Financial Management Level 1 is a course provided over seven sessions using a Zoom Format - MORNING CLASS

Class Dates: January 27, February 3, 10, 17, 24, March 3, 10

Time: 10:00 – 11:30 a.m. EST

Audience: Finance transit professionals, General Managers, Transit Directors and anyone who wants to understand basic cost accounting, regulatory and grant requirements, and use of financial data.

DESCRIPTION

This course provides an introduction to financial management and provides an understanding of basic cost accounting, regulatory and grant requirements, and use of financial data. Participants will be able to estimate operating costs for their system, develop a budget, and develop a cost allocation model using financial and operating data. Completion of the course will provide the ability to use financial data and a cost allocation model for service planning, pricing contract service, and performance evaluation. See Course Syllabus below for more details. 

Registration Deadline: January 20, 2021

Presented by: A. T. Stoddard III, Ph.D., P.E. LSC TRANSPORTATION CONSULTANTS, INC. 

Cost: No charge. PennTRAIN has worked with PennDOT to waive registration fees for PPTA members through March 31, 2021. 

Registration Limit: 26
NOTE: Because registration for this course is limited, all registrants will be expected to attend. If a registered person is not able to participate, they must inform PennTRAINby emailing PennTrain@ppta.net with as much notice as possible so that their seat may be made available to other interested parties.

Internet Access Required. This course will be presented via Zoom, and attendees must have an internet connection in order to participate. Because this course will include multiple videos, we recommend reviewing Zoom's system requirements in advance to be sure your internet connection will support the video feeds without issue. Links to join each session will be provided in advance via email. 

Course Syllabus

MODULE 1: OVERVIEW AND BASIC ACCOUNTING CONCEPTS

Introduction of Trainer
Overview of Course
Introductions of Participants
Goals of Participants
Introduction to Cost Accounting

• Cost categories
  
• Chart of accounts
  
• Financial reports

MODULE 2: FTA AND STATE REQUIREMENTS

Financial Capacity
Controls
Grant Management
Program Guidance
Reporting
Key Definitions

MODULE 3: ESTIMATING COSTS AND BUDGETING

Estimating operating costs

• In-class cost exercises
  

Revenue Sources

Developing a budget

• In-class exercises for revenue and budgeting
  

MODULE 4: COST ALLOCATION

Introduction to cost allocation
Cost allocation plans
Cost allocation models

• Developing a cost allocation model
  
• In-class exercises

MODULE 5: COST ALLOCATION MODELS

Review of cost allocation models
Application of cost allocation models

• Service planning
  
• Contract costs
  
• In-class exercises

MODULE 6: APPLICATIONS AND PERFORMANCE MONITORING 

Using financial data to monitor performance

• In-class exercises

MODULE 7: ADDITIONAL APPLICATIONS AND WRAP-UP

Additional applications

• In-class exercises
  

Course wrap-up

Review of material

• Specific applications for participants