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February, 2025 | CQ Press
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Financial Management for Public, Health, and Not-for-Profit Organizations

Eighth Edition
Steven A. Finkler - New York University, USA
Thad D. Calabrese - New York University, USA
Daniel L. Smith - University of Delaware, USA
688 pages | February, 2025 | CQ Press
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ISBN: 9781071929759
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Reflecting recent changes in accounting standards, this Eighth Edition of Financial Management for Public, Health, and Not-for-Profit Organizations provides a comprehensive yet practical introduction to the financial decision-making and management skills required of students and practitioners in the public, health, and not-for-profit sectors. Assuming that readers have no prior training in financial management, the authors artfully combine the principles, theory, and analytics of accounting and finance. In every chapter, a wide range of exercises, case studies, and problems help students develop strong financial assessment and judgment proficiencies while reinforcing the essential mechanics of accounting. 
Preface
Case Examples
About the Authors
Part I Introduction: Setting the Stage

What Is Financial Management?
Public Sector Resource Flows
Why Discuss Public, Healthcare, and Not-for-Profit in One Book?
Why Should Public Service Organizations Worry About Financial Management?
Should Public Service Organizations Earn a Profit?
Ongoing Case Study
Summary
Key Terms from this Chapter
Questions for Discussion
Appendix 1-A. Fundraising
Part II Planning

Mission
Strategic Plan
Long-Range Plan
Budgets
Behavioral Aspects of the Budget Process
Summary
Key Terms from this Chapter
Questions For Discussion
Problems

Line-Item and Responsibility Center Budgets
Centralization Versus Decentralization
Program and Functional Budgets
Budgeting Techniques
Zero-Based Budgeting
Forecasting
Additional Governmental Budgeting Issues
Summary
Key Terms from this Chapter
Questions For Discussion
Problems
Appendix 3-A. A Performance Budget Example
Appendix 3-B. Forecasting Using Historical Data

Basic Concepts and Definitions
Cost Behavior
Break-Even Analysis
Cost Measurement
Summary
Key Terms from this Chapter
Questions For Discussion
Multiple Choice and Fill in the Blank Questions
Problems
Appendix 4-A. Additional Break-Even Analysis Issues
Appendix 4-B. Using Excel to Solve Break-Even Problems

Why do we Need a Separate Capital Budget?
Definition of Capital Assets: Theory and Practice
Why do Capital Assets Warrant Special Attention?
The Time Value of Money
Capital Asset Investment Analysis
Summary
Key Terms from this Chapter
Questions For Discussion
Exercises (TVM)
Problems
Appendix 5-A Using Computer Spreadsheets for Time Value of Money Calculations: Examples
Appendix 5-B Using a Financial Calculator for Time Value of Money Calculations

Equity Financing
Long-Term Debt
Social Impact Bonds
Summary
Key Terms from This Chapter
Questions for Discussion
Exercises (Tvm)
Problems
Part III Implementation and Controlling Results

Working Capital Management
Short-Term Resources
Short-Term Obligations
Summary
Key Terms from This Chapter
Questions For Discussion
Problems
Appendix 7-A Economic Order Quantity
Appendix 7-B Credit Terms

Defining Management Control Systems
Measures of Performance
Controlling Quality
Variance Analysis
The Role of Ethics in Financial Management
The Form 990
Consequences of Ethical Violations
Summary
Key Terms from This Chapter
Questions For Discussion
Problems
Part IV Reporting Results

The Framework for Financial Accounting
Generally Accepted Accounting Principles
Balance Sheet Elements
Assets: A Closer Look
Liabilities: A Closer Look
Net Assets or Fund Balance: A Closer Look
Recording Financial Information
Fiscal Years
Summary
Key Terms from this Chapter
Questions for Discussion
Problems
Appendix 9-A The Recording Process: Debits and Credits
Appendix 9-B Using Dollar Signs and Underlines in Accounting

The Purpose of the Activity Statement
Rules for Recording Financial Events
The Dangers of Estimates
The Statement of Cash Flows
Interrelationships among Financial Statements
Notes to Financial Statements
Recording and Reporting Financial Information
Summary
Key Terms From This Chapter
Questions for Discussion
Problems
Appendix 10-A Sources of Revenue For Governments
Appendix 10-B Accelerated Depreciation Methods
Appendix 10-C Inventory Valuation Methods
Appendix 10-D The Recording Process: Debits And Credits
Appendix 10-E The Accounting Cycle

Accounting for Not-For-Profit Organizations
Fund Accounting
Depreciation
Donated Goods and Services
Investments
Taxes
Accounting for Health-Care Organizations
Different Organizational Structures
Summary
Key Terms from This Chapter
Questions for Discussion
Problems
Appendix 11-A Taxation Of Not-For-Profit Entities

Bases of Accounting
The Modified Accrual Basis of Accounting in Governments
Accrual Basis of Accounting
Government Fund Accounting
Recording Financial Information
Summary
Key Terms from this Chapter
Questions for Discussion
Problems
Appendix 12-A The Recording Process: Debits And Credits

The Objectives of Financial Reporting for Governments
The Governmental Reporting Components
Summary
Key Terms from this Chapter
Questions for Discussion
Problem
Appendix 13-A Interrelationships Among Government Financial Statements
Part V Financial Analysis

Elements and Purpose of the Financial Statement Review
Financial Statement Review
The Notes That Accompany Financial Statements
Ratio Analysis
Assessment
Summary
Key Terms from this Chapter
Questions For Discussion
Problems

Financial Condition Analysis
Financial Statement Analysis Versus Financial Condition Analysis
Ratio Analysis
Summary
Key Terms from this Chapter
Questions For Discussion
Problems
Appendix 15-A Bond Ratings
Glossary
Index

Instructor Resources

Instructors, you can now access and download textbook resources directly from this page. Simply log in to your Sage account and select the resources you need from the options below.

This diverse collection of case studies includes critical thinking questions that challenge students to identify and apply the concepts illustrated in each case.

Chapter-specific slide presentations highlight essential content from the book. The PowerPoint® slides for this book have been remediated for accessibility to accommodate those using assistive technology, such as screen readers.

Answers to questions in the text help instructors launch classroom interaction and reinforce important content.

Excel sheet templates, aligned to selected end-of-chapter exercises, may be provided to students and used for homework or other assignments in your course.

NEW TO THIS EDITION

  • Recent changes implemented by the Governmental Accounting Standards Board (GASB) reflected in every chapter.
  • Updated case studies and homework problems in both managerial and financial accounting.
  • Expanded coverage of ethical issues, including ethics and governance in public organizations.
  • Streamlined throughout to improve clarity and align topics around clear learning objectives.

KEY FEATURES

  • Written for students with little or no financial management background, the book provides a uniquely comprehensive introduction to the “hard skills” for a non-expert audience.
  • Exercises, problems, case studies, and questions for discussion provide frequent opportunities to apply the skills and principles of financial management.
  • Comprehensive coverage includes cost analysis, budget preparation, budget and variance analysis, management control, and recording and reporting financial information with an emphasis on preparing and analyzing financial statements. 
  • Coverage of the foundational principles of each of the methods introduced in the book includes step-by-step equations, figures, and exhibits that illustrate how to execute financial management in practice.