The ability to understand and manage a budget is no longer an optional skill. During the pandemic, many libraries have seen their budget landscape transformed, and financial decision-making is made across all staff levels.
In this four-week eCourse, library budget expert Sean Gaffney will provide a practical overview of the theory and best practices of strategic financial resource management. The course will cover the impact of the pandemic on library revenues, spending, and budgets, with an emphasis on updating budgets during times of declining revenue as well as advocacy for increased support from the community.
Students will gain a practical understanding of revenue models, types of budgets, internal controls, resource allocation, financial planning, and acquiring outside resources. Gaffney will also cover the relationship between financial literacy, leadership, and strategic planning.
This course will be useful for both experienced and new library managers, supervisors, directors, and other leaders that want to get a better understanding how to develop and manage budgets, particularly in times of uncertainty. No previous experience is required.
Upon successful completion of the course, students will be able to:
- Understand basic accounting and budgeting conventions
- Evaluate financial resources
- Use a range of models and approaches to solve financial resources problems such as developing a budget, revising a budget, and gaining budget approval
- Understand the impact of declining resources on library budgets and services
- Identify viable alternative solutions and actions and recognize the consequence of their implementation
- Understand the possible impacts that the current COVID-19 pandemic could have on budgets and the delivery of services
