Challenges affecting financial management in public Primary schools in Meru Central District, Kenya

Abstract

The purpose of this study was to assess the challenges affecting financial management practices in public primary schools in Meru Central District. Financial management was understood to encompass the decisions that results in the acquisition and financing of long term and short term assets for the school. The available literature suggested that financial management is an essential and involving administrative task. It involves human, financial, time and physical resources, which calls for continuous and thorough training. Data was collected using a questionnaire which contains questions and guided interview. Part one of the questionnaire contained data concerning personal data and training of headteachers, in financial management, part two dealt with financial management activities which the headteachers are expected tom perform and the auditing of final accounts for the school. Part three was concerned with interviewing the headteachers on matters concerning the general information on financial management courses and sources of school funds. The population consisted of 150 headteachers. A random sampling technique was used to select a sample of 15 headteachers and the return rate of questionnaires was 100 percent. The headteachers were interviewed to gather an in-depth data on the challenges they encountered when performing the financial management functions. The statistical package for social sciences (SPSS) was used to analyze the data and the information was presented in pie charts, tables, bar charts, percentages and frequencies. The study revealed that most of headteachers were male. It was found that the majority of headteachers met the minimum qualification required for headship and the majority of headteachers attended financial management courses organized by the ministry of education. It was recommended that the headteachers should be adequately trained and educated in financial management, acquiring the necessary experience, trained in budgeting skills and finance, auditing and accounting. In addition it was concluded that adequate training, experience and education are necessary for headteachers to perform financial management effectively.