Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBGOV504 Mapping and Delivery Guide
Monitor organisational finances

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBGOV504 - Monitor organisational finances
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required for board or committee members to maintain effective organisational financial accountability systems in order to monitor organisational finances.It applies to members of committees or boards of governance.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical committee or board of governance activities and include access to:

examples of financial statements and budgets discussed by committees or boards of governance

examples of issues boards or committees of governance have worked on, including community feedback and strategic decisions.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Review organisational financial management processes
  • Document respective financial management responsibilities of the board or committee, and management
  • Explain legal responsibilities of individual board members and the board as a whole to the committee or board
  • Determine financial information required by the board or committee from management
  • Identify the statutory requirements of the board or the committee
  • 1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health.
       
Element: Apply financial management processes and systems
  • Access appropriate policies and procedures to open and/or operate necessary bank accounts
  • Identify approved signatories for the bank accounts
  • Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met
  • Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies
  • Review documentation for authority and delegation between the board or committee and management for the management of finances
  • Ensure statutory requirements with regard to financial management are followed
  • Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud
  • Review organisational procedures and documentation for receiving and expending funds
  • Review process for financial reporting against organisational budget and ensure established procedures and maintained by management
       
Element: Meet financial reporting requirements
  • Ensure financial information is made available to members as specified in the constitution
  • Facilitate the clear presentation of financial information at meetings
  • Identify the type and content of financial information that can be made publicly available
       
Element: 4. Monitor organisational expenditure
  • Review and evaluate organisational budget and financial statements to ensure they meet requirements
  • Compare income and expenditure to budget and previous periods and identify and investigate discrepancies
  • Discuss achievement and variances to the budget in committee or board meetings
  • Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent
  • Document recommendations for action or variances
       
Element: Monitor organisational expenditure
  • Review and evaluate organisational budget and financial statements to ensure they meet requirements
  • Compare income and expenditure to budget and previous periods and identify and investigate discrepancies
  • Discuss achievement and variances to the budget in committee or board meetings
  • Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent
  • Document recommendations for action or variances
       


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. Review organisational financial management processes

1.1 Document respective financial management responsibilities of the board or committee, and management

1.2 Explain legal responsibilities of individual board members and the board as a whole to the committee or board

1.3 Determine financial information required by the board or committee from management

1.4 Identify the statutory requirements of the board or the committee

1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health.

2. Apply financial management processes and systems

2.1 Access appropriate policies and procedures to open and/or operate necessary bank accounts

2.2 Identify approved signatories for the bank accounts

2.3 Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met

2.4 Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies

2.5 Review documentation for authority and delegation between the board or committee and management for the management of finances

2.6 Ensure statutory requirements with regard to financial management are followed

2.7 Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud

2.8 Review organisational procedures and documentation for receiving and expending funds

2.9 Review process for financial reporting against organisational budget and ensure established procedures and maintained by management

3. Meet financial reporting requirements

3.1 Ensure financial information is made available to members as specified in the constitution

3.2 Facilitate the clear presentation of financial information at meetings

3.3 Identify the type and content of financial information that can be made publicly available

4. Monitor organisational expenditure

4.1 Review and evaluate organisational budget and financial statements to ensure they meet requirements

4.2 Compare income and expenditure to budget and previous periods and identify and investigate discrepancies

4.3 Discuss achievement and variances to the budget in committee or board meetings

4.4 Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent

4.5 Document recommendations for action or variances

Evidence of the ability to:

review the following organisational financial management systems:

use of financial ratios as a heuristic for financial health

resilience

solvency

review the following organisational financial management reports:

balance sheet

cash flow

profit and loss statement

written report

apply financial management processes and systems that accurately measure organisational performance against:

the organisation's budget

the organisation's overall financial health

long term organisational financial planning

communicate effectively with board or committee members, and stakeholders on financial issues

put processes in place to ensure that:

finance procedures and reporting requirements specified by organisational stakeholders or funding bodies are met

fraud is identified, managed and prevented

ensure adherence to the following organisational financial systems:

financial statement timelines

procedures for receiving and expending funds

statutory and delegation requirements

the budget process

examine and identify variances in budget and investigate discrepancies

identify the risk associated with an organisation heading towards insolvency and the action required:

cease trading

seek assistance

document financial information.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the following financial responsibilities of management and board or committee members:

statutory and delegation authority

delegation and information requirements

explain the statutory requirements of the board or committee

discuss suitable financial management systems that enable the organisation to report against:

the organisation's budget

the organisation's overall financial health

long term organisational financial planning

outline documentation requirements with regard to finance reporting requirements and finance procedures

list board or committee financial reporting requirements

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. Review organisational financial management processes

1.1 Document respective financial management responsibilities of the board or committee, and management

1.2 Explain legal responsibilities of individual board members and the board as a whole to the committee or board

1.3 Determine financial information required by the board or committee from management

1.4 Identify the statutory requirements of the board or the committee

1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health.

2. Apply financial management processes and systems

2.1 Access appropriate policies and procedures to open and/or operate necessary bank accounts

2.2 Identify approved signatories for the bank accounts

2.3 Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met

2.4 Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies

2.5 Review documentation for authority and delegation between the board or committee and management for the management of finances

2.6 Ensure statutory requirements with regard to financial management are followed

2.7 Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud

2.8 Review organisational procedures and documentation for receiving and expending funds

2.9 Review process for financial reporting against organisational budget and ensure established procedures and maintained by management

3. Meet financial reporting requirements

3.1 Ensure financial information is made available to members as specified in the constitution

3.2 Facilitate the clear presentation of financial information at meetings

3.3 Identify the type and content of financial information that can be made publicly available

4. Monitor organisational expenditure

4.1 Review and evaluate organisational budget and financial statements to ensure they meet requirements

4.2 Compare income and expenditure to budget and previous periods and identify and investigate discrepancies

4.3 Discuss achievement and variances to the budget in committee or board meetings

4.4 Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent

4.5 Document recommendations for action or variances

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Suitable financial management systems must include:

the use of financial ratios as a heuristic for financial health

resilience

solvency

Suitable financial reports must include:

balance sheet

cash flow

profit and loss statement

written report

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
Document respective financial management responsibilities of the board or committee, and management 
Explain legal responsibilities of individual board members and the board as a whole to the committee or board 
Determine financial information required by the board or committee from management 
Identify the statutory requirements of the board or the committee 
1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health. 
Access appropriate policies and procedures to open and/or operate necessary bank accounts 
Identify approved signatories for the bank accounts 
Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met 
Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies 
Review documentation for authority and delegation between the board or committee and management for the management of finances 
Ensure statutory requirements with regard to financial management are followed 
Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud 
Review organisational procedures and documentation for receiving and expending funds 
Review process for financial reporting against organisational budget and ensure established procedures and maintained by management 
Ensure financial information is made available to members as specified in the constitution 
Facilitate the clear presentation of financial information at meetings 
Identify the type and content of financial information that can be made publicly available 
Review and evaluate organisational budget and financial statements to ensure they meet requirements 
Compare income and expenditure to budget and previous periods and identify and investigate discrepancies 
Discuss achievement and variances to the budget in committee or board meetings 
Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent 
Document recommendations for action or variances 
Review and evaluate organisational budget and financial statements to ensure they meet requirements 
Compare income and expenditure to budget and previous periods and identify and investigate discrepancies 
Discuss achievement and variances to the budget in committee or board meetings 
Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent 
Document recommendations for action or variances 

Forms

Assessment Cover Sheet

BSBGOV504 - Monitor organisational finances
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

BSBGOV504 - Monitor organisational finances

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: