Full Description
Leisure Services Financial Management equips students and professionals with the knowledge and skills to plan, implement, analyze, and report on the financial operations of leisure service agencies, businesses, and organizations. This unique text examines financial management systems, standards, and practices in recreation, leisure, tourism, and related fields, making it an essential reference for both future and current professionals.
Leisure Services Financial Management prepares students for the roles and responsibilities of entry-level to middle managers in public, private, and nonprofit sectors of the leisure service industry. Readers will learn
• foundational knowledge used in economics, accounting, finance, and marketing;
• the technical and technological skills involved in managing the financial aspects of a leisure service agency, organization, or business;
• how to develop a financial management philosophy and practice ethical financial management; and
• interpersonal skills useful for financial managers interacting with various stakeholders on fund-raising and development initiatives.
Leisure Services Financial Management presents current financial management approaches, giving students an understanding of the differences in accounting methodologies and financial report methods across the private, nonprofit, and public sectors. By examining and working with varied examples of financial reports and analyses, students gain experience in creating and interpreting a range of financial report models.
A comprehensive package of online ancillaries, including an instructor guide, presentation package, and test package, assists instructors in delivering engaging lectures, facilitating class discussion, and creating effective assessment tools. The instructor guide includes chapter overviews, learning objectives, glossary terms and definitions, learning activities, critical thinking questions, case studies, web links to additional resources, and sample financial reports to assist instructors in planning lectures and student assignments.
A student web resource offers a range of learning resources, including learning activities that replicate the work professionals do on the job. The student web resource also contains examples of management case studies, which offer insights into the realities of the economic, political, and financial workings of the leisure service industry. Both the instructor guide and student web resource contain sample financial reports from each sector (private, public, and nonprofit). Included with each of these reports are problem-solving activities, which provide students with practice in reading, understanding, and analyzing financial reports similar to those they will encounter as professionals. Problem-solving activities in each sample report help students show their understanding of how to interpret these financial reports.
Leisure Services Financial Management offers students in-depth discussion of the knowledge and skills necessary for beginning a career in the varied and dynamic leisure service industry. This foundational guide to financial management will serve as an essential resource to both future and current professionals in the leisure industry.
Contents
Chapter 1. The Leisure Services Environment
Leisure and Leisure Services Financial Management Defined
How Leisure Services Began in the United States
Leisure Services Sectors
Challenges Facing Managers Today
Summary
Chapter 2. Managing Resources
Basic Economics
Basic Finance
Summary
Chapter 3. The Art of Accountancy
History of Accounting
Accounting
Posting Transactions
Codes of Ethics and Conduct
Dimensions of Complexity in Leisure Services Accounting
Summary
Chapter 4. The Private Sector
How Greed and Power Affect Business Management
Size of the Private Sector
Focus on Customer Needs
Making a Profit
Debt Versus Equity
Taking on New Owners
Summary
Chapter 5. Private-Sector Accounting
Accounting Standards
Generally Accepted Accounting Principles
Advanced Financial Accounting Concepts
Transparency
Reading Important Financial Reports
Summary
Chapter 6. Private-Sector Reporting and Analysis
Due Diligence
Budgeting
Financial Formulas
Summary
Chapter 7. The Nonprofit Sector
Noncharitable and Charitable Nonprofits
Nonprofit Charitable Status
Fund-Raising and Donations
Boards of Directors
Role of the Nonprofit Manager in Fund-Raising
Financial Challenges
Summary
Chapter 8. Nonprofit Accounting and Reporting
Fund Segregation
Fundamentals of Nonprofit Budgeting
Federal Reporting
Summary
Chapter 9. The Government Sector
Federal Government
State Government
Local Government
Summary
Chapter 10. Government-Sector Accounting
The GASB and the FASB
Annual Financial Reports
Special District CAFRs
Managing the Finances of Governmental Leisure Services
Summary
Chapter 11. Capital Financing and Construction Management
Capital Assets Financial Management
Sources of Financing for the Private Sector
How Nonprofits Fund Capital Improvements
How Governmental Units Fund Capital Improvements
Financing Public Projects Through Referenda
Managing Construction Projects
Summary
Chapter 12. Future Trends
Transparency Requirements
Online Scrutiny
Changes in Financial Reporting
Changes in Technology
Focus on Revenues
Summary
