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admin 2 midterm
recreation management administration
62
Management
Undergraduate 4
10/15/2013

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Term
is the act of receiving pro%erty by will.
Definition
bequest
Term
tips for successful grant writing
Definition
Think big, think small, think different
Network, network, network
Treat it like a game (which it is)
Term
capital budgets
Definition
Major expenditures for equipment, buildings, and land fall into this type of budget category.
Term
stakeholders
Definition
anyone or any entity that has an interest in the economic performance and well-being of a business
Term
accounting
Definition
An information system that provides reports to stakeholders about the economic activities and condition of a business.
Term
user and program fees
Definition
An amusement park is opened in a local community. There is a fee to get in. Once the fee is paid all rides are free.
Term
sales revenue
Definition
While there the individual purchases souvenirs from the gift shop. What type of earned income is this called?
Term
rental fees
Definition
Your 3 year old daughter becomes tired so you pay to use a stroller. What type of earned income is this called?
Term
income sources are
Definition
user/program fees, sales revenue, and rental fees
Term
cross subsidation
Definition
Profits from one program used to pay for another program
Term
opportunity price
Definition
The process of substituting one activity for another
Term
fixed cost
Definition
Costs incurred regardless of the status of the program
Term
psychological price
Definition
Payment in effect for psychological participation (outcome) in an activity or recreation experience
Term
Effort price
Definition
Expenditure of physical or mental exercise —personal energy
Term
monetary price
Definition
Direct and indirect expenditures attributed to participation
Term
comparitive rate pricing
Definition
fees are set to match the fees of similar agencies
Term
equity pricing
Definition
price is established based on the capability of the customer to pay and may be on a sliding scale
Term
traditional pricing
Definition
fee is set at a level fair and reasonable to all
Term
differential pricing
Definition
fee based on historical precedent
Term
Merit
Definition
Which pricing category would the activity describe in the next sentence be classified: public, private, or merit?

An activity which is subsidized in part by the local government, but also charges a user fee to participate.
Term
What is the formula for competitive pricing?
Definition
There is no formula. You compare your service to other service providers and price accordingly. To be comparable an agency must have similar goals, costs, and market conditions.
Term
pricing to establish value
Definition
You usually get what you pay for
Term
pricing to promote effiency
Definition
Pricing used typically in seasonal or other fluctuations in demand in an effort to increase demand in off-seasons
Term
Prcing to recover cost
Definition
This is also known as cost-recovery pricing
Term
pricing to promote equity
Definition
Relates to fairness in the allocation of resources
Term
pricing to crate new resources
Definition
This is used to recover more than just the cost of production, to create value added to the service and new resources for the organization
Term
pricing to influence behavior
Definition
Pricing used to promote desired behaviors
Term
Zero based budgeting
Definition
Which type of budgeting essentially starts from scratch each year?
Term
line-item
Definition
What is the most common of all budget formats adhered to by sports and leisure service organizations?
Term
provide budget managers with the opportunity to understand where funds are being expended by classifying expenditures into categories.
Definition
Object codes, as used in line-item and object classification budgets
Term
It provides a general assessment of what expenditures will be made
Definition
A program budget is characterized by all of the following except for
Term
Requires that public agencies have all the money for a project available before the project begins
Definition
A Capital Improvement Program is designed to do all but which one of the following?
Term
a. purchase of 10 reams of paper to be used in a recreation program
Definition
Which of the following would not likely be considered an capital expenditure:
Term
What makes income “gratuitous”?
Definition
Income received without expectation of a return

Philanthropy
Term
Definition
How are tax rates determined?
Term
a process recognizing that funding will be split into three groups with differing sizes of groups and expectations for levels of giving.
Definition
The rule of thirds is. . .
Term
compulsory income
Definition
Funds secured by government organizations through taxes, licensing or some other similar government source.
Term
compensatory income
Definition
Real property taxes, personal property taxes, sales tax, excise tax, income tax, and local option tax.
Term
gratuitous income
Definition
Income received without expectation of a return
Term
capitol investment income
Definition
Money generated from interest from investments, dividends, and money appreciation.
Term
contractual receipts
Definition
Revenue generated from legal agreements with private and non-profit organizations.
Term
fixed cost
Definition
Costs incurred regardless of the status of the program
Term
vatiable cost
Definition
Costs resulting from actual operation of the program
Term
desired contingency
Definition
Being prepared for the unexpected
Term
monetary price
Definition
Direct & indirect expenditures attributed to participation
Ex. Registration Fee
Term
psychological price
Definition
Psychological Payment in effect for the psychological participation in an activity or recreation experience!
Term
indviduals
Definition
The top source of fundraising dollars (about 75%)[Giving USA, 2005])
Term
dissoulution plan
Definition
Related to the asset test, this plan makes sure that when the agency ends the assets of a public welfare org. will not be distributed for the personal benefit of individuals.
Term
asset test, political test, and disoulution plan
Definition
non profits go through 3 test
Term
revocable charitable trust
Definition
Any portion of the real estate, cash, or other property may be returned to the donor whenever needed
Term
philanthropy
Definition
giving money to help support an organization
Term
fundraising
Definition
raising money to help your organization run on a day to day basis
Term
zero-based budget
Definition
Common in commercial organ. and local gov’t
Promotes justifying everything and is designed to reallocate funds from lower to higher priorities each year
Term
didn't match program, did not follow directions
Definition
More than half are rejected on first reading because name two things!
Term
25-33%
Definition
Grant proposal success rates average
Term
revenue bond
Definition
Used to finance a money producing facility with the anticipation that revenues from the facility will wholly retire the bond
Term
line budget
Definition
ID appropriate classification codes for each item in this type of budget
Term
GOB general obligation bond
Definition
This is issued by a public agency with the expectation of providing benefits to the entire community
Term
perfromance budget
Definition
Frequently used with recurring tasks (e.g., maintenance tasks)
Requires assessment of:
What tasks need to be done (e.g., mowing)
What equipment is available to do it
Capabilities of staff to accomplish the tasks ect..
Term
sole proprietorship
Definition
This business is extremely easy to get started and provides the greatest freedom and maximum authority, but there is no separation between business and personal assets so the owner is held personally liable for debts.
Term
C-Corp
Definition
If you want your stock to go public and are willing to pay capitol gains taxes to take out dividends, open this type of business.
Term
LLC Limited Liablility Company
Definition
Great for entrepreneurs and recreation professionals, this type of business provides protection from personal liabilities like a corporation AND the tax advantages of a partnership
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