Advanced Fiscal Management

Course Description

This course is intended to provide students with advanced concepts of financial management as applied to the unique  industries of parks, recreation, tourism, and sport management. Regardless of financial sector (e.g., for profit, non‐profit,  or public), the realities of the environments in which today’s parks, recreation, sport, tourism, and event organizations  operate require successful managers to possess both operational and strategic financial management competencies.  There are four broad areas of economics and finance that will be addressed in this course. 1. Economics (concepts include  economic principles, economic environments, and economic impact of facilities and events), 2. Revenue acquisition  (concepts include taxes and bonds, grant writing, sponsorship, pricing, and fundraising), 3. Financial management  (concepts include budgeting, accounting, and financial reports), and 4. Financial planning (concepts include forecasting,  investments, and business planning).  We will also look at key contemporary financial issues facing multiple types of  organizations.

4-H participants learn financial concepts at a mock farmer’s market during 4-H Pizza Camp.

Learning Objectives:

1. Identify and summarize the characteristics of the economic environment in which different parks, recreation,  sport, tourism, and event organizations operate;   
2. Critically assess and articulate the economic impact of park, recreation, sport, and recreational facilities and  events;   
3. Identify different revenue streams utilized by organizations and demonstrate strategies to acquire revenues via  these streams;   
4. Demonstrate the ability to develop a program or venue business plan;   
5. Identify and describe the financial management considerations for capital investments;
6. Discuss current financial practices common in the industry;   
7. Create an overall financial analysis for a parks, recreation, sport, tourism, or event organization

Reflections and Summary

This Advanced Fiscal Management course reinforced material that I had learned during undergrad and helped me get more familiar with the financial situation and processes within my organization in ways I hadn’t been exposed to before. When I took this course last year, I was in my third year with the 4-H program in Ashe County, and our office was facing criticism for the dissolution of the 4-H Afterschool Program.

Dr. Edwards’s course challenged me to take a deep dive into the financial situation of my 4-H program and gave me a deeper understanding of the current situation and future outlook for my organization, financially. Through weekly class meetings and an in-depth analysis of Ashe County 4-H finances, I became keenly aware of factors affecting the financial environment within my organization and learned how to apply financial concepts to real world situations.

Primary Artifact: Ashe County 4-H Financial Analysis