Unitron Business Accelerator Series: Beyond Basic Financial Statements (Part 3)

Editor's note: This is a transcript of the live seminar presented on June 17, 2011. To view the course recording, register here.

Welcome, everyone, to Part 3 of this three-part series about financial statements tools for the more experienced business owner, brought to you by Unitron. My name is Jeremy Kiecker, and I am a Certified Public Accountant (CPA) with MTK Accounting Solutions in Edina, Minnesota. In Part 1 of this series, we discussed the foundation and the importance of management accounting in your practice. Part 2 examined what your financials should look like, how you should be coding things, and how you can use profit and loss (P&L) statements at your locations. Today we will start with a refresher on the importance of management accounting, accounting systems, and best practices within the accounting industry. The remainder of this session will discuss cash flow, break-even budgeting, tax considerations, and then a financial responsibility checklist.

To give you a little background about what qualifies me to speak about this subject, I will tell you that MTK Accounting Solutions is located in what seems to be the heart of the hearing aid industry in the United States. Our firm has worked with audiologists and hearing instrument dispensers for almost eight years now. We provide outsourced accounting for many different practices across the United States, which is made possible largely through the advancements in technology. We strive to provide timely and accurate financial statements, making sure that business owners understand what their financials mean and what is going on with their business. We offer four different service levels: Intuit QuickBooks implementation, QuickBooks oversight on a monthly basis, outsourced bookkeeping on a weekly basis, and accounting systems consultations. If you have a bookkeeper or you are doing the accounting yourself, you may desire a little help cleaning up things at the end of the month. If you do not have bookkeeper or time to do it yourself, you might consider outsourcing that function to us where we would help you on a weekly basis. Accounting system consultations are generally for people who are happy with current their accountants and bookkeepers and just want some help getting the right systems in place, so we bring a best-practices approach into the business.

Management Accounting

The real reason for me to be here is to talk about the importance of financial statements, and that is what I really love doing: making sure you have your bookkeeping under control. So as a refresher, I wanted to briefly review what management accounting is and why it is so important to your business. Using timely and accurate financial statements to manage your business is what management accounting is all about. It is taking those financial statements that you have generated and understanding the results and implications to your business. You can look at profit maximization, monitor your expenses, monitor your cash flows, create a budget, perform comparative analysis, and more. It is beneficial for you, as an owner, to actually review those statements and make informed decisions based on that information. According to the Small Business Association, the primary cause of small business failure is not keeping appropriate up to date accounting records. Oftentimes attention is only given to sales revenue and not to profit driving details, especially in businesses with multiple locations. In reality, you do not know how the business as a whole is performing until you apply all expenses against all of your sales. I am a huge advocate for profit and loss (P&L) income statements by location. You need to know how each location is performing. One bad location can ultimately bring down your entire business, so it is very important to keep your eye on that.

Management accounting has two main functions: use as a management tool and use as a compliance tool. The management tool is like the dashboard on your car. It lets you know how things are running and will help you diagnose problems that need attention. If you are keeping a good eye on your business and looking at financial statements on a monthly basis, then you can make immediate changes. Business owners who are using outside financing will know that many banks now are requiring monthly financials so they can make sure your business is doing okay. For compliance reasons, you must keep all of your financial statements organized and accurate. Some day you will sell this business, and that business history will be invaluable to you. Additionally, Uncle Sam wants to make sure that you are staying current on tax returns and things like that.

Accounting systems are privately-purchased software programs. A good percentage of small businesses are using QuickBooks. There are different levels: Premier, Online, Enterprise, and Pro. They each have different functionalities with more or fewer privileges, but I would say that QuickBooks Premier, at $400, fits most people. This is a steal when it comes to an accounting system. So I always recommend people start with Premier. QuickBooks Pro is around $200, but it does not allow you to do any budgeting, and the report functionality is limited.

Accounting Systems Best Practices

I see a lot of problems in businesses when I start looking at financials, and I start to find out that people are not reconciling very frequently. It is very important that you reconcile on a weekly basis. When we do QuickBooks implementations with practices, we are teaching people to reconcile on a weekly basis. There is so much information that it is best for the business owner if they can access the information and see how the business is performing during the month instead of waiting until the end of the next month. Make sure you are entering all of your bills, and toward the middle or end of the week you can be looking at your cash balances, how much you owe vendors and what payments you can make for the next week. So again, if you are doing this on a weekly basis, it is not such a monumental task to reconcile at the end of the month.

I am a huge advocate of using a patient management system. There are several out there now, and more and more are starting to synchronize with QuickBooks. The key is to make sure that you implement it and get some help implementing it. Many people try to get into it themselves and end up being frustrated, saying it does not work when in reality it probably does. The management synchronization tools can save you a considerable amount of time, and they do a good job of tracking funds and making sure staff are entering financial information properly into the management system. Linking those two together can oftentimes have a huge impact on making sure that you get all of your cash. I am also in favor of third-party payroll providers. If you are doing payroll yourself, consider utilizing an ADP, Paychex, or CompuPay company. The monthly fee is minimal compared to the benefits you will receive. They know what they are doing and stay on top of the regulatory changes.

Electronic payment to vendors is a popular practice. We partnered with a company called Bill.com that allows us to pay bills for the clients online and mail the checks or initiate electronic funds transfers. That is pretty slick. Using cloud computing or a virtual network for document storage is becoming more useful, especially if you have multiple locations or outsource your bookkeeping. The cloud is basically Internet storage. Virtual Chief Financial Officers (CFOs) are also increasing in popularity. This is where you have outside involvement from an accountant on monthly basis. This was just a brief overview, but if you would like more information on any of these topics I would encourage you to go back and read Parts 1 and 2 of this series.

Cash Flow

It is important for a new business to understand cash flow, but many times it is not talked about or discussed until somebody gets a little further into the business ownership cycle. One of the first things I like to say is "cash is king." I am sure many have heard that, but it is true. Things can go downward pretty quickly if you do not have cash. You have to be planning in advance for both known and unknown circumstances. If you know you will have a tight month, get the right items in order. Ensure you can make your payroll. If you are not paying your vendors, they can put you on cash-with-order terms or they can initiate a collection process against you and eventually shut you down completely. You really need to keep an eye on your cash flow and pay your bills down. If are falling behind on your bills, that indicates there is a problem somewhere that needs fixing. You cannot do whole lot until you get more cash, so you want to plan, manage, monitor and control your cash flow. Planning means actually looking at the financials and really understanding what balances and liabilities you have and what your budget will be.

Sometimes I like to talk a little bit about the difference between earnings and cash flow. There is a difference. Earnings on the P&L statements is not the same as your cash flow. Earnings takes into account depreciation, amortization, and maybe some other non-cash transactions. Earnings are often calculated on the accrual basis of accounting, which I highly recommend. Cash flow takes into account your outstanding loans. Because loan payments do not hit your P&L statements or net earnings, you need to understand if you are showing a profit on financial statements, it does not always mean you are really positive in cash flow. It might be negative cash flow if you do not have enough money, or after you take into account things like rent and the loan payments. The goal of cash utilization is not only to stay afloat but to expand; you have to be looking into the future. It is understandable that many people have gone into survival mode in the last couple of years with the state of the economy, but hopefully they are coming out of that and expansion is more of a reality again.

Cash Flow Tips

Keep a close eye on bank accounts. You need to have access to good cash balances. Logging on to online checking will not suffice, either. That kind of access does not include reconciling items, things that are in transit, deposits, large checks or payments that may have not cleared the bank yet. It is not unreasonable to ask for a reconciled checking account balance on a weekly basis. QuickBooks can help do you that as long as you or bookkeeper are reconciling on a weekly basis.

The next thing is to pay bills intelligently. Plan ahead. Make sure that you are anticipating large vendor payments or payroll expenditures. Take advantage of early payment discounts if they are offered. Many vendors will often have discount terms. Even if it is not mentioned on the invoices, manufacturers will sometimes offer a discount if you pay early. If you are not sure, ask. Evaluate your payment policies for patients. Collecting a certain amount of money down is important. Some people collect 25% down. Some people collect 50%, some people collect 100%, but I think you should be collecting some kind of down payment from your patients to at least pay for the cost of goods sold (COGS) and other expenses. Do your research and check your prices against others in the area. Make sure that you are competitive and that you are not missing any sales opportunities. Consider leasing versus buying. That is something that you can talk with your accountant about. It depends on the person, depends on the business, depends on the long term goals, and how often you will be doing it. Sometimes it is actually less expensive to lease.

Always get the best deal. This means negotiating, talking to people, and working with your vendors to make sure that you are getting the best price. Reduce inventory. I have been surprised at how many clients carry a huge amount of inventory that is just not turning over as fast as it should. They got good pricing on some of the inventory but they are not selling it. Depending on their financial status, they are sometimes able to pay it off; others do not have the money so the inventory sits and accrues interest. You want to be careful on the inventory levels you are carrying. Make sure it is enough, but it does not make sense to pay for shelves and shelves of it.

Reduce your expenses. This is an area in which a lot of business can improve. Payroll is one of those expenses. Negotiate payroll and make sure that if times are tough you negotiate with some of your employees. There is also extra money spent on travel and entertainment where you can get away with spending less. Distributions, or money that business owners take out of the business, is another expense that has to be carefully monitored. If times are tough, you have to keep money in the business and pay the bills. If things are good, reward yourself and take money out.

Get a line of credit in place before you need it. Even if you do not think you will need it right now, have it in place when you first start that business. Banks do not want to loan money to somebody who is desperate for money. The amount depends on size of your business, but I would say the minimum would be $20,000 up to $100,000. It is there for the short term in case you need it, but it is not intended for the long term. Interest rates tend to be a little higher on a line of credit, so you would want to look at a loan if you need long-term assistance.

Stay liquid. Make sure that your money is available when you need it, as in checking or money market accounts. Accounts receivable (AR) sometimes is not very liquid. One business I was working with was struggling and putting money into their 401(k) or retirement plans at the maximum allowable amount. While it seems wise to save for the future, you are essentially borrowing from one aspect of the business to pay for the retirement, and once it is invested it is not liquid. Slow down putting money into the retirement plan during rough times, and focus on paying down the accounts payable (AP) to keep money as liquid as possible.

Prepare a cash flow statement. You can run this report off of QuickBooks or your accountant can prepare that for you depending on what accounting system you are using. A cash flow statement shows what your income was, where your money was spent, how much was collected from AR, how much used to pay down AP, how much you used to pay down your debt, et cetera. It basically tells you where money was spent and where money was collected from. When looking at AR and AP, you want to prioritize what needs to come in and go out in order to keep accounts with vendors and patients current. If an insurance company owes you money, you need to push them to pay you. Make payments throughout the month so that not all of your bills are coming to you at once. Stagger the payment dates if possible so your rent or mortgage does not come due at the same time as your car. Think about those kinds of things in advance. Look for discounts, negotiate sales and prices, forecast your cash needs, and keep good records.

Break-Even Analysis

Break-even is a calculation of approximate sales volume required to cover costs. Basically, this is what is going to keep the lights on. Anything below the break-even point is going to be a loss. Anything above the break-even point is going to be a profit. You need to establish a target so you know what you are aiming for. As with any endeavor in life, you need to know where you are going before you can actually get there. The break-even is telling you how much revenue you need to pull in at the end of each month or how many units you need to sell with a certain average selling price (ASP).

The break-even point = fixed costs / (revenue per unit - variable costs per unit). Fixed costs are things that really do not change from month to month: rent, insurance, and utilities. Variable costs are things that will change based on sales levels. COGS, commissions, and credit card transaction processing are all associated with sales level. Although this is a very basic concept, it can be difficult to calculate. You can work with your accountant so you understand how to do this on an ongoing basis. If you look at historical financial statements for many months you might be able to identify where your break-even point is. What you have to do is put your expenses into different buckets, and you also need to know your ASP. This might be an hour-long exercise to actually figure out what your break-even point is, but I think it is well worth it.

You can also use the break-even analysis to communicate to your staff what you need to be hitting on monthly basis just to keep the lights on. This figure is not including any growth, so really you need to be shooting above the break-even point. Some considerations to lower the break-even would be to minimize your fixed cost, lower your rent, and evaluate your insurance costs. It takes some effort to lower the cost of some of these things. Negotiate your COGS and negotiate staff commissions to increase ASP. If you try to raise the prices, you want to make sure there is still comparable competition or else you will lose the customers to less-expensive practices.

Building a Budget

Why is budgeting important? Whether you are new in business or a seasoned owner, building a budget is actually very important. However, it is oftentimes something that happens with a more experienced business. If you participate in a budget-building exercise, you sit down early toward the end of the year and start budgeting out the next year and project your sales goals. When you set goals of where you want to take your business, you are more likely to get there. A budget provides a framework for taking a disciplined and proactive approach to your business. It also means examining your expense structure and setting monthly targets and goals that can be communicated to the consultant. Once you go through the budgeting exercise, you do have to physically communicate the results to your consultants. If you have multiple locations or if you have a business partner, you have to sit down and take a hard look at what you are spending your money on and identifying if it is important. Oftentimes when you start digging, you will find frivolous expenses and say, "Why do I spend $500 a month on a vehicle allowance?" If you are in a position where you need to decrease spending, you cannot just say, "Well, I am going to decrease that by $3000 next year." You have to identify how you will get there, step by step, and hold yourself accountable to that. Once you come up with the budgets you can actually put those in the accounting software packages and track your sales goals next to your expenses.

Have control of your expenses and revenues in a way where you are not a victim of your business. A lot of it comes down to planning and initiating the right steps to make your business successful. Preparing a budget will provide you with invaluable education about your business. Everybody is here to make a profit, so in my mind if you are budgeting, that means you are taking a hard look at the details that will make or break your business.

Building Blocks of a Budget

Start with what you know. Basically, your budget can look exactly like your monthly financial statements. This is assuming you have good financial statements in place. Start with historical information. One of the key things about building a budget for the future is having good information from the past. You will want to build a budget for a monthly basis, not just on an annual basis. Go in and look at last year's revenues, and anticipate what you expect next year. Take into account seasonality when building your budget. This can vary depending of the region in which you live. You will need to know the COGS and what you plan on spending for advertising. Commissions, compensation plans, rent, maintenance and utilities should also be included on a monthly basis. You should be able to find all of this by pulling historical information, but it is only a template as you plan for the future.

The budget is an estimate or projection of future events based on actual data obtained by doing research, getting quotes, and assembling and organizing documentation and information. You will need to break your budget down by historical financial statements, sales and customer records, marketing details, compensation plans and expense records. Avoid budgeting total income and expenses as lump sums per month. Break the amounts down into greater detail for better analysis.

There are some simple steps to building a budget. You can use the budgeting tool built into QuickBooks Premier and Enterprise. It allows you to take historical information and divide it by 12, but you need to go into more detail than this, so what I usually recommend is to input the information into Excel and bring it over to QuickBooks manually. If you are savvy with QuickBooks and know how to generate the budget, then go right ahead; some people find this tool a little tricky. Generate information on your monthly P&L reports, and then you can compare your budgeted figures to actual results. I think it is very informative, especially if the figures differ quite a bit, you can see where you are going wrong. Review the previous year's financial statements to determine expenses as a percentage of revenue. Next, forecast your sales and expenses. This would be fixed expenses, such as rent and insurance, versus variable expenses, such as COGS and commissions. An appropriately detailed budget will enable a comparison of actual results to budgeted amounts for better management of the business.

Appendix A is a sample budget for 12 months made for ABC Hearing. I prepared an Excel spreadsheet, and basically matched the P&Ls. If you will remember, the overall standard financial statements look very similar to this. Because I did not want this sheet to be so detailed that you did not know what you were looking at, I netted all the sales together. You might piece those out on your budget. In this sample budget I looked to see what percentage of sales fell into each month, so as you can see, historically January, February, March, April, and May have been better months, and then things begin to slow down a little bit. Obviously not every business will be the same, so you need to look for trends specific to your business and region. When making goals, you want to be ambitious but not overly ambitious. Be practical and make it something that you can actually attain. It is one thing to put the budgets together, but another to actually know how you are going to get there. This is the beauty of a budgeting process.

Looking under Selling Expenses (Appendix A), you should know what your consultants are going to make for salaries and probably include that in there. If it varies, put in a percentage. For advertising, if you know you are going to be doing an open house or something like that during a specific month where your advertising will be twice as much as it normally is, put that in under advertising and selling expenses. Make sure each month reflects those kinds of things. Credit card fees and clinical supplies are usually a percentage of sales, also. So at the bottom where it totals the selling expenses, you can figure out what was the expense was last year, and do you expect it to be the same in the future.

Under General & Administrative, you see officer's salary, wages, and payroll taxes, et cetera. We also have equipment leases at $140 a month, insurance, accounting fees, and some other fixed expenses. I would say this process is not going to take you just an hour, but maybe half a day to pull this information together. It is a very important step. Toward the end of the year you really should be running some budgets and thinking about the next year, not trying to go by the seat of your pants.

At the bottom of the sample budget (Appendix A) you will see profit, profit, profit, profit, and then a loss in August. That is fine. In the budgeting process, if you understand business, you know things change. You are going to have the up months, you are going to have the down months, but that is how you need to plan. If you suspect you are going to have a down month, then you can plan for that and make sure that you have cash set aside. More than likely if you have a loss, you are going to need some money. Again, there is a little bit of difference between cash flow and earnings, but it is an indicator you may hit some hard times in a few months and you need to account for that.

Let me give you an example of seasonality. Even region is different. Up here in Minnesota we lose our snow birds in the winter. They all go down south to Florida, Arizona, and California, and the hearing practice is a little bit challenging here in the winter. But then they know it is coming back in the summer and vice versa for people in the South. Planning for these times and knowing where to allocate your dollars is really important.

Tax Considerations

I think Tax is often a topic that overwhelms many business owners, but hopefully you have paired up with a tax professional. Some of the topics I like to talk about in my workshops are making sure that you have the best entity structure. By that I mean are you a sole proprietor, LLC, S-Corp, what type of entity are you? And make sure that your current entity type is the best fit for you. Some people outgrow or overgrow their entities, so you really want to be thinking about it. A lot of people start out as sole proprietors, but you probably do not want to be a sole proprietor for too long for a number of different reasons. There are tax implications and also some liability implications there. Being a sole provider basically means you, individually, are the same person as your business. So, for example, if someone files a lawsuit against your business, that person is going to be able to come after you personally. Now, I am not an attorney, but I guess I have seen enough of this happen to know that you want to have some kind of protection in place. If you are a sole proprietor, you probably should consider talking to a business attorney to see what it takes to become a single member LLC. An S-Corporation sometimes is a little more advantageous if you have higher profits. Sometimes if you exceed $100,000 in profit, it might be better idea to be an S-Corporation. There might be some tax savings there as well. Every business is a little bit different, and you might want to reconsider your options from year to year. I currently have LLCs that are looking at flipping to S-Corporations because their profits have skyrocketed in the last few years. They have really outgrown the LLC entity.

The next tax consideration is reasonable compensation. This is a huge topic for the Internal Revenue Service (IRS) right now, because the IRS and the government want to get their payroll taxes, their Social Security and Medicare or FICA. They want to make sure that you are not making money in a business and taking it all out as draws and distributions. They want to make sure you are paying payroll taxes and officer compensation if you are 1120S or S-Corporation. If you have profits and you do not have anything on the officer compensation line of the tax return, I guarantee that is going to be a red flag for the IRS, and they will start inquiring and possibly begin a full fledged audit. They may re-characterize some of the distributions or money you might have pulled out to live on as salary, and now, by the way, you owe payroll taxes on that re-characterized money and since you did not pay that on time, now you owe penalties. This is an area in which you have to be really careful. You have to get a little more creative as the pool of employees is getting younger. They are looking for more retirement plans, health benefits, and paid vacation. They do not always just want money. They want to know that they have retirement set up because they do not expect Social Security to be around when they retire.

For health insurance, health savings accounts (HSAs) are becoming very popular. That is where employees can put money into the HSA and then spend it on health costs, and it rolls over from year to year. They can pull money out of it when they hit retirement age without tax penalties. Basically, HSAs put the responsibility of the medical expenses in the hands of the employee instead of the health insurance company paying a bunch of claims.

Another thing to consider is credit for small employer health coverage. Things do seem to be constantly changing with all the different laws and changes coming from Obama, but there are going to be some different credits that are coming up for health coverage. This depends on the size of the business. If you have fewer than 25 employees and if the average salary is a certain amount, you might qualify for a credit. But what we are finding is that it is pretty hard to qualify for these credits. It sounded great in theory but when you start doing the calculations you find out there is more red tape and hoops to jump through, but it is still worth a question to your tax professional.

Next is the HIRE Act, or Employee Retention Credit for 2011. If you hired a new employee in 2010, I think even in early 2011, and you kept them on for a certain number of months you can get a credit for keeping them on as employees. Again, talk to your accountants on that. Consider tax basis calculation. That is where, even if you have losses, you make sure you have the basis to take those losses. Basically, the IRS says you have got to have skin in the game. If you are just running the business and accumulating a whole bunch of debt, depending on what type of entity you are, you might not be able to deduct the losses. You do have to be really careful in this case. If you get pulled into an audit situation, the IRS will really keep a close eye on the tax basis to make sure with how many people have losses over the last few years. They are starting to realize that hey, these people probably cannot take these losses. This is a conversation you should have with the tax accountant and make sure that you are not going far in with losses. They may help you identify things you can do before the end of the year before you can take those losses.

File your taxes in a timely matter. Hopefully this is everybody's goal, but sometimes you do need to extend. But a lot of the stress and anxiety can be avoided with good tax planning. I think that is key. There are a lot of firms out there that will do a tax plan if you inquire about it. Start taking a look at your end-of-year financials, around November, and see where you are going to fall this year. Take that information from your business to your accountant. We will grab some information from you on an individual level such as the purchase of a new home, any large contributions, et cetera, and we will do a tax plan. Usually it is a three or four hour project where we can map out where we expect your tax liability to fall. If you examine things before the end of the year, we could reduce your tax if you put money into retirement plan or set up a retirement plan, or purchase some equipment. This depends on if you are on a cash or accrual basis for tax purposes. But you could pay down a bunch of bills if you are on the cash basis of accounting and save legitimate tax dollars. So again, forecasting your tax liability gives you an opportunity to initiate tax savings strategies before the year's end. Keep in mind that you have to stay current on your financials before that can happen, though.

Financial Responsibility Checklist

Appendix B is a Financial Responsibility Checklist that outlines areas where you can tighten up in your business. You can read through this at your own leisure, but some key things to point out are bank accounts. You do not want to have too many bank accounts in multiple locations. You really only need one operating checking account and one money market account that might give you a higher interest rate. You do not need a payroll account, and each business location does not need a separate checking account. With the way technology is now, you can have just one bank, do remote deposits, transfer money electronically, et cetera. This also saves time on the accounting side of things. Look for outstanding AR and make sure it is collected. Keep a close eye on your inventory. If it is getting too high, sell some of that off. Look at donating that and getting a tax deduction for that. The deduction would be based on the purchase price, not what you could have sold them for. Make sure that you are keeping an eye on paying your bills, your accounts payable.

Next is notes due to or from shareholders. If you loan money to the business or loan money from the business, you should be keeping track of interest on that. Even if you use the lowest interest rate possible, which might be a couple percentage points, you have to calculate something. The IRS wants to see an interest rate there. Make sure your sales are broken down into detail on your financials so they are informative. Review payroll and the compensation plans, making sure you are paying a reasonable salary and that you are not falling behind in your payroll liabilities. Look at your credit card processing fees and see if you can pay less for those. Swiping a credit card is less expensive than keying in a card number. Some other important ones are bundling telecommunications, and making sure that you have properly assigned all the different functions of your business and maximize supervision where theft can occur. People are getting desperate, and more people are stealing from their employer, so you want to make sure you have the right mechanisms in place to catch or prevent it.

This next one is really important. Do you have a plan in place in the case of incapacitation or death? Do you have a will? Get a spouse involved in the business so that if something happens to you somebody can step in. Even if you do not pass away, have somebody who can step in and at least run the business. We had a pretty sad case out on the East Coast where somebody passed away unexpectedly, and there was a will in place. Unfortunately, the will was in place for a previous wife and he never got his will updated. The former wife came in, took over the business and ran it into the ground. The current wife of at least five years had been in the business working with him and knew how to run the business, and it would have been able to keep running. However, that will was not updated. This is a huge investment that you have made in your life. You need to make sure it is protected, so spend the money with an attorney and make sure your affairs are taken care of.

The last point on the Financial Responsibility Checklist (Appendix B) is bolded because it is so important. Make sure you are receiving timely and accurate financial statements, and make sure you set aside time to analyze the financials and conduct proper management procedures. Ask questions, understand your business, and I think you are going to be much more successful.

It was my pleasure presenting this three-part series on financial management of your practice. I hope you were able to gain some information that will be beneficial to your business. Thank you for attending, and have a good day.

APPENDIX A

Sample Budget
Click Here to View APPENDIX A (PDF)

APPENDIX B

Financial Responsibility Checklist
Click Here to View APPENDIX B (PDF)