Assessor Resource

SISXFIN001
Develop and review budgets for activities or projects

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes the performance outcomes, skills and knowledge required to collect and prepare data to develop budgets for activities, events and programs.

This unit applies to those with responsibility for activity budget development. Work is performed according to relevant legislation and organisational policies and procedures.

No occupational licensing, certification or specific legislative 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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

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

1. Source data for budget preparation.

1.1 Access and interpret data about resources required to conduct initiative.

1.2 Confirm budget allocation for initiative with person responsible.

1.3 Identify potential sources and scope of activity income.

2. Prepare budget calculations.

2.1 Calculate realistic projections of income and expenditure based on data and information obtained.

2.2 Determine unit cost or product price and break-even point.

2.3 Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

2.4 Identify and plan for likely contingencies.

3. Prepare budget documentation.

3.1 Prepare draft budgets in established format from data obtained and calculations made.

3.2 Identify and support income and expenditure estimates with current and valid information.

3.3 Submit budget for approval within designated timelines.

3.4 Adjust budget in response to feedback from nominated people.

4. Review budget against actual results.

4.1 Compare original budget to actual results and identify variances and their reasons.

4.2 Record and maintain information to allow retrieval for the development of future budgets.

4.3 Review own work performance and identify potential improvements.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

prepare, document and review budgets for at least two different activities or projects.

Demonstrated knowledge of required to complete the tasks outlined in elements and performance criteria of this unit:

organisational policies and procedures that enable development of sound financial budgets:

timelines

nominated person for authorisation

record keeping

contingency planning

confidentiality and security of financial information

budget preparation techniques:

information required for budget preparation

components of a budget:

income and potential sources – sales, grants, sponsorship, donations

costs – labour, materials, overheads, hire fees, catering

techniques for making budget estimates and forecasts

type of supporting information required

presentation techniques

formats for budgets

principles of budgetary control

principles of statistical analysis and measures of variance to enable accurate analysis of data.

Skills must be demonstrated in:

a workplace or simulated industry environment.

Assessment must ensure use of:

data required to develop budgets such as sources of income, costing information

computers and technology required for the preparation of budget documents

relevant legislation and organisational policies and procedures such as communication protocols, privacy and confidentiality, approval processes

individuals with whom the candidate interacts on budget allocation and approvals, these can be:

participants in a workplace, or

individuals who participate in project activities, role plays or simulated activities, set up for the purpose of assessment, within a training organisation.

Assessment activities that allow the individual to:

prepare budgets within industry realistic timeframes.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.


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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes

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

1. Source data for budget preparation.

1.1 Access and interpret data about resources required to conduct initiative.

1.2 Confirm budget allocation for initiative with person responsible.

1.3 Identify potential sources and scope of activity income.

2. Prepare budget calculations.

2.1 Calculate realistic projections of income and expenditure based on data and information obtained.

2.2 Determine unit cost or product price and break-even point.

2.3 Record and maintain costing and income calculation system to ensure information is current, accurate and confidential.

2.4 Identify and plan for likely contingencies.

3. Prepare budget documentation.

3.1 Prepare draft budgets in established format from data obtained and calculations made.

3.2 Identify and support income and expenditure estimates with current and valid information.

3.3 Submit budget for approval within designated timelines.

3.4 Adjust budget in response to feedback from nominated people.

4. Review budget against actual results.

4.1 Compare original budget to actual results and identify variances and their reasons.

4.2 Record and maintain information to allow retrieval for the development of future budgets.

4.3 Review own work performance and identify potential improvements.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

prepare, document and review budgets for at least two different activities or projects.

Demonstrated knowledge of required to complete the tasks outlined in elements and performance criteria of this unit:

organisational policies and procedures that enable development of sound financial budgets:

timelines

nominated person for authorisation

record keeping

contingency planning

confidentiality and security of financial information

budget preparation techniques:

information required for budget preparation

components of a budget:

income and potential sources – sales, grants, sponsorship, donations

costs – labour, materials, overheads, hire fees, catering

techniques for making budget estimates and forecasts

type of supporting information required

presentation techniques

formats for budgets

principles of budgetary control

principles of statistical analysis and measures of variance to enable accurate analysis of data.

Skills must be demonstrated in:

a workplace or simulated industry environment.

Assessment must ensure use of:

data required to develop budgets such as sources of income, costing information

computers and technology required for the preparation of budget documents

relevant legislation and organisational policies and procedures such as communication protocols, privacy and confidentiality, approval processes

individuals with whom the candidate interacts on budget allocation and approvals, these can be:

participants in a workplace, or

individuals who participate in project activities, role plays or simulated activities, set up for the purpose of assessment, within a training organisation.

Assessment activities that allow the individual to:

prepare budgets within industry realistic timeframes.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

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
Access and interpret data about resources required to conduct initiative. 
Confirm budget allocation for initiative with person responsible. 
Identify potential sources and scope of activity income. 
Calculate realistic projections of income and expenditure based on data and information obtained. 
Determine unit cost or product price and break-even point. 
Record and maintain costing and income calculation system to ensure information is current, accurate and confidential. 
Identify and plan for likely contingencies. 
Prepare draft budgets in established format from data obtained and calculations made. 
Identify and support income and expenditure estimates with current and valid information. 
Submit budget for approval within designated timelines. 
Adjust budget in response to feedback from nominated people. 
Compare original budget to actual results and identify variances and their reasons. 
Record and maintain information to allow retrieval for the development of future budgets. 
Review own work performance and identify potential improvements. 
Access and interpret data about resources required to conduct initiative. 
Confirm budget allocation for initiative with person responsible. 
Identify potential sources and scope of activity income. 
Calculate realistic projections of income and expenditure based on data and information obtained. 
Determine unit cost or product price and break-even point. 
Record and maintain costing and income calculation system to ensure information is current, accurate and confidential. 
Identify and plan for likely contingencies. 
Prepare draft budgets in established format from data obtained and calculations made. 
Identify and support income and expenditure estimates with current and valid information. 
Submit budget for approval within designated timelines. 
Adjust budget in response to feedback from nominated people. 
Compare original budget to actual results and identify variances and their reasons. 
Record and maintain information to allow retrieval for the development of future budgets. 
Review own work performance and identify potential improvements. 

Forms

Assessment Cover Sheet

SISXFIN001 - Develop and review budgets for activities or projects
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

SISXFIN001 - Develop and review budgets for activities or projects

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: