Implementing SAE Programs!

NEXT GENERATION SCIENCE/COMMON CORE STANDARDS ADDRESSED! CCSS.Math.Content.HSN-Q.A.3 Choose a level of accuracy appropriate to limitations on measurement when reporting quantity. CCSS.Math.Content.HSS-MD.B.5b Evaluate and compare strategies on the basis of expected values. For example, compare a high- deductible versus a low-deductible automobile insurance policy using various, but reasonable, chances of having a minor or a major accident.

BELL WORK! Discuss the importance of keeping records on an SAE program. Explain the types of financial records needed to support a chosen SAE program. Identify standards to follow in keeping records on an SAE program.

INTEREST APPROACH Show example of a poor record keeping system or record book. Show example of a good (neat) record keeping system or record book. Compare and discuss the differences.

TERMS Budget Cash Flow Statement Financial Statement Inventory Receipts and Expenses Training Plan

WHY SHOULD RECORDS BE KEPT ON SAE PROGRAMS? Good records on SAE programs help to determine if the enterprise/program is profitable or worthy of the time devoted.

WHY SHOULD RECORDS BE KEPT ON SAE PROGRAMS? Reasons for keeping records on a SAE program include: To help in analyzing cash flow. To stimulate better money management skills. To determine profit or loss. To observe financial progress over several years. FFA activities, degrees

WHY SHOULD RECORDS BE KEPT ON SAE PROGRAMS? To provide a basis for sound management decisions. To guide investment and purchasing decisions. To provide evidence needed for FFA awards and degree programs. To furnish information for income tax returns.

WHY SHOULD RECORDS BE KEPT ON SAE PROGRAMS? Record keeping is an essential description utilized throughout life to assist in planning and managing for improvement. Keeping SAE records teaches basic record keeping skills that can be used in any life experience. As records are kept, the usefulness of complete, current, and accurate records becomes evident.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? There are similarities as well as differences in the kinds of records needed for ownership and placement SAE programs.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? Each student needs to complete the following types of records: Training Plan Budget Record of receipts and expenses A monthly cash flow statement An inventory for beginning and end A financial statement.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? A budget is a record of anticipated expense and income for the SAE program. It will show the estimated profit or loss. A record of receipts and expenses in the recording of all forms of income and expenses during the year for the program.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? A monthly cash flow statement is a record that shows how much money is coming in and the amount being paid out each month over the course of a year for the SAE program. An inventory is a list of items on hand a the beginning and at the end of the program. Dec. 31 st. And Jan 1 st.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? A financial statement, sometimes called a net worth statement, determines financial worth at any point in time over the course of the SAE program. A training plan is an agreement between the student and employer of experiences and competencies that will be accomplished as a result of the SAE Program.

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? Components of an ownership SAE program records include: Budget estimates Business agreements Sales/Receipts records Expense records Production records Labor records Opening & Closing Inventories

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? Components of an ownership SAE program records include: Financial Statements Depreciation Schedule Profit and loss statement Cash Flow statement Accounts payable Accounts receivable

WHAT TYPES OF RECORDS SHOULD BE KEPT ON A SAE PROGRAM? Components of a placement SAE program records include: Experiences planned & experiences obtained Hours worked Earnings and withholdings Skills learned Expenditures related to the job Cash flow statement Financial Statement Profit and loss statement

WHAT GUIDELINES SHOULD BE FOLLOWED IN KEEPING RECORDS ON A SAE PROGRAM? Several “approved practices” should be followed in keeping records on a SAE program.

WHAT GUIDELINES SHOULD BE FOLLOWED IN KEEPING RECORDS ON A SAE PROGRAM? Standards for keeping SAE program records include: Use the appropriate records for each phase of the SAE program. Access your AET record book frequently to keep up on transactions. Download information and pictures frequently.

WHAT GUIDELINES SHOULD BE FOLLOWED IN KEEPING RECORDS ON A SAE PROGRAM? Enter expenses and income as they occur. Review the record book frequently to make sure all entries are current. Complete all relevant pages in the record book for the SAE program. Ask your teacher for assistance as needed.

WHAT GUIDELINES SHOULD BE FOLLOWED IN KEEPING RECORDS ON A SAE PROGRAM? Maintenance and use of good records requires extreme discipline. Get into a habit of recording details on a regular basis, before they are forgotten. The AET system is accessible using your smart phone. Record data as transactions occur.

WHAT GUIDELINES SHOULD BE FOLLOWED IN KEEPING RECORDS ON A SAE PROGRAM? Periodic review and evaluation is helpful. The day to day experience and practice in keeping records will lead to improved records.

SUMMARY Discuss the importance of keeping records on an SAE program. Explain the types of financial records needed to support a chosen SAE program. Identify standards to follow in keeping records on an SAE program.

THE END!