Financial management Essay Example | Topics and Well Written Essays - 1500 words

Financial management - Essay Example This is different from For-Profit organizations that source their funds from shareholders who are the real owners of these organizations. Organizational structure of NGO’s and For-Profit are a bit similar in the sense that both set of organizations are managed by boards of directors. Financial management entails the processes of budgeting, Taxation and corporate governance. NGO’s typically have financial budgets prepared over the period of the activities they are undertaking. On the other hand, For-Profit organizations have their financial budgets prepared for a period of one financial year. Governments levy taxes on all organizations for the purpose of implementing public project or service provision but with the exemption of NGO’s. According to Brigham (2010, 65), the main difference between NGO’s and For-Profit organizations is the objectives and goals of these organizations. NGO’s are set up to provide charitable goods or services to people with out need of making a profit. This major differentiating factor is the reason behind the differences in financial management practices between these organizations. Corporate governance is important in implementing integrity and management of organizational strategies. NGO’s are not particular in enforcing prudent corporate governance practices compared to For-Profit organizations. ... NGO’s are organizations which are not set out to make profits but instead they are meant to provide a service. This is opposed to profitable organizations which are meant to make profits. Organizational Structure The organizational structure of NGO’s is different from that of a profitable organization in that NGO’s are mandated to offer services compared to profit organizations which are meant to make profits. NGO’s are registered or mandated either by governments or special bodies to undertake projects or service delivery to different people. The major difference between NGO’s and profit organizations stems in the ownership structure of the two bodies. NGO’s are owned or operated by a board of directors or a steering committee in some cases; this board of directors is responsible for drawing up the financial strategies for the organization. The board of directors of an NGO are responsible for sourcing funds for the organization through diffe rent ways (Brigham 94). In some instances, some NGO’s have adopted the structure of a private company and used this structure to manage their financial operations. Most NGO’s source their funds from governments, churches and donations this is because these organizations act as governments and they only use their funds for capacity building. This is in contrast to profitable companies whereby ownership of these organizations belongs to some individuals. Profitable companies are owned by people known as shareholders; shareholders are responsible for funding the organization to undertake the goals and objectives of these organizations. Public owned organizations are profit organizations which comprise of a many owners in a company

Sport success in qatar Essay Example | Topics and Well Written Essays - 1000 words

Sport success in qatar - Essay Example s success in sports improve as it started by building sports city, creating a national day for sports in its calendar, apart from hosting the world cup football and the Doha athletic world championship. The Federation for International Football Association (FIFA), is the international governing body of football, with headquarters based in Zurich (Simon, 2013). The foundation was founded in 1904 under the Swiss law. It has a total of 209 member association, of which, Qatar is one among the number. One of its goals is to constantly improve football through sponsorship, promotion, and organization. The body employs over 305 people from more than 35 nations, and it is composed of the Congress, Executive Committee, General Secretariat, and the committees in charge of assisting the executive body. Through its executive committee, FIFA carries out world cup hosting biddings in accordance with the FIFA Provisions and Statutes. Four years ago, FIFAs Executive Committee announced Qatar the winner of the 2022 world cup hosting, a competition that was highly contended. The Executive Committee, however, confirmed that the exact date for this hosting will be discussed in their meeting in March 2015. While awaiting that decision, the task force responsible for the international match calendar of 2018-2022 and the 2022 FIFA World Cup Qatars team, chaired by the President of the AFC Shk. Salman bin Ebrahim al-Khalifa will hold a prior meeting in Doha, in February of 2015 (FIFA.com, 2014). The FIFA Executive Committee confirmed to strongly support the creating of an independent body that will oversee the process of implementation of the reform program in Qatar regarding the issues of labor rights. This will take place in support of the recommendation put across by the DLA Piper report. This report also gave mandate to the FIFA President Blatter, with Dr. Theo Swanziger to go ahead with and discuss this issue with the political authorities of Qatar and be sure that the