Assessor Resource

FNSORG501
Develop and manage a budget

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.

It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan for and collect information for budget

1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel

1.3 Consult relevant colleagues in budget planning process as required

2. Develop budget

2.1 Draft budget based on analysis of all available information in accordance with organisational policy

2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment

3. Finalise budget and allocate resources

3.1 Provide final budget which incorporates agreed modifications to appropriate personnel

3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities

3.3 Obtain agreement to budget priorities and allocate resources

4. Monitor and control budget

4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status

5. Complete financial and statistical reports

5.1 Complete all required financial and statistical reports accurately within designated timelines

5.2 Make appropriate recommendations about future financial planning

5.3 Provide clearly presented and accurate reports to appropriate personnel

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Plan for and collect information for budget

1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel

1.3 Consult relevant colleagues in budget planning process as required

2. Develop budget

2.1 Draft budget based on analysis of all available information in accordance with organisational policy

2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment

3. Finalise budget and allocate resources

3.1 Provide final budget which incorporates agreed modifications to appropriate personnel

3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities

3.3 Obtain agreement to budget priorities and allocate resources

4. Monitor and control budget

4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status

5. Complete financial and statistical reports

5.1 Complete all required financial and statistical reports accurately within designated timelines

5.2 Make appropriate recommendations about future financial planning

5.3 Provide clearly presented and accurate reports to appropriate personnel

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 
Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 
Consult relevant colleagues in budget planning process as required 
Draft budget based on analysis of all available information in accordance with organisational policy 
Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment 
Provide final budget which incorporates agreed modifications to appropriate personnel 
Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 
Obtain agreement to budget priorities and allocate resources 
Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 
Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status 
Complete all required financial and statistical reports accurately within designated timelines 
Make appropriate recommendations about future financial planning 
Provide clearly presented and accurate reports to appropriate personnel 

Forms

Assessment Cover Sheet

FNSORG501 - Develop and manage a budget
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSORG501 - Develop and manage a budget

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: