preview

A Summary On The Resale Home Store

Decent Essays
The checklist was utilized by reviewing each individual indicator one-by-one (33 in all) and parsing together information from various sources (discussed in further detail below); to address each of the indicator questions. The tool was useful in that it provided us a way of delving into areas and factors of Youth on their Own that we may not have realized without the tool. For instance, the inventory question (indicator 15) led us to look more in-depth, into the financial details regarding Youth on their Own (YOTO)’s “Resale Home Store” in order to determine how exactly they managed and documented inventory, and tracked their sales. While this proved slightly challenging with the information that was available online, we did end up…show more content…
However, helpful these statements are - there are still several indicators (and their associated questions) which needed to be addressed by other means. A secondary source of information utilized while reviewing the checklist tool was the collection of governing board minutes, which are posted dating back to the beginning of calendar year 2014 (January 2014). The board appears to have regularly-scheduled monthly meetings, and takes detailed minutes of each of these meetings. While some of the indicator questions cannot be answered directly (even using these board minutes in addition to audited financial statements), many can be inferred from these documents. For instance, it does appear as though there is a level of financial expertise that is quite impressive for this board, as shown by the minutes from a May 2016 board meeting (YOTO, 2016): “The goal is to keep two months of operating cash in the bank. We look for 7% return on investments (4% in cash flow and 3% in growth in stocks). An additional source of capital we have if we ever need it, is the real estate that we own (long-term assets).” With this level of financial acuity on the board, we are able to infer that some of the routine (or required) financial processes such as keeping (and adhering to) fiscal policies and procedures (indicator 16) occurs, or that cash is able to be reconciled on a monthly basis (indicator 9).
Get Access