LAGUNA STATE POLYTHECNIC UNIVERSITY

EDUCATION 609
FINANCIAL MANAGEMENT IN EDUCATION
INSTITUTION
Reporter:
Mrs. Rosario C. Aldave
Maranatha Christian Academy of Cabuyao
“FINANCIAL management is at the
heart of any BUSINESS.

It is one are that can help

drive it FORWARD.”
OVERVIEW
Definition
Trivia
Scope
Simple Steps of Financial Planning Process
Role of Financial Management
Objectives
Importance
 FINANCIAL PLANNING
is a process, not a product... Data is gathered to analyze
and evaluate the financial status. Once complete, the plan
can be developed and implemented. Monitoring the plan on
an ongoing basis is essential in order to make necessary
adjustments to reach the goals.
 What is
SCHOOL INCOME?
School income is money received by the school.
This money may be collected:
 as parent’s fees,
 school generated funds, donations,
 support grants from provincial governments, district
governments or LLGs
 aid donors
 individual or business support funds etc.
 Why What is a budget?
is it important to keep
FINANCIAL RECORDS?
A budget is a financial plan of how you intend to raise money for your
Maintaining financial
school and records is important
how that money will be spent.for the purpose
of monitoring expenditure and keeping records of school
income.
 PETTY CASH
 a small amount of money kept in the school
 used only for the purchase of small value items
 usually has a maximum amount of K200.00
 topped up every so often to the agreed amount
 managed by one designated individual who must
 at all times be prepared to account for the cash or its
use.
 MAINTAINING
FINANCIAL RECORDS
good records are necessary to prepare accurate financial
statements
Scope of Financial Management

PLANNING
BUDGETING
MANAGING
PROCEDURES
 SIMPLE STEPS OF
Financial Planning Process:
1. Know Where You Step
2. Set Your Goals
3. Plan for the Future
4. Managing Money
5. Review the Plan.
 Roles of Financial Management
In education, financial management includes overseeing the
funding for building and grounds, employee salaries,
student programs, supplies, and technology. A school's
manager, or overseer, is responsible for allocating these
funds and keeping accurate records, or documents, related
to these expenditures.
 Roles of Financial Management
What is a budget?
Financial managers generally oversee the financial health
of anA budget
organization and
is a financial planhelp
of howensure itstocontinued
you intend viability.
raise money for your
They supervise school and how that
important money will be
functions, spent.as monitoring
such
cash flow, determining profitability, managing expenses
and producing accurate financial information.
 TYPES OF
Financial Management
IN EDUCATION

Capital budgeting
Capital Structure
Working Capital Management
 OBJECTIVES OF
Financial Management
*INSERT TEXT*
 What is school income?
School income is money received by the school. This money
may be collected: as parent’s fees, school generated funds,
donations, support grants from provincial governments,
district governments or LLGs aid donors individual or
business support funds etc. The grants received by the
school are sometimes tied to specific school activities such
as infrastructure maintenance
 What is school budget?
A budget is a financial plan of how you intend to raise
money for your school and how that money will be spent. •
When you budget you look into the future and you identify
the income you expect to receive and how you will spend
that income, and what expenses you expect to incur.
Why is it important What is a budget? that you keep
financial records?
A budget is a financial plan of how you intend to raise money for your
school and how that money will be spent.
Maintaining financial records is important for the purpose
of monitoring expenditure and keeping records of school
income.
“WHEN THE PURSE BECOMES
EMPTY, THE MIND BECOMES
FULL OF ISSUES”
~ Author: Ernest Agyemang Yeboah
 SOURCES:
https://www.netsuite.com/portal/resource/articles/financial-
management/financial-management.shtml
http://www.education.gov.pg/TISER/documents/schools/
capacity-building/basic-financial-management-flipchart-for-
elementary-community-primary-schools.pdf
 THANK YOU
FOR LISTENING!
Reporter:
Mrs. Rosario C. Aldave
Maranatha Christian Academy of Cabuyao