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Finance Committee Presentation to PPOA Board of Directors

Finance Committee Presentation to PPOA Board of Directors. Authorization for Expenditure “AFE” Process October 25, 2006. Introduction. Authorization for Expenditure (AFE) Proposal to Formalize Pecan Plantation’s Capital Approval Process Overview of Proposed Procedure

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Finance Committee Presentation to PPOA Board of Directors

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  1. Finance Committee Presentationto PPOA Board of Directors Authorization for Expenditure “AFE” Process October 25, 2006

  2. Introduction • Authorization for Expenditure (AFE) • Proposal to Formalize Pecan Plantation’s Capital Approval Process • Overview of Proposed Procedure • Benefits to Pecan Plantation • Next Steps

  3. Instructions Commentary: As a Minimum, Each AFE Should Have Sections on the Following: • Project Title & Type (Section II) • Project Description (Section III): • Summary - How Much Are We Spending and What Are We Spending It On? • Financial Justification? • Alternatives and/or Impact of Not Investing? • Estimates & Cost Range

  4. Instructions Summary of Financial/Project Data • Quotations (Section IV) • Method of Purchase & Project Schedule (Section V) • Status in the Budget/Plan Including any Variances, etc. and Related Retirements (Section VI) Endorsements & Approvals (Section VII)

  5. Benefits • Creates Sound Business Culture • Culture Transcends Individuals • Creates Consistency • Provides a Management Tool & Documentation • Encourages Involvement Across Organizational Levels • Creates a Healthy Thought Process

  6. Next Steps • Board Must “Embrace” Process • Management Commitment to Process and Endorsement with Employees • Training Meetings (Finance) • Implementation of Process FY 2007

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