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  • 1.  Financial Management Module Discussion Thread

    Posted 09-19-2019 10:53
    Hi-
    Please use this thread for any questions or discussions regarding the Financial Management Module.
    Thanks,
    Chris

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    Chris Goyette
    Senior Manager Chapter & Industry Relations
    Princeton NJ
    (609) 986-1047
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  • 2.  RE: Financial Management Module Discussion Thread

    Posted 09-29-2019 11:46
    Hi CAFM candidates and alumni! As you know, the portal provides direct access to other certification candidates, those who have successfully completed the CAFS or CAFM curriculum, and to those serving on NAFA's Certification Content Committee. My name is Larissa Clinard. I completed my CAFM in 2016 and I currently serve as the owner for the Financial Management module. I have the lead for keeping the Reference Guide, Study Guide, and exam questions for the module aligned and up to date. 

    For those of you who are preparing for testing and are feeling stuck or need additional insight on any of the Financial Management module material, please feel free use this thread tool for those discussions! I may occasionally post a small quiz or comment on the material to generate discussion for the group. 

    Take advantage of the study materials and don't be afraid to ask questions. There is a wealth of knowledge within the NAFA community that can help you on our CAFS/CAFM journey!

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    Larissa Clinard
    Fleet Manager
    J. F. Ahern Co.
    Fond Du Lac WI
    (920) 921-9020
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    Original Message


  • 3.  RE: Financial Management Module Discussion Thread

    Posted 11-01-2019 16:05

    Hi CAFM/S-ers!

    Coming to you from the Financial Management module with some study material AND real life application! Since it's budget season for many, material from Chapter 7 – Budgeting is a great place to dig in. When thinking about the fleet budgeting process, there are ten steps. In steps five and six, fleet managers dedicate considerable effort in identifying both regular and periodic expenses, including things like fuel, licensing, a new driver training program, or supplier visit travel.


    Question time!

    What are the two biggest expenses in the fleet budget? 



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    Larissa Clinard
    Fleet Manager
    J. F. Ahern Co.
    Fond Du Lac WI
    (920) 921-9020
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    Original Message


  • 4.  RE: Financial Management Module Discussion Thread

    Posted 11-22-2019 18:18
    Let's Talk Depreciation!
    Since it's such a large portion of most Fleet budgets, understanding depreciation is important! Conceptually, depreciation is the transfer of the value of an asset (shown on the balance sheet) to an expense (reflected on the income statement).

    Although tax codes may dictate what type(s) of deprecation can be used depending on the asset, organizations many choose to use different forms of depreciation or time periods for internal reporting. Some of the most common depreciation methods are as follows: 
    • Straight-Line Depreciation. The most straightforward method (no pun intended!), this method uses the number of years the asset is expected to last and what the value of the asset is expected to be at the end of its useful life to calculate periodic expense.
    • Double-Declining Balance Method. This is an accelerated form of depreciation, allowing organizations to lower the value of an asset more heavily in the early years of the asset's life. 
    • Sum of the Year's Digits Method. Also an accelerated method, this calculation adds the number of years an asset is expected to last and divides the value (purchase less salvage) over the sum of those years. 
    • Units of Production Method. Typically, this depreciation method is used for assets with a very specific life and purpose that can be measured by some quantifiable unit. Instead of calculating depreciation over time, the quantity of 'production' (use) is measured and the depreciation applied accordingly. 
    Do you know what your organization's depreciation method(s) are?

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    Larissa Clinard
    Fleet Manager
    J. F. Ahern Co.
    Fond Du Lac WI
    (920) 921-9020
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    Original Message


  • 5.  RE: Financial Management Module Discussion Thread

    Posted 02-07-2020 18:44

    Who's gearing up for CAFM Live at NAFA's I&E 2020?

     Whether you're just starting the CAFM program or knocking off that last module or two, CAFM Live is a great opportunity to get in some in-person instruction during the Bootcamp sessions and have the opportunity to test on the material right away. I hope to see many of you in Indianapolis!

     
    Is the LCA in YOUR toolkit? It should be! 

    If you're preparing for the Financial Management module exam, you'll definitely want to make sure you're locked in on Chapter 5, Lifecycle Cost Analysis.

     What is the LCA?

     The Lifecycle Cost Analysis (LCA) is a tool that can be used to determine the most cost-effective option among different competing alternatives to purchase, own, operate, maintain and, finally, dispose of an asset. The LCA can be used in a host of applications, but is particularly helpful for fleet managers in narrowing in on the most cost effective vehicle choice(s) for long-term use in the fleet. A good LCA can provide excellent direction for strategic planning, both in the short- and long-term business plan. As with all analysis tools, the important of quality input is critical! A few of the key items fleet managers need to be prepared to dial into the LCA include:

    Understanding how each of these components influence the outcome of the LCA make fleet managers better equipped to make adjustments, respond to inquiries, and prepare for budgeting and strategic planning activities.  



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    Larissa Clinard
    Fleet Manager
    J. F. Ahern Co.
    Fond Du Lac WI
    (920) 921-9020
    ------------------------------

    Original Message