Finance and Budgeting

This subject has the following teaching availabilities in 2016:

170 hours

Admission to the Postgraduate Diploma Arts & Cultural Management, Master of Art Curatorship, Master of Arts and Cultural Management, or Master of Arts and Cultural Management (Moving Image).

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For the purposes of considering request for Reasonable Adjustments under the disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements of this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

This subject introduces students to the fundamentals of financial management and budgeting in arts organisations. Commencing with an examination of the principal financial reports the subject takes students through the nature and type of transactions undertaken by arts organisations, how these transactions are recorded in financial statements and the steps necessary to prudently manage arts organisations. In the second half of the semester students examine the preparation and evaluation of financial budgets in arts organisations. Specifically students address the budgeting process, budget preparation and the use of financial and performance measurement systems.

Upon successful completion students will have:

• acquired an understanding of key financial accounting principals;
• developed skills in reading and evaluating financial statements;
• gained an awareness of current financial accounting issues as they relate to managing arts organisations; and
• gained skills in developing financial planning strategies for arts organisations.

A series of assignments equivalent to 3000 words 60% (due throughout the semester), and a 2000 word equivalent take-home examination 40% (during the examination period).

Students are required to attend a minimum of 80% of classes in order to pass this subject.

An online reader will be available via the subject’s LMS website, as well as a printed version from the University Bookshop.

This subject is not available as a breadth subject.

Upon successful completion the student will have:

• advanced their communication skills through contributions to seminar discussions and presentations;
• developed their research, analytical and writing skills;
• expanded their conceptual skills and creative thinking;
• increased their capacity for effective teamwork through group discussions and collaboration; and
• developed their time management and planning skills through managing subject workload requirements.