Assignment #2

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Fanshawe College *

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6024

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Business

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Feb 20, 2024

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pdf

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Uploaded by HighnessWolverineMaster739

Financial Management – 6029 Assignment# 2 Building a Budget Proposal Assignment Rationale: The General Manager /Administrator must have the necessary insight, knowledge, and skills to respond and serve the community they manage effectively. As the General Manager, it is your responsibility to monitor operational controls, and manage departmental budgeting and purchasing activities to ensure consistency in delivering high-quality senior care services / Purpose of the Assignments The purpose of the assignments is to provide you with an opportunity to apply the information presented in the weekly modules related to financial management. As discussed in Module 4,5,6, occupancy is the primary driver of revenue for a retirement residence. Accurate sales revenue projections set revenue expectations. Without an accurate projection, it is difficult to know where resources may be needed in other parts of the organization. Assignment 2 Part 1 Submission: Part 1: Occupancy and Revenue Projections: 1. Develop an Occupancy projection for the year using the following projections and assumptions: a. Retirement residence with 100 suites – (35 Studio Suites, 65 One- Bedroom) b. Current occupancy is noted in the Occupancy Template. c. Historically, there has been a 5% decrease in occupancy in February/March due to outbreaks and discharges. (This year has been higher due to the Pandemic). The vacancies typically increase by April. d. Marketing events are planned for May, in anticipation of the reduced occupancy due to outbreaks, etc., plus the upcoming holidays present great marketing opportunities , i.e., Mother’s Day. Through various marketing strategies, you are planning to increase 8% to 10% of total occupied units by July and August. August is generally a busy move-in month as older children are helping parents with moving before back-to- school events. e. September and October are typically good move-in months for returning snowbirds no longer spending winters in the South, so you plan to project another 5-10% increase by November.

2. Once you have completed your occupancy projections, determine what the projected revenue would be for the year using the following numbers: a. 65 Studio Suites at $3,000 per suite/month b. 35 One Bedroom Suites at $3,900 per suite/month The projected % increases in occupancy are based on typical trends however, by focusing on filling to an acceptable occupancy level of at least 95%, year-end average, you may need to take a more aggressive marketing approach to reach occupancy to cover expenses. Assignment 2 Part 2 Submission: Part 2: Expenses Using the sample expense report attached to this assignment, submit the following: 1. Project operating expenses for the upcoming year. (Hint: Identify average monthly expenses per expense category. Take into consideration the current overage of expenses and strategies for expense reductions). 2. Provide an explanation and reasoning to support your increase/decrease in each expense category. 3. Assuming that you will reach your budgeted occupancy projections, how will you ensure the owner receives an acceptable ROI? *The operating expense report is based on 12 months . Your analysis should consider budgeted and actual costs per resident per day by department and overall. Assignment format: Students will use the Template provided titled: Occupancy Template and Operating Expenses Template The assignment is to be typed in 12-inch font, double-spaced, and include a title and reference page. Any assignments that are submitted past the due date will receive a .5 deduction per day. Submission: Due in the Fanshaweonline(FOL) submission dropbox titled Assignment 2 - See Course Outline for Due Date. Assignment Value The assignment will be marked out of 30 and worth 30% of your final mark .

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