THE IMPACT OF MANAGEMENT OF FUNDS ON SCHOOL EFFECTIVENESS
1.1 BACKGROUND OF THE STUDY
The process of organizing, planning, leading, measuring, and managing, as well as taking risks and dealing with uncertainty, planning and innovation; co-ordination and regular monitoring, is referred to as management (Aghenta, 2022). It is a procedure meant to secure people's cooperation, participation, intervention, and engagement in the effective attainment of a certain goal (Fabunmi, 2022). It is also a social process associated with the identification, maintenance, motivation, management, and unification of formally and information structured people and material resources (through a system) (Musaazi, 2022). A structural hierarchy of subordinates and superordinates is always present in such a social activity.
Fund management is therefore concerned with the provision, custody, and disbursement of financial resources required for the operation of public, private, or government-established schools.
Management of money in educational organizations such as secondary schools has been a delicate and contentious matter since it reveals the strengths and weaknesses of people entrusted with the fund's management. The National Policy on Education (FRN, 2022) recognizes education as a means of achieving national development. The accomplishment of any nation's educational ambitions is heavily reliant on proper financial assistance. Secondary school financing and judicious use of finite resources are critical concerns that must be addressed with utmost seriousness. As a result, the principal of a secondary school is the primary person on whom the school organization's resource use is dependent.
To avoid financial mismanagement, effective and precise financial management is required in the educational institution. Success will be tough to attain in a school when the principal is weak and inept in managing the school's resources. Financial management is one of the responsibilities of school principals. According to Ezeocha (2022), "whether a school principle has a bursar or not, he has the responsibility of ensuring that enough financial provision is made in the school budget." He also stated that efficient management necessitates the preparation of budget proposals prior to the start of the new session. According to Ozigi (2022), the most serious challenge confronting educational institutions is ineffective financial administration.
Secondary school principals play important responsibilities in the financial management and administration of the institutions they lead and supervise. Some opponents have claimed that the implementation of unlawful levies by school principals causes unimaginable hardship for many parents, resulting in a decrease in student population. This, in turn, has an impact on the attainment of educational goals established in the national education policy (Ogbonnaya 2022).
Some secondary school administrators have recently been accused of embezzling school funds, imposing unlawful fees, diverting school monies for private use, and abandoning essential initiatives under the guise of a lack of cash.
1.2 STATEMENT OF THE PROBLEM
Secondary school principals have occasionally been accused of inadequate land and inefficient financial management in their institutions. There have been several reports on the radio of charges and counter-charges leveled against some principals for overspending, inflating figures, colluding with the school bursar, accusations of diversion of funds, misappropriation and imposition of unauthorized levies, a lack of proper accounting skills, and a failure to generate enough funds (money) in their schools. According to Ogbonnaya (2022), inadequate financial management in secondary schools has resulted in several lapses that have hampered the fulfillment of targeted educational goals. The principals, for their part, blame the government for inadequate secondary school financing, as well as a lack of capital equipment and instructional materials (Ogbonnaya 2022). The misuse and mishandling of school funding is one of the most serious issues confronting the expansion and operation of secondary schools in Kano state.
1.3 OBJECTIVES OF THE STUDY
The main aim of this study is to examine the impact of management of funds on school effectiveness. Other objectives of this study are:
i. To find out the sources of funds in schools.
ii. To identify the different ways funds are managed in schools.
iii. To examine the factors that cause funds mismanagement in schools.
iv. To identify the impact of funds mismanagement in schools.
1.4 RESEARCH QUESTIONS
The following research questions will be answered in this study:
i. What are the sources of funds in schools?
ii. What are the different ways funds are managed in schools?
iii. What are the factors that cause funds mismanagement in schools?
iv. What are the impact of funds mismanagement in schools?
1.5 SIGNIFICANCE OF THE STUDY
The relevance of this study is aimed at improving school administration and school effectiveness via the principals and bursars of secondary schools in Dala local government area of Kano state. It will also aid in the examination and investigation of secondary school administrators' plans or methods for managing and utilizing school money for efficient and effective work productivity.
Finally, this study will serve as a reference point for further studies and future references.
1.6 SCOPE OF THE STUDY
This study is mainly focused on the impact of management of funds on school effectiveness. Specifically, this study is focused on finding out the sources of funds in schools, identifying the different ways funds are managed in schools, examining the factors that cause funds mismanagement in schools and identifying the impact of funds mismanagement in schools.
Principals of selected public schools in Dala local government area of Kano state will serve as the respondents for this study.
1.7 LIMITATIONS OF THE STUDY
This study is mainly limited to the impact of management of funds on school effectiveness. Specifically, this study is limited to finding out the sources of funds in schools, identifying the different ways funds are managed in schools, examining the factors that cause funds mismanagement in schools and identifying the impact of funds mismanagement in schools.
Principals of selected public schools in Dala local government area of Kano state will serve as the respondents for this study, hence further studies is needed as the findings of this study is limited to the area of research.
1.8 DEFINITION OF TERMS
Management: Management is the administration of an organization, whether it is a business, a non-profit organization, or a government body. It is the art and science of managing resources of the business.
School funds: The money provided by a government or raised by parents and teachers to finance the running of a schoo
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