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Financial Management: A Course for School Nutrition Managers

Financial Management: A Course for School Nutrition Managers. Pre - Assessment. Place an identifier at the top of the page. You will use the same identifier when you complete the Post Assessment. You do not need to place your name on the Assessment. Activity: Managers Need To Know.

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Financial Management: A Course for School Nutrition Managers

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  1. Financial Management:A Course for School Nutrition Managers

  2. Pre - Assessment • Place an identifier at the top of the page. • You will use the same identifier when you complete the Post Assessment. • You do not need to place your name on the Assessment. Financial Management for Managers

  3. Activity: Managers Need To Know • What are things school nutrition managers need to know regarding financial management? Financial Management for Managers

  4. Objectives • Assess competencies, knowledge, and skills of financial management • Examine the advantages of cycle menus • Recognize the importance of standardized recipes and the financial benefit of USDA Foods • Recognize key information when forecasting menu item usage • Calculate the cost of menu items • Identify purchasing controls • Identify inventory controls Financial Management for Managers

  5. Objectives, Continued • Identify ways to control labor costs • Calculate Full-Time Equivalent (FTE) • Calculate Meals Per Labor Hour (MPLH) • Implement processes and procedures that minimize financial risk • Develop and use tools to facilitate the communication of financial data and information • Recall the benefits of financial information as it relates to your school nutrition program Financial Management for Managers

  6. Terms and Definitions • Terms and Definitions Handout Financial Management for Managers

  7. Importance of Financial Management • Changing federal regulations • Increasing program cost • Growing demands Financial Management for Managers

  8. Nonprofit School Nutrition Program Fund • Flow of school nutrition program funds • Requirements for establishing a nonprofit school nutrition program account • Program revenue requirements Financial Management for Managers

  9. Office of Management and Budget (OMB) • Terms and conditions • Fundamental guidelines • Financial integrity of SNP Financial Management for Managers

  10. School Nutrition Program Fund •  The OMB cost circulars outline cost principles which ensure that taxpayer’s resources are appropriately used to carry out the Federal programs as the Federal agencies are responsible for the stewardship of these resources. Financial Management for Managers

  11. School Nutrition Fund Flow United States Department of Agriculture State Agency (SA) School Food Authority (SFA) Financial Management for Managers

  12. Budget-Manager’s Role • Participate in preparation and review process • Keep budget on file • Evaluate income and expenditures • Amend as necessary Financial Management for Managers

  13. Financial Management Practices • Indicators are analyzed regularly • Prices based on established criteria • Financial records are cross-checked • Compare expenditures to revenues • Participation is analyzed monthly Financial Management for Managers

  14. Internal Controls • Written policies • Authorized individuals • Monitored by an independent review • Trained employees Financial Management for Managers

  15. Financial Management Skills • Competencies, Knowledge, and Skill Statements for District-Level School Nutrition Professionals in the 21st Century Financial Management for Managers

  16. Activity: Self-Assessment • Self-Assessment Handout • Evaluate your current skills level Financial Management for Managers

  17. Activity:Financially Sound School Nutrition Program • What purchasing tools and processes contribute to a financially sound nutrition program? Financial Management for Managers

  18. Menus • Driving force of school nutrition operation • Definition of cycle menus Financial Management for Managers

  19. Activity: Cycle Menu Advantages • Cycle Menu Activities Handout • Advantages of Cycle Menus Financial Management for Managers

  20. Stock-Keeping Units (SKUs) • Multiple uses for the same product • Example: each flavor of juice has a different SKU • Best practice - reduce SKUs Financial Management for Managers

  21. Standardized Recipes • Tried, adapted, and retried several times • Recipe produces the same good results and yield every time • Specific quantity for each ingredient and portion size Financial Management for Managers

  22. Activity: Importance of Standardized Recipes • Take about 10 minutes to work together at your tables and list the advantages of using standardized recipes. Financial Management for Managers

  23. USDA Foods • Meet meal pattern requirements • Coincide with the principles in the Dietary Guidelines for Americans • Add variety tothe school menu • Provide cost savings to the SNP Financial Management for Managers

  24. USDA Foods Value • Financial Benefits of Using USDA Foods: BBQ Pulled Pork Example Handout Financial Management for Managers

  25. Food Production Records • Required • Demonstrates required food components • Lists menu items offered and served • Used to document reimbursable meals • Evaluate how menu items contributed to meeting nutrition standards • Keep for three years plus the current year Financial Management for Managers

  26. Production Record—Value • Used to forecast product estimates • Provides historical data (forecasting) • Identifies excessive labor • Identifies potential waste • Identifies unfavorable items Financial Management for Managers

  27. Forecasting • Past • Present • Future Financial Management for Managers

  28. Activity: Forecasting Number of Servings • Sample Forecasting Number of a Servings Handout Financial Management for Managers

  29. Activity: Extra Servings Scenario • Extra Servings Handout Financial Management for Managers

  30. Activity: Financial Control in Food Preparation • Work together at your tables and make a list of ways to enhance financial control during food preparation. Financial Management for Managers

  31. Batch Cooking • Batch cooking and “just-in-time” (JIT) cooking used interchangeably • Small quantities maintain higher quality • Amount prepared not to exceed servings needed in established time (15–30 minutes) • Takes place continuously throughout the meal service Financial Management for Managers

  32. Activity:Batch Cooking • Batch Cooking Handout Financial Management for Managers

  33. Portion Control • Production records • Standardized recipes • Nutritional analysis • Age-appropriate portion sizes Financial Management for Managers

  34. Activity:Portion Control Tilapia Garnished with Citrus Sauce • Tilapia Garnished with Citrus Sauce Handout Financial Management for Managers

  35. Controlling Cost and Waste • Procedures to minimize waste • Controlling waste – operational factors and customer acceptability Financial Management for Managers

  36. Activity: Controlling Waste • Work together at your tables andlist ways to control waste. Financial Management for Managers

  37. Food Buying Guide http://fbg.nfsmi.org Financial Management for Managers

  38. Food Buying Guide Information • Contains both specific food product information and general operational information • Provides the yields, or the amount of servings obtained in a purchased unit of different products such as fruits, vegetables, grains, meats/meat alternates, and dairy products Financial Management for Managers

  39. Food Guide Buying Calculator • A tool to help calculate quantity of food to purchase • Individual calculators for each of the 6 food groups • http://fbg.nfsmi.org/ Financial Management for Managers

  40. As Purchased (AP) and Edible Portion (EP) • AP refers to the weight of the product as it exists when purchased. • EP refers to the part of the product that can be consumed. • AP weight is greater than EP weight. Financial Management for Managers

  41. Calculate the Cost of Menu Item • Meet the needs of the recipe • Reduce waste • Determine product loss • Determine preparation Financial Management for Managers

  42. Activity: Purchasing Decision, Broccoli • Purchasing Decision Handout Financial Management for Managers

  43. Product Screening • Not required • Establish procedures Financial Management for Managers

  44. Screening • Paper Screening • Appearance Screening • Taste Screening Financial Management for Managers

  45. Paper Screening • Product label • Description of the product • Nutritional analysis Financial Management for Managers

  46. Appearance Screening • Examines appearance of product • Determines if product appearance is wanted or expected Financial Management for Managers

  47. Appearance Screening - Package • Individually wrapped • Integrity of the product Financial Management for Managers

  48. Taste Screening • Determine criteria in advance • Document customer satisfaction • Screen adults and students Financial Management for Managers

  49. Activity: Financial Advantages of Product Screening • What are the financial advantages of product screening? Financial Management for Managers

  50. Inventory Control • Receiving • Storage • USDA Foods value Financial Management for Managers

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