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Budgeting and Finance for Public Libraries

Larry Neal

Money isn’t generally the first topic that comes to mind when thinking about libraries, however it is a critical resource that touches every aspect of the organization. Whether you are an aspiring manager or a library director, it is important that your organization’s finances are aligned with your service goals and priorities.

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Money isn’t generally the first topic that comes to mind when thinking about libraries, however it is a critical resource that touches every aspect of the organization. Whether you are an aspiring manager or a library director, it is important that your organization’s finances are aligned with your service goals and priorities.

This course, part of the Public Library Management Professional Certificate program, will help you understand how to build a budget, read financial reports, and plan for the long-term sustainability of your library.

What you'll learn

  • Budgeting and financial concepts and terms as they apply to public libraries
  • How to analyze financial reports
  • The decision making and strategies that go into creating a budget
  • Best practices in establishing financial controls and procedures
  • How today’s financial decisions can impact future sustainability of your organization
  • How to develop a financial forecast
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What's inside

Learning objectives

  • Budgeting and financial concepts and terms as they apply to public libraries
  • How to analyze financial reports
  • The decision making and strategies that go into creating a budget
  • Best practices in establishing financial controls and procedures
  • How today’s financial decisions can impact future sustainability of your organization
  • How to develop a financial forecast

Syllabus

Lessons: 1. Introduction 2. Starting with a Piece of the Budget 3. Expenditures 4. Forecasting Expenditures 5. Revenues 6. Building the Budget 7. Financial Management, Auditing, and Control 8. Planning for the Future

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Designed to support individuals in leadership or management roles
Relevant to library directors and aspiring managers
May be especially helpful for those looking to delve deeper into financial management
Taught by instructors with expertise in library management
Part of a professional certificate program for public library management
Includes hands-on activities and materials for practical learning

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Reviews summary

Excellent course for public library finance

Learners say this course about budgeting and finance for public libraries takes a strategic approach to the issue. It contains two major parts. Part one provides a national overview and context for the material, with information on trends and challenges. Part two offers a more local view and discusses the vision for the future of public libraries. Students largely praise the course material.
Easy-to-follow course outline.
"Part 1 - Strategic Context and Overview"
"Part 2 - Library Connect"
"outlines the vision for Gawler Public Library in the Gawler Civic Centre"
Valuable course content.
"national snapshot of Australian public libraries"
"areas of focus and strategies"

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Budgeting and Finance for Public Libraries with these activities:
Review Basic Accounting Principles
Strengthen understanding of fundamental accounting principles to enhance comprehension of financial concepts in the course.
Browse courses on Accounting
Show steps
  • Review notes and materials from previous accounting courses or online resources.
  • Practice interpreting financial statements, including the balance sheet, income statement, and cash flow statement.
  • Complete practice exercises to test understanding of accounting equations and principles.
Find a Mentor in Library Financial Management
Seek guidance and support from experienced professionals in library financial management to enhance learning.
Browse courses on Financial Management
Show steps
  • Identify potential mentors through professional networks or organizations.
  • Reach out to potential mentors and request guidance.
  • Establish regular meetings or communication to receive insights and advice.
Review Personal Finance Basics
Revisit basic personal finance concepts to set the stage for more complex topics in this course.
Browse courses on Personal Finance
Show steps
  • Gather notes and materials from previous coursework or online resources.
  • Review fundamental principles of budgeting, financial planning, and investment.
  • Complete practice questions or scenarios to test understanding.
11 other activities
Expand to see all activities and additional details
Show all 14 activities
Review Financial Concepts
Prepare for the course by reviewing key financial concepts and terms that are relevant to public libraries.
Browse courses on Financial Management
Show steps
  • Review definitions of financial terms used in public libraries.
  • Analyze financial statements to identify key financial metrics.
Collect Resources for Library Financial Management
Gather a comprehensive collection of resources to support understanding of library financial management.
Browse courses on Budgeting
Show steps
  • Identify and download articles, whitepapers, and case studies on library finance.
  • Organize the resources into a structured format for easy reference.
  • Annotate the resources with key takeaways and insights.
Attend a Workshop on Financial Planning for Libraries
Gain practical knowledge and guidance on financial planning for libraries through hands-on learning.
Browse courses on Financial Management
Show steps
  • Identify relevant workshops offered by professional organizations or institutions.
  • Register and attend the workshop.
  • Participate actively in discussions and exercises.
Calculate Budget Variances
Reinforce understanding of budgeting concepts by practicing calculations of budget variances.
Browse courses on Financial Management
Show steps
  • Write down formulas for calculating budget variances.
  • Apply formulas to sample data to calculate variances.
Join a Financial Management Discussion Group
Engage with peers to exchange knowledge, discuss challenges, and share insights related to library financial management.
Browse courses on Financial Management
Show steps
  • Identify relevant online or in-person discussion groups.
  • Join the group and actively participate in discussions.
  • Share experiences, ask questions, and learn from others' perspectives.
Explore Excel for Financial Analysis
Enhance understanding of financial analysis techniques by working through guided tutorials in Excel.
Browse courses on Financial Analysis
Show steps
  • Identify online tutorials or workshops on Excel for financial analysis.
  • Follow the tutorials to learn how to build financial models, perform data analysis, and create visualizations.
  • Apply the techniques to real-world financial scenarios for practice.
Discuss Financial Strategies with Library Peers
Engage in collaborative discussions with peers to share ideas and learn about different financial strategies for libraries.
Show steps
  • Join or create a study group or online forum for library professionals.
  • Facilitate discussions on financial planning, revenue generation, and cost optimization.
  • Share best practices and case studies to learn from each other.
Learn about Financial Forecasting Techniques
Enhance knowledge of financial forecasting by exploring various techniques used in public libraries.
Show steps
  • Research different financial forecasting methods.
  • Identify appropriate forecasting techniques for library scenarios.
  • Apply forecasting techniques to make financial projections.
Develop a Mock Library Budget
Apply course concepts to practical experience by creating a mock budget for a hypothetical library.
Browse courses on Budgeting
Show steps
  • Gather data on library operations, expenses, and revenue streams.
  • Analyze financial reports and identify areas for improvement.
  • Develop a budget that aligns with the library's strategic goals.
  • Present the budget for feedback and discussion with peers or a mentor.
Compile Best Practices in Financial Management
Enhance understanding of best practices in financial management by gathering and organizing relevant resources.
Browse courses on Financial Management
Show steps
  • Identify reliable sources of information on library financial management.
  • Collect and review articles, case studies, and research papers on best practices.
  • Summarize key findings and recommendations from the collected resources.
  • Create a comprehensive compilation of best practices for future reference.
Create a Library Financial Plan
Develop a comprehensive financial plan for a real-world library, applying the concepts learned in the course.
Show steps
  • Identify a library or organization to collaborate with.
  • Conduct a financial audit and analysis to assess the library's financial situation.
  • Develop a financial plan that includes strategies for revenue generation, cost optimization, and financial sustainability.
  • Present the financial plan to the library's stakeholders for feedback and implementation.

Career center

Learners who complete Budgeting and Finance for Public Libraries will develop knowledge and skills that may be useful to these careers:
Budget Analyst
Budget analysts develop and manage budgets for organizations. This course provides a comprehensive understanding of budgeting concepts and principles, which are essential for this role. By learning how to analyze financial data and make sound financial decisions, individuals can enhance their skills as budget analysts.
See salaries and explore the career path for Budget Analyst
Treasurer
Treasurers manage the financial operations of organizations. This course provides a solid foundation in budgeting and finance, which are essential for this role. By gaining a deep understanding of financial management, treasurers can effectively manage cash flow, invest funds, and ensure the financial stability of their organizations.
See salaries and explore the career path for Treasurer
Library Director
Library directors oversee the operations of libraries. This course provides a comprehensive understanding of budgeting and finance, which are essential for this role. By gaining a strong foundation in financial management, library directors can effectively allocate resources, plan for the future, and ensure the financial sustainability of their libraries.
See salaries and explore the career path for Library Director
Financial Manager
Financial managers oversee the financial operations of organizations. This course provides a deep understanding of financial management principles, including budgeting, forecasting, and financial controls. By learning how to manage financial resources effectively, individuals can excel as financial managers.
See salaries and explore the career path for Financial Manager
Nonprofit Manager
Nonprofit managers oversee the operations of nonprofit organizations. This course provides a solid foundation in budgeting and finance, which are critical skills for this role. By understanding how to manage financial resources effectively, nonprofit managers can enhance their ability to lead and manage nonprofit organizations.
See salaries and explore the career path for Nonprofit Manager
Accountant
Accountants are responsible for managing and interpreting financial data. This course provides a strong foundation in budgeting and finance, which are essential skills for this role. Accountants with a deep understanding of budgeting can help organizations make informed financial decisions and ensure that financial resources are used efficiently.
See salaries and explore the career path for Accountant
Grants Manager
Grants managers are responsible for securing and managing grants for organizations. This course provides a foundation in budgeting and finance, which are crucial skills for this role. By understanding how to develop and manage budgets, grants managers can effectively allocate financial resources and ensure that grant funds are used appropriately.
See salaries and explore the career path for Grants Manager
Financial Analyst
Financial analysts provide valuable insights and recommendations to organizations based on their analysis of financial data. This course provides a solid foundation in financial analysis, including how to read and interpret financial reports and make informed financial decisions. By gaining these skills, individuals can enhance their abilities as financial analysts.
See salaries and explore the career path for Financial Analyst
School Administrator
School administrators oversee the operations of schools. This course provides a foundation in budgeting and finance, which are essential skills for this role. By understanding how to manage financial resources effectively, school administrators can ensure that schools have the resources they need to provide quality education.
See salaries and explore the career path for School Administrator
Public Administrator
Public administrators manage public programs and services. This course provides a foundation in budgeting and finance, which are essential skills for this role. By understanding how to manage public funds effectively, public administrators can improve the efficiency and effectiveness of public programs.
See salaries and explore the career path for Public Administrator
Tax Accountant
Tax accountants prepare and file tax returns for individuals and organizations. This course provides a foundation in budgeting and finance, which are important skills for this role. By understanding tax laws and regulations, tax accountants can help clients minimize their tax liability and maximize their tax savings.
See salaries and explore the career path for Tax Accountant
Project Manager
Project managers are responsible for planning, executing, and closing projects. This course provides a foundation in budgeting and finance, which are essential skills for this role. By understanding how to manage financial resources effectively, project managers can ensure that projects are delivered successfully and within budget.
See salaries and explore the career path for Project Manager
Auditor
Auditors examine and evaluate financial records to ensure accuracy and compliance with regulations. This course provides a foundation in budgeting and finance, which are important skills for this role. By understanding auditing principles and procedures, auditors can effectively identify and report on financial irregularities.
See salaries and explore the career path for Auditor
Program Manager
Program managers are responsible for planning, implementing, and evaluating programs. This course provides a foundation in budgeting and finance, which are important skills for this role. By learning how to manage financial resources effectively, program managers can ensure that programs are implemented successfully and within budget.
See salaries and explore the career path for Program Manager
Risk Manager
Risk managers identify, assess, and manage risks for organizations. This course provides a foundation in budgeting and finance, which are important skills for this role. By understanding how to manage financial risks, risk managers can help organizations reduce their exposure to financial losses.
See salaries and explore the career path for Risk Manager

Reading list

We've selected nine books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Budgeting and Finance for Public Libraries.
Cover image
National Defense Budgeting and Financial Management
Save
Comprehensive guide to public library finance and budgeting. It covers all aspects of library finance, from budgeting and financial planning to accounting and auditing. It valuable resource for library directors, financial managers, and anyone else who wants to understand how libraries are funded and managed.
National Defense Budgeting and Financial Management...
Paperback
$$$
National Defense Budgeting and Financial Management...
Paperback
$$$
National Defense Budgeting and Financial Management
Kindle Edition
$$$
Cover image
Financial Management for Libraries
Save
Practical guide to financial management for public libraries. It covers all aspects of library finance, from budgeting and financial planning to accounting and auditing. It valuable resource for library directors, financial managers, and anyone else who wants to understand how libraries are funded and managed.
Financial Management for Libraries
Paperback
$$$
Cover image
Neal-Schuman Library Technology Companion
Save
Glossary of terms used in library and information science. It valuable resource for students and practitioners in the field.
Neal-Schuman Library Technology Companion
Paperback
Check
Neal-Schuman Library Technology Companion
Kindle Edition
Check
Cover image
The University of Louisville
Save
Comprehensive guide to financial management for libraries. It covers all aspects of the financial management process, from budgeting to investing. It valuable resource for library directors and financial managers.
The University of Louisville
Hardcover
$$
Cover image
American Public School Librarianship
Save
Study of the public library in the information age. It examines the impact of technology on public libraries and the challenges facing public libraries in the 21st century.
American Public School Librarianship
Paperback
Check
American Public School Librarianship
Kindle Edition
Check
Cover image
Sanders' Paramedic Textbook
Save
Collection of articles about the public library. It examines the role of public libraries in society and the challenges facing public libraries in the 21st century.
Sanders' Paramedic Textbook
Paperback
Check
Sanders' Paramedic Textbook
Kindle Edition
Check
Cover image
#SayHerName
Save
Collection of articles about the public library. It examines the role of public libraries in society and the challenges facing public libraries in the 21st century.
#SayHerName: Black Women’s Stories of Police...
Paperback
$$
Cover image
Critical Care Transport
Save
Collection of articles about the public library. It examines the role of public libraries in society and the challenges facing public libraries in the 21st century.
Critical Care Transport
Paperback
Check
Critical Care Transport
Kindle Edition
Check
Cover image
The Underground Railroad
Save
Collection of essays about the public library. It examines the role of public libraries in society and the challenges facing public libraries in the 21st century.
The Underground Railroad
Paperback
Check
The Underground Railroad
Kindle Edition
Check

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Course image
Effort
2 to 3 hours per week for 4 weeks
Level
Elementary
Via
edX
Institution
The University of Michigan
Instructor
Larry Neal
Language
English
Transcript
English
This course belongs to a collection called Public Library Management. It's comprised of eight courses:
  1. Grant Writing and Crowdfunding for Public Libraries
  2. Public Library Marketing and Public Relations
  3. Identifying Community Needs for Public Library Management
  4. Managing a Diverse and Inclusive Workplace for Public Libraries
  5. Strategic Planning for Public Libraries
  6. Personnel Management for Public Libraries
  7. Infrastructure Management for Public Libraries
  8. Budgeting and Finance for Public Libraries (viewing)
Good to know
Designed to support individuals in leadership or management roles
Relevant to library directors and aspiring managers
May be especially helpful for those looking to delve deeper into financial management
Taught by instructors with expertise in library management
Part of a professional certificate program for public library management
Includes hands-on activities and materials for practical learning
Share and help others discover this course.
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