Republic of the Philippines

DAVAO DEL NORTE STATE COLLEGE

New Visayas, Panabo City, Davao Del Norte, Philippines 8105 Website: www.dnsc.edu.ph;
Telephone # 63 84 6284301 Email Address: president@dnsc.edu.ph

Written Paper 1

In Partial Fulfillment of the Requirements in

EdM 703: FINANCIAL MANAGEMENT

CHRISTILYN J. ARCAYNA, MEEM

PhD-EdM Student

JONATHAN A. BAYUGAN, PhD

Professor

DECEMBER 2020
1. In your place of work, describe the financial management practices and situation by

focusing on the processes involving budget preparation, legislation (or as policy),

utilization, and accountability.

Answer:

Managing school finances effectively requires a complex series of daily,

monthly, and annual tasks administered by finance officers at the school and district

level. From creating and balancing budgets, to managing contracts, paying vendors, and

maintaining assets, all functions are geared toward aligning desired student outcomes

with available resources (Engle, 2019).

School funds are closely tied to both an open approach and understudy

accomplishment. School funding may be a concern within the current climate of

financial instability. With per-pupil allotments and revenue-raising charge framework

variances, it is essential to keep pace with choices influencing school subsidizing.

Declines in enrollment and income nearby maturing offices strain the school locale to

function more proficiently. Amid these challenging financial times, successful school

back back officers can use the taking after techniques to back an efficient approach.

I am currently assigned in the Division of Davao de Oro, the school has been

situated in a far-flung area without a signal and internet access for the past five (5)

years. The financial management that is still practiced in our school is focused on the

monthly release of MOOE through our request for the required supply, as per

observation. After the request and upon approval by the budget and finance will
eventually purchase the approved request then liquidate and eventually release another

budget.

In terms of Legislation, it includes student demographic and achievement

data, enrollment trends, financial reviews, state funding formulas, etc. Since district

finances are closely tied to enrollment and per-pupil funding allowances, recognizing

and analyzing trends allows school finance officers to make data-driven decisions,

proactively create projections, and anticipate impending challenges. Our former school

principal was consultative in terms of money matter though he was authoritative, fair,

and transparent in terms of the school expenditures.

In terms of utilization of financial management, consider the hidden costs,

locate inefficiencies, and rethink outdated processes. By keeping administrative costs

under control, districts can ensure that funds are allocated where they should be: in the

classroom. Investigate the indirect and soft costs related to district operations.

According to Mpolokeng (2011), the financial management of a school must

be organized if it is to be effective. An organizational structure must be put into place if

one does not already exist. It is also wise to re-educate existing structures, particularly

in the context of the many changes that have occurred in the South African education

system. A school must function within such an organizational structure. This implies

that there must be an understanding of authority in the school as well as a delegation of

authority. The concept of authority goes hand in hand with the concept of

responsibility. Responsibility means that people will carry out given duties to the best

of their ability.
 Mestry (2006) asserts that the Schools Act prescribes how schools should

manage their funds. Guidelines for the SGB and the principals on their roles and

responsibilities in managing the finances of the school are also provided in the Schools

Act. According to Section 20 of this Act, the SGB must be involved in all the financial

functions of the school. The mandatory functions include policy issues such as adopting

a constitution, drafting a mission statement, drawing up policies such as an admission

policy and relevant to this study, also a financial policy.

According to Schreuder and Landley (2001), schools obtain finances from

three main sources: government funding, school fees, and special fundraising

campaigns. Provincial education authorities divide funds according to the National

Norms and Standards for the funding of schools and each school's share is calculated

based on the physical condition of the school, the relative poverty of the community

(social-economic factor), and the relative poverty of the school. In calculating the

allocation made to a school, social-economic factors and the relative poverty of a school

are each given a weighting of 50%. The SGB is given full responsibility for managing

these funds allocated to the school, such as establishing school fees, preparing an

annual budget, collecting and administering school fees, keeping the financial records,

appointing an accountant, and supplementing the school resources.

Financial school management is thus not simply economics and accounting

as applied to schools. It is a broad field of study that touches on many disciplines as part

of the education system. To understand and apply school financial management, it is

necessary to have an understanding of the school context, basic accounting procedures,

economic policies, the law relating to education and schools, as well as management

skills such as planning, reporting procedures, and leadership (Campher et al., 2003).

According to Dunn (2005), internal controls are an integral part of careful

financial management in every school setting. Internal controls provide a system of

checks and balances to detect financial errors and irregularities in a timely fashion.

Most internal controls are designed and used as measures to prevent mistakes from

occurring or to correct operational or recording errors. Financial accounting is an

essential component of the financial management of a school. A school needs to

process, analyses, and interpret financial data and information to function effectively

(Campher et al., 2003).

Since teachers belong in one school we are accountable enough for our

financial practices focusing on the processes of involving budget preparation. Although

the school principal is the head of planning, without the knowledge of the subordinates

where the budget goes it will lead to chaos and the root of hearsays.
2. Identify at least one (1) important aspect in each process where a practice or policy is

problematic or needs improvement, explain why you think this is problematic by

identifying the weak points (figures are important) and propose how these can be

improved.

Answer:

Last November 2019, was the scheduled time of swapping the school head,

and that day on, it started the turmoil of our school. One of the most problematic and

weak points dealt from the assigned school head was the Diversion of school projects.

Implementation of the project was not following the plans and programs from the

Annual Procurement Plan. Thus, the replaced school principal in our school was not

good, in terms of financial management. The assigned school principal was not

transparent about what and how much the amount was spent. Many times, our school

principal bought personally the items which create havoc on the amount spent.

How these can be improved – implement the projects, guided by the annual

project and program to avoid any problem. This is the most crucial part of the school

head. Especially, if the school head aims not only for the betterment of the school at the
same time the money that they can keep with. In case there will be a corrupt school

head, the division office headed by the supervisor must implement a seminar-workshop

for all school heads for the psychological and emotional seminar. Thus, it may serve as

the eye-opener for some school heads who is heart-headed, one-sided, and corrupt.

3. Summarize your points by coming up with a matrix showing the weak areas and their

possible strategic solutions in terms of management principles.

Answer:

Weak Areas Possible Strategic Solutions

implement the projects, guided by the

Diversion of school projects annual project and program to avoid any

problem

Conduct seminar-workshop for all school

Swapping of school heads and the
head for psychological and emotional
assigned school head is corrupt
constraints

No replacement from retiree school head

due to COVID19 Pandemic Before the recommending approval of the

retiree school head, secure first if there

 will be a replacement of the personnel

The decisions and strategies of principals

are critically essential for institutional

success. They are responsible for the high

student accomplishment rate.

Administrators have to evaluate data

across dashboards and reports to

determine factors related to student

Decision making is inconsistent
attendance, retention, and performance to

meet high standards. Via informative

studies, there is ample evidence that the

institution's characteristics such as

admission, retention, attendance,

discipline, grades, fee collections, to

determined those results.

Scheduling issues with principals are

identified by classroom teachers, Cognitive reframing of scheduling using

administrators, and students. an integrated schedule system enables

teachers to coordinate class schedules for

various periods across several classes,

faculty, and spaces. Innovative scheduling

 can help to alleviate manual scheduling

problems and position replacements for

teachers to preserve instructional

continuity.
The talented and responsive teachers who

have shown skill, willingness and

dedication to adopt creative and high-

quality education programs and to provide

At the heart of the issue is the recruitment excellence for all learners have always

of qualified teachers capable of educating been found in successful institutions

all the student population. creating an advanced student admission

system with real-time applicant

monitoring, online evaluations, and the

automated ranking system.

 REFERENCES

Engle, P. (2019). 6 Strategies for Effective Financial Management in K-12 Schools. ESS.

https://ess.com/blog/articles-effective-financial-management-in-k-12-schools/

Mpolokeng, T. E. (2011). THE EFFECTIVENESS OF FINANCIAL MANAGEMENT IN

SCHOOLS IN THE LEJWELEPUTSWA EDUCATION DISTRICT.

https://core.ac.uk/download/pdf/222966328

MEYER, M. 2007. Managing Human Resource development. An outcome-

based approach. 3 rd Ed. Durban: Lexis Nexis.