Sandra McCloud, a finance major in her last term of college, is currently scheduling her placement interviews through the university’s career resource center
Sandra McCloud, a finance major in her last term of college, is currently scheduling her placement interviews through the university's career resource center. Her list of companies is typical of most finance majors: several commercial banks, a few industrial firms, and one brokerage house. However, she noticed that a representative of a not-for-profit hospital is scheduling interviews next week, and the position--that of financial analyst--appears to be exactly what Sandra has in mind. Sandra wants to sign up for an interview, but she is concerned that she knows nothing about not-for-profit organizations and how they differ from the investor-owned firms that she has learned about in her finance classes. In spite of her worries, Sandra scheduled an appointment with the hospital representative, and she now wants to learn more about not-for-profit businesses before the interview.
To begin the learning process, Sandra drew up the following set of questions. See if you can help her answer them.
First, consider some basic background information concerning the differences between not-for-profit organizations and investor-owned firms.
What unique problems do not-for-profit businesses encounter in financial analysis and planning? What about short-term financial management?
In general, financial analysis and planning, as well as short-term financial management, are the same regardless of the type of ownership. However, the unique features of not-for-profit organizations--especially the lack of financial flexibility--create some minor differences in implementation.
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