Professional Documents
Culture Documents
Content: - Session 7 - Financial Management in Schools
Content: - Session 7 - Financial Management in Schools
Faculty of Humanities
Department of Education Studies
Education Management 4
Presenter:
Dr Muavia Gallie (PhD)
26 March 2012
muavia@mweb.co.za
Content
1. Introduction
2. Financial Education Management
defined;
3. Legal requirements;
4. Legislation relations relating to
financial matters;
5. Guidelines for Financial Management;
6. Fundraising and strategies;
7. Financial budgeting;
8. Conclusion.
1.1 Introduction
We will focus in this theme on:
The legislative requirements when
managing finance in schools;
Sources of finances available to the
school;
Importance of budgeting when
managing finances.
3.2 Fundraising
School fees (primary source of funding; supplement
through school functions; admissions and subscription
fees for sporting events; letting of facilities);
Marketing (public relations; positive image);
Support network (school activities; positive attitudes of
school);
Marketing of facilities and services (libraries; swimming
pools - share with community; offering courses like
literacy and preparatory courses; offset poor parent
contribution with service to school; utilise expertise);
Alumni culture (attracting students back to school; when
they received outstanding education);
Must be realistic;
All sources of income should be identified;
All possible expenditure must be determined;
Financial projection must be done (expected price
fluctuations, short-, medium- and long-term goals);
All parties concerned should be involved;
Financial means of community should be
considered;
Schools with hostels should budget separately for
them;
To build reserves, one should budget for a surplus.
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5. Conclusion
Exercise financial discipline by curbing
unnecessary expenditure in accordance with
the list of priorities;
Involve as many persons from the community
as possible to assist in planning the budget;
A budget is not a secret document, drafted by
a secret committee. SGB should
communicate its contents to all involved and
as widely as possible in order to minimise the
possibility of friction.
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Thank You!
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