SECTION 1 1 Review the records of financial activity collected during the implementation of your Financial Management Plan from Task 3 Section 3 2 Access organizational documentation relevant to financial variance Documentation includes, but is not limited to the following Financial Management Policies and Procedures Financial Report Policies and Procedures Staff Handbook Review this documentation to identify your own organization's acceptable variance and cycle for monitoring expenditure 3 Access your own organization's template for completing variance reports If your organisation does not currently have a template for variance reports, you may access the Variance Report template found within this workbook 4 Create at least one variance report comparing actual expenditure and projected expenditure for the period in which you implemented your Financial Management Plan This must follow the schedule for monitoring expenditure as identified in your Financial Management Plan Each variance report must include the following Identify your organization's acceptable variance Period covered by variance report Indicate your response in months Projected expense of each expenditure Response must correspond to your initial expenditure from the financial and budget plans from Assessment Task 2 Actual expense of each expenditure Response must correspond to the financial records provided in Task 3 Section 3 Variance in dollars of each expenditure Variance in per cent of each expenditure Projected total expenditure Response must correspond to your initial expenditure from the financial and budget plans from Assessment Task 2 Actual total expenditure Response must correspond to the financial records provided in Task 3 Section 3 Variance of total expenditure in dollars Variance of total expenditure in per cent Identify if your per cent variance for each of the following is favorable or unfavorable Individual expenditure Total expenditure 5 Submit at least one completed Variance Report to your assessor SECTION 1 Variance Report PERIOD COVERED ACCEPTABLE VARIANCE Expenditure Projected Expenditure Actual Expenditure Variance ($) Variance ( ) Favorability TOTAL

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SECTION 1: 1. Review the records of financial activity collected during the implementation of your Financial Management Plan from Task 3 Section 3. 2. Access

SECTION 1:

1. Review the records of financial activity collected during the implementation of yourFinancial Management Planfrom Task 3 Section 3.

2. Access organizational documentation relevant to financial variance.

Documentation includes, but is not limited to the following:

Financial Management Policies and Procedures
Financial Report Policies and Procedures
Staff Handbook

Review this documentation to identify your own organization's acceptable variance and cycle for monitoring expenditure.

3. Access your own organization's template for completing variance reports.

If your organisation does not currently have a template for variance reports, you may access theVariance Report templatefound within this workbook.

4. Create at least one variance report comparing actual expenditure and projected expenditure for the period in which you implemented yourFinancial Management Plan.

This must follow the schedule for monitoring expenditure as identified in yourFinancial Management Plan.

Each variance report must include the following:

Identify your organization's acceptable variance
Period covered by variance report

Indicate your response in months

Projected expense of each expenditure

Response must correspond to your initial expenditure from the financial and budget plans from Assessment Task 2.

Actual expense of each expenditure

Response must correspond to the financial records provided in Task 3: Section 3

Variance in dollars of each expenditure
Variance in per cent of each expenditure
Projected total expenditure

Response must correspond to your initial expenditure from the financial and budget plans from Assessment Task 2.

Actual total expenditure

Response must correspond to the financial records provided in Task 3: Section 3

Variance of total expenditure in dollars
Variance of total expenditure in per cent
Identify if your per cent variance for each of the following is favorable or unfavorable:
- Individual expenditure
- Total expenditure

5. Submit at least one completed Variance Report to your assessor.

SECTION 1: Variance Report

PERIOD COVERED:		ACCEPTABLE VARIANCE
Expenditure	Projected Expenditure	Actual Expenditure	Variance ($)	Variance (%)	Favorability











TOTAL