Treasury and Risk Management in an International Context Assignment

Treasury and Risk Management in an International Context - Assignment Example Exchange rate system shows the arrangement in which an authority controls value of different currencies in foreign exchange market with respect to other currencies. There are mainly two types of exchange rate systems such as fixed and floating exchange rates. Fixed exchange rate system aims to fix the value of a currency against the value of a stronger currency, a basket of currencies or other measurements like gold. The system is better known as pegged exchange rate because it triggers to stabilize the value of a currency through pegging it with a steadier and internationally recognized currency. Hence, trading opportunities become more stabilized and predictable, especially for economies in which external trade is held responsible for a large chunk of Gross Domestic Product (Ghosh, A, M. G. Wolf and H. C. Wolf, 2002). Though, according to the theory, fixed exchange rate leads to establish greater economic stability and helps the multinational firms to forecast future currency rates so that risks associated with international pricing can be managed by them, in reality, devaluation or revaluation of currencies driven by inflation, interest rate, and other economic variables do not allow currencies to remain fixed forever (Caves, 2007). Hence, the policymakers have adopted a resolution of fixing currency with a portfolio of a number of currencies with different weights such as euro, yen, British pound etc. This type of exchange rate is less susceptible to the economic occurrences of a particular country. For instance, increase in inflation rate will directly impact on a currency pegged with US dollar; however, if the currency is pegged with a basket of currencies, the effect of increasing inflation in the US will be diluted by the presence of other currencies and will have less impact on the pegged currency.

Integrated Marketing Communications and Advertising Essay

Integrated Marketing Communications and Advertising - Essay Example Integrated marketing communication is an approach to reach the customers through two communication channels, online and offline. Online channels include e-marketing, email, banners to latest websites, and internet TV. Offline channels include newspapers, magazines, billboards, radio and television. The main purpose of integrated marketing communication is to form and carry on the look or message in all elements of the marketing campaign in the same way. Integrated marketing communication does not just include bringing the product to the customers but it also keeps in mind the company's mission, the compensation plan, the management style and the employee training. A successful integrated marketing communication is made in such a way that the clients' needs are kept in mind and is provided on time, with the possible budget and resources to reach the target. In order to be very successful the four Ps' of marketing the packaging, promotion, positioning, pricing and distribution have to be consistent with each other. This will help in attracting the customers and help them in realizing their need and the desired product or service for it to be satisfied. Integrated marketing communication is gaining popularity because it can reach people through advanced media advertising of many forms, more specialized media can center the targeted audience easily. The challenges faced by managers are that it becomes tough to promote the product through all possibl

Procedure And Incidents During Placement

Procedure And Incidents During Placement This reflective piece will be about a procedure that took place whilst on placement and will look at infection control whilst doing an aseptic non-touch technique (ANTT). Using Atkins and Murphys 1993 model of reflection (Rolfe, G et al 2001). I have used this model as it helped me become aware of my actual thoughts and feelings regarding the situation, and more focused when analyzing it. Description I visited a lady who had bilateral leg wounds that needed to be dressed daily, the leg dressings that had been put on the day before were heavily exudated, the lady who I am going to call Jane to protect her identity as per NMC 2004 was adamant that she had kept her legs raised. The nurse that I was working with said that she would dress the legs this time and when I visited again I would do the dressings. The nurse opened the sterile packaging of gloves and placed it on the floor, this was to be her sterile field. The dressings and bandages that she required were opened and placed onto the sterile field and the nurse placed an apron over her uniform. The sterile gloves were put on and she proceeded to remove the dressings that were on Janes legs, once the dressing had been removed these were placed into the waste bag. The nurse then proceeded to assess the wound and then redress it without changing her gloves, by not changing her gloves which were originally sterile these will now have become contaminated by handling the soiled dressing and would contaminate the new dressings and the wound. Stage One Whilst watching the nurse change the dressing this made me question what I had been taught in University about ANTT. The procedure that we were taught in university is from The Royal Marsden 2008. This made me feel uncomfortable and question that the patient would be at risk from healthcare associated infections (HCAI). Stage Two The reason for aseptic technique is to maintain asepsis and helps to protect the patient from HCAI it also protects the nurse from any of the patients body fluids and toxic substances (Department of Health (DOH) 2005). Elderly people are more at risk of infection which is caused by organisms that invade the immunological defence mechanisms as there immune systems are less efficient ( Calandra 2000) ANTT is used to ensure that when a healthcare professional handles sterile equipment only the part of the equipment that will not contact the wound is handled (Preston 2005). When doing the ANTT procedure this involves ensuring that consent has been gained from the patient and they are aware of what the procedure will be, the environment and the equipment is prepared, hand-washing takes place, personal protective equipment is used and a sterile field is maintained. In a Primary Care setting one of the biggest problems is infection that enters the body through a tear in the skin, this may b e through a leg ulcer. A small number of microbes are sufficient enough for an infection to be caused, this may then be difficult to treat with antibiotics and what may have been a trivial problem may end up becoming a significant problem (DOH 2007). Nurses should assess the risk of transmission of infections from one person to another and plan their nursing care accordingly before they commence any form of action (Chalmers Straub 2006). Hand washing prior to ANTT has been found to be the most important procedure for preventing infections, hands can be the biggest route of transmission of infection if not washed correctly (Akyol et al 2006). There have been recent studies that show that hand washing is rarely carried out in a satisfactory manner and 89% of staff misses some part of their hand surface during hand washing (Mcardle et al 2006). Handwashing should be done prior any procedure, this can be achieved by three different methods:- Soap and water this is effective in removing physical dirt or any soiling and micro-organisms liquid soap is more efficient than a soap bar (Ehrenkrantz, 1992). Anti-microbial detergent which is effective in removing physical dirt and is more effective than soap in removing micro-organisms (Ehrenkrantz, 1992). Alcohol based hand rubs, these are not as effective as the above in removing dirt or soil but are more effective in destroying transient bacteria (Storr, J, Clayton-Kent, S, 2004). An aseptic procedure should be done in a clean environment and any equipment used should be sterile and disposable or decontaminated after each use and the nurse should ensure that the equipment is free from dust and any other soilage (DOH 2003). Whilst the nurse does ANTT procedure it is essential that her hands, even though they have been washed, do not contaminate the sterile field or the patient, this is achieved by the nurse using sterile gloves she needs to be aware however that gloves can be damaged during use and may no longer be sterile (Kelsall et al 2006). The aim of wearing sterile gloves is to reduce the risk of cross-infection from nursing staff to patients and to also reduce the transient contamination of the hands by micro-organisms from one patient to another (infection control Nurses Association (ICNA) 2002). The ICNA recommend that before a patient is treated a comprehensive risk assessment is taken to determine the most appropriate glove type for the task to be undertaken. Its been suggested that sterile gloves are only necessary if the nurses hands come into contact with the patients sterile body area, they argue that non-sterile gloves provide adequate infection control if hands decontamination has been done effectively (Hollinworth and Kingston 1998). Factors that need to be considered when making the choice between aseptic or clean technique for wound care is the setting where the dressing is to be done, the immune status of the patient, this is influenced by age, medication, type of wound, location and depth of wound and the invasiveness of the procedure (APIC 2001). Hartley (2005) reports that aseptic technique is not being carried out to a high standard and this could be related to the theory-practice gap or complacency in the professional field. Improving the skill based care needs to be the main focus on post -registration education this includes which gloves to choose, maintaining a sterile field with the risk of non-touch technique and also developing assessment protocols (Preston 2005). Stage 3 During my time on placement I cleaned and redressed a lot of wounds and I ensured that I used the Aseptic non touch Technique that was taught to me whilst at University. I ensured that I gained the consent of the patient prior to any procedure taking place and also maintained the clients privacy and dignity whilst carrying out the procedure. Whilst being on placement I have learnt that staff change the dressing on wounds using the aseptic non-touch technique differently to how I was taught in university but when questioning them why they do something a certain way they have a rationale for it. I will continue to clean and redress wound in the way I have been taught and believe that this is the way forward in fighting wound infections.

The Disadvantages Of Standardized Testing Essay -- High-Stakes Standard

Standardized tests must be improved. Instead of traditional standardized testing, random testing should be put in place and tests themselves should be reconstructed to promote fairness, reduce errors and and more accurately assess student’s knowledge. Testing should be done to random groups of students on random dates throughout the year. There will be a large enough group of students to give a good idea of how well material is being taught but a small enough group that not everyone needs to take the test. Cheating is a major problem with standardized tests. Cheating leads to inaccurate test scores (Dolezalek 71). In many cases of it is the teachers that are the ones cheating. â€Å"About 10 percent of the teachers admitted to providing hints about the answers during the test administration; about 10 percent pointed out mismarked items by students; about 15 percent of the teachers provided more time for the test than was allowed; and about 5 percent of the teachers engaged in instruction during the test† (Dolezalek 73). Teachers can also cheat by altering finished tests by filling in blank answers or fixing the answers at the end of the test which tend to be the hardest (Dolezalek 75). Teachers are often pushed by administrators who also cheat for their schools. â€Å"In July 2011 the Georgia Bureau of Investigation released a report on the Atlanta Public Schools charging a widespread cheating conspiracy over a ten year period by 178 teachers, principals and administrators to f ix answers on the statewide competency test† (â€Å"Pressure Caused Teachers to Cheat†). The fact that federal budgets can be determined by tests causes some schools and states to cheat (Dolezalek 76). Schools cheat because the system for determining budgets makes n... ...argets Has Caused Teachers to Cheat.† Standardized Testing. Ed. Dedria Bryfonski. Detroit: Greenhaven Press, 2012. At Issue. Rpt. from â€Å"GBI Reveals Why Cheating Occurred in Atlanta Public Schools.† Teacher World. 10 July 2011. Opposing Viewpoints in Context. Web 4 March 2014. â€Å"Why Can Some Kids Handle the Pressure While Others Fall Apart?† The New York Times. The New York Times, 6 Feb. 2013. Web. 10 March 2014. â€Å"Why Standardized Tests Don’t Measure Educational Quality.† ASCD. Educational Leadership, March 1999. Web. 10 March 2014. Walberg, Herbert J. â€Å"Standardized Tests Effectively Measure Student Achievement.† Standardized Testing. Ed. Dedria Bryfonski. Detroit: Greenhaven Press, 2012. At Issue. Rpt. of â€Å"Stop the War Against Standardized Tests.† Defining Ideas: A Hoover Institution Journal. (20 May 2011). Opposing Viewpoints in Context. Web. 7 March 2014.

Women Empowerment Through Entrepreneurship

Entrepreneurship is the future of the modern society. They are the driving forces behind Indian economy. Entrepreneurs are people who come out with an new ideas , innovations , do things, which are not generally done in the ordinary course of a business. Empowerment of women entrepreneur is an new mantra for development of economy. The present paper focuses mainly women entrepreneur ,they still represent a minority of all entrepreneurs. It is observed that women entrepreneur networks are major sources of knowledge about women’s entrepreneurship and they are increasingly recognized as a valuable tool for its development and promotion. Of the 1. 3 billion people who live in absolute poverty around the globe, 70 percent are women work two-thirds of the world’s working hours, Women earn only 10 percent of the world’s income. Women own less than 1 percent of the world’s property. An effort has been made in this paper is to identify empowerment of women's entrepreneurship in Indian economy Introduction to Entrepreneurship Entrepreneurship was previously considered to be unknown quality of an individual and hence it was believed that entrepreneurs are born and not made. But recent studies have proved that Entrepreneurial activities can be planned and developed in an individual through creation of opportunities, extended Facilities, Allowing Incentives, Developing Competence and group sensitiveness in an individual for all those factors Entrepreneurship is a social phenomenon and it is not inherent within a person, rather it exists in the interaction between people. It reflects a ray of hope for the unemployed to earn a living and maintain a dignified life and also for the economic development of the country. our vision of emerging as a superpower by 2020 will pivot momentously on Entrepreneurial shoulders. qual opportunity between men and women from the perspective of entrepreneurship is still not a reality. An Entrepreneur is the key figure in the process of economic growth. He/She is an economic person who tries to maximize his profits by innovation and thus aggressively contributing towards economic development. He is an organizer and speculator who is doing new things or doing things that are already being done in a new way. Women Entrepreneurship Women entrepreneurs play an important role in the entrepreneurial economy, both in their ability to create jobs for themselves and to create jobs for others. In Europe (both European Union countries and other European countries), estimates indicate that there exist more than 10 million self-employed women. In the United States 6. 4 million self-employed women provide employment for 9. 2 million people and create significant sales. Using the United States ratio between the number of employees and self-employment it may be estimated that employed women in surveyed European countries could employ around 15 million persons. Better qualitative information and quantitative data and statistics are required to profile women entrepreneurs (demographic information, barriers to start-up and growth). This would also assist in promoting awareness of the role of women entrepreneurs in the economy. Entrepreneur is held responsible for scanning the business landscape for unexploited opportunities. The improved way of doing is the innovation that the entrepreneur presents to the market. According to CWBR, there are 6. 2 million privately held majority (50% or more) women owned businesses in the U. S. employing 9. 2 million workers and contributing $1. 15 trillion to the economy. Half of all privately Owned business in the U. S. re owned by women, and between 1997 to 2005 women owned business grew at thrice the rate of all businesses. Together, women owned businesses and those owned equally by men and women number 10. 2 million employ more than 18 million workers and generate $2. 32 trillion. According to Women in the economy, a study conducted by Government of India, there are approximately 10 million homes based Business in India and 55,000 of them generate more than $1 million in revenue each year. Self-employment represents one of the most important job opportunities for women especially for women in developing economies. It is also observed that in all countries women still represent a minority of those that start new firms, are self-employed, or are small business owner-managers. Technology makes it possible for women to work productively from home and to stay actively involved in the lives of their children. 27% of women with home based businesses have children under the age of 18, 25% have children as young as 6 years old and 30% have children less than 6 years old. To a much greater extent than men (56 to 48%), women starts businesses to supplement income and to manage family responsibilities. Women-owned businesses are no passing fad. They are crucial to a healthy economy. They typically require little or no investment, they can be headquartered in the home, and they give women flexibility in balancing their work and family lives. Technology allows the cultivation of clients nationwide and even worldwide and there are lots of resources to help women get started. The greatest advantage of owning a business, According to Ashley:† Working for yourself makes all the difference because you can do things the way you know are right so that your work speaks your values, beliefs, and ethics at the same time you are providing a necessary service. Indian women are considered as Sakthi, which means source of power. Effectively coordinating the available factors and resources. Efficient execution of decisions imposed on them. Clear vision and ambition on the improvement of family and children. Patience and bearing the sufferings on behalf of others and ability to work physically more at any age. Women sector occupies nearly 45% of the Indian population. The literary and educational status of women improved considerably during the past few decades. More and more higher educational and research institutions are imparting knowledge and specialization. At this juncture, effective steps are needed to provide entrepreneurial awareness, orientation and skill development programs to women. According to the experts , there are five levels of the women's empowerment framework, namely- welfare, access, conscientisation, mobilization and control. Welfare means an improvement in socio-economic status, such as improved nutritional status, shelter or income, which is the zero level of empowerment, where women are the passive recipients of benefits that are ‘given' from on high. Access to resources and services stands for the women's empowerment framework, namely- welfare, access, conscientisation, mobilization and control. Conscientisation is defined as the process, by which women collectively urge to act to remove one or more of the discriminatory practices that impede their access to resources. Here, women form groups to understand the underlying causes of their problems and to identify strategies for action for gender equity. Mobilization is the action level of empowerment by forging links with the larger women's movement, to learn from the successes of women's similar trategic action elsewhere and to connect with the wider struggle. Control is the level of empowerment when women have taken action so that there is gender equality in decisions making over access to resources, so that women achieve direct control over their access to resources. More precisely, as a woman evolves through the entrepreneurial process she will face different obstacles related to the specific stage she is in (opportunity identification, opportunity exploitation and resource acquisition for example). Depending on the nature of those obstacles, only certain categories of women will enter into business and succeed consequently. In rural India, agriculture and allied industrial sectors employ as much as 89. 5% of the total female labour. In overall farm production, women's average contribution is estimated at 55% to 66% of the total labour. According to a 1991 World Bank report, women accounted for 94% of total employment in dairy production in India. Women constitute 51% of the total employed in forest-based small-scale enterprises. India's Eleventh Five Year Plan (2007-2012) has recognized for the first time that women are not just equal citizens, but are also acknowledged as agents of economic and social growth. Any development strategy will be lop-sided without involving women, who constitute half of the world population. Women entrepreneurship has gained momentum since the early 1980s when countries in Asia – particularly India and China – and elsewhere started liberalizing their economies. The resultant globalization – propelled by foreign direct investment, technological innovations, and manufactured exports – has brought a wide range of economic and social opportunities to women entrepreneurs. TiE (The Indus Entrepreneurs), founded in Silicon Valley in 1992 by entrepreneurs and professionals with roots in the Indus region, announced the launch of India’s first women’s entrepreneurship platform called TiE Stree Shakti (TSS). is a forum for women entrepreneurs to create trust-based partnerships through active networks. Additionally, the forum founders recognize the immense contribution of women entrepreneurs to self, family and society. A study conducted by Ernst & Young titled ‘Groundbreakers’, observes: â€Å"At a time when our global economy is facing its greatest challenge in decades, we have to capitalize on the contributions women can make. It’s time to place renewed emphasis on women as a resource to move businesses and economies ahead. † A study conducted by TiE revealed that 90% of women at the grass root level need help in Training & Education to improve their business skills. 78% of them were keen to re-start their business again but need encouragement and support from family and other like minded women. A mere 15 per cent of women hold senior management positions in privately-held businesses in India; the global average is 24 per cent and Some of the key areas where women want to start a business include garment shops, catering and beauty salons. The biggest challenge that many literate and illiterate women in rural and urban areas faces in entering into small industry as entrepreneurs is due to the lack of knowledge on product, Market and Quality and it’s to be seen that some committee should be constituted and the recommendations which are placed should be implemented in phases to root out the above problems. Every woman has the potential to be an Entrepreneur and it can be developed through nurturing skills and ideas. Women in business attain success for their intelligence, efficiency, commitment and Honesty. There is still much poverty, unemployment, illiteracy, and discrimination when it comes to women, but there is a certain segment of them that is making a mark in the corporate world, in the media, in literature and for many who are unaware they are making a huge impact in the IT sector. Globalization has provided opportunities for the educated, middle class woman to build her own dreams and excel in fields, which were earlier perceived as complete male domains. Though they are not the majority, Indian women professionals are definitely on the rise and are paving the way for future generations. Indian women are becoming increasingly visible and successful in the professional and public sphere. Whether it is Barkha Dutt, who has become a idol for several journalists, Arundhati Roy, a Booker Prize Winner and a social activist, or Kiran Mazumdar Shaw, who became the wealthiest Indian woman after the initial public offering of her company, Biocon , they have all heralded the arrival of Indian women professionals. Women are becoming increasingly visible in the domestic and international sphere in media, entertainment, business, IT, politics and literature. Approximately one third of employees at Indian software companies today are women. In fact, NASSCOM puts the figure at 38%, which is a higher figure than their western counterparts. Some of the reasons for this attraction to the IT sector include India's education system. Number of women managers and entrepreneurs in the corporate sector. Kiran Mazumdar Shaw's Biocon, a biotech firm is worth over $1. 1 billion, with her stake at $449 million. Vidya Mohan Chhabria, chairperson of the $2 billion Jumbo Group, and Naina Lal Kidwai, vice chairperson and managing director of HSBC Securities and Capital markets, are the two Indian women to feature on the list of the 50 most powerful women in international business by Fortune magazine. There are several others like Sulaijja Firodia Motwani and Mallika Srinivasan who figure prominently in the automotive industry while there are many other women who are successfully managing family run businesses. However, the emergence of India ‘s service sector – travel, tourism, hospitality, media, and entertainment as well as business process outsourcing and IT is witnessing an increased role for female employees at the entry and middle levels. They will hopefully pave the way for future female professionals.

Future of Educational Finance Essay

Gary Marx stated â€Å"identifying, monitoring and considering the implications of trends is one of the most basic processes for creating the future† (Stevenson, 2010 p. 1). The world of education is forever changing at a pace that gets more rapid as the years go on. The decisions made in the past have laid the foundation of education today, as will recent changes affect the future. Programs such as choice schooling and No Child Left Behind will impact school funding. Rulings such as the Lemon Test and separation of church and state will impact decisions that can potentially result in litigation and court rulings dictating educational decisions. In his work regarding educational trends, Kenneth Stevenson (2010) stated, â€Å"a continuing recession, escalating political polarization, rising racial/ethnic tensions, a growing national debt, and a widening divide between the haves and the have nots portend a future fraught with unprecedented challenges to and clashes over the form and substance of public education in America† (p.1). Analysis of the Lemon Test The Lemon Test was created by Chief Justice Warren Berger as a result of the court case Lemon v. Kurtzman (1971) and is based on the principles stated in Everson v. Board of Education. The case of Lemon v. Kurtzman (1971) centered on Rhode Island’s Salary Supplement Act. This act approved a salary supplement of up to fifteen percent for teachers who taught secular subjects in private religious schools or non-public elementary schools. The courts determined that approximately twenty-five percent of Rhode Island’s students attended non-public schools. Furthermore, ninety-five percent of the parochial schools were Roman Catholic. Pennsylvania offered a similar program that reimbursed non-public schools for expenses related to secular education and required schools to account for the expenses separately. Approximately twenty percent of Pennsylvania’s children attended non-public schools and ninety-six percent of the schools had a religious affiliation. The high courts looked at its own precedents and determined that, in order  for a law to be in compliance with the Establishment clause it, â€Å"must have a secular legislative purpose; second, its principal or primary effect must be one that neither advances nor inhibits religion; finally, the statute must not foster â€Å"an excessive government entanglement with religion† (Barnes, 2010, p. 2-3). The Lemon test was created to, â€Å"determine when a law has the effect of establishing religion† (The Basics, 2014, p. 3). The court applied the Lemon test to the Pennsylvania and Rhode Island supplemental funding programs and deemed that the programs in both states were unconstitutional (The Lemon Test, 2009). Both programs met the first requirement of the Lemon test as they had a secular purpose. However, the court determined that it was unclear if the programs met the second set of criteria as â€Å"while the aid was intended for secular use, it was not entirely secular in effect† (The Lemon Test, 2009, p. 1). The court decided that it did not need to establish if the programs met the second part of the Lemon test as they failed to meet the third criterion as both programs â€Å"excessively entangling state administrators with the operations of parochial schools† (The Lemon Test, 2009, p. 1). The Lemon test has â€Å"become an extremely influential legal doctrine, governing not only cases involving government funding of religious institutions but also cases in which the government promoted religious messages. Over the years, however, many justices have criticized the test because the court has often applied it to require a strict separation between church and state† (The Lemon Test, 2009, p. 1). The test has been the foundation for many of the court’s ruling regarding the establishment clause since 1971. The â€Å"choice†Ã‚  The idea of vouchers for education was first introduced in early 1950 in a move to privatize education. In that same year, as a result of Brown v. Board of Education, the southern states put the first voucher program into action as a way to â€Å"enable white students of all income levels to attend the segregation academies and continue receiving a publicly-funded, all white education† (Save our Schools NJ, 2014). In 1989, Wisconsin’s more modern voucher programs, focused on poor children of all races. (Save our Schools NJ, 2014). Regardless of the nature of the voucher program, the impact is the same- taxpayer funds being diverted from public school funding. In 2002, the Supreme Court ruling of the case of Zelman V. Simmons-Harris  stated that it was not a violation of the Establishment Clause to provide scholarships for so me students to attend private or parochial schools. This ruling had a subsequent impact on the development of S1872, also known as the Opportunity Scholarship Act. This act allowed for vouchers to go to private or religious schools. Changes from S1872 resulted in an almost $1 billion dollar revenue loss for school funding by the end of its fifth year (NJEA, 2011). In addition to the government revenue lost, a 100% tax credit is given to companies who donate to these funds thus losing additional revenue. The children given these scholarship vouchers are children from targeted failing school areas, which then result in that already failing district to lose additional weighted funding for those children. â€Å"Shifting a handful of students from a public school into private schools will not decrease what the public school must pay for teachers and facilities, but funding for those costs will decrease as students leave† (NCSL, 2014). A study by the American Federation of Teachers in 2011 looked at the revenue lost in several states as a result of money being diverted to voucher programs. In most cases, these programs obtained funding by either increasing taxes or by reducing state aid to local school districts. Both the Milwaukee Parental Choice Program and the Cleveland Scholarship and Tutoring Program did just that. The Milwaukee program, in 2009, cost taxpayers roughly $130 million and the Cleveland program reduced Disadvantaged Pupil Impact Aid to the Cleveland public schools by $11,901,887 in 2007 (American Federation of Teachers, 2011). One of the most significant issues with voucher programs is the fact that they do not have the same monitoring and regulations as public schools in order to obtain funding. â€Å"Perhaps the biggest critique of market-based reforms, such as school choice and performance based accountability is that they will further exacerbate inequalities in education† (Fusarelli and Young, 2011, p. 92). Not all program funding is distributed in the programs based on poverty. Parents of special education students are not guaranteed special education services. In addition, many programs are not monitored for the way they appropriate money. When a review of the Arizona tax credit programs was conducted, it was discovered that â€Å"almost two-thirds of all voucher orga nizations kept more funds for overhead than allowed under state law† (AFT, 2011, p. 7). Per student revenue that local districts lose to  these programs is not guaranteed to be 100% applied to the students attending the private school. In 2011, the U.S. Department of Education had a budget cut of $5 billion (The Education Trust, n.d.). In 2013-2014, over 35 states are providing less funding per students, more than 10% in fourteen of them. (Leachman & Mai, 2014). With decreasing numbers such as these, voucher programs only continue to threaten to take limited funding away from local districts. Continued funding cuts will have an impact on the economic future of our country. As stated by Brimley et al. â€Å"the more education provided, the more wealth developed; the more wealth created, the more funds available for investment; the more investment undertaken, the more wealth available for investment in physical and human capital: (Brimley et al., 2012, p. 3). The Impact of No Child Left Behind (NCLB) The No Child Left Behind Act of 2001 (NCLB) is the largest federal funding program in the history of the United States. No Child Left Behind is a, â€Å"reauthorization of the Elementary and Secondary Education Act (ESEA), which originated in 1965 as part of the War on Poverty† (Braden and Schroeder, n.d., p. 1). While NCLB provides additional funding from the federal government it also imposes mandates that states must follow. The supplementary funding provided under the No Child Left Behind Act is not necessarily enough for states to meet the standards required by the act. The main focus of NCLB is Title I funding which the federal government allocates to states to help provide an education to economically disadvantaged students. No Child Left Behind includes eight other forms of Title funding such as school safety, teacher quality, assessments, and American Indian education (Braden and Schroeder, n.d., p. 1). Title I funds are the most important part of No Child Left Behind as the majority of the funds are earmarked for Title I purposes and Title I funding holds states accountable for student achievement as evidenced on state assessments. The move towards holding states accountable for student achievement began prior to the No Child Left Behind Act of 2001. Most states included accountability in their education reform acts during the 1990s (Ladd, 2001). By the year 2001, the same year as NCLB, more than forty states published a school report card, more than half had some type of school achievement rating, and numerous states offered assistance or sanctions to schools with low student  performance (Meyer, Orlofsky, Skinner, & Spicer, 2002). In January of 2002, No Child Left Behind was signed into law and for the first time in history the federal government was involved in, â€Å"setting broad parameters, implementation timelines, and sanctions for state accountability systems† (Du ncombe, Lukemeyer, &Yinger, 2006, p. 1). States began to implement NCLB in 2002 during a time of financial difficulties. This created concerns based on the cost involved in funding a program of its magnitude as well as questions regarding the extent to which the NCLB program was funded. Most estimates concerning the cost of implementing the program were far from accurate. This prompted states, such as Connecticut and Utah, to pass legislation which allowed them to either ignore the parts of NCLB that required funding from the state or sue the federal government for a lack of funding (Duncombe et al., 2006). While NCLB involves many federal education programs, the act’s requirements in regards to school improvement, accountability, and testing are a priority. No Child Left Behind required states to test students in grades three through eight yearly in math and reading. Students in grades ten through twelve must be tested once. In addition students must be tested in science once in grades three through five, six through eight, and tenth-twelfth. In addition, states, school districts and individual schools are to â€Å"publicly report test results in the aggregate and for specific student subgroups, including low-income students, students with disabilities, Eng lish language learners, and major racial and ethnic groups† (New America Foundation, 2014). Another requirement of NCLB is that all teachers must be highly qualified. Teachers must pass a licensure exam and be certified by the state they teach in. Teachers who teach a specific subject area must demonstrate their subject knowledge by passing the subject knowledge portion of the licensure exam. NCLB specifies that states develop a plan â€Å"to ensure that low-income and minority students are not taught by teachers who are not highly qualified at higher rates than are non-minority and low-income students† (New America Foundation, 2014). In addition, NCLB give parents and guardians the right to know the qualification of their child’s teacher and if their child is receiving instruction from a paraprofessional and if so the qualifications of that individual. NCLB requires that school district’s notify parents in writing if their child will receive instruction from a teacher who is not highly  qualified for longer than four weeks (New America Foundation, 20 14). No Child Left Behind stated that all school districts in the United States were to guarantee that each child enrolled in their district would score proficient in the state’s reading and math assessments by 2014. Each state was given the freedom to define what grade level proficiency meant in regards to their state standards. NCLB required that schools make â€Å"adequate yearly progress† (AYP) towards achieving their goal. Proficiency rates increased yearly up to 2014 and individual states were allowed to choose their rate of increase. In order for a state to make AYP they must meet their goal for student achievement in reading and math every year (New America Foundation, 2014). Forty-three states, Washington D.C., Puerto Rico, a group of California school districts as well as the Bureau of Indian Education applied for waivers exempting them from being required to meet their targets and other requirements of NCLB from the Department of Education. In September of 2011, President Obama and Arne Duncan, Secretary of Education, announced that the Obama administration, â€Å"would allow states to request flexibility in meeting some of the requirements under NCLB in the absence of the law’s reauthorization† (New America Foundation, 2014). For a state to qualify to receive flexibility throu gh a waiver, the state needs to show they have adopted or will implement reforms to their, â€Å"academic standards, student assessments, and accountability systems for schools and educators† (New America Foundation, 2014). According to No Child Left Behind schools that do not make AYP for two consecutive years will be identified for school improvement, and will have to create a school improvement plan (SIP), and apply a minimum of ten percent of their federal Title I funds to professional development. Schools that do not make AYP for a third year will be under corrective action, and will be required to apply interventions to improve school performance, â€Å" from a list specified in the legislation† (New America Foundation, 2014). If a school fails to make AYP for a fourth year they will be, â€Å"identified for restructuring which requires more significant interventions† (New America Foundation, 2014). If a school fails to make AYP for a fifth year, â€Å"they must implement a restructuring plan that includes reconstituting school staff and/or leadership, changing the school’s governance arrangement, converting the school to a charter, turning it over to a private management company, or some other major change†Ã‚  (New America Foundation, 2014). Specific school districts that have a high percentage of schools that fail to make average yearly progress for multiple years could be, â€Å"identified for school improvement, corrective action, and restructuring† (New America Foundation, 2014). The Future of Church-State Relations As religion continues to hold influence on the American culture the U.S. judicial system remains the authority for interpreting the constitutionality of matters of religion. The separation of church and state comes as a result of America not having an established religion for all of the residents to follow; the people were given freedom of religion. According to Thomas Jefferson, God is acknowledged as the creator of mankind and government is not a divine organization therefore it is the responsibility of the citizens to oversee the institution of government. In 1791 the government discontinued support or promotion of any religion. The decisions made so long ago continue to greatly impact organizations such as schools today. In the classroom teachers are held accountable to the state that they will remain neutral on the subject of religion while on school grounds (The Boisi Center, n.d.). Cases such as Committee for Public Education and Religious Liberty v Nyquist (1973) and Mueller v Allen (1983) have kept the courts busy on the subject of funding religion in the educational system (Pew Research Center, 2008). The Free Exercise Clause permits students to practice their faith privately on campus as long as it does not cause disruptions to the academic day and students are not being persuaded to follow his/her beliefs. School vouchers and tax credits that were distributed from 1983-2002 were considered constitutional under the Establishment Clause as they approved a parent’s choice to have their child attend a religious school. The courts accepted these practices because they did not show intent to persuade on the side of religion (The Boisi Center, n.d.). During this time all over the country courts were hearing cases to oppose the allowance of vouchers to religious organizations as they felt it went against the separation of church-state. In some states courts ruled that vouchers could only be used for parents that wanted to move their child to a higher performing public school so that private religious schools did not receive state education funds. Now and in the future the United States  will continue to permit religious liberty to the people, the government will not be accountable nor will it dictate ones religious practices (The Boisi Center, n.d.). With the increased cases that continue to build against religion in schools and educational funding to religious private schools it is predicted that the future of church-state relations in educational funding will give more authority to the state education departments on the placement of funds. The state will seek more control of religious private schools, as the voucher program seems to be here to stay. The state is going to want more control of curriculum if they will be providing financial support (Pardini, 1999). Tax credit programs are also popular and seem to offer a compromise of church-state relations. Tax credits provide financial support to families that choose to place their child in private schools. As time progresses state government will advocate for an increase in charter schools, this will allow for state funds in the form of vouchers and tax credits to support schools that do not have a religious focus (Pardini, 1999). This battle will continue until a decision is m ade by the U.S. Supreme Court on the constitutionality of the Blaine Amendments. These amendments were established in 1875 to disallow states to financially support private schools that teach religion. At this time there are approximately thirty states that incorporate Blaine language in their constitution, which disrupts the success of vouchers being used by parents that wish to relocate their child to a higher performing and/or religious private school (DeForrest, 2003). Future Trends in Court Decisions and Power over Educational Financing The courts have had a hand in education dating back to the creation of the United States Constitution. Although there was no specific mention in the Constitution as to who was responsible, who carried the power in terms of financing education, education was valued in the early days, and many early settlers used the Bible to teach the young to read. As time went on people challenged the use of teaching the Bible in Public Schools. People used the First Amendment of the United States Constitution to argue about the intermingling of church and state and the use of direct government support for parochial, and private schools (Brimley, Verstegen, & Garfield, 2012). The courts found themselves hearing cases of people challenging the use of government funds in schools other than public schools and, in the case of Pierce v. Society of Sisters  (268 U.S. 510-1925), the courts ruled for using public funds for church-relate d schools. Because of this ruling financing public schools has seen some great changes, and will continue to see changes. This court ruling could potentially change the makeup and the system of education in the United States. States will implement more stringent guidelines as to what they expect from schools in regards to performance standards since they are the ones providing the funds. These guidelines are the result of schools continuing to fail to meet state requirements, running low on funds due decreased income from property taxes, or the need for states take over more schools or shut them down, To date there has not been a proven method that will solve the problems of educational financing. Politics have a large influence in financing education. This was evident during the Bush administration, when money went into funding Laura Bush’s library after other school programs were cut. For nearly forty years the constitutionality of the way schools are financed has been scrutinized. There have been one hundred thirty-nine lawsuits in forty-five states promoting finance reform after the ruling of Serrano v. Priest (Education Next, 2010). The states are required by their individual state constitutions to provide an adequate education to all students. Currently there is no solution to the challenges of financing public schools so that all individuals feel like they are being treated equally. The debates and challenges have been going on for decades and will continue for years to come. Responsibility is placed on the states to ensure that their State Constitution requirements are being met and to provide funding for local schools. Conclusion As previously stated education as it is known today continues to change at a rapid rate and will continue to change forever as the world that we all reside in is ever changing. Technology has had a major influence on education, and the world in general. â€Å"If students are not being taught to use technology, and not being taught adequate math, science, and communication skills, the United States will continue to lose its superiority to other countries† (A Nation at Risk, 1983). In order for the United States to keep up with the competitive commerce, today’s students need to be pushed a little more to achieve more and not just be satisfied with mediocrity. There was a time when funding private and/or parochial  schools was not even an issue, as it was clearly understood that government monies was allocated for public schools. As time went on, needs changed, be it individual needs such as students with disabilities, or families of low income. With these needs came reasons to challenge the norm. Attorneys were contracted, and the status quo was challenged. Nobody could have predicted the changes that would happen nor is it possible to predict the future from today. It is impossible to guess the future of financing education because no one knows what the needs will be in fifteen to twenty-five years from now. It is crucial that past rulings be thoroughly examined to assist with preparing for future financial direction, although that is not the magic solution. 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