Saturday, September 7, 2019
University of Never Land Athletic Department Assignment
University of Never Land Athletic Department - Assignment Example To financial experts, it is important to reduce the gap between the projected budgets with the actual budget so that you avoid the financial crisis in the end. This is to avoid the idea of going beyond the limit covered by the taxpayers on the money spent on athletics by the university (Brit & Turner2010).To maintain a clear budget for the University of Never Land athletic budget at a recommendable level, you need to keep updated records on all the expenditures and the revenues circulation within any fiscal year. It is important for financial managers to check on the revenues generated from the sports activities and allocate its use appropriately to avoid more stress on taxpayersÃ¢â¬â¢ money for the university. The department needs to incorporate qualified personnel to aid in expenditure allocation and revenue keeping to keep the athletics of the university lively (Brit & Turner2010). The budgets for the next five years need to be projected analytically to be in line with economic changes that can come about. The budget needs to be one that will relate expenditure to revenues that will be expected from the athletics. Below is a projected budget for the next five financial years dating 2015 to 2020 for the University of Never Land Athletic Department. By following the estimates and set by the department, you need to spend the funds available in an accountable manner as a financial officer to enable availability of funds for emergency cases. The estimates will give a clear guide to what is expected to be realized in future for athletic activities in the institution. The internal auditors need to be open and critical when analyzing the books of account of the department to ensure that the officials involved spend funds in the right manner.