PRT 5395-090 Financial Management in Parks, Recreation, and Tourism

Fall 2018
Online
3 Credit Hours

Instructor: Troy Bennett

Contact Information: 801-597-6179, troy.bennett@utah.edu, or via Canvas mail.
Office Hours/Location: in-person meetings scheduled by appointment and held in
Parks, Recreation, and Tourism Department main office: Annex C, Room 1085.
Virtual Meetings: virtual meetings are scheduled by appointment and will be conducted
via Canvas through the Conferences feature.

Pre-requisite:
C- or better in PRT 3100 and (either PRT 3700 or IS 2010).

Required Material:
Brayley, R.E. & McLean, D.D. (2008). Financial resource management: Sport,
tourism, and leisure services. Champaign, IL: Sagamore.

Hard copies available for purchase through the University Bookstore,

sagamorepub.com, or other new and used book retailers.

Available in electronic format at:

http://www.sagamorepub.com/products/financial-resource-management-2nd-ed-
ebook

Course Description:
Financial analysis, working capital management, budgeting, risk/return, cost of
capital, and dividend policy in park, recreation and tourism agencies and
businesses.

Student Learning Outcomes:

By the end of this course, you will be able to:
• Explain the role of recreation in today’s economy.
• Demonstrate an ability to locate and identify both traditional and alternative
funding sources for public, private, and non-profit recreation agencies.
• Distinguish multiple pricing strategies and appropriate settings for their use.
• Apply multiple budgeting techniques.
• Utilize Excel and other computer software for financial planning and
assessment techniques.
• Identify types of bankruptcy.
• Identify the roles of human resources and government in financial
management.
• Explain and justify different revenue and expenditure management
techniques.
Teaching and Learning Methods:

This fully online course will be taught through lecture, discussions, exploring case
studies, experiential learning, and problem-based learning.

During this course, we will cover principles and practices of financial

management in parks, recreation, and tourism agencies. Specifically, we will
address such topics as financial decision-making, fundraising, grant seeking,
budgeting, ratio analysis, and business planning.

Course assignments, lectures, and activities are intended to help you to develop
an understanding of:

1. The Nuts and Bolts – what tools and information do we need in order to
make sound managerial decisions that result in the best recreation
services possible?

2. The Philosophy – what underlying philosophies guide our financial

decisions? What behaviors are we trying to influence (and how) through
our financial decisions?

Assignments:

Application Exercises and Homework (25% of total grade)

Throughout the semester, students will have opportunities to apply the
information discussed in lectures and readings. These opportunities are
fully explained in the appropriate modules.

Financial Analysis Project (20% of total grade)

Students will need to procure three years of financial statements from an
organization of their choice. Students, working individually, will conduct a
ratio analysis of these statements, visually summarize the trends, and
write an interpretive and prescriptive memo.

Budget Analysis Project (20% of total grade)

Students will complete a two-part budget problem to complete using
spreadsheet software. Students will not only need to be able to format and
interpret the budget in an original condition (Part I), but modify it based
upon given specifications to achieve organizational objectives (Part II).
Students will also need to be able to communicate their actions and
recommendations in concise terms (Part III). Specifics will be provided in
Canvas.

Classroom Engagement (15% of total grade)

Each module will contain classroom engagement assignments. These will
include group discussions in which students will be asked to submit an
 initial discussion post, and then provide comments on the posts of at least
two other students. Some modules will have you complete "in-class" work
to engage with the lecture and to prepare you for the homework
assignment. The purpose of the classroom engagement assignments is
to help students engage with the course material, as well as to engage in
the course as a member of a learning community.

Quizzes (20% of total grade)

There will be online quizzes throughout the semester to review key
concepts and skills relevant to the course material. Module quizzes focus
on material covered within a particular module. A final cumulative quiz will
cover the entirety of the course.

Grading Criteria:

Range Grade Range Grade Range Grade

92.5 100 A 79.5 82.4 B- 66.5 69.4 D+
89.5 92.4 A- 76.5 79.4 C+ 62.5 66.4 D
86.5 89.4 B+ 72.5 76.4 C 59.5 62.4 D-
82.5 86.4 B 69.5 72.4 C- 0 59.4 E

Course Schedule:

Note: Our schedule is subject to revision based on the needs of our class; any
updates will be made available for students through Canvas.

Module Dates Topic Reading Assignment Due

1 8/20- Course Introduction / Brayley & McLean Getting to Know You
8/26 Preparing for Success in Chapter 1 Discussion
Financial Management
Excel Skills Assignment

Module 1 Quiz


2 8/27- Finance Basics Brayley & McLean Module 2 Homework
9/2 Chapters 2-6
Module 2 Discussion –
Identify 3 companies

Module 2 Quiz


3 9/3 – Financial Statements Crossley Chapter 5 Module 3 Homework
9/9
How to Read a Module 3 Discussion –
Financial Report Financial Statement
Search
Interpreting Financial
Statements Module 3 Quiz


4 9/10 – Financial Ratios Emanuelson Chapter 6 Financial Statement
9/16 Analysis Project
White Paper
Interpreting Financial Module 4 Quiz
Statements


5 9/17 – Cash Flow and Sources Brayley & McLean Module 5 Homework
9/23 of Income Chapter 8
Module 5 Discussion –
Understanding Sources of Income
Corporate Sponsorship
Module 5 Quiz


6 9/24 – Pricing Strategies Brayley & McLean Module 6 Homework
9/30 Chapter 9 - Pricing
Module 6 Discussion –
Pricing Strategies

Module 6 Quiz


7 10/1 – Supply & Demand Brayley & McLean Module 7 Homework
10/6 Chapter 7 – Supply and
Demand Module 7 Quiz

Mid-semester Check-in
Anonymous Survey



8 10/7- Fall Break
10/14


9 10/15- Time Value of Money Brayley & McLean Module 9 Homework
10/21 Chapters 10-12
Module 9 Discussion –
Gitman & Zutter Budget
Chapter 5 pgs 1-29 Recommendations

Module 9 Quiz


10 10/22- Loans, Amortization, Gitman & Zutter Module 10 Homework
10/28 and Finance Case Chapter 5 pgs 30-40
Studies Module 10 in-class Case
Studies


11 10/29- Capital Budgeting Brayley & McLean Module 11 Homework
11/4 Chapters 16-17
Module 11 in-class
examples

Module 11 Quiz



12 11/5- Budgeting Part 1 Brayley & McLean Budget Assignment –
11/11 Chapters 13-15 Part 1 and Part 2

Module 12 in-class Case
Study #1

Module 12 in-class Case
Study #2

Module 12 Quiz


13 11/12- Budgeting Part 2 Brayley & Mclean Budget Assignment –
11/18 Chapter 18 Part 3

Brayley & McLean
pgs 275-280




14 11/19- Business Failure and Gittman & Zutter Module 14 Homework
11/25 Bankruptcy Chapter 18
Module 14 Discussion –
Ethics and Financial Mgt

Module 14 Quiz


15 11/26- Economic Impact Crompton Module 15 Homework
12/2 Studies Chapters 1, 2, & 3
Module 15 Discussion –
Economic Impact of PRT

Module 15 Quiz


16 12/3- Course Review Final Quiz Review Final Quiz
12/14 Questions

Course Policies:
Financial Management in PRT requires a considerable amount of interaction,
discussion, and participation from all students. In order to complete the class
successfully, students should be prepared and willing to participate in
discussions and activities.

All assignments are due before the date and time listed on Canvas. It is the
student’s responsibility to confirm that the course instructor receives
assignments. If students anticipate missing an assignment due date, they should
contact the course instructor as soon as possible.

Please review the core rules of netiquette for some guidelines and expectations
on how to behave in an online learning environment.

Other information:

1. The Americans with Disabilities Act. The University of Utah seeks to provide
equal access to its programs, services, and activities for people with disabilities.
If you will need accommodations in this class, reasonable prior notice needs to
be given to the Center for Disability Services (CDS; http://disability.utah.edu/; 162
Olpin Union Building; 801-581-5020). CDS will work with you and the instructor to
make arrangements for accommodations. All written information in this course
can be made available in an alternative format with prior notification to the
CDS. Evidence of practices not consistent with these policies should be reported
 to the University’s ADA/Section 504 Coordinator: Director, Office of Equal
Opportunity and Affirmative Action, 201 S. Presidents Cr., Rm 135, Salt Lake
City, UT. 84112. 801-581-8365 (V/TDD).

2. Addressing Sexual Misconduct. Title IX makes it clear that violence and

harassment based on sex and gender (which includes sexual orientation and
gender identity/expression) is a Civil Rights offense subject to the same kinds of
accountability and the same kinds of support applied to offenses against other
protected categories such as race, national origin, color, religion, age, status as a
person with a disability, veteran’s status or genetic information. If you or
someone you know has been harassed or assaulted, you are encouraged to
report it to the Title IX Coordinator in the Office of Equal Opportunity and
Affirmative Action, 135 Park Building, 801-581-8365, or the Office of the Dean of
Students, 270 Union Building, 801-581-7066. For support and confidential
consultation, contact the Center for Student Wellness, 426 SSB, 801-581-7776.
To report to the police, contact the Department of Public Safety, 801-585-
2677(COPS).

3. The Code of Student Rights and Responsibilities. The code, which specifies
student rights as well as conduct involving cheating, plagiarism, collusion, fraud,
theft, etc., is provided at http://regulations.utah.edu/academics/6-400.php.

4. Wellness Statement. Personal concerns such as stress, anxiety, relationship

difficulties, depression, cross-cultural differences, etc., can interfere with a
student’s ability to succeed and thrive at the University of Utah. For helpful
resources contact the Center for Student Wellness, http://wellness.utah.edu/;
801-581-7776.

5. Drop/Withdrawal. The last day to drop (delete) classes is 8/31/18; the last day
to withdraw from this class is 10/19/18. Please check the academic calendar for
more information pertaining to dropping and withdrawing from a course.
Withdrawing from a course and other matters of registration are the student’s
responsibility.

6. Veterans Center. If you are a student veteran, I want you to know that the U of
Utah has a Veterans Support Center on campus. They are located in Room 161
in the Olpin Union Building. Hours: M-F 8-5pm. Please visit their website for more
information about what support they offer, a list of ongoing events and links to
outside resources: http://veteranscenter.utah.edu/. Please also let me know if
you need any additional support in this class for any reason.

7. LGBT Resource Center. If you are a member of the LGBTQ community, I want
you to know that my classroom is a safe zone. Additionally, please know that the
U of Utah has an LGBT Resource Center on campus. They are located in Room
409 in the Olpin Union Building; their hours are M-F 8-5 pm. You can visit their
website to find more information about the support they can offer, a list of events
 through the center and links to additional resources: http://lgbt.utah.edu/. Please
also let me know if there is any additional support you need in this class.

8. Learners of English as an Additional/Second Language. If you are an English

language learner, please be aware of several resources on campus that will
support you with your language development and writing. These resources
include: the Writing Center (http://writingcenter.utah.edu/); the Writing Program
(http://writing-program.utah.edu/); the English Language Institute
(http://continue.utah.edu/eli/). Please let me know if there is any additional
support you would like to discuss for this class.