The management of finances in public schools with special references to the central region Mafikeng area project offices

Abstract

This study investigated the management of finances in public schools in the Mafikeng Area Project Offices. The purpose was to evaluate the systems that are in place to assist the financial committees to take efficient and effective financial decisions. The approach used in the study was quantitative in that the primary instrument of data collection was a questionnaire. The target population was school managers, financial committees arid school governing bodies. Copies of questionnaire were distributed to 124 respondent and 110 out of were returned. The data was presented in tables and analysed using basic statistic. The findings revealed financial committees and School managers did not have adequate training in financial management and Financial policies need to be developed at schools to assist managers, financial committee members and SGB's with proper financial control. The provincial Department of Education need to conduct a skill audits at schools to establish the gaps that might exist in schools particularly with regard to financial management, so as to design suitable training that will assist financial committees and school managers to be able to manage funds effectively and efficiently. Management of school finances is one of the most important areas in school management. Financial control ensures that transactions are recorded accurately. Therefore school managers together with financial committees need to be conversant with various approaches of financial control and record keeping.