries, 57 (2), pp. 144-160.
Jamison, M. 1996. "Taking the Net Initiative," Library Journal, 12 (8), p. 139.
Ketcham, L. and Born K. 1996. "Projecting the Electronic Revolution While Budgeting for the Status Quo," Library Journal, 121 (7), pp. 45-51.
Kniffel, L. 1995. "Corporate Sponsorship: The New Direction in Fundraising," American Libraries, 26 (10), pp. 1023-1026.
Lapsley, A. 1996. "Major Donors, Major Gifts," The Bottom Line, 9 (2), pp. 40-43.
Lapsley, A. 1996. "The Case for Support," The Bottom Line, 9 (1), pp. 44-45.
Lapsley, A. 1995. "Writing Winning Grant Proposals," The Bottom Line, 8 (4), pp. 38-41.
Lapsley, A. 1995. "Full Disclosure, Full Compliance," The Bottom Line, 8 (3), pp. 33-36.
Lapsley, A. 1995. "The Business of Corporate Giving," The Bottom Line, 8 (1), pp. 41-44.
LeLoup, D. 1996. "Finding Funds to Go Hi-Tech," Book Report, 14 (4), pp. 19-21.
Martini, M. 1995. "Outsourcing," The Bottom Line, 8 (3) pp. 28-30.
McGovern, G. 1987. "Direct Mail Campaigns," The Bottom Line,1 (1), pp. 35-37.
Miller, R.C. 1987. "Endowment Funding in Academic Libraries," The Bottom Line, 1 (1),pp. 23-27.
Neal, J. 1997. "College Sports and Library Fundraising," The Bottom Line, 10 (2), pp. 58-60.
Neal, S. 1997. "The Virtual Library---A Market Perspective," The Bottom Line, 10 (3), pp. 100-107.
Pastine, M. 1996. "Academic Libraries and Campus Computing Costs," The Bottom Line,9 (3), pp. 20-32.
Penniman, W.D. 1987. "On Their Terms: Preparing Libraries for a Competitive Environment,"The Bottom Line, 1 (3), pp. 11-15.
Prentice, A. 1996. Financial Planning for Libraries. Metuchen, NJ: Scarecrow Press.
Reidell, M. 1987. "The Joy of Staging Special Events," The Bottom Line, 1 (4), pp. 21-24.
Reilly, C.R. 1987. "Productivity Measurements for Fiscal Control," The Bottom Line, Charter Issue, pp. 21-28.
Richmond, E. 1988. Cost-Finding: The Wisconsin Experience," The Bottom Line, 2 (1), pp. 23-28.
Richmond, E. 1987. "Cost-Finding: Method and Management," The Bottom Line, 1 (4), pp. 16-20.
Robinson, B.M. 1990. "Costing Question Handling and ILL/Photocopying," The Bottom Line, 4 (2), Summer, pp. 20-25.
Sayre, E. and Thielen, L. 1989. "Cost Accounting: A Model for Small Libraries," The Bottom Line, 3 (4), pp. 15-19.
Schneider, K. 1998. "The Tao of Internet Costs," The Bottom Line, 11 (2), pp. 52-64.
Sloan, B. 1998. "Allocating Costs in a Consortial Environment: A Methodology for Library Consortia," The Bottom Line, 11 (2), pp. 65-71.
Steele, T. 1995. "Using Liability Insurance to Manage Risk," The Bottom Line, 8 (2), pp. 5-9.
Steinberg, E. 1988. "The Balance Sheet," The Bottom Line, 2 (1), pp. 23-25.
St. Lifer, E., Boehning, J.C., and Mazmanian, A. 1996. "Public Libraries Face Fiscal Challenges," Library Journal, 12 (1), pp. 40-45.
Suter, D.K. 1988. "How to Write an Award-Winning Financial Report," The Bottom Line, 2 (4), pp. 15-20.
Svenningsen, K. 1998. "An Evaluation Model for Electronic Resources Using Cost Analysis,"The Bottom Line, 11 (1), pp. 18-24.
Symons, A.K. 1996. "In the Footprints of Melvin Dewey," American Libraries, 27 (6), pp. 80-81.
Turock, B.J. 1994. "Three Business Trends that Strengthen Library Operations," The Bottom Line, 8 (1), Summer, pp. 19-23.
Turock, B.J. and Pedolsky, A. 1991. "Financial Planning for a Stable Fiscal Future,"The Bottom Line, 5 (3), Fall, pp. 13-17.
Turock, B.J. 1989. "Seeking and Winning Grants," New Jersey Libraries, Fall, pp. 3-8.
Turock, B.J. 1987. "The Twilight Zone of Library Budgeting," The Bottom Line, 1 (3), p. 3.
Turock, B.J. 1986. "Libraries and Zero Sum Society," The Bottom Line, Charter Issue, p. 3.
Vinson, M. 1989. "Cost-Finding: A Step-by-Step Guide," The Bottom Line, 2 (3), pp. 15-19.
Wacht, R.F. 1991. "The Role of the Financial Manager." In Financial Management in Nonprofit Organizations, 2nd ed. Atlanta, GA: State University Press, pp.3-10.
Warner, A. 1999. "Teaching About Library Budgets," The Bottom Line, 12 (1), pp. 19-22.
White, H.S. 1996. ""Research Library Directors and the Squandered Opportunity to Lead," Library Journal, 121 (11), pp. 43-44.