Analysis of Financial Processes and Operations
Schools are known to have different operations as well as programs that require funding to run smoothly and sufficiently through the academic year. The managing team finds encounter difficulties when there are insufficient funds since they end up canceling some of the operations or rather budgeting for low-quality services ( Schools, 2014) . Most schools are subjected to art programs that help students learn more about the artwork and how to benefit from that knowledge once they are out of school. An example of a school where art programs are available is the California Institute of the Arts. The average spending per student for the four years course adds up to $134,991. That includes the cost of housing the student, providing food, educational materials, field work as well as paying staffs. At times, the school is found to provide low-quality services or even omit some operations due to inadequate finances. That proves the presence of mismanagement of program funds which is common in many educational institutions.
Despite the fact that California Institute of the Arts is one of the most expensive schools, it can be categorized with other schools that have a lot of financial needs to support their programs. Carnegie Mellon University ranked at the top of the list in offering art programs is also in the race of meeting their financial need. The learning organization spends more than $124 million every year to fund the art operations in their calendar. That includes tuition for students, out of class activities and also purchase of equipment and administration supplies. However, the programs are now running under great need of finances since the school has a plan of creating an innovation center and extend its research department of artworks. Therefore, the financial management team requires strategies on how to deal with the needs and achieve the end goal target in future.
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The last but not the least school assessed to have financial needs in running their programs is the Columbia University-New York which has a routine to award art students over $10 million every year. The program aims at supporting students with scholarships and fees throughout the academic period. Currently, the institutions are experiencing financial shortages in running the program due to the increased number of people in the art program. That has led to increased purchase of premises and payout to staff members. As a result, financial experts in the management team are trying to come up with ways of raising and managing available findings to avoid inconvenience caused by less capital.
Strategic and Tactical Challenges
The primary problems that have affected the institutions are related to financial management. Lack of enough funds to finance the operations leading to less quality or omission of services (Brigham& Houston, 2012). For most schools, the fees charges to the students are not enough to support all the activities and processes run in the school. For example, Columbia University-New York has a program to pay a percentage of tuition charges to students. Over ¾ scholars are enrolled into the program hence reducing school resources that could be helpful in other fields. Therefore, the school management is left with no alternative but to minimize the privileges given some to other departments like the art program.
Another challenge that these institutions are facing is the misuse of available money through irrelevant obligations. Carnegie Mellon University has a high number of students meaning the revenue generated is high. However, the institution finds is challenging to sustain the art program. People given the responsibility to do the allocation of funds are biased and have no transparency contributing to inadequate finances that run the projects. Finally, there is the lack of funding sources to support the programs. Most of the learning institutions depend on donations and scholarships to ensure smooth learning of the student. Programs that require finances have now multiplied raising the demand for more money. The federal and local authority support given to schools is turning to be insufficient in making ends meet. Therefore strategies and tactics have to be put into place to come up with valid solutions to the problems.
Operational Policies and Procedure
The financial crisis becomes delicate when not solved at an early stage. To begin with, misuse of funds by the management call for a turnover for employees to recruit more integrity and skilled personnel who can manage money effectively. The organization should formulate policies that ensure transparency in the accounting department. Any employees found liable for acting against the prudence policies should face a disciplinary action to serve as an example to others ( Brigham& Houston, 2012) . On the other hand, the issue of financial sources can be solved through regulating the number of students who benefit school sponsorship program. Much of that money should be dedicated to the art programs and help maintain the required standards of artwork in the institution. The number of scholarships of should also be increased to increase the revenue generated through donations. Partnership with partnership companies may also help to reduce the cost of training students in different fields. Scholars benefit from the partnership as they get employed once they are through with their studies. Old members of the art programs ought to be involved when it comes to the contribution of funds to support the projects. Implementing the suggested solution will result in creating successful programs that are less challenged financially.
References
Brigham, E. F., & Houston, J. F. (2012). Fundamentals of financial management . Cengage Learning.
Schools, C. P. (2014). Teaching cognitive strategies and text structures within language arts programs. Thinking and Learning Skills: Volume 1: Relating Instruction to Research , 259.
