Formation and use of financial. Principles, features of education and use of financial resources for social infrastructure. The essence and functions of the organization’s financial resources

Finance is part of economic relations in society, but in practice we are not dealing with abstract relations, but with real monetarymeans. The distribution and redistribution of value through finance is accompanied by the movement Money in the form of income, income and savings, which together constitutefinancial resources, that arematerial carriers of financial relations.

With widespread use the term “financial resources” its interpretation varies. In Russia, it was first used when drawing up the country's first five-year plan, which included a balance of financial resources.

In a more general sense, "resource" in dictionaries it is considered as a reserve, serving as a source of satisfying needs and forming funds. Since finance is an economic relationship mediated by money, it is obvious that financial resources mean only those resources that have a monetary form, in contrast to material, labor, natural and other resources. Thus, we can draw the first conclusion that financial resources exist only in monetary form.

However, financial resources are not the entire amount of funds used by state authorities and local governments, as well as business entities. In addition to financial resources in cash, there are also credit resources, personal income of the population, etc. Therefore, it is important to identify such characteristics of financial resources that will allow them to be subtracted from the total amount of funds.

In any society, financial resources do not exist on their own; they always have an owner or a person to whom the owner has delegated the rights to dispose of them. Financial resources cannot be outside of property relations.

And only that one part of the funds, which is located owned or disposed of by business entities or state authorities and local governments and serves the process of social reproduction, refers to financial resources.

Their belonging to a specific business entity or state and local government bodies allows them to be separated from the part of monetary income and savings of the population that is not involved in the process of social reproduction.

However, not all funds of business entities can be classified as financial resources, but only those that mediate the processes of production of goods, provision of various types of services, or are used to finance the functions of state authorities and local self-government.

It follows from this next sign of financial resources- they always are used for the purposes of expanded reproduction, social needs, material incentives for workers, and satisfaction of other social needs.

Thus, under financial resources refers to monetary income, savings and receipts that are owned or disposed of by business entities or state and local government bodies and used by them for the purposes of expanded reproduction, social needs, material incentives for workers, and the satisfaction of other social needs.

To the sources of formation of financial resourcesit is customary to refer the value of the gross domestic product, part of the national wealth and receipts from foreign economic activity.

Part of the national wealth is involved in economic turnover in the form of carryover balances of budget funds; funds from the sale of part of the country's gold reserves; proceeds from the sale of excess, confiscated and ownerless property, income from privatization, etc. From foreign economic activity financial resources are received in the form of income from foreign trade operations, external government borrowings, foreign investments, etc.

Types of financial resources- these are those specific forms of income, receipts and savings that are formed by business entities and government entities as a result of financial distribution. They are: depreciation deductions, profit of the organization, tax revenues, insurance payments, etc.

The composition of sources of financial resources of economic entities will be influenced by: sphere of activity (material production or non-production sphere), method of farming, i.e. whether the organization pursues making a profit as the main goal of its activities (commercial organizations) or does not have such a goal and does not distribute the profit received among participants (non-profit organizations), organizational and legal form, industry characteristics, etc.

Financial resources of a commercial organization— these are monetary incomes, savings and receipts that are owned or disposed of by the organization and are intended to fulfill financial obligations, ensure reproduction costs, social needs and material incentives for workers.

To the main sources of formation of financial resources of a commercial organization relate:

Revenue from sales of products, works and services;

Revenue from other sales (for example, disposed of fixed assets, inventories and so on.);

Non-operating income (fines received, dividends and interest on securities, etc.);

Budget resources;

Funds received through the redistribution of financial resources within vertically integrated structures and industries.

Types of financial resources of a commercial organization There will be profits from the sale of goods (works or services), from the sale of property, the balance of income and expenses from non-sales activities, depreciation charges, reserve and similar funds formed from the profits of previous years.

Directions for using financial resources of a commercial organization are: payments to budgets of various levels and extra-budgetary funds, payment of interest for using a loan, repayment of loans, insurance payments, financing of capital investments, increase working capital, financing research and development work, fulfilling obligations to the owners of a commercial organization (for example, paying dividends), material incentives for employees of the enterprise, financing their social needs, charitable purposes, sponsorship, etc.

Financial resources non-profit organization — these are monetary incomes, receipts and savings used to implement and expand the statutory activities of the organization. The organizational and legal form and type of activity of a non-profit organization will influence the composition of sources of financial resources, as well as the mechanism of their formation and use.

TO main sources of financial resources for non-profit organizations relate:

Founders' and membership fees;

Income from business and other income-generating activities;

Budget resources;

Free transfers of individuals and legal entities;

Other sources.

Types of financial resources of non-profit organizations are budget funds, gratuitous transfers of legal entities and individuals, including grants, profits, depreciation deductions (except for budgetary institutions), reserve and similar funds (except for budgetary institutions), etc.

The financial resources of a non-profit organization are used to realize the main purpose of its creation. These may be expenses related to the remuneration of employees, the operation of premises, the purchase of equipment, payments to budgets and state extra-budgetary funds, capital investments, major repairs of buildings and structures, etc.

In addition to business entities conducting their activities as a legal entity, entrepreneurial activities can also be carried out by individual entrepreneurs, which also generate financial resources.

The sources of financial resources at the disposal of state authorities and local self-government are the gross domestic product, part of the value of national wealth and revenues from foreign economic activity.

Gross domestic product is the main source of formation of state and municipal financial resources. But sometimes, for example, during periods of economic crisis or the onset of emergency circumstances (revolutions, wars, major natural disasters, etc.), previously accumulated national wealth can act as a source of state and municipal financial resources.

The financial resources of state authorities and local self-government are:

Tax revenues (corporate income tax, personal income tax, unified social tax, etc.);

Non-tax income (dividends on shares owned by state and municipal property, income from leasing state and municipal property, interest received from the provision of budget credits (budget loans), etc.);

Gratuitous transfers (from budgets of other levels, state extra-budgetary funds, etc.);

Other income.

The use of financial resources at the disposal of state authorities and local self-government is directly related to the functions of the state: economic, social, managerial, strengthening defense capability; through financial resources, the important needs of society in the field of economic development, financing of the social sphere, implementation of state and municipal government, strengthening the country's defense capabilities, etc.

The formation and use of financial resources is carried out instock or non-stock form.The stock form is predetermined by the needs of state authorities and local governments that need financial resources to ensure their functioning, and by some of the needs of business entities engaged in expanded reproduction. When forming and using their financial resources, both multi-purpose and narrow-purpose funds are used.

Financial funds have the following features:

· this is a separate part, separated from the total amount of funds;

· as a result of isolation, the monetary fund begins to function independently, and this independence is relative, there is a constant replenishment and use of funds;

· always created to finance a goal, and the goals can be of different orders, broad and narrow;

· has legal support that regulates the order of its formation and use.

INTRODUCTION……………………………………………………………… 3

1.1.The essence of finance of organizations……………………………... 6

1.2.Functions of finance of organizations………………………………11

CHAPTER 2. FORMATION OF FINANCIAL RESOURCES

ORGANIZATIONS

2.1.Principles of organizing finances of organizations………………. 15

2.2.Sources of formation of financial resources…………….. 20

2.3. Problems of formation of financial resources……………... 25

CHAPTER 3. FINANCIAL RESOURCES OF ORGANIZATIONS AND THEIR

USE……………………………………………………………… 31

CONCLUSION……………………………………………………….. 36

LIST OF REFERENCES………………….. 40

INTRODUCTION

Finance, being an integral element of the economic mechanism for managing organizations, serves as the basis for the formation of various funds of funds necessary for normal economic activity: authorized capital and reserve fund, accumulation and consumption funds, wage fund, depreciation and repair funds, commercial risk fund, etc.

Financial resources are the economic basis for organizing trading activities on the principles of self-financing. The scale and pace of development of trade turnover and all economic activities depend, first of all, on the availability of financial resources. On the other hand, the growth of trade turnover and the successful implementation of business plans ensure an increase in financial resources and strengthening of the financial position of trading organizations due to increased profits from business activities.

In the context of the development of market relations and the functioning of the financial market, a qualitatively new approach to the management of financial resources is required. The procedure for the formation and use of financial resources, as well as the relationship of organizations with the financial and credit systems, are changing.

The financial resources of an organization are the totality of its own cash income and receipts from outside, intended to fulfill the financial obligations of the organization, finance current costs and costs associated with the development of production.

The organization's financial resources are used to create funds for special purposes (wage fund, production development fund, material incentive fund, etc.), fulfill obligations to the state budget, banks, suppliers, insurance authorities and other organizations. Financial resources are also used to finance the costs of purchasing raw materials, supplies, and labor. Capital is part of the organization’s finances invested in production and generating income upon completion of turnover. In other words, capital acts as a converted form of financial resources.

The finances of organizations have a single holistic orientation, but in each specific case they reflect industry characteristics, expressed in the specifics of capital turnover, servicing reproduction processes, emission and investment activities.

The availability of sufficient financial resources and their effective use predetermine the good financial position of the organization, solvency, financial stability, and liquidity. In this regard, the most important task of organizations is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the organization as a whole.

The role of finance of organizations is also important in ensuring the normal state of the economy and social life of the country, since due to their specific features they carry out the process of distribution and redistribution of national income and national wealth at three main levels: at the national level; at the organizational level; at the level of production teams.

Effective formation and use of financial resources ensures the financial stability of organizations and prevents their bankruptcy. In market conditions, the state of finances of organizations is of interest to direct participants in the economic process.

The purpose of the course work is to study the sources and principles of formation of an organization’s financial resources, as well as to identify problems of their formation and use.

To achieve this goal, it is necessary to solve the following tasks:

Consider the essence of the organization’s finances;

Determine the functions of the organization’s finances;

Consider the principles of organizing the organization’s finances;

Identify sources of financial resources;

Identify the problems of forming the organization’s financial resources;

Consider the financial resources of organizations and their use.

To solve the assigned problems, materials from the following authors were taken: when considering the essence of an organization’s finances, materials from the works of Buryakovsky V.V. “Enterprise Finance”, Kovaleva A.M., “Finance”, an online magazine for economists, brokers, financiers - Soldi- news.ru; when considering the principles - the work of Buryakovsky V.V. “Enterprise Finance” and Kovalev V.V. . « Finance of organizations (enterprises)"; when identifying the sources of formation of financial resources, materials from the Internet magazine for economists, brokers, financiers were used - Soldi-news.ru, Yarkina T.V., “Fundamentals of Economics of an Organization”, Polyak G.B., “Financial Management”; when determining the problem of forming financial resources of organizations, an article from the magazine “Consultant” No. 19 was considered; also used materials by Pavlova L.N. “Finance of Organizations”, Kolchina N.V. “Finance of Organizations”, Kovaleva, A.M. “Company Finance”, Kremenukova S.V. “Financial resources of the organization”, Vakhrina P. I. “Finance”.

Thus, the work contains three chapters that discuss the general concepts of organizational finance, their formation and use.

CHAPTER 1. GENERAL CONCEPTS OF ORGANIZATIONAL FINANCE

1.1.The essence of finance of organizations

The finances of organizations are economic, monetary relations arising as a result of the movement of money and the cash flows generated on this basis, associated with the functioning of the monetary funds created in organizations.

The finances of organizations are the basis of the state's financial system, since organizations represent the main link of the national economic complex. The state of the organization’s finances influences the provision of national and regional monetary funds with financial resources. The dependence here is direct: the stronger and more stable the financial position of organizations, the more secure the national and regional monetary funds are, the more fully satisfied social and cultural needs, etc.

The finances of organizations are the most important component of the unified financial system of the state. This is determined, first of all, by the fact that they serve the sphere of material production, in which gross domestic product, national income and national wealth are created. By its essence, the finances of organizations are a specific part of the financial system. Their difference from public finance due to functioning in different spheres of social production.

The presence of finances of organizations is due to the existence of commodity-money relations and the operation of the laws of value and supply and demand. Sales of products and services are carried out through purchase and sale for money at prices reflecting the cost of the goods. But money itself is not finance. This is a special commodity through which the value of all other goods is determined and expressed and their circulation occurs. Finance is an economic relationship carried out through the circulation of money, that is, monetary relations.

One of the most successful definitions of financial resources is the following: the financial resources of an organization are cash income and receipts at the disposal of a business entity and intended to fulfill financial obligations, carry out expenses for expanded reproduction and economic stimulation of workers.

Organizational finance is characterized by the same features as the category of finance in general. At the same time, they have characteristics determined by their functioning in the sphere of material production, where all spheres of the reproduction process are organically connected: production, distribution, exchange and consumption.

Since the finances of organizations are directly related to production and reflect the patterns of economic development, they are a category included in the economic basis.

To ensure the reproduction process with the help of finance, special-purpose monetary funds are formed in organizations in all sectors of the national economy, used for production needs and to meet the social and personal needs of workers.

Thus, the finances of organizations represent a set of economic, monetary relations that arise in the process of production, distribution and use of the total social product, national income, national wealth and are associated with the formation, distribution and use of gross income, cash savings and financial resources of organizations. These relationships, which determine the essence of this category, are mediated in monetary form.

Financial relations that determine the content of this category usually include monetary relations that arise in the process of expanded reproduction (Fig. 1), namely:

Between organizations and other business entities;

Between organizations and the budget system;

Between organizations and the financial and credit system;

Within various associations of organizations;

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INTRODUCTION

In modern conditions of the development of civilization, the problem of education is becoming universal. The development of any state is inextricably linked with the level and quality of educational services provided, which in turn are associated with global changes that have occurred and are occurring in the world. World, federal and regional problems are reflected in the content of education of the younger generation. Therefore, this topic is very relevant today.

Education in Russian Federation is a system that cannot exist without interaction with other spheres of activity and the state represented by state institutions.

The current state of education in Russia is characterized, first of all, from the standpoint of the insufficiency of budgetary funds allocated by the state to ensure the functioning of this field of activity. Under these conditions, all other problems related to the content and quality of education, the availability of quality education for different segments of the population, better satisfaction of student needs, the development of connections with the labor market, and others, are relegated to the background. Such characteristics of education in our country are due to both negative trends in the development of the domestic economy and the unsatisfactory state of the education system itself.

Currently, issues of the development of education and forms of its financing are among the priorities of the economic and budgetary policy of the state, which is evidence of the general opinion reached in society regarding the role of education in the socio-economic development of the country. A qualitatively new reality is emerging, in which it is important production resource becomes knowledge and information.

Improving the quality of education is an urgent task at the current stage of socio-economic development of Russia. One of the key issues in its solution remains the level of funding for all levels of education.

Despite the annual increase in allocations from the federal budget for the education sector, there is not enough money to carry out government functions in this area. Insufficient funding gives rise to and further aggravates problems related to the content and quality of education, accessibility of education for various segments of the population, better satisfaction of the needs of citizens, and others. The lack of own financial resources in educational institutions has a negative impact on the development of the material base and the quality of training of specialists, causes an outflow of the most talented part of the scientific and teaching staff, and reduces the level of socio-economic development of the region and its competitiveness in the world market.

The relevance of the issue of financing the education system in the context of ongoing reforms and the presence of unresolved problems in this area, both at the state and regional levels, determined the choice of the topic of this thesis.

The role of education in modern stage Russia's development is determined by the tasks of its transition to a democratic and legal state, to a market economy, and the need to overcome the danger of the country lagging behind global trends in economic and social development. In the modern world, the importance of education as the most important factor in the formation of a new quality of economy and society increases along with the growing influence of human capital. The Russian education system is capable of competing with the education systems of advanced countries. At the same time, there is a need for broad public support for the ongoing educational policy, restoration of the responsibility and active role of the state in this area, deep and comprehensive modernization of education with the allocation of the necessary resources for this and the creation of mechanisms for their effective use.

Education, in its inextricable, organic connection with science, is becoming an increasingly powerful driving force of economic growth, increasing the efficiency and competitiveness of the national economy, which makes it one of the most important factors in the national security and well-being of the country, the well-being of every citizen.

In the context of market reforms, the relevance of financing educational institutions remains one of the main problems of the state budget.

The purpose of this work is based on a study of the existing system financial security education to develop proposals for improving the formation and use of financial resources in the industry.

The empirical base of the study is data from the Ministry of Education and Science of the Russian Federation, the Ministry of Finance, and the Federal State Statistics Service.

To achieve this goal, it is necessary to solve a number of problems:

1. Characterize the educational sector of the Russian Federation and determine the sources of its financing;

2. Analyze the current state of financial support and expenses for secondary schools;

3. Determine ways to improve the financial support of educational institutions in the context of reform of the budget process.

The theoretical significance of the work lies in the fact that the conclusions formulated in it can be used for further theoretical and practical development solutions financial problems in the field of development of education in the Russian Federation.

Structurally, the work consists of an introduction, three chapters, a conclusion and a list of references.

CHAPTER 1. EDUCATIONAL SYSTEM OF THE RUSSIAN FEDERATION AND SOURCES OF ITS FINANCING

1.1 Characteristics of the state of the education sector, its place in a market economy

The education system, being one of the most important social institutions that affects the interests of the entire population of the Russian Federation, must provide a solution to the key task of the country's development - the formation of its human potential and, as a result, a new quality of economic, social and spiritual relations in society. The right to receive education in accordance with the Federal Law “On Education in the Russian Federation” Federal Law of December 29, 2012 No. 273 “On Education in the Russian Federation”, Article 5 is one of the fundamental and inalienable rights of citizens of the Russian Federation. Great importance is attached to improving the quality of personnel training, training specialists in new areas of science and technology, and constantly improving the educational process.

The state establishes lists of professions and specialties in which education is conducted and forms the basic features of the range of educational services. It carries out certification and state accreditation educational institutions, creates a state system of certification and diagnostic centers (state certification service), i.e. acts as a guarantor of the quality of educational services and its compliance with educational standards.

The main type of educational institution is educational institutions that provide the content of education and training and (or) implement one or more educational programs. According to their organizational and legal forms, educational institutions can be state, municipal, non-state (private, public and religious organizations). However, the legislation in the field of education applies to all educational institutions on the territory of a particular state, regardless of their organizational and legal forms and subordination.

On December 29, 2012, the new Federal Law No. 273-FZ “On Education in the Russian Federation” came into force, which replaced two basic laws: dated July 10, 1992 No. 3266-1 “On Education” and dated August 22, 1996 No. 125-FZ “On higher and postgraduate professional education". The main provisions of the new education law include a number of changes.

According to the new law, the state is obliged to provide everyone with free general education within the framework of federal state educational standards (FSES). At the same time, paid educational services cannot replace training that is financed from the budget, the document notes. Otherwise, the educational organization is obliged to return all money to the student or his parents.

Monitoring the effectiveness of universities is becoming annual and mandatory for both public and private universities. In the fall of 2012, the Ministry of Education and Science for the first time conducted monitoring of higher educational institutions, in which 541 state universities and 994 branches took part. According to its results, about 40 higher educational institutions and 262 branches were recognized as ineffective and in need of reorganization Data from the Ministry of Education and Science of the Russian Federation, Moscow, 2012 “monitoring the activities of federal educational institutions of higher professional education of the Russian Federation”, section 2.

The changes also affected the Unified State Examination. Previously, the results of the Unified State Exam were valid only until December 31 of the year following the year of graduation. Now the Unified State Examination results will be valid for five years.

The procedure for admission to universities for benefit recipients has also changed. The new law establishes a quota of 10% for the admission of disabled people to university. The remaining categories - orphans, disabled children, disabled people of groups I and II, citizens under the age of twenty with only one disabled parent of group I, Chernobyl victims, children of military personnel, employees of internal affairs bodies and other departments - will be free study at preparatory departments of universities. The opportunity for such training is allowed only once, but it gives an advantage when entering the university.

Preschool education becomes the first level in the system of lifelong education, which includes general, secondary vocational and higher education. At the same time, the preschool level does not provide for final exams or other forms of assessing children's knowledge. Teaching a child in kindergarten will be free, but parents, as before, must pay for supervision themselves. Children from low-income families will be provided with benefits. Disabled children, orphans and tuberculosis patients will continue to be exempt from fees.

Municipalities are required to provide a child with a place in first grade. By law, the local education authority assigns a school to each microdistrict and ensures the admission of children living in this territory. The administration of an educational institution may refuse to admit a child to first grade only if there are no free places. In this case, the education department must provide parents with information about vacancies in other schools in the neighborhood.

The individual needs of students are taken into account. The law gives priority to inclusive education, which involves teaching children with disabilities not in a specialized, but in a regular educational institution. At the same time, they can still receive education in special institutions. The document pays attention to the education of gifted children. Thus, the law is focused on different educational needs and establishes an individual approach to the education of each child. In particular, the legislator secures the student’s right to an individual educational schedule and to choose subjects for the course.

The system of vocational education has also changed. Now the higher education system includes bachelor's, specialist and master's degrees, as well as postgraduate professional education. Schools are moving into the system of secondary vocational education as the first stage in the training of qualified workers and employees. According to the law, secondary vocational education must be publicly available.

Teachers received special status. Now the law legally establishes the special status of teaching staff. In particular, teachers receive the right to undergo additional professional education in their field at least once every three years. According to the document, they are granted an annual basic extended paid leave, a long leave of up to one year at least every ten years of continuous teaching work, as well as early assignment of an old-age pension. Teaching staff who live in rural areas or towns have the right to compensation for housing and communal services expenses. The new law also establishes the rule according to which the cost of remuneration of teaching staff of municipal educational organizations cannot be lower than the level corresponding to the average salary in a given constituent entity of the Russian Federation.

The state final certification (GIA) for ninth-graders has become mandatory. Experiments on the introduction of GIA have been carried out in various regions since 2002. Now the exam is carried out in the form of testing on special forms, similar to the Unified State Exam forms. Regional authorities are responsible for organizing and conducting certification of ninth-graders, who also process the results. The development of control measurement materials occurs at the federal level.

The Federal Law “On Education in the Russian Federation” provides full definition education: “Education is a single purposeful process of upbringing and training, which is a socially significant benefit and carried out in the interests of the individual, family, society and the state, as well as the totality of acquired knowledge, skills, values, experience and competence of a certain volume and complexity in purposes of intellectual, spiritual-moral, creative, physical and (or) professional development of a person, satisfying his educational needs and interests” Federal Law of December 29, 2012 No. 273 “On Education in the Russian Federation”, Article 2.

Currently, the management of education in the Russian Federation at the federal level of government is carried out by the Ministry of Education and Science of the Russian Federation and the subordinate Federal Service for Supervision in Education and Science.

At the same time, special attention is paid to the principle of regionalization of education. The main features of the regional education system from the point of view of its organization are: a set of educational institutions in the region, providing the opportunity to differentiate education and training in accordance with the interests of citizens and their level of preparedness; training programs reflecting the scientific, cultural, demographic and economic characteristics of the region. The municipal system includes the characteristics of the regional one, but the role of local authorities self-governments that can create additional conditions for the functioning and development of the education system using funds from local budgets. From the point of view of resource provision, a system that is financed from the budget of a local government is considered regional.

Educational organizations are divided into types in accordance with educational programs, the implementation of which is the main goal of their activities. In the Russian Federation, the following types of educational organizations are established that implement basic and additional educational programs:

1) preschool educational organization;

2) general education organization;

3) professional educational organization;

4) educational organization of higher education;

5) organization of additional education;

6) organization of additional professional education.

Today there are 4 levels of education, each of which is divided into types and types of institutions. The structure of education in the Russian Federation is shown in more detail in Figure 1.

Figure 1. - Structure of education in the Russian Federation Compiled by the author.

In addition to educational institutions, the education system also includes a wide network of institutions that provide the educational process, the so-called other institutions: scientific and methodological centers, medical, psychological and pedagogical services, centralized accounting departments, technical supervision services for the progress of major repairs and construction of educational facilities, building maintenance services, etc.

1.2 Sources of financing education in modern conditions

The owner of state and municipal educational institutions is the state represented by federal, regional and local government bodies. In accordance with this, the basis of state guarantees for a citizen to receive education within the standards is state or municipal funding. The volume of budget funds is one of the main indicators characterizing the scale of state regulation of the education sector. The degree of participation of the budget of one or another level in financing expenses depends on a number of factors, including: on the government structure and the overall system government controlled; legislative distribution of responsibility for types of education, etc.

Our country combines sectoral and territorial management principles. This allows us to classify the structure of financial flows for the maintenance of education by budget levels. The federal budget finances the maintenance of federal educational institutions and the implementation of federal educational programs; educational subventions within the limits of transfers to regions in need of financial support. The activities of the educational institution are financed in accordance with the law. Financing of federal state educational institutions is carried out on the basis of federal standards for financing state educational institutions under the jurisdiction of the constituent entities of the Russian Federation, and municipal educational institutions on the basis of federal standards and standards of the constituent entity of the Russian Federation. These standards are determined for each type, type and category of educational institution per student, pupil, and also on another basis. For small rural educational institutions considered as such by state authorities and educational management bodies, the funding standard should take into account costs that do not depend on the number of students. The standards for financing federal state educational institutions are established by the Government of the Russian Federation.

Regional and local levels are similar to the federal level. Local governments may establish standards for financing municipal educational institutions from local budgets. Currently, the ability of educational institutions to attract funds by providing paid services, donations from legal entities and individuals. Raising additional funds does not entail a reduction in the amount of funding from budgets at various levels. Territorial budgets provide funds for carrying out activities and maintaining institutions under their jurisdiction, and for the implementation of their own development programs. In cases where the same expenses are financed from different budgets, the term “multi-level financing” is used. If the sources of financial resources are not only budgetary allocations, but also extrabudgetary funds, the term “multi-channel financing” is used.

Figure 2. - Multi-channel financing of budgetary institutions Compiled by the author

A stable source of funds is the rental of premises owned by an educational institution, if this does not interfere with the educational process. Additional sources of financing include funds international organizations, transferred to institutions free of charge (in the form of charity), and for the implementation of international cooperation programs.

Currently, the system of private entrepreneurship in education reflects the public reaction to new directions of development of the state economy. The educational services market is designed to satisfy not only the state order, which is provided by budgetary allocations, but also the social order of various population groups and enterprises. The educational processes involve both the emerging class of entrepreneurs and representatives of various movements of national associations and religious communities. The desire to reform the education system in their own interests encourages them to open alternative non-state educational institutions and provide financial support to public ones. In turn, government institutions have the right to offer a wide range of educational services to the population on a paid basis. Attracting additional sources for education can be done in two ways:

Figure 3. - Extra-budgetary sources of funding Compiled by the author

The amount of allocations is primarily regulated by the volume of budget revenues at a particular level. The procedure for financial support of educational institutions is regulated by the Budget Code of the Russian Federation Budget Code of the Russian Federation dated July 31, 1998 No. 145-FZ (as amended and additionally dated December 26, 2014), section 3, chapter 10. It clearly defines the framework for applying financial cost standards and minimum budgetary provision standards. The detailing of budget expenditures by economic items is associated with the need to strengthen control on the part of funding and administrative bodies over their intended use. Determines the volume of budget allocations and distributes expenses government agency within the limits allocated from the budget for the calendar financial year.

General education boarding schools are created to assist families in raising children, developing their independent living skills, social protection and comprehensive development of their creative abilities. These institutions primarily accept children in need of government support, including children from large and low-income families, and children under guardianship. The main objectives of educational institutions for orphans and children left without parental care are: creating favorable conditions, close to home, conducive to mental, emotional and physical development pupils, ensuring their medical, psychological and pedagogical rehabilitation and social adaptation; protection of the rights and interests of students. In accordance with the individual characteristics of children, the following types of institutions can function in the education system: orphanage, orphanage-school, boarding school for orphans and children left without parental care, sanatorium orphanage, special (correctional) orphanages and schools - boarding schools for orphans and children without parental care with developmental disabilities. In these types of institutions, the maintenance and training of students is carried out on the basis of full state support.

When budget financing using appropriations, two methods are used:

· “Net budget” - funds in the financing process are allocated for a rather limited range of costs provided for by the budget;

· “gross budget” - used to finance organizations that are fully funded by the budget. Budget funds are provided for all types of expenses.

Education is financed using the “gross budget” method. Allocations are made for the maintenance of educational institutions, funds are allocated to pay for goods, work and services performed by individuals and legal entities under state and municipal contracts. Expenditures on education relate to expenses for social needs, which are determined on the basis of the principles of budget planning and are financed according to specific types of costs. The calculations of expenses of educational institutions are based on indicators of the institutions' performance that characterize the populations served (number of students, study groups, classes, number of pupils). This takes into account the operating time throughout the year. These indicators serve as estimates. Cash expenses are calculated according to the norm that ensures the functioning and development of the educational institution. The basic principle of spending budget funds is their strict regulation for their intended purpose. An educational institution does not have the right to use funds for purposes that are not provided for in the budget. Cost estimates for educational institutions include:

· salary;

· accruals for wages;

· travel allowances and other compensation payments employees;

· payment for goods, works and services;

· major and current repairs;

· purchasing equipment and durable items.

The Russian education system is capable of competing with the education systems of advanced countries. At the same time, there is a need for broad public support for the ongoing educational policy, restoration of the responsibility and active role of the state in this area, deep and comprehensive modernization of education with the allocation of the necessary resources for this and the creation of mechanisms for their effective use.

Due to the fact that educational services are a socially significant benefit, it means that the state provides the costs for the production of worthy goods; goods are financed from the budget, the budget is formed from taxes, and not from the proceeds from the sale of these goods on the market. What is based on Art. 43 of the Constitution of the Russian Federation:

· everyone should be provided free of charge with pre-school education, general secondary education and primary vocational education;

Free secondary vocational education and higher vocational education should be provided to those who have completed the appropriate competitive selection on the announced terms.

Ideally, the education financing system should be based on these positions. The main sources of financing for educational institutions in a market economy remain the budgets of the budget system of the Russian Federation:

· federal budget funds;

· funds from the budgets of the constituent entities of the Russian Federation;

· funds from local budgets.

Taking into account the indicated funding channels, we will clarify two main models based on the principles: the principle of “free” public education; the principle of “payment” - the role of the state is limited (citizens pay for the service).

The development of the system of financing educational institutions should be aimed at solving the following main problems:

· accessibility of education for various social strata of the population;

· implementation of structural changes in connection with the requirements of the labor market;

· improving the quality of educational services;

· financing the material and technical base of education for the purpose of its modernization.

The financial mechanism of the education system in general can be represented as a system of targeted regulation of the processes of formation, distribution and use of financial resources of educational institutions within the framework of the specified elements (see Table).

Table - Financial mechanism of the education system Compiled by the author

Financing of educational institutions from the federal budget is carried out in accordance with the functional classification, in which the “Education” group includes the following expenses:

· preschool education young children and maintenance of preschool educational institutions;

· primary general, basic general, secondary general education;

· initial vocational training in secondary educational institutions, vocational technical schools, interschool educational centers, training and production workshops;

· education in educational institutions of secondary vocational education;

· expenses for higher professional education;

· professional retraining and advanced training,

· youth policy and organization of health campaigns for children.

The main source of financing for educational institutions is currently budgetary allocations (from the federal, regional and local budgets), calculated on the basis of the established standard - the cost of training one student (pupil) per year for each type of educational institution.

The modernization of the financing system is based on the increasing role of extra-budgetary sources of financing for universities, formed through the provision of additional paid educational services and entrepreneurial activities.

Additional sources of financing for municipal educational institutions may include:

· paid additional educational services;

· entrepreneurial activity of a municipal educational institution;

· other activities of the municipal educational institution; tax benefits provided to municipal educational institutions engaged in business activities;

· sponsors' funds;

· voluntary donations from parents.

The types of additional sources of financing attracted by a municipal educational institution are established by the institution independently, but with mandatory compliance with the conditions established by the current legislation of the Russian Federation.

The solution to per capita financing is noteworthy. The decision is aimed at gaining financial and managerial independence for schools. But from the introduction new system Schools in big cities benefit from funding in Russia, and among them are those that were created a long time ago and have managed to gain a good reputation. In addition, the per capita standard is very different for different regions and even within one region is different for rural, township schools, schools in small towns and the regional center.

CHAPTER 2. ANALYSIS OF THE CURRENT STATE OF FINANCIAL SUPPORT AND PLANNING OF EXPENSES FOR EDUCATIONAL INSTITUTIONS

2.1 Current practice of planning and financing the expenses of educational institutions carried out at the expense of budgetary allocations

The effectiveness of cost-effective methods of managing the education system directly depends on the volume of its funding.

The material basis for fulfilling the state order for the implementation of educational programs is direct budget financing. Budget planning takes into account the following: political objectives, social and financial indicators, norms and regulations; real technical and economic parameters of the work of educational institutions. The volume of budget financing is calculated by the founder, who uses the program-target method of budget planning for education expenses. This method includes, as a fundamental document, the development of an estimate through which the volume, target direction and quarterly distribution of budget allocations to cover the costs of an educational institution are determined. Duly approved higher authority management estimate is the only legitimate planning document for the use of budget funds.

In order to justify the regulatory financing of educational institutions, the development of minimum social standards plays an important role. They include: A unified tariff schedule for remuneration of public sector workers; capacity of classes and groups; natural nutrition standards for children and pupils in preschool institutions and boarding schools; estimated nutritional standards for schoolchildren; list of clothes and shoes issued to orphans, etc. Based Federal Law“On Education”, the financing of educational institutions is intended to be carried out in accordance with state (including departmental) and local funding standards. They are determined per student for each type, type and category of educational institution, becoming the basis for its cost estimate.

When developing cost estimates for various educational institutions, production indicators are used. For school institutions, production indicators are the number of children and groups in schools, the number of students in classes, and in boarding schools - the number of pupils, in vocational education institutions - admission of students (students) for free education, etc.

IN financial planning not only production indicators at the beginning and end of the financial year are used, but also the average annual student population. Its size depends on admission, attrition during the training process and graduation of successfully completed students. The formula for determining average annual indicators for schools is as follows:

where V av is the average annual number of students (network of institutions); For 1 - the number of students at the beginning of the planned year (as of January 1); M 1 - the number of months with a rolling contingent at the beginning of the year (8 months); For 2 - the number of students for the planned year (as of September 1); M 2 - the number of months of operation of institutions with a new contingent at the end of the year (4 months); 12 is the number of months in a year.

Thus, the number of students at the beginning and for the planned year as a whole is initially calculated, determined by class groups. For example, the number of students on September 1 for grades 1 - 4 is determined:

U 2 = U I - II grade 01.01 + Admission to I grade - Graduation from grade 4.

The number of students in grades 5–9 and 10–11 is calculated similarly, but with some features.

The preparation of estimates for general education schools is carried out according to the methodology for calculating federal standards for budgetary financing of general education institutions.

Costs for secondary schools and education in general are divided into current (direct), consumed entirely during the year, and long-term (capital) expenses.

Direct costs that directly affect the cost of education per student per year include:

1) wage costs with accruals;

2) costs for office supplies, materials and items for current business purposes;

3) expenses for business trips and official travel;

4) transportation costs;

5) expenses for payment of communication services;

7) costs for the purchase of soft equipment and uniforms;

8) others running costs, i.e. educational expenses for practical training, purchase of materials for educational laboratory classes, various teaching aids, publication and purchase curricula And periodicals and other expenses.

Capital (long-term) expenses include: expenses for the maintenance of buildings and structures, the purchase of expensive equipment, furniture, capital and current repairs. This also includes expenses of a social nature: for feeding students, transporting them to school, paying utilities teachers of rural schools, etc.

An important mechanism for budgetary financing of educational institutions is the standard value of the federal standard for budgetary financing. The federal standard for budget financing is the standard cost of implementing a state educational program during the year by type and type of educational institutions per student. The amount of the federal standard (hereinafter - FN bf) is the minimum cost required for the execution of budgets at all levels. When calculating it, the following expenses are not taken into account:

1) current (utilities, i.e.: heating, lighting, water supply, sewerage and others);

2) long-term (capital) expenses.

Their financing is in addition to the standard. The federal budget financing standard is as follows:

FN bf = FOT + FMO,

where FN bf is the federal standard for budget financing; Payroll - wages (tariff and above-tariff parts); payroll accruals; compensation payments for book publishing products; expenses for increasing grades and certification of teaching staff; FMO - educational expenses; office and business expenses; expenses for the purchase of soft equipment and uniforms; other expenses.

Payroll and educational institutions are classified according to the types and types of educational institutions.

At the same time, the amount of the budget financing standard is regulated by economic standards for payroll and financial support.

The ratios for payroll and financial support are established for the corresponding period at the federal budget level and are mandatory for regional and municipal budget levels.

This approach to calculating the need for financial resources on a normative basis for educational institutions is used at all levels of budget financing.

Thus, at the federal level, a Unified model is being approved for calculating federal standards for budget financing by type and type of educational institutions, state-guaranteed expenses for the implementation of educational programs.

The difference in the calculations of regional and municipal standards from federal ones is that the calculations of the former are based on a factual basis. The actual basis differs significantly from the regulatory framework inherent at the federal level, especially in rural areas.

At the same time, guarantees for the implementation of the state order for the implementation of the educational program are legislatively supported by financial support, the basis of which is the budgetary financing standard (hereinafter referred to as Nbf) of the educational institution. If the founder is not able to provide the financial, material and personnel needs of a general education institution, calculated on the basis of the Nbf, he does not have the right to demand from the latter the implementation of the state order for this educational program in full.

At the level of an educational institution, the Unified Model for determining the need for financial resources is applied for a specific educational institution. This calculation can be carried out by the founder or an educational institution if it has an accounting service.

Regardless of the body conducting the calculation, there is a unified approach to its implementation. The calculation of the budget funding standard per student occurs at the level of the educational institution and includes three stages.

First stage- preparation of initial data on secondary schools. It is associated with determining the number of students, standards for the maximum number of classes, groups extended day and teaching rates as of January 1 of the planned year. In accordance with Order of the Ministry of Education and Science of Russia dated August 30, 2013 N 1015 “On approval of the Procedure for organizing and implementing educational activities in basic general education programs - educational programs of primary general, basic general and secondary general education”

The enrollment of classes and extended day groups of a general education institution is based on 25 students. Order of the Ministry of Education and Science of Russia dated August 30, 2013 N 1015 (as amended on May 28, 2014) “On approval of the Procedure for organizing and implementing educational activities in basic general education programs - educational programs of primary general, basic general and secondary general education” clause 15.18

If financial resources and other necessary conditions are available, the charter of a general education institution provides for the enrollment of classes and extended day groups with a smaller number of students. For example, when conducting practical classes in physics and chemistry, a standard class in a city secondary school can be divided into two groups.

The estimated number of teaching rates is calculated on the basis of the basic curriculum, approved by the same Order of the Ministry of Education and Science of Russia No. 1015 - 2013. The Order establishes the maximum permissible load for students during a five- and six-day school week. For example, when five day week the maximum number of hours per week is: in grades 1 - 3 - 22 hours, in grades 1 - 4 - 21.5, in grade 5 - 28, in grade 6 - 29, in grade 7 - 31, in grades 8 - 9 - 32, in grades 10 - 11 - 33 hours.

The practice of conducting the educational process of general education institutions shows that the number of teaching hours paid to teachers per week often exceeds those provided for in the basic curriculum. For example, in grades 4 - 11, an additional number of teaching hours in a foreign language is provided due to the need to divide the class into two groups. Therefore, when calculating the staffing level of a general education institution, the average number of teaching positions is determined on the basis of two teacher positions per class.

In addition to the standard number of teaching staff, one teacher rate can be introduced - per one extended day group, or 1.25 rates - per one extended day group consisting of six-year-old children.

After this, the remaining groups of staff numbers are calculated.

The standard number of employees in the first group “Administrative Personnel” is determined by type of position per class, taking into account the standard number of students in it. For example, the school director - one rate regardless of the number of classes, the head of the library - one rate - if there are 14 or more classes, and the deputy school director for administrative and economic work - one rate if there are 16 or more classes.

Educational and support staff includes the following number of rates by type of position: one librarian position in the presence of 34 classes, 0.5 counselor rate - from 8 to 11 classes and one rate - from 11 to 28 classes, etc.

For service personnel, the standard number of workers by position is as follows: a worker for complex repairs and maintenance of buildings - one rate for grades from 5 to 16, a cloakroom attendant - 0.5 rate for grades 3 to 6, and one rate for grades 7 to 16.

In addition to the standard number for this group of personnel, 0.5 of the cloakroom attendant rate may be introduced in the case of a general education institution working in the second and third shifts, or if there is an extended day group. Rates for storekeeper, auxiliary worker and cook are being introduced in those institutions where there are extended day groups and where food is prepared directly at school.

The total number of staff units for all groups of personnel is calculated not according to the estimated number of classes and extended day groups, but in accordance with the norm of 25 people per class.

Then the number of rates per student (student) for each group of personnel is determined. For example, the number of classes in a school is 10, the number of students in a school with a norm of 25 people in a class is 250, the number of staff positions depending on the number of classes is 37, including the following groups of personnel: administrative - 3, pedagogical - 20, educational auxiliary - 4, service - 10. Determine the number of rates per student by group of personnel.

For this purpose, the number of rates for each group of personnel is divided by the total number of students in the school:

for administrative personnel - 3: 250 = 0.012;

for teaching staff - 20: 250 = 0.08;

for educational and support staff - 4: 250 = 0.016;

for service personnel - 10: 250 = 0.04.

Second phase involves the calculation of funds for wages. It consists of a set of interrelated actions, including first calculating the wage fund for one rate for each group of personnel. The starting point for calculating the wage fund for each group is the average rank according to ETC.

The structure of the wage fund is being formed, and its tariff and above-tariff parts are calculated as a percentage for each group of personnel.

The tariff part of wages is regulated by the state depending on the complexity of the work, which is based on qualification factors - level of education and professional experience. The tariff part of wages for educational institutions is determined according to the tariff rates established by the qualification categories of the Unified Tariff Schedule. Tariff rates are adjusted for working conditions, operating hours of the educational institution and other payments of a permanent nature.

The above-tariff part of the salary includes incentive and stimulating additional payments and allowances, consisting of additional payments for performing additional functions (managing classrooms, class management, etc.); incentive payments (for quality, intensity and intensity of work, for saving financial resources, etc.).

The proportions of the tariff and above-tariff parts of wages depend on the nature and content of labor by category of workers, as shown in the table:

Ratio of tariff and above-tariff parts of wages for each group of workers (%)

The determination of the tariff part of wages by personnel groups is preceded by the calculation of allowances, calculated as a percentage of the basic rate (grade) and forming a new increased rate.

The calculation of the tariff part of wages in a specific educational institution for teaching staff includes payment for the actual number of teaching hours at an increased rate.

The above-tariff part of wages is determined on the basis of established percentages of the tariff and above-tariff parts for each group of personnel.

Wages per month per pay rate broken down by personnel groups are the basis for determining regional coefficients and northern allowances.

The total amount of earnings is increased by compensation payments for teaching staff in the amount of one minimum wage for the purchase of books, for increasing grades from 7th to 11th - depending on the increase in teaching experience, for certification of teaching staff - in the amount of 5% of the rate for administrative and teaching staff.

Third stage- the determination of the federal standard for budget financing is preceded by the calculation of funds per student.

The basis for calculating the financial fund of the bf is: the total wage fund per month per one rate for each group of personnel; standard number of rates per student for each group of personnel. These indicators are used to calculate the standard wage fund per month, per student.

To the standard wage fund are added wage accruals associated with the payment of the unified social tax. It includes contributions to state social insurance, in Pension Fund, to the Compulsory Health Insurance Fund. The amount of this tax is determined by multiplying the total wage fund by the currently established standard of 35.8%.

The standard wage fund, as well as the accrual of the unified social tax, form the standard wage fund, which is a constant value, regardless of the established economic standard for the wage fund.

The calculation of the FN bf involves the establishment of an economic standard for the wage fund as a percentage of the total amount of expenses equal to 100%.

The basis of the economic standard for payroll is the analytical method, i.e. tracking over a long period and determining the average ratios between wage costs and other costs with the most complete satisfaction of the need for financial resources for all items of expenditure by type of educational institution.

The calculation of the economic standard for payroll is based on the existing average ratios between wage costs and other expenses over a long period. Moreover, the condition must be met - relatively complete satisfaction of the need for financial resources for all items of expenditure in the context of types of educational institutions.

From the data in the table below, it can be seen that when calculating the financial fund of educational institutions, the economic standard for the payroll is applied, equal to 45% of the total amount of expenses. The Material Support Fund (MSF), i.e. the remaining amount of expenses is equal to 55%.

Economic standards for payroll and financial education by types of educational institutions

Determining funds for the formation of a material support fund begins with the costs of purchasing supplies and materials for current economic purposes. Initially, food costs are calculated, the volume of which is determined taking into account the total number of pupils, students, the average number of days of attendance at institutions per year by one child, and the established daily food allowance.

In addition to food costs, this item includes the purchase of soft equipment, including the provision of kindergartens, kindergarten schools, boarding schools with bedding, special clothing kitchen workers, auxiliary workers, teachers in accordance with natural standards of provision and service life. This also includes expenses for equipping institutions with educational, medical, economic and technological equipment. The costs of purchasing sports uniforms in youth sports schools and costumes for concert performances in creative houses are calculated in a similar way.

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1. FORMATION AND USE OF THE FINANCIAL RESOURCES OF THE ORGANIZATION

1.1 The essence and functions of the organization’s financial resources

One of the most important financial categories is financial resources. Financial resources are generated from business entities in order to implement production activities.

Stabilization not only at the enterprise level (micro level), but also at the state level (macro level) largely depends on the rationality of their formation and use. The effective work of commodity producers is the key to the financial strength and independence of any state.

Financial resources of enterprises are income, savings, receipts generated at the enterprise and intended for the purposes of simple and expanded reproduction. Any enterprise in a market economy inevitably faces the problem of rational formation and use of financial resources. By the formation of financial resources we understand the process of formation and mobilization of financial resources in an enterprise. The use of financial resources is, first of all, the use of financial resources for the purpose of carrying out the production activities of the enterprise.

The degree of independence of an enterprise in this area depends primarily on the degree of centralization, authoritarianism of the economy and the mission of this organization in the external environment. Of course, these determining factors do not limit the list of factors influencing the activities of the enterprise in the formation and use of financial resources. There are also obligations to partners, consumers, and other subjects of market relations; the chosen strategy of the company and the internal environment of the organization leave their mark. Thus, the process of formation and use of financial resources at an economic entity is influenced by many known and taken into account factors of the external and internal environment, as well as factors of uncertainty (risk). It is worth noting that in a planned economy the process of formation and use of financial resources is of a different nature, and can only be considered in the context and framework of strict planning and determination. In a market economy, this concept acquires a full depth of meaning, which allows the essence of financial resources to be revealed most fully.

In fact, the formation and use of financial resources are two interrelated processes that characterize and reveal the essence of the mechanism for the movement of financial resources in an enterprise.

Formation is the initial phase in the movement of financial resources; it is here that the sources of funds, forms of receipt and proportions of their combination are determined. As a rule, at this stage, financial resources are in value form, which is favorable for their control and planning.

Formation determines and predetermines the further movement of financial resources in the form of their use. At this stage of the circulation, it becomes possible to launch the production process directly at the enterprise. Here, the financial resources of an economic entity are materialized into fixed and working capital.

In production assets, financial resources are in a hidden form, since their valuation is no longer decisive, but the indicators of the enterprise’s production activities acquire unconditional importance. Financial resources are in such a material form until the moment of sale of manufactured products on the market, when it becomes possible to express them in value and determine the effectiveness of their use.

Thus, the process of using financial resources is associated with the implementation of planned plans and characterizes a progressive movement towards a different quality level. Of course, in the division between formation and use there is a considerable amount of convention, because these two processes mutually determine and complement each other, and each of them already has determinism regarding the future situation, be it the formation or use of financial resources.

In addition, formation can conditionally be called a process with a “plus” sign, because it involves the consolidation of financial resources.

Use is a “minus” because it assumes consumption, waste, temporary “decentralization” of generated resources, a point of “contact”, a conventional equal sign (more precisely, a “more” or “less” sign). We can characterize the stage of assessing the effectiveness of the use of financial resources (for production activities), because here two differently directed processes can be compared with each other.

The enterprise undergoes a continuous process of formation and use of financial resources, their circulation, the purpose of which is to service the production and economic activities of the enterprise.

1.2 Sources of financial resources

To carry out production and economic activities, enterprises use a variety of sources of financial resources. The structure of attracted sources largely determines the financial stability of the enterprise and the profitability of its production and economic activities. Issues of formation of financial resources at the enterprise are resolved within the framework financial management, which is one of the most important subsystems of the general control system modern enterprise. It is the function of the financial services of enterprises and in particular the financial manager to determine
sources of financial resources and provision of them to the enterprise.

Various are known block diagrams classification of sources of financial resources of enterprises. The most common is the division into own and borrowed financial resources. The fundamental difference between these types of resources is that upon liquidation of an enterprise, its owners have the right to part of the property remaining after settlements with third parties. In addition to dividing into own and borrowed funds, the classification of sources according to their urgency is also known:

1) sources of short-term financing;

2) sources of long-term financing.

The structure of the funds used, as a rule, depends on the goals pursued by the enterprise. Most often, the own funds of an economic entity are used to finance long-term decisions, and borrowed capital is used in the form of short-term sources. Own capital (internal source) in domestic practice is of priority importance, which has a positive effect on the financial stability and reputation of the enterprise.

Own funds are the main sources of financing the activities of the enterprise because Operating in market conditions, enterprises must have a certain property and operational independence. Adequacy of own funds is the main condition for providing an enterprise with borrowed funds. The faster growth rate of equity capital compared to borrowed capital is an indicator of the rational relationship between these types of financial resources.

If internal source resources are insufficient to finance financial decisions, borrowed capital (external source) is used. It should be noted that in a market economy, borrowed resources are provided on a paid basis, and therefore, the increase and use of one’s own financial resources is of particular relevance. With the effective organization of production activities and expanded production, the need for borrowed funds is reduced, which leads to the independence of an economic entity and is a favorable condition for the further reproduction of its own resources.

Thus, any stage of the movement of funds should be considered from the perspective of an increase in their value. There is some convention in the division into own and borrowed financial resources, because with the diversity of modern financial relations, it is quite difficult to strictly classify the most diverse sources of financing. The most appropriate in market conditions is classification based on payment, i.e. paid or free financial resources.

The financial resources of an enterprise formed at the expense of its own and equivalent funds include, first of all, various incomes and receipts.

The income of an economic entity is formed from the following sources: profit from core activities, profit from research work performed, profit from financial transactions, profit from construction and installation work carried out in an economic way, etc.

The income that forms the financial resources of enterprises includes:

Depreciation deductions,

Stable liabilities

Proceeds from the sale of disposed assets,

Targeted revenues (for the maintenance of children in preschool institutions, etc.),

Funds received through the mobilization of internal resources in construction, contributions from members of the workforce, insurance compensation for risks that have occurred, resources coming from concerns, associations, industry structures, funds from budgets and extra-budgetary funds.

The most significant financial resources can be obtained in the form of profit from the production and economic activities of the enterprise. Being an economic category, profit characterizes the financial result of an enterprise. Profit reflects the net income received in the sphere of material production. The profit indicator is the indicator that most fully reflects the efficiency of the production and economic activities of the enterprise. Receiving revenue by a business entity does not mean making a profit.

To identify the results of activities, it is necessary to compare revenues with the costs of production and sales of products. The result showing the excess of revenue over the full cost indicates the profitable operation of the enterprise in producing products, i.e. in this case we can talk about profit.

The main factors influencing profit growth are: an increase in revenue from sales of products (services) and a decrease in the cost of manufactured products.

The total amount of profit received by an enterprise from all types of activities is called gross profit. This indicator is summary, because includes the following components:

Profit from sales of commercial products,

Profit from other sales,

Income from non-operating operations (less expenses from these operations).

Profit from the sale of commercial products is the main and most significant part of the entire profit of the enterprise. Profit from the sale of products (works, services) is the result obtained from the main activities of the enterprise. It is calculated as the difference between revenue from sales of products (works, services) and value added tax, excise taxes, production and sales costs. The composition of costs that forms the cost of production includes: material costs, labor costs, deductions for social needs, depreciation, etc.

The second component of gross profit is profit from other sales. The share of this profit is very insignificant in the total profit. Profit from other sales involves: profit from the sale of fixed assets and other property of the enterprise (raw materials, supplies, fuel, spare parts, waste, intangible assets). Profit from other sales is defined as the difference between the proceeds from sales and the costs of this sale. For example, when selling fixed assets, the result is considered to be the difference between the proceeds from the sale of this property (less VAT) and the residual value of the assets (adjusted for the inflation factor), taking into account the costs incurred for the sale.

The next structural component of gross profit is profit from non-operating operations. This article is formed by transactions of various nature not related to the main activity of the business entity and not related to the sale of products or property of the enterprise. Profit from non-operating operations includes: profit from long-term and short-term financial investments, profit from leasing property.

Financial investments mean the placement of enterprises’ own funds in order to generate income.

Long-term financial investment means contributions to the authorized capital of other enterprises (partnerships, joint stock companies, joint ventures and subsidiaries), the acquisition of shares and other securities, the provision of loans, i.e. all kinds of financial investments lasting more than a year.

The forms of short-term investments are: short-term treasury bills, bonds and other securities, loans. Non-operating profits also include various types of fines, penalties, penalties received by a given business entity, as well as profits from previous years identified in the reporting period, profits from the revaluation of inventories and finished products, from transactions with foreign currency, and receipts of debts previously written off as bad. , funds received free of charge from other enterprises in the absence of joint activities (except for funds received in the form of founders' contributions to the authorized capital).

Of course, with the establishment of market relations, the role of profits received from financial transactions (interest received on securities of other issuers, income from transactions in financial markets) will increase.

But it should be remembered that with the exception of profit received from the main activity, all other types of income are additional. They can be used to improve the financial condition of a business entity, and are rather temporary and impermanent in nature.

If, as a result of production and economic activities, an enterprise has losses, then this is also reflected in the balance sheet profit indicator (the final financial result of the enterprise, reflected in the balance sheet). The procedure for distributing balance sheet profit depends on the legal form of the enterprise.

After taxes and fees have been deducted, the enterprise’s net profit is formed (from which payments and deductions are also possible), which is subject to distribution. The directions for distribution of profits remaining at the disposal of the enterprise are within the competence of the enterprise and are fixed in its charter and regulations being developed. The profit remaining at the disposal of an economic entity can be used to reconstruct existing production, modernize equipment, replenish its own working capital, finance R&D, improve technology and organization of production, satisfy consumer and social needs, etc.

The listed activities are financed from funds formed at the enterprise, the number and name of which are determined by the business entity independently, but, as a rule, the following funds can be allocated:

Consumption,

Savings,

Spare,

Social sphere, etc.

Depreciation charges are the second largest source of financial resources for an enterprise after profit. Depreciation charges are the monetary expression of the amount of depreciation corresponding to the degree of depreciation of fixed assets and intangible assets.

These deductions are included in the cost of production. The main purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets of the enterprise.

Significant financial resources, especially in newly created and reconstructed enterprises, can be mobilized in the financial market. Specific forms of their mobilization can be: the sale of shares, bonds and other types of securities issued by a separate enterprise, as well as credit investments.

Funds received through redistribution include insurance compensation for risks incurred, financial resources coming from concerns, associations, parent companies or other industry structures, resources coming on a shared basis, dividends and interest on securities of other issuers, budget subsidies and other types of resources.

Also, the financial resources of an existing commercial enterprise according to the main sources of their formation can be structured as follows

Financial resources generated from proceeds from sales of products (profit, depreciation fund, wage fund, material cost reimbursement fund);

Financial resources received from other sales (property, services not related to core activities, etc.);

Financial resources generated in the financial market (credits and borrowings, sale of own shares and other types of securities, dividends and interest on securities of other issuers, insurance compensation, etc.);

Financial resources generated from accounts payable (suppliers and contractors, wages, social insurance, budget, etc.);

Financial resources generated from contributions and revenues of a targeted nature (coming from other organizations and individuals, budget subsidies, etc.)

So, the organization’s financial resources are divided into its own and borrowed.

Own financial resources and equivalent funds include:

Profit,

Depreciation,

Stable liabilities

Equity,

Target revenues,

Shares and other contributions of members of the labor collective and others.

Borrowed ones include:

Attracted additional share capital,

Bank loans and credits,

Free assistance provided.

2. ANALYSIS AND USE OF FINANCIAL RESOURCES IN THE ENTERPRISE

2.1 Characteristics of the organization’s activities

The organizational structure of Sberbank is presented as follows:

Savings Bank of the Russian Federation (as the head office);

Regional banks;

Branches;

Branches.

The Savings Bank of the Russian Federation, as the head office, organizes the work of the lower divisions of the bank. At the same time, research and analysis of the activities of bank institutions, development of proposals to determine priority areas of development, current and long-term planning are carried out; studying the economy and financial market of the country; providing the Sberbank of the Russian Federation system with information on the activities of its institutions, managing credit resources and analyzing the effectiveness of their use, as well as the services provided by bank institutions.

In addition, Sberbank of the Russian Federation, together with other services, is developing proposals for the introduction of new financial products in order to attract clients, and establishes commission rates for services. Implements economic analysis attracting funds from the population and legal entities into deposits, deposits and securities, analyzes the practice of applying current banking legislation, ensures the collection, verification and synthesis of all statistical reports on the main activities of bank institutions.

Territorial banks conduct an analysis of the activities of their institutions based on their subordination and the economy of individual regions in order to determine the most profitable sector of the economy for lending and evaluate competitive environment.

Currently, due to the intensification of competition, a systematic analysis of the situation developing in the region in the financial and credit markets is being carried out.

This determines the quantity financial institutions, the work of commercial banks, the structure of their liabilities and assets are studied; main types of banking services and quality of customer service, interest rate policy of banks (rates on deposits, deposits and loans), securities market, potential clients.

The most widespread divisions of Sberbank are its branches and branches . The process of consolidation and strengthening of the banking network was manifested in the fact that the rights of branches to independently choose where to invest funds were limited. Soft control was introduced over the issuance of interbank and commercial loans by branches and branches - the head bank had to be notified about the issuance of loans. The tightening of the lending regime was manifested in the fact that formally the provision of loans became possible only with the permission of Sberbank of the Russian Federation.

In addition, a database of unscrupulous borrowers was created. The restriction of the right to independently issue loans was accompanied by the introduction of uniform rules for selecting borrowers, which partly guaranteed their reliability. For example, in the interbank market it was proposed to work only with structures included in the top hundred Russian banks in terms of equity capital. Small banks with a balance sheet of less than 500 billion non-denominated rubles could not count on receiving resources.

The lowest level in the structure of Sberbank are branches . They are created at large enterprises or organizations, or in remote corners of the country where there are sparsely populated areas, and perform a narrow range of operations, for example, payroll, reception utility payments, etc. Their independence in general is extremely limited.

Thus, the centralization of management of Sberbank institutions carried out in recent years has ensured strengthened control and coordination of the work of its structural divisions.

In order to create an optimal structure for the network of bank institutions and improve its financial condition, an analysis of the existing network is carried out, including determining the profitability of each institution. When analyzing existing network the correctness of its construction and territorial location is determined; level of service to the population and legal entities by the branch (agency), i.e. how many residents of the region use the services of bank institutions, and how many - commercial banks; optimal operating mode; economic indicators are studied (income and expenses of the population, situation in the financial market, etc.); changes in the activities of the department (branch) for the analyzed period, which are compared with the results of similar institutions. When analyzing the network, the possibility of creating specialized branches for servicing legal entities, working with securities, currency, and others, is especially carefully studied, as well as the possibility of creating branches in regions with a small number of them. Sberbank has developed a so-called branch economic passport, which will help identify the most complex issues in organizing banking services in a given territory.

The Primorsky branch of Sberbank of the Russian Federation (hereinafter Primorsky OSB No. 8635/00172) is a branch of Sberbank of Russia. Has its own seal, stamps, forms using the name of the bank, acts on the basis of provisions developed in accordance with the Charter of the Joint Stock Commercial Savings Bank of the Russian Federation, open joint stock company, registration number 1841, General license issued by the Central Bank of the Russian Federation for banking operations No. 1481 dated October 3, 2002.

Primorskoe OSB No. 8635/00172 is part of the Bank’s unified system and directly manages the work of the Bank’s system units located in the territory it serves.

The branch has a separate balance sheet, which is included in the Bank's balance sheet.

Primorskoe OSB No. 8635/00172 carries out the following banking operations and transactions on behalf of Sberbank of Russia:

· attracting funds from individuals and legal entities to deposits;

· placement of raised funds;

· opening and maintaining bank accounts for individuals and legal entities;

· carrying out settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts;

· collection of funds, bills, payment and settlement documents and cash services for individuals and legal entities;

· purchase and sale of foreign currency in cash and non-cash forms;

· trust management of funds and other property under agreements with individuals and legal entities;

· provision of consulting and information services;

· purchase, sale, accounting, storage and other transactions with securities.

RF. Interest rates on loans, deposits and fees for services provided to branch clients are determined by the Bank or in the manner established by it, in compliance with the requirements of current legislation.

The current activities of the branch are managed by the Council and the branch manager.

The branch manager manages the activities of the branch in accordance with the powers determined by the Regulations on the structural unit and the General Power of Attorney issued to him by the Bank:

· concludes agreements for the department to carry out banking operations and transactions;

· has the right of first signature on financial documents;

· manages the property of the department to carry out its current activities within its competence;

· concludes employment contracts with the employees of the enterprise, applies incentive measures to these employees and imposes penalties on them;

· issues orders and gives instructions that are mandatory for all employees of the department;

· organizes accounting;

· heads the Branch Council and is personally responsible for organizing its work and making decisions that comply with the regulatory and administrative documents of the Bank.

At meetings of the Council, issues that determine the main directions for improving the activities of the department are considered. Measures are being developed to fully satisfy the needs of clients for banking services and to obtain maximum profits on this basis. The branch's work plans are approved, decisions are made to change the organizational and staffing structure of the branch, reports from their managers are heard, audit materials are reviewed, decisions are made to write off uncollectible loan debt in the manner and on the terms established by the Bank, as well as other production and social problems aimed at the department’s implementation of decisions of the Bank’s Management Board, requirements and instructions of the Bank .

2.2 Dynamics and structure of the organization’s financial resources

Let's consider the structure of the equity capital of Primorsky OSB No. 8635/00172, which is a set of fully paid elements of various purposes that ensure economic independence, stability and sustainable operation of the bank.

A prerequisite for inclusion in the equity capital of certain funds to cover unforeseen losses that arise in the course of the bank’s activities, thereby allowing the bank to continue current operations if they occur. However, not all elements of equity capital have such protective properties to the same extent. This circumstance necessitated the allocation of two levels in the structure of the bank’s own capital: fixed capital and additional capital.

In accordance with the regulation of the Bank of Russia dated November 26, 2001 No. 159-P “On the methodology for calculating equity (capital) credit institutions» the sources included in the fixed capital include funds of the most permanent nature, which the bank can, under any circumstances, use to cover unforeseen losses. These elements are reflected in the reports published by banks and form the basis on which many assessments of the quality of a bank's work are based.

Additional capital, subject to certain restrictions, includes funds that are less permanent in nature and can only be used to cover losses under certain circumstances. The cost of such funds changes over time.

Included in the sources of fixed capital of Primorsky OSB No. 8635/00172

stand out:

Authorized capital in terms of ordinary shares, as well as shares that are not classified as cumulative;

The bank's reserve fund, formed from the profits of previous years and

current year;

Retained earnings from previous years and the current year;;

Provision for impairment of investments in securities and shares.

Sources of formation of equity capital are:

Increase in property value due to revaluation;

Part of the reserve for possible losses on vessels;

Funds formed in the current year;

Profit for the current year.

The structure and composition of the equity capital of Primorsky OSB No. 8635/00172 is presented in (Table 1). The analysis was carried out on the basis of information about the main economic indicators of Primorsky OSB No. 8635/00172.

Table 1. Sources of equity capital of Primorsky OSB No. 8635/00172.

The authorized capital of Primorsky OSB No. 8635/00172 is the main element of equity capital. It is he who determines minimum size property that guarantees the interests of depositors and bank loans, and serves as security for its obligations. As can be seen from Table 1, the size of the authorized capital did not change during the study period and amounted to 39,485 thousand rubles.

Primorsky OSB No. 8635/00172 in the course of its activities, as profits accumulated, created funds: a reserve fund and a reserve for the depreciation of investments in securities. The reserve fund, which is created without fail, is intended to cover losses and compensate for losses arising as a result of current activities, and thus serves to ensure the stable operation of the bank.

The bank's reserve fund amounted to 17.4% in 2004, 17.8% in 2005, and 18.3% of the authorized capital in 2006, which indicates compliance with the Bank of Russia's requirement for its size (the size of the reserve fund should not be less than 15% of the authorized capital).

The purpose of the reserve for impairment of investments in securities is to eliminate the negative consequences associated with the fall in the value of securities purchased by the bank. The reserve for impairment of investments in securities constitutes a small percentage of its share in the structure of fixed capital.

Additional capital OSB No. 8635/00172 is represented by a reserve for possible loan losses, which is used to cover the principal debt outstanding by clients. It constitutes the largest share in the structure of additional capital. During the entire analyzed period, the amount of second-tier capital also increased due to the increase in the value of property during revaluation due to inflation.

Let us conduct a study of the dynamics of the bank's fixed capital in Table 2

OSB No. 8635/00172 for three years. According to Figure 1, it can be seen that during the analyzed period the bank's fixed capital increased by an average of 4.5%. The increase was mainly due to the growth of retained earnings in 2005 by 17.3%, in 2006 by 18.6%.

Table 2. Dynamics of fixed capital Primorskoye OSB No. 8635/00172

Let us visualize the dynamics of the main elements of fixed and additional capital of Primorsky OSB No. 8635/00172 for the three analyzed years in (Figure 1).

Figure 1. Dynamics of the main elements of fixed and additional capital Primorskoe OSB No. 8635/00172, thousand rubles.

Due to the growth of the bank's profits, contributions to the reserve fund increased, which increased in 2005 by 21%, and in 2006 by 3.1%.

Thus, most of the equity capital (more than 50% of all own sources formation of resources) was formed using the most sustainable and stable funds, and, above all, the authorized capital and funds of the bank.

Consequently, Primorsky OSB No. 8635/00172 has enough of its own funds that can ensure its continuation of operations in the event of unforeseen losses.

In addition, the excess actual value reserve fund above the minimum allowable allows the bank to increase, at the expense of this part by capitalization, the size of its authorized capital and thereby increase the guarantee of protection of the interests of depositors and creditors. And the presence of various funds in the bank is an important indicator of the bank’s real potential for organizational growth.

2.3 Analysis of the formation and use of the organization’s financial resources

Let's consider the main economic indicators of the activities of Primorsky OSB No. 8635/00172.

An analysis of the economic indicators of the activities of Primorsky OSB No. 8635/00172 was carried out for the period from 01/01/2009 to 01/01/2010 based on internal sources of information, i.e. current accounting data, consolidated annual accounting reports.

The level of development of passive operations determines the size of banking resources and, consequently, the scale of the bank’s activities. The main place in the resources of the Primorsky branch is occupied by deposits of individuals and legal entities, balances on settlement (current) and budget accounts of legal entities and other liabilities. The main goal of analyzing liabilities is to clarify the economic and organizational reasons that hinder their active attraction and movement, development and implementation of measures to increase the resource base.

In the structure of liabilities, attracted resources as of January 1, 2010 amounted to 75,136 thousand rubles, they increased by 36.3% or by 27,251 thousand rubles. (compared to 01/01/2009), share in general structure liabilities and raised funds as of 01/01/2010 amounted to 98.7%.

Taking into account the traditional focus of Sberbank, the bulk of the client base consists of private depositors, i.e. The largest share in the structure of attracted resources as of 01/01/2010 is made up of funds from private individuals - 91.7% of their volume (as of 01/01/2009 - 74.3%).

As of 01/01/2010, cash balances in private deposits increased almost 1.3 times (growth rate 127.8%) or by 10,707 thousand rubles, compared to 01/01/2009, which was the result, firstly , increasing the number of bank clients. From (Table 1) you can see how the number of depositors changed: 1 sq. 2009 – 31,357 people, 2nd quarter. 2009 – 32,641 people, 3rd quarter. 2009 – 33,252 people. The increase in the number of depositors, to a certain extent, is due to the fact that:

Sberbank of the Russian Federation has established itself as a reliable financial institution, which for many years has been engaged in operations to attract funds for private deposits, and is guaranteed and fully responsible for its obligations.

Primorsky OSB No. 8635/00172 accepts deposits from the population: on demand, salary, universal, fixed-term pension, pension plus, pension deposit, deposit, compensation, youth, savings, replenishable deposit, special, savings.

Even the names of the deposits themselves indicate that Sberbank deposits are available to almost all segments of society - from young people to pensioners.

During the analysis, we can conclude that the number of accounts of depositors of Primorsky OSB No. 8635/00172 for 2009 increased by 4057 units and amounted to 87991 accounts. The overall increase occurred by only 4.83%, this is due to the fact that there was an increase in the number of accounts for such deposits as: salary, universal, youth, pension plus, replenishable deposit, fixed-term pension, SBRF deposit, respectively, by 136.14%; 177.14%; 12.5%; 16.14%; 75.0%; 7.3%; 31.0%, however, for deposits: demand, savings, compensation, pension deposit, savings, there was a decrease in the number of accounts by 3%; 5%; 22.5%; 7.86%; 98% respectively.

The volume of funds entrusted by individuals to the Primorsky OSB No. 8635/00172 is steadily increasing. Moreover, the largest increase was observed in Savings deposits by 1,576,872 rubles, the growth rate was 196.3% and in Pension plus deposits by 5,562,666 rubles, the growth rate was 144.0%. A noticeable increase was noted in Time Pension Deposits in the amount of 689,823 rubles, the growth rate was 120.9%. During the year, there was also an ebb in some types of deposits: for the compensatory deposit, the balance decreased by 15,798 rubles, for the youth deposit – 2,414 rubles. The greatest ebb is observed in demand deposits, it amounted to 977,293 rubles. This is due to the cessation of opening accounts for demand deposits and their re-registration to salary and universal ones.

If you look at it as a whole, the number of depositors is 67.7% of the total population in the region as a whole. The remaining 32.3% are our promising potential clients.

The replenishment of deposits is growing due to non-cash receipts of funds. This is mainly due to the transfer of wages and pensions to the accounts of individuals (Table 2).

In 2009, only 99,027 thousand rubles were received into deposit accounts. The growth rate of non-cash receipts in the second quarter, in comparison with the first, was 138.4%, the decline rate in the third quarter, in comparison with the second, was 80.3%, the growth rate compared to the first quarter was 111.2%; and in the fourth quarter there was a growth rate compared to the third and first quarters of 106.7% and 118.6%, respectively.

In order to more rationally use funds raised in deposits and to evaluate deposits as short-term lending, the average shelf life of the deposit ruble and the level of deposition of funds received in deposits are calculated using the following formula:

SD = Avg./V*D

where SD is the average shelf life of a deposited ruble (in days);

Osr. – average deposit balance, rub.;

В – turnover on issuance of deposits, rub.;

D – number of days in the reporting period.

SD = 31,383 / 109,405 *366 days.

SD = 105 days.

Table 1. Analysis of deposits of individuals of Primorsky OSB No. 8635/00172

Table 2. Non-cash receipts in deposits of individuals for 2009

The average shelf life of a deposited ruble reflects the dynamics of the stability of deposits. This is especially important for assessing deposits as short-term lending resources. In our case, the average shelf life of a deposited ruble as of 01/01/2010 is 127 days (as of 01/01/2009 – 105 days).

Uo = Pv / Po * 100,

where Uo is the level of deposit subsidence.

Pv – increase in deposits.

By – turnover based on the receipt of deposits.

Uo = 12,262,254 / 99,027,000 * 100 = 12.4%

The deposit settlement rate as of 01/01/2010 is 12.4%, which is 8.4% less than as of 01/01. 2009 (20.8%)

In addition to working with clients - individuals, Primorskoe OSB No. 8635/00172 is systematically developing a system of servicing legal entities.

The second most important source of attracting resources for Primorsky OSB No. 8635/00172 is funds in the accounts of enterprises and organizations.

Primorskoye OSB No. 8635/00172 provides legal entities with a range of banking services, and also provides them with a unique opportunity to make high-quality and fast payments through the Sberbank settlement system, which operates throughout Russia.

The number of legal entity accounts opened in Primorsky OSB No. 8635/00172 in 2009 increased 1.3 times (compared to 01/01/2009 - 297 open accounts) and amounted to 394 units with the amount of funds on them as of 01/01/2010 3339 thousand rubles.

Compared to January 1, 2009, balances on current accounts increased by 12,515 thousand rubles (their share in the total structure of liabilities is 6.8%). The share of legal entities using the bank's services is 77% of the total number of legal entities.

At the same time, there is a sharp influx of funds into the current accounts of budgetary organizations. So, if as of 01/01/2009 the share of this item in the context of attracted resources was 2%, then over the year it increased by 2% (RUB 1,137,197) and as of 01/01/2010 it is 4% of the total volume of attraction .

The bank's relations with clients are built on the principles of responsible partnership, participation in solving specific problems of the client and taking into account the real needs of his business.

Funds raised by the bank as deposits for a period of up to 1 year can be used not only to issue short-term loans, but also to provide them for longer periods. In order to set the limit within which it is possible to direct short-term resources into medium- and long-term investments, the bank needs to calculate the coefficient of transformation of short-term resources into long-term ones.

Kt = (1 – Do / Ko) * 100

where Kt is the transformation coefficient.

Co – credit turnover on receipts of funds to deposit accounts (for a period of up to 1 year, including demand accounts) in the branch.

Before – debit turnover for issuing short-term loans and other short-term investments up to 1 year.

Kt = (1 – 12,357,747 / 81,218,472) * 100 = 0.85 or 85%

Those. The bank is able to direct 85% of short-term resources to medium- and long-term investments.

Thus, the total amount of funds that the bank is able to allocate for long-term investments can be determined by the formula:

M = (Zn + Ko - Zk) * Kt + Znd + Code – Znd

where M is the total amount of long-term investment resources.

Zn, Zk – funds in demand deposit accounts for a period of up to 1 year, respectively, at the beginning and end of the year.

Co – credit turnover on receipts of funds on demand deposit accounts for a period of up to 1 year.

Kt – coefficient of transformation of short-term resources into long-term ones.

Znd, Zkd – funds in accounts intended for financing and lending capital expenditures and deposits for a period of more than 1 year, respectively, at the beginning and end of the year.

Code – credit turnover on receipts of funds to the account for financing and lending of capital expenditures and time deposits.

M = (8,585,284 + 81,218,472 – 6,911,650) * 0.85 + 5,287,424 + 110,628 – 5,287,424 = 68,018,918 rubles.

The total amount that the bank can allocate for long-term investments is 68,018,918 rubles.

Liquidity is one of the generalized qualitative characteristics of a bank’s activities, which determines its reliability.

Bank liquidity presupposes the timely fulfillment of all undertaken obligations, including those that may arise in the future. In this case, the sources of funds for fulfilling obligations are the bank’s cash, expressed in cash balances in the cash desk and in correspondent accounts; assets that can be quickly converted into cash; interbank loans, which, if necessary, can be obtained from the interbank market or from the Central Bank.

Bank liquidity is an indicator of the bank’s stability, assessed by the liquidity of the balance sheet, when funds on an asset, due to their rapid transformation into cash or means of payment, can pay off urgent obligations on a liability. In other words, a bank’s liquidity is its ability to fulfill its obligations to depositors and creditors in a timely manner and without loss.

Primorsky OSB No. 8635/00172 calculates the following liquidity ratios.

Economic standards for bank liquidity:

1. Instant liquidity (N2) – the ratio of the amount of highly liquid bank assets to the amount of liabilities on demand accounts.

H2 = Lam / Ovm * 100%

where Lam are highly liquid assets.

Ovm – obligations on demand.

The criterion level of this indicator is below 20%.

In terms of economic content, this standard means the bank’s ability to fulfill its obligations to depositors at the current moment (Table 3).

Measures to ensure instant liquidity:

· attracting short-term loans;

· purchase and sale of foreign currency, securities and metals;

· development of proposals for the sale of investment assets;

· development of proposals for de-cashing the cash balance in the cash register.

Table 3. Instant liquidity ratio – N2 (norm – min 20)

Based on the results of the analysis, we can say that the standard was not met as of 01/01/2009, as of 09/30/2009 and as of 01/01/2010. In the fourth quarter there was an increase in the indicator compared to the beginning of the year. It should be noted that in the first and second quarters there was a sharp drop in the indicator due to a sharp decrease in the size of demand liabilities and an even greater drop in the amount of highly liquid assets. As of 01/01/2009, 09/30/2009 and 01/01/2010, the size and standard of highly liquid assets increased significantly.

As of January 1, 2010, the standard is met and exceeds the minimum value by 13.5% (Table 4).

2. Current liquidity ratio (N3) – the ratio of the amount of liquid assets to the amount of bank liabilities on demand accounts and for a period of up to 30 days. Calculated using the formula:

H3 = Lat / Ovt * 100%

where LAT is the bank’s liquid assets, loans issued by the bank in rubles and foreign currency, with a repayment period of 30 days;

OBT - bank obligations on demand for a period of up to 30 days.

The minimum acceptable value is 50%.

In terms of economic content, the current liquidity ratio (N3) means the extent to which the liquid part of all balance sheet assets can pay off liabilities on demand at a time, since the investor can ask for a return at any time.

Table 4. Current liquidity ratio – N3 (norm – min 50)

The current liquidity ratio did not meet the set criteria in the first and second quarters due to a sharp decrease in the level of liquid assets in relation to liabilities. In the third and fourth quarters, the volume of liquid assets increased, and the standard began to rise. As of January 1, 2010, the standard exceeds the minimum acceptable value by 16.8%.

3. The general liquidity ratio (N5), reflecting the percentage of liquid assets and total assets, is calculated using the formula:

H5 = Lat / A – Po * 100%

where Lat – current liquid assets;

A – the adjusted amount of all assets on the balance sheet;

Ro – required reserves of a credit institution.

The minimum acceptable value of the standard is set at 20% (Table 5).

Table 5. General liquidity ratio – N5 (norm – min 20)

For most of the year, the general liquidity standard was not met and decreased compared to the beginning of 2009.

At the beginning of 2010, the standard exceeds the minimum value by 9.9%.

The general development of active operations, their structure in the analyzed period is presented in (Table 6).

Table 6. Allocation of ruble and foreign resources for 2009

Having analyzed the structure of the allocated resources, it is clear that as of 01/01/2009. The main share is occupied by the loan portfolio, in particular the balance of loan debt of individuals - 31,215 thousand rubles (49.2% of the total share of allocated resources), as well as the balance of loan debt of legal entities - 18,221 thousand rubles (28.7% of total share of allocated ruble resources). The balance of allocated free resources in the Territorial Bank is 22.1% of the total share (14,000 rubles).

Having carried out a further analysis of the allocated ruble resources, we see that the main and priority direction for the placement of ruble resources in 2009 was is an increase in the loan portfolio in the total share of allocated resources. So as of 01/01/2010. the balance of loan debt of individuals increased by 59%, the share in the total share was 53.2% (49,620 thousand rubles). The balance of loan debt of legal entities increased by 50.2%, the share in the total share is 29.4% (27,370 thousand rubles).

The share of allocated free resources decreased by 8.6%. The share as of 01/01/2009 was 22.1% and as of 01/01/2010 – 13.7%. This reduction is positive since this is a low-margin operation. Another positive thing is that the balance of investments in securities (OFZ) has increased. Their share as of January 1, 2010 was 3.7% (3,448 thousand rubles).

The balance of allocated resources in foreign currency increased from $48,000 to $53,000, or by 10.4%.

The main place in the overall structure of assets of Primorsky OSB No. 8635/00172 is occupied by loans to legal entities, individuals - entrepreneurs and individuals.

But the main direction was to increase the loan portfolio of individuals. The general structure of the loan portfolio of individuals for the analyzed period is presented in (Table 7).

The table shows that the bulk of the total share of the loan portfolio of individuals is occupied by loans for urgent needs of the population. Its share is as of 01/01/2009. 85.4%. The balance for this type of loan increased during the analyzed period by 10,769 thousand rubles (40.4%). Meanwhile, the share of loans for emergency needs in the total share of loans decreased by 10%. This happened as a result of the increased demand for other types of lending: housing loans amounted to 14.4% in the total share of the loan portfolio (10% as of January 1, 2009), the balance increased by 127.8%; There was a demand for such types of loans as corporate loans (the share as of 01/01/2010 was 4.7%) and trust loans (the share as of 01/01/2010 was 1.5%). The share of related lending decreased slightly (as of January 1, 2010 it amounted to 3.6% of the total share of the loan portfolio), although the balance of this type of loan increased by 48.3%.

Table 7. General structure of the loan portfolio of individuals for the analyzed period

Educational loans are in the least demand: as of January 1, 2010, their share was 0.4% in the total share of the loan portfolio of individuals. The balance decreased by 9.9% compared to January 1, 2009.

There is no demand for such types of loans as a loan secured by securities, a loan secured by bullion bars.

The Bank provides a full range of credit services and offers a wide range of lending modes: credit line, "People's Telephone" - a loan to individuals to pay for services for installing a telephone and connecting to the subscriber network, investment loans (for the purchase of fixed assets, for technical re-equipment, reconstruction, enterprise expansion), lending for personal consumption, construction and acquisition of real estate, overdraft lending.

Let's analyze the department's loan portfolio, which includes loan issuance, loan repayment, loans and overdue debt (Table 8).

In 2009, the Primorsky branch issued loans totaling 91,963,500 rubles, which is 48,265,000 rubles more than in 2006.

In the 2nd quarter of 2009, loans were issued in the amount of 24,338,500 rubles, which is 4,717,600 rubles more than in the 1st quarter of 2009 (19,620,900 rubles); the growth rate was 124.0%. In the 3rd quarter of 2009, loans were issued for a total amount of 20,184,100 rubles, which is less by 4,154,400 rubles than in the 2nd quarter of 2009 (24,338,500 rubles) and more by 563,200 rubles than in the 1st quarter of 2009 year (RUB 19,620,900). The growth rate compared to the 2nd quarter of 2009 decreased by 17%. In the 4th quarter of 2009, loans were issued for 27,820,000 rubles, which is more than in the 3rd quarter by 7,636,000 rubles, more than in the 2nd quarter by 3,481,500 rubles and more than in the 1st quarter of 2009 by 8,199,100 rubles The growth rate compared to the 3rd quarter of 2009 was 137.8%.

Loans issued to individuals in the 2nd quarter of 2009 amounted to 14,038,500 rubles, which is 2,717,600 rubles more than in the 1st quarter of 2009 (11,320,900 rubles). The growth rate was 124.0%. In the 3rd quarter of 2009, loans to individuals amounted to 14,058,600 rubles, which is 20,100 rubles more than in the 2nd quarter of 2009 and more by 2,737,700 rubles than in the 1st quarter of 2009. The growth rate was compared to from the 2nd quarter of 2009 – 100.1%. In the 4th quarter of 2009, loans to individuals were issued in the amount of 14,120,000 rubles, which is 61,400 rubles more than in the 3rd quarter, more by 81,500 rubles compared to the 2nd quarter and more by 2,799,100 rubles than in the 1st quarter of 2009 d. The growth rate was 100.4% compared to the 3rd quarter of 2009.

Loans issued to legal entities, incl. entrepreneurs, in the 2nd quarter of 2009, 10,300,000 rubles, which is 2,000 thousand rubles more than in the 1st quarter of 2009. (8,300 thousand rubles). The growth rate was 124.1%. In the 3rd quarter of 2009 Issued to legal entities, incl. entrepreneurs 6,125,500 rubles, which is 4,174,500 rubles less than in the 2nd quarter of 2009 and less by 2,174,500 rubles than in the 1st quarter of 2009. The growth rate compared to the 2nd quarter of 2009 was 30.3%.

In the 4th quarter of 2009, 13,700 thousand rubles were issued, which is more than in the 3rd quarter by 7,574,500 rubles than in the 3rd quarter of 2009, more by 3,400 thousand rubles than in the 2nd quarter of 2009 and more by 5,400 thousand rubles than in the 1st quarter of 2009. The growth rate compared to the 3rd quarter of 2009 was 223.7%.

Loan repayments totaled 44,424,376 rubles in 2009, including 12,842,736 rubles by individuals, 31,581,640 rubles by legal entities including entrepreneurs.

The branch's loan portfolio as of January 1, 2010 consists of loans granted to legal entities in the amount of 27,368,500 rubles, to individuals - 49,620,300 rubles. Loans for urgent needs are in greatest demand among the population, accounting for 75.4%.

Table 8. Loan terms

When talking about issuing loans, one cannot help but analyze interest rates. Throughout the analyzed period, interest rates had a steady downward trend from 22% to 19%. This was due to a decrease in the refinancing rate of the Central Bank of the Russian Federation.

Targeted work to increase the loan portfolio made it possible to increase the balance of loan debt. Let's analyze the percentage of plan completion for the balance of loan debt (Table 9).

For the 1st quarter of 2009, the total balance of loan debt amounted to 55,000 thousand rubles against the plan of 55,050 thousand rubles, i.e. the plan was underfulfilled by 0.1 and amounted to 99.9%. Including the balance of loan debt of legal entities amounted to 21,200 thousand rubles against the plan of 20,050 thousand rubles, the percentage of plan completion was 105.7% (the plan was exceeded by 5.7%). The balance of loan debt of individuals amounted to 33,800 thousand rubles. with a plan of 35,000 thousand rubles, i.e. the plan was underfulfilled by 3.4% (amounted to 96.6%).

For the 2nd quarter of 2009, the total balance of loan debt amounted to 62,420 thousand rubles. with a plan of 63,100 thousand rubles, the plan was underfulfilled by 1.1%, i.e. amounted to 98.9%. For individuals, the balance of loan debt is 37,620 thousand rubles, with a plan of 39,000 thousand rubles, the percentage of plan fulfillment is 96.5% (the plan was underfulfilled by 3.5%). The balance of loan debt for legal entities is 24,800 thousand rubles, with a plan of 24,100 thousand rubles, the plan was exceeded by 2.9%. For the 3rd quarter of 2009, the total balance of loan debt amounted to 70,250 thousand rubles (against the plan of 65,200 thousand rubles),

The percentage of plan completion was 107.8%, incl. the balance of loan debt for legal entities is 26,520 thousand rubles, with a plan of 25,200 thousand rubles. (the plan was exceeded by 5.2%), the balance of loan debt for individuals is 43,730 thousand rubles, with a plan of 40,000 thousand rubles. The plan was exceeded by 9.3% and amounted to 109.3%. For the 4th quarter of 2009 the balance of loan debt amounted to 76,990 thousand rubles (with a plan of 75,000 rubles). The percentage of plan completion was 102.7%, incl. the balance of loan debt for individuals amounted to 49,610 thousand rubles with a plan of 48,000 rubles (the plan was exceeded by 3.4%), the balance of debt for legal entities amounted to 27,370 thousand rubles with a plan of 27,000 rubles (the plan was exceeded by 1.4%).

Table 9. Percentage of plan fulfillment for the balance of loan debt in 2009. thousand roubles.

Let us analyze, for example, the change in the total balance of loan debt during 2009.

Overdue debt in the department as of 01/01/2010 amounted to 42,603 ​​rubles, which is 258,600 rubles. less than on September 1, 2009 (301,203 rubles), by 362,999 rubles. less than as of 04/01/2009 (406,602 rubles) and 1,025 rubles less than in the 1st quarter of 2009 (43,528 rubles). The share of overdue debt in the branch's loan portfolio is 0.1% as of January 1, 2010.

The diversion of funds into assets that do not generate income (non-performing assets) has a negative impact on the financial result. A comparative analysis of non-performing assets is presented in (Table 11).

Table 10. Comparative analysis of non-performing assets, thousand rubles.

The decrease in the share of non-performing assets in total assets from 7.9% (as of 01/01/2009) to 5.6 (as of 01/01/2010) occurred solely as a result of capital expenditures, which were not made during these periods.

From Table 10 it is clear that the largest part of non-performing assets consists of funds in cash and in the correspondent account 66.34% as of 01/01/2009. and 62.51% as of 01/01/2010. In second place are deferred expenses, which amount to 28.72% as of 01/01/2009. and 27.81% as of 01/01/2010 in the total volume of non-performing assets. Overdue loans – 3.49% and 9.22%, respectively. A small share of the total volume of non-performing assets is accounted for by accounts receivable - 1.4% as of 01/01/2009 and 0.4% as of 01/01/2010.

Profit is an indicator of the bank’s performance. Bank profit is important for all participants in the economic process. Shareholders are interested in profits, because it represents income on investment capital. Profits benefit depositors because by increasing bank reserves and improving the quality of services, a stronger, more reliable and more efficient banking system is created.

In general, the amount of profit depends on 3 global components: income, expenses, taxes and other obligatory payments of the bank. In accordance with this, the model for the formation and, to a certain extent, use (spending) of profit can be schematically presented as follows (Figure 1).

Picture 1. General scheme formation of bank profit

Making a profit is one of the main goals of the functioning of commercial banks, since the solution of most of the most important tasks facing them, such as increasing the amount of equity capital, replenishing reserve funds, and financing capital investments.

For the most part, the bank's profit is derived from the difference in interest charged from clients and paid to them on banking transactions, as well as from commission fees for services provided.

Profit analysis in commercial banks is carried out in the following areas:

· assessment of the level of profit achieved by the bank during the reporting period;

· dynamic profit analysis;

· analysis of balance sheet profit;

· analysis of net profit;

· profitability of the main directions banking and types

operations performed by the bank;

· profit analysis by structural divisions of the bank;

· analysis of financial losses;

· analysis of lost profits;

· analysis of the use of profits.

For 2009, the Primorsky branch received a profit in the amount of 6,281 thousand rubles. This occurred as a result of an increase in the share of the loan portfolio in the total share of the income structure (56.3%), as well as as a result of an increase in the share of commission income (32.1% in the total income structure.

Central to the analysis financial results commercial banks belong to the study of the volume and quality of income they receive, since they, in turn, are the main factor in generating the profit of credit institutions.

A decline in revenue is generally an objective indicator of a bank's imminent financial difficulties. It is these circumstances that determine the importance of analysis of total income in the study of the financial results of a bank.

When analyzing the structure of income, they are usually divided into interest and non-interest income.

Interest income is accrued and received interest on loans in rubles and foreign currency.

Interest income includes:

· income from issuing loans to legal entities;

· income from issuing loans to the population;

· income from issuing loans in foreign currency;

Non-interest income:

· commission received for services provided by the bank to legal entities;

· commission received for services provided by the bank to the population;

· income from foreign exchange transactions;

· income from sales and purchase transactions precious metals, valuable papers;

· income from non-banking activities (fines, penalties, penalties received).

In 2009, the department earned income in the amount of 10,959.0 thousand rubles, which is 6,560 thousand rubles more than in 2008. Of these, 6,789 thousand rubles are interest-bearing, and 4,399 thousand rubles are non-interest bearing.

Below, in (Table 11) is given comparative analysis income structures.

As can be seen from Table 11, as a result of the asset structure that developed in the reporting period, income from loans to individuals and legal entities is the main source of formation of the department’s revenue base. As of 01/01/2010, income from lending received 6,169 thousand rubles, which is almost 2.6 times higher than last year’s level (as of 01/01/2009 - 2,393 thousand rubles), including 3,594 thousand from lending to individuals. rubles and from lending to legal entities 2575 thousand rubles. The share as of 01/01/2010 is 56.3% versus 54.3% as of 01/01/2009.

Table 11. Analysis of income structure, thousand rubles

In second place are the income received from the collection of commissions. If as of 01/01/2009 the income received from collecting the commission was received in the amount of 1,222 thousand rubles, then as of 01/01/2010 the department received income in the amount of 3,538 thousand rubles. The growth rate was 258.5%.

Income from transactions with securities in the overall income structure increased by 361 thousand rubles (as of 01/01/2009 - 256 thousand rubles) and amounted to 01/01/2010 -620 thousand rubles. The growth rate was 242.2%.

There was also an increase in income from realized exchange rate differences by 130 thousand rubles, and from the revaluation of balance sheet accounts by 20 thousand rubles. Other income increased by 65 thousand rubles.

At the same time, there is a decrease in income from the redistribution of credit resources by 111 thousand rubles (as of 01/01/2009, income amounted to 317 thousand rubles, as of 01/01/2010, income amounted to 206 thousand rubles, a decrease of 35%).

When analyzing total expenses, as well as bank income, it is necessary to proceed from dividing them into interest and non-interest.

Interest expenses typically make up the majority of expenses. They include:

· interest on deposits of the population;

· interest on accounts of organizations and deposits of legal entities;

· interest on certificates and certificates of deposit;

Non-interest (operating) expenses include:

· labor costs;

· commission expenses;

· operating costs;

Bank operating expenses are easier to control and analyze, since most of them (labor costs, operating expenses) are relatively constant and quite predictable. The department's expenses as of 01/01/2010 (4,678 thousand rubles) compared to 01/01/2009 (2,935 thousand rubles) increased by 1,743 thousand rubles.

Below, in table 12, is a comparative analysis of the cost structure.

Table 12. Analysis of the cost structure, thousand rubles

As can be seen from the table, the largest part in the overall structure of expenses is occupied by labor costs. As of 01/01/2009 the share in the overall structure of expenses was 31.4% (921 thousand rubles), as of 01/01/2010, labor costs increased by 695 thousand rubles, the share was 34.5%, the growth rate was 175.5%. Expenses on deposits of individuals as of January 1, 2009 amounted to 636 thousand rubles or 21.7% of the total expense structure. As of 01/01/2010 -864 thousand rubles, the growth rate was 135.9%.

The smallest share in the total expenses is made up of contributions to the reserve for possible loan losses (as of 01/01/2009 - 0.6%, as of 01/01/2010 - 1.3%), as well as commission expenses (as of 01/01/2009 - 0% , as of 01/01/2010 – 0.1%). Other expenses increased by 49% (as of 01/01/2009 - 870 thousand rubles, as of 01/01/2010 - 1296 thousand rubles). Administrative and business expenses increased by 24.6% (as of 01/01/2009 - 411 thousand rubles, as of 01/01/2010 - 512 thousand rubles). Tax expenses increased by 245 thousand rubles. The growth rate was 406.3%.

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1.2 Formation and use of financial resources

In a market economy, an enterprise independently determines rational options for all components of production and financial activities based on the balance of interests of producers and consumers of manufactured products. In this case, the economic assessment of the effectiveness of the action option is the profit of the enterprise remaining at its disposal. Therefore, the main task in market conditions is to increase the operating efficiency of the enterprise by optimizing the use of its resources, including credit, and building a promising production program, as well as plans for the enterprise to improve the efficiency of its functioning.

Each of the elements of financial resources can be considered from the point of view of the reproduction process. The reproduction process is nothing more than a permanent increment, adding value to existing resources. Features of the functioning of financial resources and features of management work suggest a conditional division of the reproduction process into two stages: 1) formation and 2) use of financial resources. The task of the financial manager is to achieve an increase in value for each.

The formation and use of financial resources are two interrelated processes that characterize and reveal the essence of the movement of financial resources. Formation refers to the process of formation and mobilization of financial resources in an enterprise. Here the sources of funds, the forms of receipt of resources and the proportions of their pooling are determined. Formation determines and predetermines the characteristics of the further movement of resources in the form of use.

The use of resources is the process of their use in order to carry out the activities of the enterprise. This involves consumption, waste, and temporary decentralization of previously generated resources. Use is associated with the implementation of planned plans and characterizes the movement to a different qualitative level of the system. The processes of formation and use mutually determine and complement each other, and each of them influences the state of the system.

Thus, we consider the process of reproduction of financial resources as consisting of two stages - formation and use. Let us consider each in turn from the perspective of rational management.

At the formation stage, questions about the structure of resources and the appropriate payment for them are resolved.

The generally accepted sources of formation of financial resources of an enterprise are:

own and equivalent funds;

mobilization of resources in the financial market;

receipt of funds from the financial and banking system in the order of redistribution (Figure 1.1).

Figure 1.1 – Sources of formation of financial resources of an enterprise

This classification does not fully disclose the content of the category of financial resources in terms of the sources of their formation and use according to intended purpose. The inclusion of gross profit in its own sources significantly reduces the size of the enterprise’s financial resources intended to fulfill its financial obligations, consisting of payments to the budget (value added tax, excise taxes, income tax, property tax, water fees, land tax) and contributions to extra-budgetary funds.

The formation of the enterprise's financial resources is carried out at the expense of its own and equivalent funds, attraction of resources in the financial market and the entry of funds from the financial and banking system in the order of redistribution.

Equity capital, compared to borrowed capital, is characterized by the following positive features:

ease of attraction, since decisions related to increasing equity capital (especially through internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other economic entities;

higher ability to generate profit in all areas of activity, because when using it, payment of loan interest in all its forms is not required;

ensuring the financial sustainability of the enterprise’s development, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.

However, it has the following disadvantages:

limited volume of attraction, and, consequently, the possibility of significantly expanding the operating and investment activities of the enterprise during periods of favorable market conditions and at certain stages of its life cycle.

high cost in comparison with alternative borrowed sources of capital formation.

an unused opportunity to increase the return on equity ratio by attracting borrowed funds, since without such attraction it is impossible to ensure that the financial profitability ratio of the enterprise’s activities exceeds the economic one.

Thus, an enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (since it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial opportunities to increase profit on invested capital.

In the process of development of an enterprise, as its financial obligations are repaid, the need arises to attract new borrowed funds. The sources and forms of raising borrowed funds by an enterprise are very diverse. The classification of borrowed funds attracted by an enterprise according to the main characteristics is presented in Figure 1.2

Borrowed capital used by an enterprise characterizes in aggregate the volume of its financial liabilities (total amount of debt).

The price of financial resources as a percentage is determined by the formula:

where C is the price of financial resources;

And – costs of servicing resources;

P is the amount of resources.

The price of resources is determined for the following purposes:

to determine the level of financial costs associated with the operation of the enterprise;

for making investment decisions;

to determine the optimal resource structure.

To evaluate the entire set of types of resources used by an enterprise, the formula is used:

C = Scibi (1.2)

where C is the price of the entire set of resources used;

ci – price of the i-th type of resource;

Вi is the specific weight of the i-th type of resource.

Figure 1.2 – Sources and forms of raising borrowed funds

This indicator characterizes a sufficient level of profitability of the enterprise’s production and economic activities, due to the need to pay for the resources used. It is clear that each type of resource used is associated with certain costs, which can be calculated with varying degrees of accuracy. The assessed type of resources (ci) can be elements of any of the previously discussed classifications, which makes it possible to evaluate the entire set of resources used from different positions.

The resource structure corresponding to the minimum maintenance costs can be considered optimal.

Of course, the structure of an enterprise's financial resources and the costs of servicing them change and therefore the approximate forecast value of the price of a unit of resource can be established based on the loan interest rate prevailing in the market. This value can also be used when comparing the marginal productivity of a resource unit with its price.

In addition to the criterion of the minimum price of resources used, practice financial management also involves their assessment from the standpoint of the efficiency of reproduction of own funds. The effect of financial leverage is understood as an increase in the profitability of own resources obtained through the use of borrowed resources, despite their payment.

The logic of this statement is due to the fact that one of the factors that significantly influences the results of production and economic activity of an enterprise is the structure of the resources used, which, in conjunction with changes in gross income, can significantly affect the net profit of a business entity, and ultimately the profitability of its own resources. The financial settlement effect (EFF) is calculated:

EGF = (1 – N) x (P – Tsr) x, (1.3)

where N is the profit tax rate, %;

P – return on assets, %;

CR – price of borrowed resources, %;

ZR – borrowed resources, rub.;

SR – own resources, rub.

The component (P - Tsr) is called the lever differential. For the effect not to be negative, the differential must be positive. The value of the differential shows the amount of risk, i.e. the larger the differential, the lower the risk and vice versa. The ratio between own and borrowed resources is the leverage, through which the differential effect increases. In this case, if new borrowing brings an increase in the effect of financial leverage, then it is profitable.

The impact of changes in gross income on the net profit of an enterprise is shown by the strength of financial leverage (SLR).

SFR = , (1.4)

where VD is gross income;

CR – price of resources, rub.

As for the stage of resource use. Selectivity in their use is certainly important here, and the criteria can be the greatest productivity and quick payback(a kind of law of time preference, when a project with a minimum time cycle has priority for financing). Since the generated financial resources will be used to implement costs, their acceptable value is important. This problem is solved during operational analysis (Cost – Volume – Profit analysis). The effect of operational (production) leverage is manifested in the fact that any change in sales revenue leads to a stronger change in profit. The force of influence of the operating lever (OL) is determined by the formula:

SPR = , (1.5)

where VR is sales revenue;

PI – variable costs;

VT – gross income.

Other indicators are also used in operational analysis:

It is necessary that the gross margin is sufficient not only to cover fixed costs, but also the formation of enterprise profits.

This quantity of goods characterizes the “point” of production payback, below which production is simply not profitable. Each subsequent unit of goods brings the company a profit, the amount of which is determined as the product of the quantity of goods sold after the profitability threshold and the ratio of the gross margin to the total quantity of goods sold.

To determine the amount of a possible decrease in sales revenue, the financial safety margin indicator is used, which is the difference between sales revenue and the profitability threshold.

Note that the logic of the functioning of operating leverage can be applied not only in the production sphere of financial resources, but also in the investment sphere, because any use of them may be accompanied by constant and variable costs. The only question that becomes fundamental is their exact classification.

An indicator that summarizes the formation and use of financial resources is the conjugate effect of financial and operating leverage, which is calculated as their product.

The level of the conjugate effect of financial and operating leverage shows by what percentage the net profit of the enterprise will change with a 1% change in sales revenue. If the level of the associated effect is 3.3, then an increase in sales revenue by 1% will lead to an increase in net profit by 3.3%. But this indicator also characterizes the amount of possible risk, and an enterprise that demonstrates a significant level of the conjugate effect of financial and operating leverage is at the same time more risky. An increase in the value of one of the components of this general indicator may signal an increasing degree of risk in a particular area - financial or production.

Since the process of using resources occurs over time, the fact of the different time value of resources should be taken into account, since a unit of income received in the future is not equivalent to that invested today. This provision is due to the fact that the value that is not put into circulation depreciates.

The process in which the amount invested and the interest rate are known is known as compounding, and the process in which the amount returned and the rate at which it decreases (discount rate) is known is discounting.

The process of increasing invested value is described by the formula

Fn = P (1 + r)n, (1.8)

where Fn is the amount of invested capital after n years;

P – invested cost;

The multiplier (1 + r) n shows what the monetary unit will be equal to after n periods at a given interest rate r.

The formula showing the current value (P) of the income expected in n years (Fn) will look like:

where P is the current (present) value, i.e. assessment of Fn from the position of the current moment;

Fn – income planned to be received in year n;

r – interest rate in decimal fractions;

n – number of years (or capital turnover).

It is more common for revenues to vary from year to year. In this case, the total value of flows at the end of the period can be calculated using the formula:

where FV is the total value of all cash flows;

F1, …, Fn – cash flows by year.

From the position of the current moment, all elements of the flow can be brought to one moment and summed up.

PV is the total value of all given cash flows.

If it is necessary to calculate the absolute result of the investments made, then calculate net present value, which is understood as the difference between income and investment indicators discounted at one point in time, or, if income and investments are presented in the form of a flow of payments, then in the form of the modern value of this flow.

Another important factor which must be taken into account when using financial resources - money depreciation or inflation. In this case, the nominal (i.e., applied in inflationary conditions) discount factor can be calculated as follows:

p = r + i, (1.12)

where p is the nominal discount factor;

r is the usual discount factor;

i – inflation index.

Thus, taking into account the time aspect of functioning and inflationary depreciation of financial resources allows us not only to assess the efficiency of their use, but also to calculate their net efficiency and answer the question of how much income received in the future is worth today. This approach allows us to link together the stage of investing generated resources and the stage of generating income from their use, be it the production sphere or the financial sphere of their functioning.

Business and Service", 2004. - 336 p. 9. Analysis of financial statements: textbook. allowance//Ed. O.V.Efimova, M.V. Miller. – 2nd ed., revised – M.: OMEGA-L Publishing House, 2006. – 408 p. 10. Analysis of the financial and economic activities of the enterprise. Tutorial Melnik M.V., Gerasimova E.B. M.: FORUM: INFRA-M, 2008. - 192 p. 11. Blank I. A. Encyclopedia of financial manager. [In 4 volumes]. ...

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