BOULDER - The number crunchers were right. More than ever before, financial data remains the foundation of any business.

As companies strive to succeed in tough economic times and satisfy intense scrutiny on their books, local firms are turning to an education program to help their managers make better fiscal decisions.

The most popular open enrollment course at the University of Colorado's Leeds School of Business is an intensive three-day seminar, Finance and Accounting for the Non-Financial Executive, or FANE. The program is designed for business professionals who want a better understanding not only how financial data is generated but also to employ that data in their decision-making.

The class is offered two to three times a year. The next session is scheduled for Sept. 15, 17 and 18, with another planned for February 2010. The $1,950 cost of tuition includes three full days of classroom instruction, educational materials and a catered breakfast and lunch in the university's Koelbel Building. Registration deadline is Sept. 4.

"This course is financial empowerment for people who want to learn the language of finance," said professor Cathleen Burns, who teaches accounting. "Our participants are coming from businesses where there are significant opportunities to grow, but they don't want to make a mistake because they didn't have this kind of education. It costs a lot less to take this course than to make one bad financial decision."

Burns collaborates with professor Ron Melicher, whose focus is on entrepreneurial finance and analysis.

FANE teaches participants the basics, such as how to read a financial statement or evaluate a company's financial performance, which in turns gives graduates the ability to more actively participate in crucial financial decisions. Far from a traditional lecture program, the class includes opportunities for participants to debate real-world challenges they face back at the office.

"I liked the approach these professors took," said Mike Oldham, chief executive of Lakewood-based OmniBus Systems Inc., who took the course in April. "The instructors dissected public financial statements from real companies, and we applied tactics to business problems any of us might face. It was much more useful than dusting off a finance book."

The makeup of each class is as diverse as the local economy. Participants range from local entrepreneurs to biotechnology professionals to department managers newly tasked with fiscal management. Some larger companies, such as WhiteWave Foods Inc., have even sent multiple employees to each class.

"It's clearly a need for a lot of companies, particularly at this time," said Robin Miglarese, the school's interim director of Executive Education Programs. "At the director level, you find people who are experts in a field who may not have had to manage the bottom line of a budget. Very often, people don't want to admit that they don't understand the financial reports at which they're looking or know how that information will impact a company's performance."

The Leeds School of Business also fills a need for companies that want to focus more closely on their own financials. For larger corporations, instructors have built tailor-made programs that more efficiently serve numerous employees.

"Custom programs are becoming more common," Miglarese said. "Some companies find it more economical. For a company that wants a class customized to their financial issues, it makes more sense to organize one specific to their daily operations."

Oldham already holds a master's in business administration from the university but found the class filled a significant hole in his knowledge base.

"Finances have never been my comfort zone in the business cycle, which was all the more reason to get away so I could concentrate on the financial arena and absorb this information outside of a traditional business environment," he said.

"It gave me a better idea of how other companies might look at our financial statements and information. Conversely, in looking at companies that may be competitors or potential partners, the class gave me the skills to understand their financial reports better."

The most common response to seeing financial data in a new light has been for participants to immediately delve into their own books. Burns has seen the benefits of financial education impact her students' lives.

"I think that understanding accounting and financial information benefits you in both your business and your personal life," she said. "Whether it's refinancing your house, putting your kids through school or managing your own cash flow, this knowledge will help you both at home and at work. This is the land of entrepreneurs. What better way to be entrepreneurial than knowing you have the confidence to manage your finances in a smarter fashion?"