MARINDUQUE STATE COLLEGE

Graduate Extension Program to

EASTERN QUEZON COLLEGE, INC.
Gumaca, Quezon
EDM 214
Fiscal Management in Education (Section B)

Group: San Narciso, Quezon

School: Godofredo M. Tan Integrated School of Arts and Trades

Group Members:
Alexis Mae Evangelista
Mariella N. Endozo
Jeane Myca P. Hubilla
Rose Ann R. Bermas
 MARINDUQUE STATE COLLEGE
Graduate Extension Program to
EASTERN QUEZON COLLEGE, INC.
Gumaca, Quezon
EDM 214
Fiscal Management in Education (Section B)
TOPIC 1
1. Outline the Fiscal Management in Philippine Education (meaning, scope, and importance)

Fiscal management is the process of planning, organizing, directing and controlling financial
resources. The term is associated with management responsibilities for expenditures working together
with an accounting team that is under the Chief Financial Officer of an organization.
This is a way for keeping an organization working efficiently and within its allotted budget.
Although the terms "fiscal" and "financial" can be used interchangeably, fiscal management often refers
to money management inside a government organization. Its overall objective is to enhance the
department's operations by efficient planning, recording, and execution of budget-related activities.
Any company that wants to succeed in the long run must practice good fiscal management.
Regardless of how well your company performs in terms of offering services or achieving sales targets,
poor financial management has the power to undo all of your hard work and bring your company to its
knees.
What is fiscal management in the Philippines? – TeachersCollegesj

Scope of Fiscal Management

 PLANNING
The financial manager estimates the amount of cash the organization will require to maintain a
positive cash flow, allocate funds for expansion or the addition of new goods or services, and deal with
unexpected events, and then communicates this information to other business associates.
 BUDGETING
The company's financial management divides up the available funds to pay for expenses like
mortgages or rent, salaries, raw supplies, T&E for employees, and other commitments. Ideally, there
will be some money left over to set aside for unexpected expenses and to finance new company
ventures.
 PROCEDURES
The financial manager establishes policies for how the finance staff will accurately and securely
process and communicate financial data, such as invoices, payments, and reports. These written policies
also specify who in the organization is in charge of making financial decisions and who approves those
decisions.
Financial Management Explained: Scope, Objectives and Importance | NetSuite

2. Why is there a need for Financial Management in Schools?

Financial management in education is one of the most essential and challenging aspects of a school
administrator’s job. Critical to a school district’s educational mission, the dedication of financial
resources and their effective management directly impact student achievement.
Some of these reasons are:

 Helps organizations in financial planning;

 Assists organizations in the planning and acquisition of funds;
 MARINDUQUE STATE COLLEGE
Graduate Extension Program to
EASTERN QUEZON COLLEGE, INC.
Gumaca, Quezon
EDM 214
Fiscal Management in Education (Section B)
 Helps organizations in effectively utilizing and allocating the funds received or acquired;
 Assists organizations in making critical financial decisions;
 Helps in improving the profitability of organizations;
 Good utilization of monetary funds.
 Ensuring there is a supply of funds in the organization.
 Providing good investment choices to invest in.

3. What are the principles and theories of Sound School Financial Management?
This are the PRINCIPLES IN FINANCIAL MANAGEMENT:

1. CONSISTENCY PRINCIPLES
Accounting methods once adopted must applied consistently in the future. Also, same method
and techniques must be used for similar situation.
Example: Claiming disbursement in training and travel expenses.

2. TRANSPARENCY PRINCIPLES
Means that the statement or information provided should be use friendly and clear. Everything
should properly be disclosed, fully and freely available to public, and that should be easily
understandable.
Example: Transparency board in School and transparency statement in school bookkeeper.

3. ACCOUNTABILITY
An individual, group, or organization has a moral and legal obligation to justify how money,
property, or power that has been granted has been used. Every stakeholder has a right to know how
money and other resources are being used to accomplish goals.
This is crucial because the person manage the money should not be tempted to used the money
for personal reason or purposes.
Example: brigade eskwela donations and supports given by stakeholders should be produces
accurate report in how much received and used and where to use the money.

4. VIABILITY
Refers to the ability of an entity/ organization to continue to achieve its operating objectives and
fulfil its mission from a financial perspective over a long-term.
Example: building a handwashing sink for the health and safety of the students and organization
it can be solicitation or fund raising.

5. STEWARDSHIP
It involves taking good care of the financial resources we are entrusted with to make sure they
are used for the purpose intended.

6. INTEGRITY
Corruption and misusing funds are not allowed in these principles because it’s against honesty.
The organization should give intact and visible financial records on where the money has been used.
 MARINDUQUE STATE COLLEGE
Graduate Extension Program to
EASTERN QUEZON COLLEGE, INC.
Gumaca, Quezon
EDM 214
Fiscal Management in Education (Section B)
7. ACCOUNTING STANDARDS
The system of keeping financial records and documentation must be international accepted
accounting standards and principles
The Maintenance and other Operating Expenses or MOOE of school must be used appropriate
and not use in whatever we wish to do. The school head should use the guidelines and basis for proper
allocation of funds and accounting procedures.

THEORIES OF FINANCIAL MANAGEMENT IN EDUCATION

 Administrative Management Theory by Henry Fayol and Max Weber
 Human Capital Theory by Gay Becker
 Management Science Theory by Frederick Taylor

4. What are the Financial Management Functions, Roles, and Responsibilities of School
Administrators as Fiscal Manager?

Each school has a budget that is established at the start of the academic year. Each department is
given a set amount of money that they must use for daily operations. The annual budget is handled by
school administrators, who also allot sufficient funding to each department to ensure efficient
operations.
One of the most important and demanding facets of a school administrator's work is financial
management in education. The allocation of funds is essential to a school district's instructional
objective.

Financial MANAGEMENT FUNCTIONS OF THE SCHOOL PRINCIPAL (youragora.com)