The task of the financial manager of a library is a formidable one. Wacht defines a financial manager as a person who manages the resources of an economic entity for the purposes of influencing the future outcome of its operations. The financial manager plays the major role in planning and measuring the organization's needs for funds, raising the necessary funds, and making certain that the funds acquired are properly employed. A financial manager must also estimate the future cash flow associated with individual projects, in addition to the funds necessary for the total operation of a library. Other duties include the evaluation of prospective new investments and programs on the organization's operations.
The Bottom Line: Managing Library Finances – Emerald Publishing
Published: Apr 1, 1991
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