Accountancy and Finance, Designing a Balanced Scorecard Essay

Accountancy and Finance, Designing a Balanced Scorecard - Essay Example ns are not for profit making, it is important that appropriate good practices of financial management are maintained so as to ensure that there are adequate resources aimed at meeting the objectives of the organization and ensuring that they remain solvent while at the same time continuing to support the community. A scorecard is a combination of the four common measures (quadrants) that are directly associated with a company’s objective strategies (Pearson & Robinson, 2009). The Otago Museum in New Zealand was founded on the 15th day of September 1968, initially being located in the post office building in Denedin’s Exchange, a building which also accommodates the University of Otago. The 1877 saw the responsibility for managing the museum become vested with the University of Otago, an arrangement that lasted nearly 80 years and letter the transfer of the ownership to a trust board which was authorized to attract funding from various local authorities in the Otago region. Among the principle funders continue to be Dunedin City Council, Clutha District, Central Otago Districy Council and Waitaki District Council. This report will be designing a comprehensive balance scorecard (BSC) for the museum indicating clearly the strategic objectives of the museum, the strategic business themes supporting the objectives and the cause and effect relationship linking Balanced Scorecard (BSC)dimensions with strategic themes and the objectives. More often than not, an organization’s mission statement guides on how an organization needs to maintain a balance of the needs and the various expectations as appertains to the various stakeholders (Harel, & Boaz, 2008). However, most non-profit organizations like Otago museum do not operate in extreme circumstances hence can do for both the donors and their employees/volunteers despite the fact of the existence another restricting factor which can be done for the different groups, that one which falls generally within the purview