STRATEGIES THAT THE FINANCE FUNCTION OF THE WORKERSÆ EDUCATIONAL ASSOCIATION CAN ADOPT TO ENSURE EFFICIENT MANAGEMENT AND CONTROL IN SUSTAINING THE FUTURE FINANCIAL VIABILITY OF THE ASSOCIATION, INCLUDING AN ASSESSMENT OF HOW INFORMATION TECHNOLOGY CAN SUPPORT SUCH STRATEGIES: A LITERATURE REVIEW
The WorkerÆs Educational Association (WEA) is as a nationwide not-for-profit organisation in the United Kingdom (UK) with a legal charter as a charitable organisation. Funding for the organisationÆs activities derives from governmental and private grants, charitable contributions, and a variety of other sources. The WEA, however, does not have an endowment structure that provides the organisation a self-sustain financial capacity. Therefore, the exercise of effective financial management is crucial for the WEA in the development and implementation of strategies designed to ensure sustained long-term financial viability and stability.
This literature review focuses three specific issues. These issues are as follows:
Understanding, developing, and maintaining functional efficiency in the WEAÆs financial function
Exercising effective financial controls in the federally-structured WEA without compromising the mission-related goals of the organisation
Identifying appropriate applications of information technology to support the financial management strategies of the WEA
Understanding, Developing, and Maintaining Functional Efficiency in the WEAÆs Financial Function
The efficiency of the finance function within an organisation such as the WEA is assessed at a general level according to the same standards applied in for-profit organisations [e.g., making the most productive use of the financial resources available to the organisation]. There are, however, differences at the application level for a service organisation such as the WEA (Block 14). A for-profit organisation, as an example, may consider alternative investm...