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Evidence Guide: FNSORG501 - Develop and manage a budget

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSORG501 - Develop and manage a budget

What evidence can you provide to prove your understanding of each of the following citeria?

Plan for and collect information for budget

  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
  2. Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel
  3. Consult relevant colleagues in budget planning process as required
Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult relevant colleagues in budget planning process as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop budget

  1. Draft budget based on analysis of all available information in accordance with organisational policy
  2. Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment
Draft budget based on analysis of all available information in accordance with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise budget and allocate resources

  1. Provide final budget which incorporates agreed modifications to appropriate personnel
  2. Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities
  3. Obtain agreement to budget priorities and allocate resources
Provide final budget which incorporates agreed modifications to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain agreement to budget priorities and allocate resources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control budget

  1. Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel
  2. Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status
Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete financial and statistical reports

  1. Complete all required financial and statistical reports accurately within designated timelines
  2. Make appropriate recommendations about future financial planning
  3. Provide clearly presented and accurate reports to appropriate personnel
Complete all required financial and statistical reports accurately within designated timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make appropriate recommendations about future financial planning

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide clearly presented and accurate reports to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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