Financial Management Level 1 is a course provided over seven sessions using a Zoom Format - MORNING CLASS
Class Dates: April 7, 14, 21, 28, May 5, 12, 19
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.
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: March 31, 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 May 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.
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
MODULE 3: ESTIMATING COSTS AND BUDGETING
Estimating operating costs
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
MODULE 7: ADDITIONAL APPLICATIONS AND WRAP-UP
Review of material
- Specific applications for participants