The primary objectives that you need to consider throughout this project include: Net Profit Margin of 10% Increase market share by 10% Budget requirements are met with zero budgets exceeded during the 2022-2023 FY

You have received the Fitness Managers equipment budget and Marketing managers marketing budget for the 2022 - 2023 FY. Review the budgets along with their impact on the cash flow forecast for 2022 2023 FY within the Financial Plan.

Financial Policy and Procedure

Introduction

Management need to ensure efficient administration of Bounce Fitness and accurate financial accountability to ensure that the funding received is used toward achieving the goals of the missing and to ensure that all legal requirements are met.

Objectives

• To develop agreed procedures that will ensure records of all financial transactions are accurate and up to date
• To ensure that a budget guides spending so that objectives in the Bounce Fitness Mission, Vision and Objectives are met
• To develop agreed procedures that will ensure all incomes and expenditure is audited annually, and these accounts are available to the Board and Stakeholders
• To develop agreed processes for spending so that it is clear who needs to authorise various levels of spending

Procedure

• The annual budget is drafted by the General Manager Finance and is overseen by the Chief Executive Officer from budget actuals, bank statements and records maintained by the Bookkeeper and approved by the General Manager Finance. The Chief Executive Officer approves the final budget and presents it to the Board of Directors
• An independent audit of the financials is conducted annually by the Accounting Firm representing Bounce Fitness.
• The Accounting Firm will audit accounts annually and present a Statement of Financial Performance on each occasion to the Chief Executive Officer who will in turn present it to the Board
• Financial records may be accessed by the Board Members, Chief Executive Officer and the General Manager Finance. Other information may be accessed as needed by the Bookkeeper or Administrative Assistants with the approval of the General Manager Finance
• Centre Managers are responsible for planning, approving and keeping to their budgets and if an overrun is foreseen or occasioned, the General Manager Finance is informed at the earliest possible time
• Six Monthly reports are produced for the Centre Managers and they convey information related to targets such as budgeted expense vs actual expense, projected sales vs actual sales. Variations must be reported to General Manager of Finance at the earliest possible time.
• Centre Managers manage Petty Cash to the value of $100 per item and may spend up to $500 of budgeted funds on agreed and budgeted area. Any other expenses must be approved in advance by the General Manager Finance.
• General Manager Finance may authorise expenditure up to $5,000 without consultation. Any unbudgeted expenditure or amounts above that must be approved by the Chief Executive Officer
• Chief Executive Officer may authorise expenditure up to $10,000 without consultation. Any unbudgeted expenditure or amounts above that must be approved by the board.

List any issues or concerns that you have identified below

Equipment Budget FY 2022 - 2023 Total Equigment Budget =$20,000 AUD Marketing Budget FY 2022 - 2023.docx Marketing Budget FY 2022 - 2023 Total Marketing Budget =$100,000 auD 17:15 .41 25 4 Drive Nhp vn bn hoc cng thc Equipment Budget FY 2022 - 2023 Total Equigment Budget =$20,000 AUD Marketing Budget FY 2022 - 2023.docx Marketing Budget FY 2022 - 2023 Total Marketing Budget =$100,000 auD 17:15 .41 25 4 Drive Nhp vn bn hoc cng thc