Realized projects

Training "Finance for non-financialists " for Stomil Sanok SA

The training was conducted on the 10th and 15th of April 2015 at the headquarters of Stomil Sanok SA. Training was attended by officers and employees of various departments of companies who were trained in the field of cost management, application management accounting tools and controlling in practice. Among realized issues the most important was: traditional and modern bills of costs, budgeting process, conducting efficient pricing, evaluation of investment projects, preparing and analyzing financial statements.


Development of expertise for  municipal budget of Leżajsk in 2011-2014 with shaping financial policy elements in the coming years

In March 2015, employees of Institute for Financial Research and Analyses UITM have developed an expertise  in Rzeszów for the Municipality of Leżajsk which was devoted to the analysis of the city budget for the years preceding the 2014-2018 term, including  elements shaping City’s financial policy. Appraisal composed of several complementary parts. The first opening part was the assessment of city finances made through the prism of  revenues and expenditure, as well as debt with an assessment of the current method of debt management. The second part focused on the analysis of how to manage the implementation of public tasks and it included the study of organizational structures of city subordinate organizational units, as well as an assessment of management of city executive board, by assigning tasks and recommendations for future. 


Expertise “The opening balance of the Municipality of Mielec and its organizational units”

In February 2015, employees of the Institute for Financial Research and Analyses UITM have developed an expertise in Rzeszów, for the opening balance of municipality of Mielec and its organizational units. The study included an analysis of the organization of the Municipal Office in Mielec and organizational units of the Municipality of Mielec.  Distribution of tasks between office and organizational unit of the city was assessed. The areas of competences were assigned to individual posts overlapping tasks and demonstrating them without explicitly, as well  assigned to an appropriate cell or an organizational unit  of office in the Municipality of Mielec. Furthermore  employment policies and the condition of organizational units, including municipal companies were placed under evaluation. Another part of the study was an analysis of financial condition of the city.  During the analysis of financial situation of Mielecm the study included analysis of revenues, expenditures, debts, tax base and city’s ability to provide funds for investment. 


Investor academy

IBAF team completed the project "Academy Investor" organized by the Institute for Financial Research and Analyses and the Department of Finance UITM in cooperation with the NBP within the framework of the program of economic education. The aim of the project was to develop among 60 young people - students and pupils of sub-Carpathian secondary schools theoretical and practical skills in the area of finance and investment by implementing 3-staged competition combined with workshops. Cooperation and financial support of National Bank of Poland enabled IBAF to conduct such project. Furthermore Patronage for the contest was held by the Mayor of the City of Rzeszów and Marshal of sub-Carpathian Region. 


Mathematics at the stock market

The competition among with the workshop within the project entitled Mathematics at the stock market was held on 22nd and 23rd January 2014 in Canter for International Education in Kielnarowa, Rzeszów. Project was organized by the department of finance at the University of Information Technology and Management in Rzeszów and the Institute for Financial Research and Analyses. The thematic scope of the workshop included:

  • Markets and financial instruments,
  • Basics of financial mathematics, Introduction to Harmonic Trading - a modern trend of modern technical analysis,
  • Psychology of investing


Guide to the budget projection of sub-Carpathian region for 2013

Based on the budget project for 2013 IBAF prepared a guide for sub-Carpathian Marshal’s office on the projected budget for that year. Over 50 pages were analyzed and all legal issues were describes relating to the creation and implementation of self-government budget, also budget lines for 2013 for revenues and expenditures was presented to provincial governmental institution. Such method enabled accurate representation of the largest budgetary expenditure and to present the main projects from the budget Marshal's Office.

The financial framework strategy for socio-economic development of  Warmińsko-Mazurski region up to 2025

As part of the renovation strategy for the development of Warmińsko- Mazurski Region, IBAF prepared a financial framework together with calculations of the financial capacity of local government units and the answer to the question - how local governments will be able interpret  pro-development expenditures. The basis of the report was a survey conducted on the local region. 


Evaluation of the financial potential of local government units of Pomorski region, in order to carry out projects under the Pomorski region  ROP 2014-2020

At the request of the Marshal Office of Pomorski region, IBAF prepared report regarding financial potential for projects coordinated under ROP  in 2014 up to 2020. The main objective of the report was to assess the impact of transfers of funds in the public sector of finances on the financial position of local government units of region .


Capital Manager

Capital Manager is a postgraduate course for managers, consisting of three modules: strategic financial management, staff competency management and project management. Each of these modules is ran by qualified theorists, practitioners and business representatives. An additional advantage of studying this course is  certificates that can be obtained at the end depending on the field of study: CIMA or IPMA.


Training " Intercultural Negotiations " commissioned by the Centre of Preparation for Foreign Missions in Kielce

After winning  tender,  on 5-7 November in the Centre of Preparation for Foreign Missions in Kielce a course of "intercultural negotiations" took place, aiming at the Department of CIMIC soldiers and civilian employees of Faculty of Education. Course was designed to familiarize students with the principles of the negotiations in some regions of the world, learning  to communicate with local people taking into account of their ethnicity, ideas, values and prevailing customs.


Meeting with Economists

Initiating regular seminars which are held under the slogan "Meeting with Economists". Institute for financial research and Analyses and the Department of Finance UITM took the new initiative aiming to support young researchers or doctoral students who are on the threshold of their scientific career, seeking inspiration and in need of support from experienced academic staff. 



The Institute for Financial Research and Analyses has produced for Adamet-Niemet Sp. z o.o. material titled "Adamet-Niemet Sp. z o.o. Starting Point. A Satelite View Report with preliminary recommendations' containing a detailed analysis of the economic-financial state of the company, concluded with recommendations on how the firm can improve how it does business.



This training was for a nearly 20-person group of employees responsible for debt recovery and decisions on commercial credit limits for suppliers, as well as the trade risk for the entire concern. The aim of the 2-day training was for participants to be able to provide succinct financial analysis which should contain essential elements on the creditworthiness of suppliers, objective argumentation, proper vocabulary and a logical construction. 


This task involved construction of mid and long-term taxation strategy for the commune of Krynica-Zdroj. The strategy provided a plan for the complex understanding of how to make use of local taxes and fees and to think about how the current approach to commune-level tax policies could be improved. The proposed strategy looks for stabilization and transparency for fiscal policy in the commune, strengthening the long-term positive effects of an appropriate approach towards the effectiveness of revenue from taxation. 

The authors are: Dr Tomasz Skica – an expert on public finance and Dr Andrzej Kiebała – an expert on financial law.



The Institute for Financial Research and Analyses has done the valuation of FH Hydro Handel Sp. z o.o. headquartered in Krosno. The company has valuated by two methods-revenue (discounted cash flow) and asset valuation (adjusted net assets).



The Institute for Financial Research and Analyses has done the asset valuation of the Biazet S.A. company in Białystok and gathering of information on it for the Ministry of the Treasury.


The assets of the company will be valued by three pricing methods:

- asset valuation,
- discounted cash flow,
- market valuation.


Asset valuation was done in order to establish the company’s market value on the date of record for the requirements of the privatization process.



The Institute for Financial Research and Analysis has valuated 49% of the shares of the Publishing Company Rzeczpospolita in Presspublica Sp. z o.o., the publisher of the leading Polish newspaper "Rzeczpospolitej”. The valuation was made by three methods – on revenues (discounted cash flows), on assets (adjusted net assets) and comparatively (sectoral approach, multi-factoral model).



The Institute for Financial Research and Analyses provided expertise aimed at evaluation of the budget of the city authorities of Krynica-Zdroj between the years 2002-2010. This expertise will be the basis for the budget policy to be undertaken by the current authorities and is comprised of the following seven sections.

Section One: Conception and background of the analysis
Section Two: Accuracy of the budget planning
Section Three: Analysis of the revenue sources
Section Four: Analysis of expenditures
Section Five: Parameter analysis of the budget indicators
Section Six: Categorisation of proprietary revenue 
Section Seven: Recommendations

The authors of this work are: Dr Tomasz Skica – an expert in public finance, Dr Jacek Rodzinka – an expert in insurance, and Dr Andrzej Kiebała – an expert in financial law.



Expertise by the Institute for Financial Research and Analyses provided a way to respond to the question of what steps should be taken by the President of the City of Rzeszów, as a tax authority, in order to increase the number of taxpayers on transport.

The aim of the work was in particular to show the influence of an eventual decision by Rzeszow city authorities to reduce the rate on the transport tax on such taxpapers within the administrative city limits. Analysis was also done on issues related to the tax such as the stability of revenues, influence on the value of general subsidies due the city, and the reduction of financing available for the city. 

The expertise was produced in two complementary parts, presenting both the direct results of a tax reduction on transport as well as the potential spectrum of side effects consequent to this decision. 

The time period analyzed included the years 2007, 2008, and 2009. This provided a way to evaluate the yield of the selected budget flows and to capture the trends over time of their influence on the total size of the budget. The research was supported by case studies, references to the authors’ empirical work, and covered the entire population of the communes within the Rzeszow District, making it possible to study the local market to identify the entities with the greatest potential attractiveness as seen through the prism of the criterium of tax on transport.

Dr Tomasz Skica – expert in public finance
Dr Andrzej Kiebała – expert on tax law
Prof. Dr Tomasz Wołowiec – expert in public finance, budget policy, tax policy and tax systems. 



The subject of the project was the preparation and publication of a special edition of ‘e-Finanse’ titled ‘Effectiveness, risk and enterprise value in theoretical and empirical studies’. The project led to the achievement of several important objectives.

Firstly, the challenge of enterprise value creation and the main determinants of this value (effectiveness and risk) is becoming increasingly significant in Poland. Knowledge of the substance of company value, factors that condition it, and methods of increasing value will in the very near future be increasingly useful, which has led to the conducting of research and education in this area. Such a statement may be justified in the following manner:

1) the Polish capital market is dynamically growing, and this is where (market) value of a firm is determined; more and more entities will therefore be interested in how to shape their value;
2) as a result of the increasing wealth and entrepreneurship of Poles, new businesses continue to open in this country; company owners are always interested in increasing their value;

3) in business, financial knowledge is required not only among staff in the finance and accounting departments, but more and more often from all employees, at least at the managerial level; an understanding of company value – its financial significance and variability – and the way it is shaped will likely be increasingly demanded from those with aspirations to attain responsible positions in business.

The first aim of the project was to initiate new studies focussing on the issues of company value and key factors that condition it (effectiveness and risk).

This aim was achieved in the framework of cooperation not only between universities but with the involvement of business representatives. The articles written for the special edition of ‘e-Finanse’, which was the output of the project, were authored by staff at the following institutions:

1) University of Information Technology and Management in Rzeszow,
2) College of Business – National-Louis University in Nowy Sącz,
3) Warsaw School of Economics,
4) Central Brokerage House of Bank Pekao SA.

The second aim of the project was the initiation of cooperation in studies on value management, based on the involvement of entities representing various groups of stakeholders.

The idea of accepting maximization of company value as the overriding financial goal of a company has been put to a serious test in relation to the current economic-financial crisis. More often opinions are voiced in which the concentration on value for shareholders lead to a belief (to the detriment of all) that stock prices would continue to rise forever. The challenge of the current economic-financial crisis was the subject of a presentation on the pages of the quarterly ‘e-Finanse’ previously. Number 3/2009 titled ‘Anatomy of a crisis. Causes-path-perspectives,’ was a special edition financed by the National Bank of Poland. The editors aim for ongoing and active participation in the debate over the crisis.

The third aim of the project was an attempt to evaluate the condition of the conception of maximalization of company value as the overriding goal of a business in conditions of the current economic-financial crisis, and to continue what was begun in issue 3/2009 - a cycle of expert works reflecting to the present day aspects of the crisis.





We present an analytical report
IFRA vol. 1, nr 2

"Financial knowledge in actual activity of local goverment units"


see other reports of the IFRA...








  •  Financial Internet Quarterly


  • Financial Laboratory





Copyright © 2011 Institute for Financial Research and Analyses. All rights reserved.

Institute for Financial Research and Analyses
University of Information Technology and Management in Rzeszów
35-225 Rzeszów
ul. Sucharskiego 2, pokój 50

Tel. +48 17 86-61-185
Fax +48 17 86-61-222