1. Home
  2. Knowledge Base
  3. Core Competencies
  4. Financial Management

Financial Management

There are many funding sources for OTR programs, services, and staffing. It is the responsibility of OTR practitioners to be ethical stewards of funding and finances. Competencies in financial management require an understanding of budgeting, priority management, fiscal responsibility and ethical judgment.

Levels

  • Describe foundational budgeting models in regard to institution-specific policies and practices
  • Implement foundational accounting principles and ethical practices
  • Identify existing and potential funding sources
  • Describe one’s own departmental OTR budget model and institutional financial processes
  • Recognize the impact that funding and budgeting models have on program development
  • Identify existing and potential funding sources
  • Adhere to institutional procurement policies and procedures
  • Identify support resources to help navigate institutional and state/province procurement processes
  • Describe staffing compensation practices
  • Adhere to one’s own institutional budget model and planning timeline
  • Develop, allocate, and monitor specific program budgets 
  • Utilize appropriate institution/state/province guidelines for funding and fundraising
  • Manage procurement processes and contracts for OTR programs and services
  • Implement staffing compensation practices
  • Guide others in the appropriate use of institutional and programmatic funds for OTR initiatives
  • Connect financial priorities with institutional directives, missions, and strategic plans
  • Project budget needs based on enrollment trends
  • Respond to institutional reallocation or diminishment of funds by revising budget
  • Navigate external factors which can affect OTR funding models, including mandates, state/province funding changes, and governing boards
  • Negotiate fundraising and sponsorship opportunities to support OTR programs and services
  • Oversee the documentation and accountability related to the use of financial resources
  • Recommend personnel/staffing structures based on financial resources and programmatic needs

Courses

Find our upcoming Core Competency courses on the NODA Event Calendar.

Resource Materials

Coming soon!

Additional Information

Article Information
Article Originally Posted:
Article Last Modified:
Was this article helpful?
Yes No

Related Articles

Need Help?

Can't find the answer you're looking for?
Contact NODA