MANAGEMENT OF FUNDS FOR SCHOOL EFFECTIVENESS
ABSTRACT
This study looked into the management of school funds for school effectiveness in the Lagos state local government area of Ifako-Ijaiye. To guide the study, three research questions and three null hypotheses were developed. To determine how
secondary school principals manage school funds for school effectiveness, a 24 item researcher developed questionnaire was administered and retrieved from 141 teachers, 15 principals, and 15 bursars selected through proportionate stratified random sampling technique from the local education district in Ifako-Ijaiye local government area of Lagos-state.
For data analysis, descriptive statistics and a one-way ANOVA were used. According to the study’s findings, principals in the Ifako-Ijaiye local government area manage school funds by issuing receipts for all monies collected from parents, students, and others, involving sectional and departmental heads in budget preparation, and submitting financial reports to the Post-primary school management board, among other things.
The state government and private school owners (proprietors/proprietresses) should provide secondary schools with adequate money “safes” or open a good bank account for the school where school funds can be properly kept.
INTRODUCTION
CHAPTER ONE
The Study’s Background
The process of organizing, planning, leading, measuring, and controlling, as well as taking risks and dealing with uncertainty, planning and innovation; co-ordination and routine supervision, is referred to as management (Aghenta, 2000). It is a process designed to ensure people’s cooperation, participation, intervention, and involvement in the effective achievement of a specific goal (Fabunmi, 2000).
It is also a social process concerned with the identification, maintenance, motivation, control, and unification of formally and information organized human and material resources (via a system) (Musaazi, 1982). There is always a structural hierarchy consisting of subordinates and superordinates in such a social process.
Fund management is thus concerned with the provision, custody, and disbursement of financial resources required for the operation of public, private, or government-established schools.
Management of funds in educational organizations such as secondary schools has been a sensitive and contentious issue because it reveals the strengths and weaknesses of those entrusted with the fund’s management. The National Policy on Education (FRN, 2004) recognizes education as a means of achieving national development.
The achievement of any nation’s educational goals is heavily reliant on adequate financial support. Secondary school funding and prudent management of scarce resources are critical issues that must be addressed with utmost seriousness. As a result, the principal of a secondary school is the primary person on whom the school organization’s resource utilization is dependent.
To avoid financial mismanagement, effective and accurate financial management is required in the educational institution. Success will be difficult to achieve in a school where the principal is weak and ineffective in managing the school’s resources. Financial management is one of the responsibilities of school principals.
According to Ezeocha (1990), “whether a school principal has a bursar or not, he has the responsibility of ensuring that adequate financial provision is made in the school budget.”
He also stated that effective management necessitates the preparation of budget proposals prior to the start of any new session. According to Ozigi (1981), the most serious problem confronting educational institutions is ineffective financial management.
Secondary school principals play important roles in the financial management and administration of the schools they lead and control. Some critics have claimed that the implementation of illegal levies by school principals causes untold hardship for many parents, resulting in a decrease in student population. This, in turn, has an impact on the achievement of educational goals outlined in the national education policy.
In recent years, some secondary school principals have been accused of embezzling school funds, imposing unauthorized levies, diverting school funds for private use, and abandoning vital projects under the guise of a lack of funds.
Problems and Solutions
Secondary school principals have occasionally been accused of poor land management and inefficient financial management in their schools. There have been several reports on the radio of charges and counter-charges leveled against some principals for overspending, inflating figures, colluding with the school bursar, accusations of diversion of funds, misappropriation and imposition of unauthorized levies, a lack of proper accounting skills, and a failure to generate enough funds (money) in their schools.
According to Ogbonnaya (2000), poor financial management in secondary schools has resulted in numerous lapses that have hampered the achievement of desired educational goals. The principals, for their part, blame the government for inadequate secondary school funding, a lack of capital equipment, and a lack of instructional materials, among other things. The inappropriate and mismanagement of school funds is one of the most serious issues confronting the growth and operation of secondary schools in Lagos state.
This research study is guided by three research questions. They are as follows:
I How do principals manage funds in secondary schools in Lagos State’s Ifako-Ijaiye Local Government Area?
ii) What factors influence the financial management practices of principals in the Lagos-state local government area of Ifako-Ijaiye?
iii) What strategies are used and employed by the principals in the Lagos-State local government area of Ifako-Ijaiye?
Hypotheses I There is no significant difference in the mean rating of secondary school principals, teachers, and bursars in terms of how principals manage funds.
ii) There is no statistically significant difference in the mean score of principals, teachers, and bursars in terms of the factors influencing the principals’ financial management practices.
iii) There is no statistically significant difference in the mean score of principals, teachers, and bursars in terms of the strategies used and employed by principals in the management of school funds.
The Study’s Purpose
The study’s goal is to survey and investigate the various strategies and methods used by principals and bursars of secondary schools within the jurisdiction of Ifako-Ijaiye local government area of some selected secondary schools in Lagos state to manage school funds. Furthermore, it is to assess the method of improving the management of school funds by secondary school principals and bursars for school effectiveness and adequate school running.
The Study’s Importance
The significance of this study is aimed at improving school management and funding for school effectiveness through the principals and bursars of secondary schools in the Ifako-Ijaiye local government area of Lagos-state. It will also aid in the examination and investigation of secondary school principals’ strategies or methods for managing and utilizing school funds for efficient and effective job productivity.
Delimitation of the Study’s Scope
This research study focuses on the assessment and evaluation of school fund management for school effectiveness by secondary school principals and bursars in the jurisdiction of Ifako-Ijaiye local government area of some selected secondary schools in Lagos-state. This is to determine how funds allocated to these school principals are used and managed effectively.
The study’s limitations
Due to the researcher’s limited resources, a few secondary schools will be used and covered as a major focus through the secondary school principals and bursars, and the study will also be limited to the Ifako-Ijaiye local government area of Lagos state.
Some Terms Explained
I Management: This is the process of organizing, planning, coordinating, and controlling school funds and human resources by school principals in the Ifako-Ijaiye local government area of Lagos State for school effectiveness.
ii) Administrator: The administrators are all the school heads in the secondary schools in the Ifako-Ijaiye local government area, such as the principals, vice-principals, H.O.D’s, Bursars, year tutors, and so on.
iii) Principal: The principal is the overall head teacher of the secondary school in the local government area of Ifako-Ijaiye.
iv) Teacher: A teacher is someone who is in charge of disseminating and imparting basic knowledge, attitudes, ideas, beliefs, and changes to students in secondary schools in the Ifako-Ijaiye local government area.
v) Bursar: The bursar is the financial manager in charge of collecting school feed and issuing school receipts as proof of payment made by students in the secondary school in the Ifako-Ijaiye local government area.
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MANAGEMENT OF FUNDS FOR SCHOOL EFFECTIVENESS
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