Award in Fundamentals of Financial Management

This module provides an overview to the fundamental principles of accounts. It explains how these principles are applied in a holistic manner to create the basic accounting frameworks that are the basis of modern accounting systems. The module explains the composition of different financial reports  and their interpretation using tools such as ratio analysis and budgeting. The module provides an overview to the financial regulatory framework in Malta or Cyprus within which NGOs must operate. It concludes by providing real world examples of successful financial management by NGOs in Malta or Cyprus.

The 6 sessions included in the module are as follows:

1. Basic Principles of Accounting
2. Using Financial Statements
3. Using Ratio Analysis
4. Basic Principles of Budgeting
5. NGOs Financial Regulatory Framework
6. NGO Perspectives to Financial Management

Hours of Total Learning for this module:

• Contact Hours: 15
• Self-Study Hours: 27
• Assessment Hours: 8
• Total Learning Hours: 50

Learning Outcomes:

At the end of the module/unit the learner will have acquired the following skills:

1. Use Financial reports to analyse the Finances of an NGO more effectively.
2. Apply best practices of Management Accounting in an NGO.
3. Adopt the best practices in ratio analysis, budget preparation and variance analysis for improved interpretation of standard financial data.
4. Practice tools in the preparation of financial reports for various projects and funding commitments of an NGO.
5. Plan appropriate accounting practices and procedures for effective   financial control within the NGO.

Each module will be assessed based on the following components:

1. Quality of Contributions in Forums: 30%
   • Evaluation of participation and the quality of insights shared in online discussion forums.
2. Quality of Contributions in Tutorials: 20%
   • Assessment of engagement and contributions during tutorial sessions.
3. Assignment/Case Study: 50%
   • Completion and quality of assignments that demonstrate understanding and application of the course material.

Passing Criteria:

• Students must achieve an aggregate of 50% or higher across the two components to pass the module.

Scholarship Schemes for Maltese residents:

• MySkills Scheme: Malta residents are eligible for up to 80% reimbursement, capped at €5,000, subject to eligibility criteria. International students would be able to apply for the MySkills Scheme once they obtain their Student Temporary Residence Card (TRC). (For individual modules only)
• Get Qualified Scheme ( Scheme available for Maltese residents ) – 70% refund of course fee as a tax rebate