RCM701 - Financial Management of Retirement Communities

Outline info
Last revision date 2018-07-04 11:46:40.972
Last review date 2018-07-16 00:15:00.592

Subject Title
Financial Management of Retirement Communities

Subject Description
This subject is designed to allow the student to identify and explore the factors that are relevant to financial decision making and budgeting.  It will focus on the learner's ability to use a variety of standard problem solving tools of financial management and standard budgeting formats in both the private and not for profit sectors of the business.  Emphasis will be placed on a well-developed Canadian financial infrastructure, funding and health care system.

Credit Status
One full credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Demonstrate an understanding of the basic accounting principles.
  2. Explain the financial objectives of an organization.
  3. Use basic financial statements as a basis for decision making.
  4. Analyze the change in financial position using variance reporting.
  5. Plan budgets and provide interpretation and analysis of them and other routine financial documents.
  6. Develop, in a commonly accepted format, estimates of cost, revenue and return, and written proposals.
  7. Apply strategies of cost control to a variety of operations such as purchasing and receiving, food and beverage, labour, operations, and inventory.

Essential Employability Skills
Execute mathematical operations accurately.

Locate, select, organize, and document information using appropriate technology and information systems.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

RCM 700

Topic Outline

  • Introduction to Basic Accounting.
  • Understanding the Income Statement.
  • Balance Sheet Review.
  • Financial Statement Analysis.
  • Accounting Process.
  • Review of the Budgeting Process.
  • Preparing an Operating Budget.
  • Understanding Long Term Care and the Funding Envelopes.
  • Understanding Capital vs. Non-Capital Expenses.
  • Financial Statement Review.
  • Controllable vs. Non-Controllable Expenses.

Mode of Instruction
This subject is delivered online.  This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities.

Prescribed Texts

No text required.

Reference Material
Title:            Finance for Non-Financial managers
Author:        Pierre G. Gergeron
Edition:        5th
Publisher:    Nelson
ISBN:           9780176104078

Note: This book is for reference only, the online course does not require a textbook.

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:  http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency
The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this course in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:

Participation 10%
Project 20%
Mid-Term Test 30%
Final Exam* 40%

* Final Exam: Final exam will be administered online. All the academic policies of the College at which you registered apply. This includes, but is not limited to policies related to grading, supplemental exams, deferred exams and accommodations.

Please retain this course outline document for future educational and/or employment use.

Academic Program Manager:
Emiliano Introcaso

Approved by: Academic Program Manager Emiliano Introcaso