Financial Management: A Dissertation on Financial Management Competence of Elementary School Heads

By Ernel Merano PhD

A professional teacher raised from the Philippines and graduated with degrees in Doctor of Philosophy in Education major in Educational Programs Management at Eastern Visayas State University, Tacloban City last March 29, 2017. Master of Arts in Education Major in Administration and Supervision at Western Leyte College of Ormoc City last March 21, 2012. Bachelor of Science in Industrial Education in Elementary at Southern Leyte State University, Main Campus, Sogod, Southern Leyte last March 24, 2006. Passed the Licensure Examination for Teachers last August 2007 at South Western University, Cebu City. Presently working as a Teaching Faculty in A'soud Global School, Duqm, Sultanate of Oman.

• Language: English
• Publisher: BookRix
• Release date: May 5, 2020
• ISBN: 9783748739678

Book preview

Financial Management

ABSTRACT

MERANO, ERNEL S., FINANCIAL MANAGEMENT COMPETENCE OF ELEMENTARY SCHOOL HEADS AND SCHOOL PERFORMANCE IN LEYTE DIVISION, Eastern Visayas State University, Tacloban City, February 2017.

Adviser:          DENNIS C. DE PAZ, PhD

            Professor

            Eastern Visayas State University

            Tacloban City

                  This study determined the financial management competence of elementary school heads and performance of schools in Leyte Division, specifically, this study sought answers to the following questions: What is the profile of the school heads in terms of age, sex, civil status, educational attainment, administrative experience, family income, position/designation, and training attended related to financial management. What is the profile of the schools in terms of enrolment, number of teachers, and amount of funds allocated namely; Maintenance and Other Operating Expenses (MOOE), School-Based Management (SBM), School-Based Repair and Maintenance Scheme (SBRMS), Special Education Fund (SEF) and Parents Teachers Association (PTA). What is the financial management competence of school heads as rated by the teachers and school heads themselves along: budgeting, accounting, procurement, and asset management. Is the financial management competence of school heads related to profile of the school heads and profile of the school? What is the performance of the school in the National Achievement Test? Is the performance of the school related to the financial management competence of the school head? What intervention scheme may be proposed based on the findings of the study?

                    The study used a descriptive-correlational method to investigate the financial management competence of elementary school heads and the performance of the schools in the Leyte Division. This study used the validated researcher-made survey questionnaire adapted from the Department of Education Financial Management Manual and DepEd Order no. 12, s. 2014 entitled Implemented Guidelines on the Direct Release of Maintenance and Other Operating Expenses (MOOE) Allocation of Schools to the Respective Implementing Units.

The respondents of the study were 70 School Heads and 369 teachers involved in the School Financial Task Force from Area I to Area V in Leyte Division, for School Year 2016-2017. A questionnaire was used to determine the profile of the School Heads. Frequency tally, percentages, Mean, Pearson’s Product Moment Correlation Coefficient, Point-Biserial Correlation Coefficient, and Eta Correlations were used. IBM-SPSS version 22 was used in the analysis of the data. 

The findings showed that the majority of the school heads are in the middle age in terms of administrative experience. Most of them have low family income and not trained in school financial management. They managed a varied amount from different financial resources. Most schools have small enrolment, small teacher population, and managed different amount of school funds. In terms of budgeting, accounting, procurement, and asset management, the majority of the school heads are competent as rated by the teachers and themselves; however, few of them are less competent. The family income is related to budgeting and accounting. Likewise, the number of training attended is related also to the asset management competence of the school heads. However, procurement is not related to the school head’s financial management profile. The school performance of the school in terms of the National Achievement Test result is only average. The school performance is not related to the financial management competence of school heads.

Based on the findings and conclusions of the study, it is recommended that school heads should attend training/seminar-workshop related to school financial management. To sustain financial management competence, school heads must-own and refer to the Financial Management Manual from DepEd. Intensify the financial management competence training-workshop among school heads and school financial task force. Involve the school planning team in the school and from the community for an orientation on school financial management. Manage all school financial resources by practicing effective budgeting, accounting, procurement, and asset management to be able to finance all school activities and adapt the prepared seminar-workshop proposed in the study.

Chapter I

INTRODUCTION

Every school financial manager has the responsibility to prepare the school budget, a record of projected revenue and expenditure. Each school has a unique way of making and administering its budget. The budget is crucial because it helps to ensure that the school achieves its goals, establishes a control system, and motivates employees to work harder. The budget should also define time periods within objectives and targets must be met (www.work.chron.com). Good financial practice means managing money and money processes so it allows for some delegation of financial tasks and responsibility in smaller or larger schools (www.educationalleaders.govt.nz).

That is why, in the Philippines educational system, every school financial manager need the right education, experience, skills and qualities to be successful in order to perform one of the roles stressed in the National Competency-Based Standards for School Heads (NCBSSH) domain six(6), specifically; prepares a financial management plan, develops a-school budget which is consistent with SIP/AIP, generates and mobilizes financial resources, manages school resources in accordance with Department of Education (DepEd) policies,  accounting, and auditing rules as stipulated in RA 9155 (DepEd Order No. 32, s. 2010).

Financial management according to Shapiro (1995) involves financial planning and budgeting, financial accounting, financial analysis, financial decision making, and action."  Moreover, Hart