CHFM Finance and Administration

What does the acronym FTE stand for? - Answer-Full Time Equivalent What are the number of hours that make up an FTE? - Answer-40 hours per week; 2080 hours per year 40 hours per week x 52 weeks = 2,080 hours What are budgeted hours? - Answer-Budgeted hours are estimated hours that an employee works per pay period in a particular assignment restricted by the planned expenditure for a fiscal year. How is overtime defined? - Answer-Overtime is defined as greater than 40 hours per week or greater than 2,080 hours per year. Who is eligible for overtime under the Fair Labor Standards Act (FLSA)? - Answer-Non-exempt Employee Exempt employee (salaried, not eligible for overtime) Non-exempt employee (eligible for overtime) eligibility, recordkeeping and child labor standards affecting full-time and part-time workers The Fair Labor Standards Act (FLSA) is a federal law which establishes minimum wage, overtime pay sector and in federal, state and local governments. What is the definition of productive - Answer-Productive time includes actual hours worked. This includes training hours, overtime hours, meeting time, work order entry time, field service work, etc. What is the definition of non-productive time? - Answer-Non-productive time includes vacation time or paid time off (PTO), sick time, holidays and leave of absence. How many paid FTE's would be required for two eight hour shifts for seven days assuming 10% non-productive time? - Answer-3.08 FTE's 2 employees x 8 hours x 7 days=112 hours 112 hours x .10 non-productive hours = 11.2 hours 112 hours + 11.2 hours 123.2 hours 123.2 hours /40 hours per week= 3.08 FTEs List what is included in capital costs. - Answer-Equipment cost Renovation cost New construction cost Organizations set a capital threshold to determine between capital and operating expense. This threshold varies by institution