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School Financial Management

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Time and money are essential resources in any educational reform. The management of these resources is a skill the school heads have to learn and do. During the TEEP project implementation, the school heads were given SBM funds to build infrastructure and procure furniture appropriate to their needs. School heads were further encouraged to find local sources for materials and infrastructure needs through collaborative consensus with the Parent Teacher Council Association (PTCA), the local government units (LGU’s), non-government organizations (NGO’s), and alumni (DepEd, 2006). The perceptions of the three (3) groups of respondents on the competencies of functions of school heads in the different management areas such as Vision-Mission- Goals, …show more content…

The implication is that the management of school finances involves the task of planning (budgeting), organizing (coordinating), leading (communicating and motivating), as well as controlling (auditing) (Clark, 2007). The above authors are also in accord that a school’s financial management is imperative because it enables the school to achieve effective education. The common factor in these definitions of financial management is that a connection is made between the management tasks and the financial aspects of a …show more content…

The planning of school finances usually begins with the drafting of a budget (Kruger 2005). According to Bisschoff as cited by Motsamai et al. (2011), a budget is the mission statement of the school expressed in monetary terms considering that budgeting is an ongoing and dynamic process that is typically marked by regular phases, such as, planning, needs assessment and priority setting. To summarizes the purpose of a budget as assisting systematic planning; quantifying objectives and identifying priorities; coordinating activities and communicating plans within the organization; motivating and increasing the accountability of middle management; authorizing expenditure and activities; controlling, monitoring and analyzing expenditure; and evaluating performance. Budgeting is a forward-looking process which should be guided by the school’s vision for the future and a realistic assessment of the

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