This article examines the views of national researchers on the content of the term «financial condition of an enterprise» and «financial condition of a budgetary institution». The differences in assessing the financial condition of an enterprise and a budgetary institution are examined. The reason for the differences is the purpose of creation and the specifics of functioning of budgetary institutions and enterprises or other business entities. Since an enterprise is created by its owners to earn money and generate profit, it is important to assess the financial condition of the enterprise: liquidity and ability to maintain solvency, balance between financial resilience and risks, business activity, and ability to increase financial results. A budgetary institution is established by a decision of a local or state authority to carry out state functions. A budgetary institution is mainly financed from local or state budgets and provides services to the public (on a free or partially paid basis) and has the status of a non-profit organization. Therefore, when analyzing the financial condition of a budgetary institution, it is important to assess the amount of income and its sufficiency to perform its functions, as well as the structure of spending. The solvency of a budgetary institution will be assessed by the timeliness of the receipt of funds to cover the costs incurred in the performance of the functions assigned to the institution. Thus, the analysis of the financial condition of a budgetary institution is understood as an assessment of the level of financial resources for the timely and full performance of its functions. The financial situation of a budgetary institution can be assessed by a system of indicators that characterize the sources of receipt, allocation, and use of financial resources. Based on the understanding of the essence of the financial position of a budgetary institution, the article suggests analyzing its financial condition in the following areas: – analysis of the availability of resources (fixed assets, material resources, labor resources) in the institution; analysis of revenues (revenues to the general fund, revenues to the special fund from various sources); analysis of expenditures (allocation of funds – investment of general fund assets in current or capital assets; investment of the special fund assets in current or capital assets); analysis of budget execution (analysis of cash and actual expenditures, comparative analysis of actual budget execution data with planned budget items); capital analysis (analysis of capital structure; structural and dynamic analysis of equity, including assessment of financial result (deficit or surplus financial result), targeted financing, determination of the level of financial security; assessment of financial resilience of the institution); cash and cash flow analysis (analysis of cash, cash flow, receivables and payables). Each of these areas requires the development of a group of reasonable indicators, the calculation and interpretation of which will form the information base for judging and drawing conclusions about the financial condition of the institution. 

budgetary institution, financial condition, incomes, expenses, budget, equity 

The article deals with the major areas of the analysis of financial condition and performance results by reference to specific features of the tourist industry. The analysis and evaluation of the performance results of a tourist enterprise is suggested to be conducted in the following areas: operation analysis, analysis of resource potential, analysis of liquidity and financial sustainability, analysis of economic activity, as well as profitability analysis. The operation analysis of an enterprise includes the following indicators: the coefficient of change (growth rate) of net income from sales of products, the coefficient of change (growth rate) of the number of service users, the coefficient of change (growth rate) of the cost of services rendered, the coefficient of gross profit. The analysis of resource potential includes the calculation of indicators characterizing labour forces and non-current assets. The third group of indicators are indicators of liquidity that demonstrate the degree of financial responsibility of the enterprise for current debt, which is especially relevant for tourist enterprises. The liquidity of the tourist enterprise is offered to be evaluated on the basis of the calculation of the following indicators – working capital, quick asset ratio and absolute liquidity ratio. The dynamic development of an enterprise is evaluated on the basis of the indicators of economic activity, e.g. primarily indicators of payables and receivables turnover, as well as the asset turnover. While evaluating the performance results of a tourist company, it is expedient to calculate and analyze the following indicators of profitability: profitability of all assets, net profitability of equity, output profitability, profitability of separate types of services. Effective management decisions that will ensure a high profitability of business with minimal risk can be made based on timely and unbiased information on the demand behavior for tourist products of an enterprise, level of expenditure, the condition of settlement operations, liquidity and financial independence. 

performance result, financial condition, liquidity, profitability, economic activity, payables, receivables, assets, capital