Verifying the variance

Variance shows the change from a particular period to another which can be in months, quarters, or years. According to Garrison, Noreen, and Brewer (2003), variance analysis is necessary when evaluating the financial statements and departmental level budgets for the overall financial health of an organization or department. The calculation of variance helps to establish whether an organization is growing or not and at what rate. Variance analysis provides the management team with concrete information on how to make business decisions that would strengthen the financial position of an organization (Garrison, Noreen & Brewer, 2003). The Northeast Health System appears stable in various financial aspects but with normal changes between 2010 and 2011. The health system income statement shows that there was a decrease in the total unrestricted revenue and support in 2011 as compared to 2010 though the total expenses reduced from 2010 to 2011. However, the changes in unrestricted net assets show that year 2011 ended with negative (-) changes as compared to 2010 probably due to huge pension and post-retirement remittances in 2011.

From the variances data obtained, the major positive variances between 2010 and 2011 are observed in cash and cash equivalents (41.3), excess of revenue and gains over expenses (223), net assets from restrictions of purchase of property (68.3), and pension and post-retirement related adjustments (390.3). The significant negative variances are observed in prepaid expenses and other current assets (-87.9), non-operating gains (-197.4), change in net unrealized gains and losses on investments (-170.9), total other changes in unrestricted net assets (-578.1), and a decrease in unrestricted net assets (-283.6). The variances show that there were significant differences in particular aspects of the financials of Northeast Health System both positive and negative.

According to the proportional allocation analysis data, the most significant positive proportions are net patient service revenue for both 2010 and 2011[98.0 (2011); 97.7 (2010], income from operations in 2011 (211.9), change in net unrealized gains and losses on investments in 2011 (167.1), and decrease in unrestricted net assets in 2011 (158.1). The most significant negative proportions from the analysis data are non-operating gains in 2011 (-111.8), and pension and post-retirement related adjustments in 2011 (-76.4).

Most of the financial aspects of Northeast Health System are not heading in the right direction since most of the variances are negative. It shows that the financial health of the firm in 2010 was better than that of 2011. However, the variances in pension and post-retirement related adjustments and excess of revenue and gains over expenses shows that there were more expenses on the two items in 2011 than 2010. Regarding the firm liabilities, the changes were not significant that showed a level of stability. The firm’s assets appear to be on a downfall trend which reveals of some losses or depreciation. For the proportion allocation analysis, it is evident that unrestricted revenues and support decreased in 2011 as compared to 2010, total expenses also reduced in 2011 thereby making the gains over expenses to increase in 2011 as compared to 2010. The major problem experienced in 2011 was the increase in pension and postretirement adjustments as well as fluctuations in unrealized gains and losses on investments.

I would recommend certain actions to the Northeast Health System regarding decreasing or increasing the significant variances and proportional allocations. First is to reduce the accrued wages and vacation payable, the accrued pension liability, and professional liability reserves. The Health facility ought to diversify on the mechanisms of revenue generation to ensure there is an increase in cash flow. The allocations for pension and post-retirement adjustments ought to be controlled to avoid the rapid changes in unrestricted net assets.

Must Attend Business Conferences in Los Angeles 2025!

Los Angeles is a hub for business conferences, with a variety of events happening throughout the year. In 2025, there are several must-attend business conferences in Los Angeles that are sure to provide valuable insights, networking opportunities, and inspiration for entrepreneurs and professionals alike.

1. TechCrunch Disrupt: This conference brings together entrepreneurs, investors, and tech enthusiasts to discuss the latest trends in technology and innovation. With speakers from top tech companies and startups, TechCrunch Disrupt is a great opportunity to network and stay ahead of the curve.

2. The Global Business Summit: Hosted by the Los Angeles Chamber of Commerce, this conference covers a wide range of topics affecting businesses in the global marketplace. From trade and tariffs to sustainability and corporate social responsibility, the Global Business Summit offers valuable insights for business leaders.

3. Women in Business Conference: This conference focuses on empowering and supporting women in the business world. With workshops, panel discussions, and networking opportunities, the Women in Business Conference is a great place for women entrepreneurs and professionals to connect and learn from each other.

Frequently Asked Questions (FAQs)

Q: Who should attend these business conferences?

A: Business professionals, entrepreneurs, investors, and anyone interested in the latest trends in finance, retail, technology, marketing, and material engineering.

Q: What can I gain from attending these conferences?

A: Attendees can gain industry insights, network with peers, discover new technologies, and learn strategies to propel their businesses forward.

Q: Are there opportunities for startups at these events?

A: Yes, many of these conferences have sessions and networking events specifically designed for startups and entrepreneurs looking for growth and investment opportunities.

Q: How can I register for these conferences?

A: Registration details are typically available on the conference’s official website. It’s advisable to register early for any early bird discounts and to ensure availability.

Q: Will there be virtual attendance options for these conferences?

A: Given the recent trends, many conferences offer virtual participation options. Check the event details closer to the dates for online access information.

Los Angeles is set to host a diverse range of business conferences in 2025, each offering unique opportunities for learning and networking.

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