Formation and use of financial resources of enterprises. Principles, features of education and use of financial resources for social infrastructure Formation and use of financial resources of the organization

30.09.2022

The basis for organizing the finances of enterprises of all forms of ownership is the availability of financial resources in the amounts necessary for the implementation of the organized economic and commercial activities owner.

The initial formation of these resources is carried out during the creation of the enterprise through the formation of an authorized capital consisting of fixed and working capital.

The use of financial resources is carried out by the enterprise in many areas, the main of which are:

- payments to bodies of the financial and banking system due to the fulfillment of financial obligations. These include; tax payments to the budget, payment of interest to banks for the use of loans, repayment of previously taken loans, insurance payments, etc.;
- investment of own funds in capital costs (reinvestment) associated with the expansion of production and its technical renewal, transition to new advanced technologies, use of know-how, etc.;
- investment of financial resources in securities purchased on the market: shares and bonds of other companies, usually closely associated with cooperative supplies with a given enterprise, in government loans, etc.;
- direction of financial resources for the formation of monetary funds of an incentive and social nature;
- use of financial resources for charitable purposes, sponsorship, etc.

When mobilizing funds from other owners to cover the costs of their enterprise, financial service employees must first of all have a clear understanding of the goals of investing resources and, in accordance with them, make recommendations on forms of raising funds. To cover short-term and medium-term needs for funds, it is advisable to use loans from credit institutions. When making large capital investments in the reconstruction and expansion of an enterprise, you can use the issue of securities; however, such a recommendation can only be given if financiers have thoroughly studied the financial market, analyzed the demand for different types securities, took into account possible changes in the market situation and, having weighed all this, are nevertheless confident in the relatively quick and profitable sale of the securities of their enterprise.

The moment of sale of products, works, services in world practice is determined by the moment of transfer of ownership from the first owners to others. The transfer of this right is carried out in accordance with the terms of purchase and sale agreements, exchange agreements and is governed by the civil law of the country where the transaction takes place.

In Russia, the transfer of rights is carried out on the basis of legislation in two options: payment and shipment; Under the terms of a barter transaction, the moment of sale is considered to be the moment of receipt of products, works, and services.

The cost of products sold to the buyer can be determined at various prices: wholesale; retail; contractual, which in turn are divided into vacation and purchase; global.

The amount of revenue is influenced by objective and subjective factors.

Objective ones include internal and external.

Internal - production volume, cost level, product quality, rhythm of production, assortment (in production); rhythm of shipment, timely execution of documents, optimal forms of payment (in circulation).

External - the market for raw materials, materials, semi-finished products, production volume within its competence, quality in comparison with analogues of other enterprises, rhythm of deliveries (in production); timing of document flow, compliance with contract terms, optimal form of payment (in the area of circulation).

In addition, there may be additional costs: delays in delivery of materials and other resources, errors in transportation, late payment.

Subjective factors include: moral factors, political situation in the market, field of activity, advertising or anti-advertising.

In the composition of the enterprise's own financial resources used for capital investments, profit occupies an important place. Recently, there has been a tendency to increase the absolute size and share of profit in the sources of financing capital investments. According to the author, this trend needs to be developed, since its progressiveness lies in the fact that the sources of reproduction of fixed assets are directly linked to the results of production activities. As a result, the material interest of enterprises in achieving better production results increases, since the timeliness and completeness of the formation of financial sources of capital costs depends on them.

Along with profit, funds mobilized in the construction itself are also used to finance capital investments (profits and savings from construction and installation work carried out in an economic way, mobilization of internal resources, etc.), income from the sale of disposed property, funds from social development and housing construction funds .

Previously, budget funds were allocated in the form of direct non-repayable appropriations; now they can be obtained through targeted subsidies (investment allocations), subventions and investment tax credits.

An investment loan is money left to small businesses in connection with the provision of deferred payments for income tax and property tax, if profits in the amount of the reduced tax are reinvested in production, and money from the reduction in property tax is used to purchase property in the process of enterprise privatization.

Financial relations in the sphere of functioning of working capital arise in three cases:

- during the formation of the authorized capital of the enterprise;
- in the process of using financial resources to increase their own working capital;
- when investing excess working capital in securities.

The formation of own working capital occurs at the time of organization of the enterprise, when its authorized capital is created. The sources of formation here are almost the same as for fixed assets: share capital, share contributions, sustainable liabilities, budget funds (in the public sector), redistributed funds (if the vertical management system is maintained).

In conditions where profit satisfies various needs, an important task is to develop an economically sound system for its distribution. The main requirement is that the profit distribution system organically combine the interests of business entities, society as a whole and specific employees. The implementation of this requirement determines the basic principles of profit distribution, which are as follows:

- priority fulfillment of financial obligations to society as a whole (represented by the state);
- maximum provision of the needs of expanded reproduction at the expense of profit;
- use of profits for material incentives for workers;
- directing profits to social and cultural needs.

Tax is a mandatory contribution by the payer Money into the budget system in the amounts specified by law and within the established time frame.

After paying income tax and other obligatory payments received by budgetary and extra-budgetary funds, industry profits remain at the full disposal of the enterprise and are used by it independently. Intervention by the state and its bodies in the process of further distribution of profits that occurs outside the limits of taxes paid is not allowed. Profit is used to pay dividends and interest if the authorized capital of the enterprise was formed with the participation of other investors, and is allocated for production, consumer and social needs. At the same time, the composition of costs and the procedure for financing them from profits are quite diverse, which is reflected in the constituent documents of enterprises of various organizational and legal forms.

In modern conditions, the possibilities of self-financing of enterprises largely depend on the volume and level of profit. It was used before, but did not apply to all enterprises and, moreover, was often supplemented by budget financing. With the transition to market economic conditions and the spread of the principles of commercial calculation, self-financing will be carried out more fully and consistently, and profit will become the main source of covering the costs associated with the expansion of production.

When distributing profits and determining the main directions for its use, market conditions are first taken into account, which may dictate the need to significantly expand and update the production potential of the enterprise. In accordance with this, the scale of deductions from profits to production development funds is determined, the resources of which are intended to finance capital investments, increase working capital, support research and development work, introduce new technologies, transition to progressive labor methods, etc. Part of the profit is also used to pay interest on loan investments.

The main requirement that is presented today to the system of distribution of profits remaining in the enterprise is to provide financial resources for the needs of expanded reproduction based on establishing an optimal ratio between funds allocated for consumption and accumulation.

An important place in the profit distribution system today is occupied by those areas of its use that are associated with the formation of incentive funds designed to stimulate the best performance of work teams. Using profits to form incentive funds directly interests enterprise employees in achieving higher financial results, since profit growth is directly reflected in the amount of remuneration paid out of profit. The latter is used to provide bonuses to workers and employees according to established bonus systems, one-time incentives for distinguished employees for completing particularly important production tasks, and payment of remunerations for overall results work of the enterprise at the end of the year, provision of one-time assistance, etc.

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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. Global, federal and regional problems are reflected in the content of education for 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 knowledge and information become important production resources.

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 at the present stage of 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 growth of influence 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 of financial support for education, to develop proposals for improving the formation and use of financial resources in the industry.

The empirical basis of the study is data from the Ministry of Education and Science of the Russian Federation, the Ministry of Finance, federal Service state statistics.

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 of ways to solve financial problems in the field of education development 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 continuous improvement 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 of 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 login higher education 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 by which labor costs teaching staff municipal educational organizations cannot be below the level corresponding to the average wages in a given subject 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 a complete definition of education: “Education is a single, purposeful process of education 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 and abilities , value attitudes, experience and competence of a certain volume and complexity for the purpose 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 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 that reflect scientific, cultural, demographic and economic features region. The municipal system includes the characteristics of the regional one, but the role of local self-government bodies, which can create additional conditions for the functioning and development of the education system using funds from local budgets, is especially emphasized. 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 budget participation of a particular level in financing expenses depends on a number of factors, including: government system and the general system of public administration; 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 raise funds through the provision of paid services, donations from legal 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. An additional source of funding includes funds from 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 establishments and provide financial support to government. In turn and government agencies has 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. The state body determines the volume of budget allocations and distributes expenses 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, promoting the mental, emotional and physical development of pupils, ensuring their medical, psychological and pedagogical rehabilitation and social adaptation; protection of the rights and interests of pupils. In accordance with individual characteristics children in the education system the following types of institutions can function: orphanage, orphanage - school, boarding school for orphans and children left without parental care, sanatorium orphanage, special (correctional) orphanages and boarding schools for orphans and children left 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 and other compensation payments to employees;

· payment for goods, works and services;

· major and current repairs;

· purchase of 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 passed the appropriate competitive selection on the announced conditions.

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

· 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

Financial methods

Financial leverage

Regulatory support

Information and methodological support

The financial analysis; planning and forecasting;

Financial support for activities;

Financial regulation; budgeting;

Investment;

Lending;

Financial control and accounting; introduction of new remuneration systems;

Payment system;

Pricing in the education system, etc.

Appropriations;

Subsidies;

Subventions;

Budget investments;

Depreciation;

Rent; - scholarship interest rate;

Credits and loans;

Tax benefits and deferments, etc.

the Constitution of the Russian Federation;

Codes;

Federal legislation;

Regulatory acts of the Government of the Russian Federation; - regulations of federal ministries, agencies, services;

Regulatory legal acts of regional authorities and management;

Regulatory documents of universities;

Financial accounting and reporting;

Management accounting and reporting;

Tax accounting and reporting;

Internal financial documentation;

Information about the external environment;

Information about sources of financing.

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 of 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 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 funding system is based on the increasing role of extra-budgetary sources of funding for universities, formed through the provision of additional paid educational services and implementation entrepreneurial activity.

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 of a new financing system in Russia, schools in big cities benefit, 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 calculation of the volume of budget financing is carried out by the founder, who uses program-target method 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. An estimate approved in the prescribed manner by a higher management body is the only legal 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 on the Federal Law “On Education,” the financing of educational institutions is intended to be carried out in accordance with state (including departmental) and local financing 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.

Financial planning uses not only production indicators at the beginning and end of the financial year, 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 U av - average annual quantity 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) other current expenses, i.e. educational expenses for practical training, purchase of materials for educational laboratory classes, various teaching aids, publication and purchase of educational programs and periodicals and other expenses.

Capital (long-term) expenses include: costs for the maintenance of buildings and structures, the purchase of expensive equipment, furniture, major 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 budget financing of educational institutions is the normative value of the federal standard for budget 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 size of the federal standard (hereinafter - FN bf) is the minimum cost that is mandatory for the execution of budgets of 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 charges; 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 legally supported by financial support, the basis of which is the standard of budget financing (hereinafter referred to as Nbf) of an educational institution. If the founder is not able to meet the financial, material and personnel needs of a general education institution, calculated on the basis of N bf, he is not entitled 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 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 maximum class sizes, extended day groups and teaching rates as of January 1 of the planned year. In accordance with the 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 educational 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, with a 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 8 - 9 grades - 32, in 10 - 11 grades - 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 staffing level In 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's rate can be introduced - based on one extended day group, or 1.25 rates - per one extended day group, consisting of children of six years of age.

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 headmaster - 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 director of the school for administrative and economic work - one rate if there are 16 or more classes.

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

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

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:

By administrative staff - 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 middle rank by 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 qualification categories 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 (%)

Group of workers	Tariff part	Over-tariff part
Administrative staff (all employees classified in this group)
Teaching staff (teaching staff of educational institutions of all types and types)
Educational support staff (all employees assigned to this group)
Maintenance personnel (all employees assigned to this group)

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, the Pension Fund, and the Mandatory Medical 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

	Institutions
	General educational institutions of all types
	Boarding schools of all types
	Preschools
	Orphanages
	Institutions of additional education
	Primary vocational education institutions
	Institutions of secondary vocational education

Determining funds for the formation of a material support fund begins with the costs of purchasing supplies and materials for current business 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 for kitchen workers, auxiliary workers, and 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.

...

Features of finance of commercial organizations and factors that determine them

The primary distribution of the value of gross domestic product (GDP) occurs in the sphere of finance of business entities and primarily with the help of finance of commercial organizations, i.e. this element can be considered as the initial one for the entire financial system.

Article 34 of the Constitution of the Russian Federation guarantees the right of citizens to use their abilities and property to carry out business and other economic activity.
Entrepreneurial activity is recognized as independent activity carried out at one's own risk, aimed at systematic obtaining profits from the use of property, from the sale of goods, performance of work or provision of services (Article 2 of the Civil Code of the Russian Federation) Entrepreneurial activities can be carried out legal entities, as well as individuals without forming a legal entity.

In conjunction with civil legislation (Article 50 of the Civil Code of the Russian Federation), the main purpose of creation and activity commercial organization as a legal entity will make a profit, this predetermines the content of its financial relations with other entities. Commercial organizations enter into a variety of financial relationships:

with other organizations and individuals: regarding the attraction and receipt of sources of financial resources (raising funds on an equity and debt basis, receiving insurance compensation and other income through redistribution: interest, dividends, amounts of financial sanctions for violation of contractual obligations, etc. .); regarding the use of financial resources (allocation of financial resources into various assets; distribution of profits between owners; use of financial resources for charitable and other social purposes);
with the state and municipalities: regarding the fulfillment of obligations by a commercial organization to budgets of various levels and state extra-budgetary funds (tax and non-tax payments), as well as the receipt of budget funds by a commercial organization within the framework of state financial support;
with employees of the organization regarding payments made from profits (bonuses, loans for the purchase of housing, durable goods, etc.)

Finance of commercial organizations- ϶ᴛᴏ a system of relations associated with the formation and use of financial resources of commercial organizations in order to ensure their activities and resolve issues of a social nature.

The following principles of organizing finance in the field of commercial activity can be distinguished:

obtaining and maximizing enterprise profits;
optimization of sources of financial resources;
ensuring the financial stability of commercial organizations, incl. use of various mechanisms to protect against business risks (insurance, hedging, creation of financial reserves);
creating investment attractiveness;
responsibility for the conduct and results of financial and economic activities. Material published on http: // site

These principles are determined by the main goal of a commercial organization - making a profit, as well as the desire of any business entity not only to maintain, but also to expand its participation in the market.

Commercial organizations operate in different areas: material production, trade and sales activities, provision of services, incl. informational and financial. Let us note the fact that in modern conditions, in order to reduce business risks, organizations are diversifying the areas of their activities, inter-industry mergers are taking place within the framework of integration processes, but the influence of the industry factor on the finances of commercial organizations in the Russian Federation remains. This is due to the fact that, according to Russian legislation, certain types of commercial activities are prohibited from being combined with other types of activities: for example, insurance companies cannot provide banking services, carry out production and trading operations, etc.; in some cases, specializing in one type of activity can give the greatest effect.

Industry factors that influence the specific organization of finance will be the seasonality of production, the duration of the production cycle, the peculiarities of the turnover of production assets, the degree of risk of entrepreneurial activity, etc. For example, agriculture (especially crop production) is characterized by the influence of natural and climatic factors on the production process, which determines its seasonal nature and the high need for insurance protection. In these conditions, the attraction of borrowed funds for the formation of financial resources, the creation of reserve funds and insurance play an important role. It is worth saying, for construction, as well as for some industries that have a long production cycle(for example, shipbuilding), characterized by the presence of large volumes of work in progress, which also determines the need to generate financial resources through borrowed funds.

Natural and climatic factors can predetermine the receipt of rental income in relatively favorable business conditions (extractive industries). As a rule, in these conditions in many countries, income equalization within one industry is carried out on the basis of rental payments to the budget.

Industries with a relatively low level of profitability (agriculture, housing and communal services) have limited opportunities to expand sources of financial resources, incl. through the issue of securities.

For industries with a high degree of occupational risk for workers (coal, chemical, gas industries, etc.), higher rates for social insurance against industrial accidents and occupational diseases are provided.

Finally, a high degree of risk is also inherent in the activities of financial intermediaries (insurance companies, credit organizations), which determines higher requirements for the amount of equity capital, the creation of specific financial reserves and the use of other mechanisms to ensure financial stability (for example, for insurance companies - reinsurance)

Industry factors also determine the size of a commercial organization. Thus, the steel industry, mechanical engineering and other branches of heavy industry usually involve large-scale enterprises, and trade, consumer services, and innovation activities are traditionally carried out through medium and small businesses. Based on all of the above, we come to the conclusion that industry characteristics can predetermine the organizational and legal form of a commercial organization, and, in turn, is another factor influencing the financial mechanism of the organization.

The organizational and legal form of a legal entity is established by the Civil Code of the Russian Federation (Chapter 4 Financial planning and forecasting) Based on Art. 50 Civil Code In the Russian Federation, legal entities that are commercial organizations can be created in the form of business partnerships and societies, production cooperatives, state and municipal unitary enterprises. Various organizational and legal forms determine the features of the formation of financial resources at the time of creation of the organization, distribution of profits, financial responsibility of founders and participants.

Thus, financial resources at the time of creation of joint-stock companies are formed from funds received from the placement of shares; partnerships and cooperatives - from the placement of shares; unitary enterprises - at the expense of budget funds. It is worth saying for business entities the possibility of attracting financial resources through the placement of debt securities is provided.

The organizational and legal form influences the features of profit distribution: in joint stock companies, part of the profit is distributed in the form of dividends among shareholders; the profit of unitary enterprises can go to the budget not only in the form of tax, but also non-tax payments (unless the owner makes a different decision); in production cooperatives, part of the entrepreneurial income (profit) is distributed among the members. All commercial organizations traditionally form reserves through deductions from profits, but for joint-stock companies the minimum amount of reserves is legally established (at least 15% of the authorized capital), the amount of contributions to the reserve fund (at least 5% of net profit) and the direction of its use (covering losses, repaying company bonds and repurchasing shares in the absence of other sources) Production cooperatives allocate a part of business income to an indivisible fund.

In general, the finances of commercial organizations as a link in the financial system, regardless of organizational, legal and industry characteristics, have the following features:

financial resources are owned by commercial organizations (with the exception of unitary enterprises);
financial management of a commercial organization is focused on achieving its main goal - making a profit;
limited government regulation of the finances of commercial organizations compared to other parts of the financial system. State regulation of the formation and use of financial resources of commercial organizations is associated with the determination of tax obligations, as well as obligations arising from the possible use of budget funds (subsidies, subventions, state and municipal orders, budget investments, budget loans)

Sources and types of financial resources of commercial organizations

Financial resources commercial organization - ϶ᴛᴏ the totality of cash income, receipts and savings of a commercial organization, used to ensure its activities, develop the organization or maintain its place in the market, as well as to solve certain social problems.

Sources of financial resources when creating a commercial organization. At the time of creation of a commercial organization, the following is formed: authorized capital (share capital - for partnerships, mutual fund - for production cooperatives, authorized capital - for a unitary enterprise) through contributions from the founders. The authorized (share) capitals of partnerships and limited liability companies are divided into shares, the authorized capitals of joint-stock companies - into shares; However, they are formed through contributions from founders and participants for the acquisition of these shares and shares. The authorized capital can be paid in cash and other property. Certain types of activities provide for legal regulation of the share of the authorized capital in monetary form (for example, banking) Mutual fund production cooperative is formed at the expense of shares of participants, which can also be in monetary and non-monetary form. The authorized capital of a unitary enterprise is formed through capital expenditures of the budget at the current level, as well as the direct transfer of buildings, structures, equipment, and land plots. Under this Russian legislation, joint participation of the Russian Federation, a constituent entity of the Russian Federation, or a municipality in the creation of one enterprise is prohibited. It is the monetary part of payment for the authorized capital (share capital, authorized or share fund) that is considered as sources of financial resources at the time of creation of the organization.

Sources of financial resources in the process of functioning of a commercial organization.

1. The main source of formation of financial resources of a commercial organization will be revenue from the sale of goods (works, services) related to the statutory activities of the organization. Increasing revenue from product sales is one of the main conditions for the growth of financial resources of commercial organizations. Such an increase can be determined by an increase in the production and sales of goods (works, services), as well as an increase in prices and tariffs. In conditions of competition and elastic demand, traditionally the relationship between these two factors is inversely proportional: raising prices can lead to a reduction in sales volume, and vice versa. It is worth saying that in order to maximize profits, a commercial organization is forced to look for the optimal relationship between price and production volume. The structure of sales revenue is determined by labor productivity, labor and capital intensity of production, and the availability of modern technologies that allow the economical use of various types of resources.

2. The activities of a commercial organization are also related to the sale of property, when morally (sometimes physically) obsolete equipment and other property are sold at residual value, and stocks of raw materials and materials are sold. The share of this source in the total amount of sources of financial resources of a commercial organization depends on many factors: the type of activity of the organization (for example, high-tech, knowledge-intensive production requires constant updating of equipment), the specific situation (the organization can sell part of the property to pay off accounts payable) Today, in conditions of constant improvement information technologies, almost all organizations update computer equipment and software for it, selling retiring property.

3. In the course of its activities, a commercial organization receives not only revenue from sales, but also non-operating income. Such income includes: receipts related to the provision for temporary use of funds and other property for a fee (including interest on loans provided by the organization, interest on bank deposits, etc.); proceeds related to participation in the authorized capitals of other organizations (including interest and other income on securities); profit received as a result of joint activities under a simple partnership agreement; fines, penalties, forfeits for violation of the terms of contracts; proceeds to compensate for losses caused to the organization (including insurance compensation); profit of previous years, revealed in the reporting year; amounts of accounts payable and depositors for which the statute of limitations has expired; exchange rate differences on transactions in foreign currency; the amount of revaluation of assets.

Non-operating income of different organizations does not match in composition. For example, if in the charter of one organization the leasing of property is recognized as a statutory activity, then the resulting rent receipts will be taken into account as sales revenue. If rental activities are not provided for in the organization’s charter, then the receipt of rent is classified as non-operating income.

Factors influencing the share of non-operating income in the sources of financial resources of a commercial organization will be the degree of differentiation of its assets, the profitability of investments in these assets, the degree of reliability of economic relations with suppliers and customers, etc. In conditions of frequent violation of obligations by transaction partners, the organization can receive significant amounts fines, penalties, penalties provided for in these agreements. It is worth saying that the completeness of receipt of financial sanctions also depends on the qualifications of the organization’s legal service in the preparation of final contracts, as well as, if necessary, during legal proceedings.

4. Let us note the fact that in modern conditions, part of the financial resources of a commercial organization is attracted through its participation in the financial market as a borrower and issuer. It is important to note that one of the most important values of the financial market is expanding the capabilities of business entities in choosing sources of financial resources.

An operating commercial organization (joint stock company) can raise funds on the financial market through additional issue of shares. Recently, among the largest Russian issuers (Gazprom, Gazinvest, Sibneft, MTS, Wimm-Bill-Dann, Alfabank, Sberbank, etc.), the practice of raising funds on a debt basis has become widespread - by issuing bonds (so-called “corporate bonds”). or long-term bills. In this regard, it should be borne in mind that the additional issue and issuance of debt securities are aimed not only at national, but also at foreign investors (many of the above-mentioned issuers issue securities denominated in foreign currencies, which are quoted on the world's largest stock exchanges)

The high loan interest rate and strict collateral requirements make bank loans inaccessible to many commercial organizations as a source of financial resources.
It is worth noting that the situation is especially difficult for small and medium-sized enterprises. Today, several programs are in place (including within the framework of a loan from the European Bank for Reconstruction and Development) to ensure the availability of bank loans for small and medium-sized businesses. It is important to note that, however, with all this, the source of formation of financial resources is insignificant in volume for small and medium-sized enterprises.

Raising funds on the financial market of a commercial organization is traditionally associated with the implementation of its large investment projects, incl. with the expansion of the organization's activities.

The significance of the sources of financial resources of a commercial organization related to the functioning of the financial market is determined by the investment attractiveness of this organization, its organizational and legal form (raising funds from all segments of the financial market is possible only by a joint-stock company), and the level of profitability in the financial market. Commercial organizations also take into account that with the growth of borrowed sources of financial resources, the risk of insolvency and, consequently, loss of financial stability increases.

5. Funds from budgets go to commercial organizations as part of state support for their activities (see Chapter 5 of the textbook Financial regulation of socio-economic processes) In the conditions of market transformations, the share of budget funds in the sources of financial resources of enterprises has decreased significantly. It is important to note that, however, with all this, commercial organizations can receive budget funds in the form of subventions and subsidies, investments, budget loans from budgets of different levels. The provision of budget funds to commercial organizations is strictly targeted and traditionally carried out on a competitive basis. Sometimes budget funds are difficult to allocate from other sources of financial resources of a commercial organization. Thus, budget funds received in the form of payment for a state or municipal order are reflected as sales revenue.

6. Financial resources can be generated from proceeds from the main (“parent”) companies, the founder (founders). In the process of functioning of a commercial organization, it may receive funds from the founder (founders), for example, when making a decision to increase the authorized capital. In holdings and financial and industrial groups, the redistribution of funds is usually systematic and complex: from the parent company to other participants, and vice versa, as well as between participants. The functioning of inter-industry and intra-industry R&D funds is also based on the redistribution of funds between organizations participating in the creation of such funds.

The structure of all sources of formation of financial resources of commercial organizations in the Russian Federation is shown in fig. 7.1. These diagrams indicate that with a wide variety of such sources, the largest share is the proceeds from the sale of products (works and services)

Due to the listed sources, the following forms and types of financial resources of a commercial organization are formed: cash income; cash savings; cash receipts.

1. Cash income commercial organization - ϶ᴛᴏ:

profit from the sale of goods (works, services);
profit from the sale of property, the balance of non-operating income and expenses.

Figure No. 7.1. The structure of sources for the formation of financial resources of commercial organizations

Profit from the sale of goods (works, services) is defined as the difference between the proceeds from sales (reduced by the amount of value added tax, excise taxes and other similar taxes) and the costs of producing goods (works or services). Let us note the fact that in modern financial reporting distinguish between gross profit (revenue from sales “minus” costs without management and commercial expenses) and profit (loss) from sales (including management expenses):

Sales proceeds (minus VAT, excise taxes and other similar payments)
Cost of goods (works or services) sold (excluding administrative and commercial expenses)
Don't forget that gross profit (page 1 - page 2)
Administrative and commercial expenses
Profit (loss) from sales (page 3 - page 4)

Profit from the sale of property is defined as the difference between the proceeds from the sale of property and the costs associated with such sale.

Finally, the balance (profit or loss) on non-operating transactions is defined as the income received from such transactions, reduced by the costs associated with their implementation.

Profit will be the most important indicator of the financial and economic activity of the organization; analysis of its absolute value, dynamics, relationship with costs or sales revenue is used to assess the financial condition of the organization, incl. when making decisions about investments, bank loans.

2. Cash savings as a form of financial resources, they are represented by depreciation, reserve and other funds formed from the profits of previous years.

As is known, the cost of fixed assets and other depreciable property is transferred to the cost of newly created products (goods, services) gradually, accumulating for their further reproduction. This process is accompanied by regular depreciation charges. There are several ways to calculate depreciation. It is worth saying that the following methods are used for accounting:

linear;
reducing the balance;
write-off of cost based on the sum of numbers of years of useful life;
write-off of cost in proportion to the volume of work (services) produced

For tax purposes, depreciable property is combined into ten groups depending on the useful life (Article 258 of the Tax Code of the Russian Federation). For buildings, structures, transmission devices, the useful life of which is 20 years and above, the linear method of calculating depreciation is applied. For other fixed assets, for tax purposes, a commercial organization has the right to choose the depreciation method between linear and non-linear. In relation to individual items of depreciable property, correction factors (2-3) may be applied (Article 259 of the Tax Code of the Russian Federation)

Based on all of the above, we come to the conclusion that the share of cash savings associated with depreciation in the composition of financial resources is determined by the cost and type of depreciable property, the time of its operation, and the chosen methods of calculating depreciation.

The relationship between profit (as the total profit from the sale of goods (work, services), profit from the sale of property and the balance of non-operating income and expenses) and depreciation as the main types of financial resources of a commercial organization is clearly shown in Fig. 7.2.

Figure No. 7.2. Structure of the main types of financial resources of commercial organizations

Due to deductions from profits, a commercial organization can form reserve funds: to pay off debt obligations, to compensate for damage that occurred as a result of unforeseen events (see Chapter 3 of the textbook Financial Management) Note that the term “fund” in this case is conditional name, since accumulation usually does not occur in a separate bank account, but by maintaining or increasing the non-declining balance of funds in the main account (or main accounts) of the organization.

3. cash receipts act in the form of budget funds; funds raised on the financial market; funds received through redistribution from the main (“parent”) company, from a higher organization, due to intra- and inter-industry redistribution.

Directions for using financial resources

Since the main task of a commercial organization will be to maximize profit, the problem of choosing the direction of using financial resources constantly arises: investments to expand the main activities of a commercial organization or investments in other assets. As is known, the economic significance of profit is associated with obtaining results from investments in the most profitable assets.

The following main directions for using the financial resources of a commercial organization can be identified:

Capital investments.
Expansion of working capital.
Carrying out research and development work (R&D)
Paying taxes.
Placement in securities of other issuers, bank deposits and other assets.
Distribution of profits between the owners of the organization.
Stimulating employees of the organization and supporting their family members.
Charitable purposes.

If the strategy of a commercial organization is related to maintaining and expanding its position in the market, then capital investments are required (investments in fixed assets (capital)). Capital investments are one of the most important areas for using the financial resources of a commercial organization. In Russian conditions, it is very important to increase the volume of capital investments due to the need to update equipment, introduce resource-saving technologies and other innovations, since the percentage of not only moral, but also physical wear and tear The equipment is quite large.

The unfavorable situation in the Russian Federation in the field of investments in the real sector of the economy (as capital investments in production sectors of the economy are called) is caused by the following reasons:

high inflation rates characteristic of the 1990s did not allow enterprises to fully carry out the expanded reproduction of fixed assets, since sales proceeds due to differences in prices traditionally did not even cover the costs of raw materials, materials, and fuel;
external investors invest exclusively in those sectors that provide for quick returns ( trading activity, raw materials industries, production of building materials)

Investments in fixed assets of a commercial organization are made from the following sources: depreciation, profit of a commercial organization, long-term bank loans, budget loans and investments, proceeds from the placement of shares on the financial market, proceeds from the placement of long-term securities. Bank credit will not be the main source for investment in fixed assets, since for credit institutions issuing long-term loans, it is extremely important to maintain liquidity to have liabilities of the same terms and amounts. Limited budget funds also do not allow us to consider budget revenues as an important source of capital investment. Due to the insignificant capacity of the Russian financial market, only a small number of commercial organizations can attract financial resources for capital investments in the financial market. Except for the above, an additional issue of shares is fraught with the danger of losing control over the management of the organization. Consequently, among the sources of capital investments, the main ones at present for Russian commercial organizations will be profit and depreciation.

In addition to the expanded reproduction of fixed assets, part of the organization's profit can be used to expand working capital - the purchase of additional raw materials. It is worth saying that for this purpose short-term bank loans can also be attracted, funds received through redistribution from the main (“parent”) company, etc. can be used.

It is important to know that the participation of a commercial organization in scientific research is of great importance for business development. It is appropriate to note that experience foreign countries shows that organizations that carry out innovations are less susceptible to the risk of bankruptcy and ensure a high level of profitability. Material published on http: // site
Consequently, part of the profit of a commercial organization, as well as funds received through targeted financing (for example, budget funds), can be intended for research and development work (R&D)

In domestic literature, the non-monetary form of fixed and working capital is traditionally called ϲᴏᴏᴛʙᴇᴛϲᴛʙgenerally fixed and working capital.

As already noted, deductions from profits can be directed to industry and inter-industry R&D funds. It must be remembered that such deductions reduce the tax base for income tax.

Profit as monetary income of a commercial organization is subject to taxation. It is worth saying that in order to determine the taxable base for the income tax of an organization, income from the sale of goods (work, services) and property rights, as well as non-operating income, is reduced by the actual expenses incurred. Taxable income includes only income accepted for tax purposes. Income that is not taken into account when determining the tax base (for example, income in the form of targeted financing) is not subject to taxation. Similarly, expenses are divided into: a) reducing the tax base and b) made from profits remaining at the disposal of the organization. Today it is possible to carry forward losses to future periods. Based on all of the above, we come to the conclusion that in practice a situation is possible when, although a commercial organization has profits according to financial statements, it may not have taxable profits according to tax accounting data.

Russian tax legislation sets the corporate income tax rate at 24% (for non-residents - 20%); for income in the form of dividends - 6% (for non-resident organizations on Russian securities and resident organizations on securities of foreign issuers - 15%); for income from state and municipal securities issued after January 20, 1997 - 15%. In general, we can talk about a relatively low income tax rate (for comparison: in Germany the maximum corporate income tax rate is 50%). It is extremely important to note that the introduction of Chapter 25 of the Tax Code of the Russian Federation “Organizational income tax” implies a reduction in tax benefits provided for by previous legislation.

Small enterprises can switch to a simplified taxation system, which replaces the payment of corporate income tax, corporate property tax and unified social tax with a single tax. The object of taxation is either income received (they are taken into account in the same way as when determining the taxable base for corporate income tax), or income reduced by expenses. In the first case, the tax rate is 6%, in the second - 15%.

If the activities of a small enterprise are subject to a single tax on imputed income in a constituent entity of the Russian Federation, then the enterprise is obliged to switch to paying such a tax, the rate of which is 15%. The single tax on imputed income also replaces the corporate income tax, corporate property tax, and the single social tax. Organizations producing agricultural products can switch to paying a single agricultural tax (agricultural tax). The mechanism for its application is similar to the single tax under a simplified taxation system.

For further savings, a commercial organization can invest not only in its own production, but also in other assets. Such assets may be shares in the authorized capital of other organizations (including shares of other issuers); debt securities (bonds, bills, including state and municipal securities); bank deposits; transfer of funds to other organizations on the basis of loan agreements; acquisition of property for further leasing, etc. These investments can vary in terms of duration: from several hours (such services are offered by banks for short-term investments) to several years. The structure of investments by terms is determined by the structure of the organization's obligations by terms; in this case, it is impossible to place resources in long-term assets while having short-term obligations.
It is worth noting that the main principles for the placement of temporarily available financial resources will be the liquidity of assets (they should easily be converted into means of payment at any time) and diversification (in market conditions of unpredictability of investments, the greater the likelihood of saving funds, the larger the set of assets in which investments are made)

It is important to note that one of the main differences between commercial organizations and non-profit organizations is essentially that the profit received by commercial organizations is distributed among the owners of the organization. Joint stock companies pay dividends to owners of common and preferred shares; partnerships and limited liability companies distribute profits based on their share of participation in the authorized (warehouse) capital. The profit of unitary enterprises, unless the owner makes a different decision, can come in the form of non-tax revenues to the current budget. The size and regularity of dividend payments on shares and equivalent payments, along with other factors, determine the investment attractiveness of a commercial organization.

The financial resources of a commercial organization can be a source of expenses associated with stimulating employees and supporting their family members. At the expense of profits, many organizations currently not only pay bonuses to employees, but also pay expenses for education, healthcare, and health-related services ( GYM's, sanatoriums, etc.), purchase housing; make additional payments to state benefits for children; conclude agreements on voluntary medical insurance for employees and members of their families, and additional pension benefits. Thus, among non-state pension funds, the largest share in terms of the size of pension reserves and additional pensions is occupied by the so-called corporate funds created by a commercial organization or related commercial organizations.

Financial resources of organizations (profits, revenues) can currently also be used for charitable purposes. Funds are transferred to orphanages, boarding schools, healthcare institutions, directly to individual citizens, and support is also provided to cultural, art, scientific and educational institutions. Considering the main goal of the activities of commercial organizations is to extract maximum profit, this type of use of financial resources cannot be large-scale. It is important to note that, however, with all this, many social service institutions, theaters, museums, and educational institutions receive funds from large commercial organizations.

Features of financial management of commercial organizations

Financial management of a commercial organization - the creation process financial mechanism organizing its financial relations with other entities. It is worth noting that it includes the following main elements:

financial planning;
operational management;
financial control.

1. Financial planning. When developing financial plans for a commercial organization, the planned costs of the activities carried out are compared with the available opportunities, and directions for effective investment of capital are determined; identification of on-farm reserves for increasing financial resources; optimization of financial relationships with counterparties, the state, etc.; the financial condition of the enterprise is monitored. Necessity financial planning a commercial organization can be caused not only by internal needs effective management financial resources, but also externally - the desire of creditors and investors to have information about the profitability of upcoming investments.

A variety of methods are used to draw up financial plans and forecasts for a commercial organization:

normative,
economic and mathematical modeling,
discounting, etc.

The normative method can be used in estimating future tax liabilities and the amount of depreciation charges. It is appropriate to note that optimization of sources of financial resources and assessment of the influence of various factors on their possible growth are carried out using the method of economic and mathematical modeling. When making long-term decisions, the discounting method is used, which involves assessing the future return on investments and the impact of inflationary factors on it.

A market economy is characterized by uncertainty, so the most difficult thing when developing financial plans and forecasts for a commercial organization will be the assessment of possible risks. When managing risks, it is extremely important to identify, classify, assess their size and impact on decisions made, and determine possible measures to reduce risk (insurance, hedging, creating reserves, diversification). Today, standard methods for assessing risks in various fields of activity and development exist and can be widely used mechanisms for their minimization.

A specific feature of financial planning for a commercial organization will be the absence of any mandatory forms of financial plans and forecasts. Requirements for the composition of indicators of financial plans and forecasts can be determined by: management bodies of commercial organizations (for example, a meeting of shareholders of a joint-stock company); the body that regulates the securities market and determines the composition of the information presented in the prospectus; credit institution. However, different credit institutions have different forms of technical justification for a loan application, which reflect forecast financial indicators.

Today, the process of developing financial plans and forecasts for a commercial organization is commonly called budgeting. When budgeting, they are developed and linked to each other financial plans:

cash income and expenses of the organization (financial plans of enterprises were traditionally developed in the form of a balance of income and expenses);
assets and liabilities (balance sheet forecast traditionally linked to the timing of liabilities and investments);
cash flows (in a centrally planned economy, such financial plans were called a cash plan, which reflects cash receipts and upcoming expenses in cash, and a payment calendar (an assessment of upcoming receipts and payments in non-cash form))

The balance of cash income and expenses as the main financial plan of a commercial organization traditionally contains four sections:

income;
expenses;
relationship with the budget system;
settlements with credit institutions.

Forecasts of income and expenses, assets and liabilities, and cash flows may be contained in the business plan of a commercial organization. A business plan demonstrates the strategy of the financial and economic activities of the organization; on its basis, creditors and investors make decisions about providing it with funds. The financial part of the business plan contains the following calculations: forecast of financial results; calculation of the need for additional investments and the formation of sources of financing; discounted cash flow model; calculation of the profitability threshold (break-even point)

2. operational management. It is important to know that analysis of the implementation of financial plans and forecasts is of great importance for managing the finances of a commercial organization. In this case, it is not always a mandatory condition that the planned financial indicators be actual. Of greatest importance for effective management is identifying the reasons for deviations from planned (forecast) indicators. Data on the actual implementation of financial plans is analyzed not only by special divisions of the organization, but also by the management bodies of a commercial organization.

To make operational management decisions on financial issues, it is important for the organization’s management not only to have financial plans and forecasts, but also to receive extensive information about the state of the financial market, the financial condition of counterparties to transactions, possible changes in market conditions, and tax reform. In large organizations, special analytical centers are created to collect such information. A commercial organization can also buy such information - in particular, analytical reviews on financial markets will be one of the services of modern commercial banks. Consulting services that influence financial decision-making can also be provided by audit firms.

Commercial organizations resort to the services of management companies and other participants in the securities market when placing financial resources in securities, placing their own securities on the market, carrying out cash and forward transactions in various segments of the financial market.

A credit institution traditionally acts as the parent company in a financial-industrial group, but the financial management functions of all organizations included in this group are more concentrated in it. The parent company of a financial-industrial group optimizes financial flows between participants, manages risks, and determines the strategy for allocating financial resources of organizations included in the group.

3. Financial control. State financial control over commercial organizations of non-state forms of ownership is limited to issues of fulfillment of tax obligations, as well as the use of budget funds, if the commercial organization receives such funds as part of state assistance. It is important to know that internal financial control, as well as audit control, are of great importance for the effective financial management of a commercial organization.

On-farm financial control can be carried out by special units created in commercial organizations that carry out inspections and analysis of documents. On-farm financial control also occurs in the process of approval by the head of the organization (heads of departments) of documents formalizing financial and business transactions. Commercial organizations included in holdings and associations are inspected by parent (“parent”) companies, which also have special control services.

To obtain reliable information about the financial condition of a commercial organization and identify existing reserves, its management can initiate an audit and survey. Certain types of activities, organizational and legal forms, high levels of assets and revenue from sales of products (works, services), participation of foreign capital require a mandatory audit report on the reliability of the financial statements of a commercial organization. Based on all of the above, we come to the conclusion that audits of a commercial organization can be both proactive and mandatory.

A feature of the internal and audit control of a commercial organization will be its focus on assessing the effectiveness of management decisions made, as well as identifying reserves for the growth of financial resources.

Based on all of the above, we come to the conclusion that financial management of a commercial organization includes management elements similar to other parts of the financial system, but with this there are specifics of financial planning, operational management and organization of financial control.

Control questions

Name the main groups of relations that determine the finances of commercial organizations. Define the finances of commercial organizations.
What are the principles of organizing finance in commercial activities?
What factors influence the financial mechanism of a commercial organization?
Define the financial resources of a commercial organization.
Indicate the sources of formation of financial resources of a commercial organization.
Name the types of financial resources of a commercial organization.
For what purposes can the financial resources of a commercial organization be used?
What is the dilemma in choosing directions for using the financial resources of commercial organizations?
What are the specifics of financial planning for a commercial organization?
What are the features of control over the financial activities of a commercial organization?

Tasks for independent work

Make a table reflecting the influence of industry, organizational and legal factors on the features of the financial mechanism of various commercial organizations.
Using the example of financial statements of a specific commercial organization, determine the structure of sources and types of financial resources. Give possible reasons for this structure.
Name what decisions a commercial organization can make regarding the use of financial resources when profitability in financial markets increases.
Formulate special principles for managing the finances of a commercial organization.

Financial resources of organizations (enterprises) are the totality of funds accumulated by enterprises to form the assets they need in order to carry out all types of activities, both from their own income, savings and capital, and from outside receipts.

According to sources of formation, financial resources are divided into 3 groups (Fig. 1.2):

Financial resources generated from own and equivalent funds (profit from core activities, profit from the sale of disposed property, profit from non-operating operations, depreciation charges, proceeds from the founders when forming the authorized capital, additional shares and other contributions, sustainable liabilities, etc. .);

Financial resources generated from borrowed funds (funds from the issue and sale of bonds, bank loans and loans from legal entities and individuals, factoring, financial leasing, etc.);

Financial resources received through redistribution (insurance compensation, funds received from concerns, associations, budget funds, etc.).

Rice. 1.2. Composition of financial resources generated at the enterprise

In turn, its own financial resources are formed from internal and external sources. Among internal sources, the main place belongs to the profit remaining at the disposal of the enterprise, which is distributed by decision of the constituent (governing) body for the purposes of consumption and accumulation. Moreover, profit is the main source of replenishment of the enterprise's equity capital. If the company is unprofitable, then equity capital is reduced by the amount of losses received.

An important role in the composition of internal sources is also played by depreciation charges, which represent the monetary expression of the cost of depreciation of fixed assets and intangible assets. They do not increase the amount of equity capital, but are a means of reinvesting it.

Other forms of equity capital include income from rental property, settlements with founders, etc.

Among external sources of formation of own financial resources, the main role belongs to the additional issue of shares, through which the share capital of the enterprise is increased, as well as the attraction of additional share capital (mutual fund) through additional contributions of funds (share contributions) (Fig. 1.3).

Rice. 1.3. Composition of enterprises' own financial resources

As part of external own financial resources, it is necessary to highlight some funds of enterprises, which previously in Russia were classified as stable liabilities (in world practice, similar funds of funds are called accrual accounts).

Stable liabilities are borrowed funds that do not belong to a given organization, but are constantly in its circulation. These funds, in the amount of the minimum balance, are used as a source for the formation of working capital of organizations.

In general, borrowed funds are funds that do not belong to the enterprise, but, unlike borrowed funds, are not formalized in special loan agreements and are used, as a rule, free of charge. Essentially, this is a stable accounts payable: a carryover minimum debt for wages and contributions to extra-budgetary funds; minimum debt on reserves to cover upcoming expenses and payments; minimum debt to the budget for taxes, etc. The formation of these funds is caused by the fact that between the moment of receipt of funds intended for the above payments and the fixed (either agreement or law) payment day there is a certain number of days, during which the specified funds are already in circulation of the organization, but are not spent for their intended purpose.

In a market economy, the production and economic activity of an enterprise is impossible without the use of borrowed funds.

Attracting borrowed funds into the circulation of an organization (enterprise), subject to their effective use, allows it to increase the volume of business transactions, increase income, and increase the return on equity capital, since under normal conditions borrowed funds are a cheaper source compared to its own financial resources. In addition, attracting borrowed funds allows owners and financial managers to significantly increase the volume of controlled financial resources, i.e., expand the investment capabilities of the enterprise.

However, in a situation where debt servicing costs exceed additional income from the use of borrowed funds, a deterioration in the financial situation of the enterprise is inevitable.

To funds received by way of redistribution, as

already noted, include insurance compensation for risks that have occurred; funds coming from concerns, associations, parent companies; dividends and interest on securities of other issuers. As for budget funds, they can be used both on a repayable and non-refundable basis.

As a rule, they are allocated from budgets of various levels to finance government orders, individual investment programs, or as short-term financial government support for organizations whose products are of national economic importance.

Meanwhile, attracting financial resources from various sources has a number of restrictions: organizational and legal, macroeconomic, investment, financial and analytical.

Restrictions of an organizational and legal nature include legally established requirements for the size and procedure for the formation of individual elements of the company’s own and borrowed capital: the lower limit of the amount of the authorized capital; the amount of reserve capital; limits of placement of preferred shares, corporate bonds. TO organizational and legal restrictions also include control over the management of the company. This applies primarily to joint stock companies. By attracting financial resources through an additional issue of shares, the company changes the financial structure of the capital and the management structure of the company itself.

Macroeconomic restrictions include: the investment climate in the country, country risk, state monetary policy, the current tax system, the refinancing rate, and the inflation rate.

The formation of financial resources of organizations is associated with an assessment of the combination of the interests of the latter with the interests of investors and creditors, i.e., investment restrictions apply. Interaction with a financial investor is characterized, first of all, by maintaining the current management structure in the organization, a medium-term investment horizon and his interest in making a profit, as a rule, at the end of the investment period. At the same time, a strategic investor takes an active part in the management of the enterprise, is not limited to specific investment terms, and is aimed at obtaining a significant part of the business.

Finally, the group of financial and analytical restrictions includes indicators on the basis of which the impact of the change process is assessed financial structure on the financial position of the company - capital structure ratios (they will be discussed in Chapter 3 of the textbook).

The use of financial resources of enterprises is carried out in the following main areas:

Financing the costs of production and sales of products, works, services;

Financing the investment activities of the enterprise (real and financial investments);

Payments to the budget and extra-budgetary funds;

Repayment of loans and borrowings;

Financing of charitable activities, etc. The formation and use of financial resources are mediated by cash flows in the context of three types of activities of an organization (enterprise): current, investment, financial, which will be discussed in more detail in Chapter 8 of the textbook.