Financial management involves planning, sourcing, using, and controlling funds to achieve organizational objectives. It has three key elements: financial planning/budgeting, financial control, and financial decision-making regarding investments and financing. Proper financial management ensures accountability, viability, and effective use of scarce resources through practices like establishing budgets, internal controls, financial reporting, and auditing. The overall goals are to maximize benefits to stakeholders and ensure the long-term sustainability of the organization.
Educational Planning and its importance
Factors to consider when planning for a school
How to plan for a school if you are the manager
Effective Educational Planning tips for school managers
This PowerPoint presentation was made to understand what Strategic Planning is.
FRANCO, stresses that planning should build on past gains or achievements: at the same time, however, it should start new initiatives and strike for new grounds precisely because change never ends, is always taking place, and will even be more complex and rapid in years ahead.
In the past resource management, a key issue has been how to improve the internal school process to add value through school effectiveness. The answer: a new trend in school management
-knowledge base with empowerment,
to maximize its resources for
operation and continuous development
in management, teaching & learning,
within the new changing 21st century
that adds value
Course Outline
1. Definition & Introduction
Strategic Management
Strategic Educational Management and
Effective Educational Leadership
Basic competences of Educational Mgmt.
2.Sustainable improvement as a key aim of:
Educational Management
Educational Practice
Managing School Resources
Effective Teaching Principals
3. Strategic Management in Education
8 Characterizing features
3 key components 1.Systemic Strategic Thinking, 2. Organizational
Learning and 3. Pedagogical leadership
4. Implications for improving educational practice
5. Conclusion
Strategic Management provides overall direction to the organization and involves; specifying the organization's objectives, developing policies and plans designed to achieve
these objectives, and then allocating resources to implement the plans.
Strategic Management involves the formulation and implementation of the major goals and initiatives taken by top management on behalf of owners, …based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
Educational Planning and its importance
Factors to consider when planning for a school
How to plan for a school if you are the manager
Effective Educational Planning tips for school managers
This PowerPoint presentation was made to understand what Strategic Planning is.
FRANCO, stresses that planning should build on past gains or achievements: at the same time, however, it should start new initiatives and strike for new grounds precisely because change never ends, is always taking place, and will even be more complex and rapid in years ahead.
In the past resource management, a key issue has been how to improve the internal school process to add value through school effectiveness. The answer: a new trend in school management
-knowledge base with empowerment,
to maximize its resources for
operation and continuous development
in management, teaching & learning,
within the new changing 21st century
that adds value
Course Outline
1. Definition & Introduction
Strategic Management
Strategic Educational Management and
Effective Educational Leadership
Basic competences of Educational Mgmt.
2.Sustainable improvement as a key aim of:
Educational Management
Educational Practice
Managing School Resources
Effective Teaching Principals
3. Strategic Management in Education
8 Characterizing features
3 key components 1.Systemic Strategic Thinking, 2. Organizational
Learning and 3. Pedagogical leadership
4. Implications for improving educational practice
5. Conclusion
Strategic Management provides overall direction to the organization and involves; specifying the organization's objectives, developing policies and plans designed to achieve
these objectives, and then allocating resources to implement the plans.
Strategic Management involves the formulation and implementation of the major goals and initiatives taken by top management on behalf of owners, …based on consideration of resources and an assessment of the internal and external environments in which the organization competes.
Unit-1 INTRODUCTION TO FINANCIAL MANAGEMENT.pdfVivekAnilKumar1
This is the first unit of Financial Management in the second semester of Master of Business Administration. Here, we can collect the meaning, definition, scope, objectives, functions, importance and every concepts of Financial Management.
This presentation provides the complete Role and responsibilities of a person acting as a Finance Manager in any XYZ organization.
One can very well use this as a reference to see the basic Job Description for the post of a Finance Manager and can gain meaningful insights from it.
Financial Management is seeing to it that schools have the funds it requires to meet its goals in its quest to becoming a sustainable and viable institution and that value for money is gained for such funds expended.
The Meaning & Role Of Finance Management
Points Discussed are:
1. What is Finance?
2. Functions of financial Manager
3. The Goals of Financial Management
4. Roles of Financial Management
5. Functions of Financial Management
6. Activities Of Financial Management
7. Conclusion
Financial Management Training at Global Learning Event, Kathmandu, NepalLawrenceAkuboriCCO
Facilitation of Financial Management Training session at the 6th WORLD ASSEMBLY of the Global Campaign For Education (GCE) with support from Global Partnership For Education (GPE) and the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) under the Theme "Transforming Public Education Systems For Equality, Inclusion and Justice" in Kathmandu, Nepal.
The training made up a number sessions concentrated on the following areas:
1. Questions and Answers session - discussions around planning, budgeting, risk management and sustainability of National Education Coalitions (NECs) activities globally.
2. What constitutes Financial Management, elements of Financial Management, indicators of strong Financial Management, Risk Assessment/Management and Internal Control Systems (plus the Control Environment etc).
3. And the Financial Management Systems of GCE.
The main objective of the training - improve and ensure strong Financial Management Systems and Practices at the various organisational levels.
Your questions, comments and suggestions are welcomed, and these shall be incorporated into the next training session to improve and enhance Financial Management at the organisational level.
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3. Definition
•Financial management is concerned with
the sourcing, utilization and control of
funds in order to add value to the
stakeholders and report to them
accordingly
4. Definition
•Finance is an important part of
management and it is one of the key
resources in an organization
•Money is the life blood of an organization
5. Importance of Financial Management
•Financial management is important
because demand for funds is always
greater than the supply of funds
•Financial resources are scarce
•Head of school needs financial
management to make effective and
efficient use of resources to achieve
objectives of the school
6. Importance of Financial Management
•Financial management helps the school to
be more accountable to donors and other
stakeholders
•Financial management helps the school to
gain the respect and confidence of funding
agencies, partners and beneficiaries
7. Importance of Financial Management
•Financial management gives the school
competitive advantage in the mobilization
of scarce financial resources
•Financial management prepare the school
for long-term financial sustainability
8. Importance of Financial Management
•Good financial management ensures that
the school’s funds are safeguarded and
used for the intended purposes
•Financial management ensures there is
adequate liquidity for the school
•Good financial management is a basis for
performance evaluation
9. Elements of Financial Management
•There are three key elements to the
process of financial management
1. Financial Planning/budgeting
•Management need to ensure that enough
funds are available at the right time to
meet the needs of the
organization/project, e.g. paying for
salaries & wages, services and expenses
10. Elements of Financial Management
2. Financial Control
•Financial control aims to ensure that the
project is meeting its objectives
• Financial control addresses questions
such as:
•Are assets being used efficiently?
•Are the organization’s assets secure?
11. Elements of Financial Management
•Do managers act in the best interest of
stakeholders and in accordance
established policies?
•Is there conflict of interest?
12. Elements of Financial Management
•Financial control occurs when systems,
procedures and policies are established to
make sure that the financial resources of
an organization are being properly
handled
13. Elements of Financial Management
3. Financial Decision-making
•The key aspects of financial decision-
making relate to
•Investment
•Financing
14. Elements of Financial Management
Financial Decision-making
•The financial manager helps management
decide what investments to undertake and
how they will be financed, bearing in mind
the available sources of funds and the
related costs of obtaining finances
15. Key Aspects of Financial Management
•Incomes should always exceed expenses
•Retain part of the surpluses in a reserve fund
•Ensuring accurate financial record keeping
•Planning and budgeting
•Comparing actual to budgets
•Managing risks (insurance)
•Cost reduction measures
16. Managing Finances
Income versus expenses
•Ensure that your total incomes cover all
your expenses
•Organizations which consistently make
losses will close down.
•Look for ways to increase your income and
cut costs
17. Managing Finances
Cost-cut measures
•Bulk purchases gives you quantity discounts
•Avoid discretionary expenses
•Turn off unnecessary lights and prevent
wastage of water
•Drop unnecessary travels
•Cost-sharing with others
18. Managing Finances
Managing Risks (insurance)
•Unexpected events can lead to major
financial loss and closure of an
organization.
•These risks are managed by buying
appropriate insurance policies as well as
putting preventive measures in place
20. Decisions by Financial Manager
I. Investment decisions
•What assets should the organization hold?
•These decisions are concerned with the
effective utilization of funds in one activity
or the other, in order to add value to the
stakeholders
21. Investment Decision
•The investment decision can be classified
under two groups
i. Long term investment decision also
known as capital budgeting
ii. Short term investment decision also
known as working capital management
22. Financing Decision
II. Financing Decisions
•From where should the school get the
funds for the investments it makes?
•It is also known as capital structure
decision
•Here the decision is reached after
considering cost of financing and risk
23. The Process of Financial Management
•The process of financial management
comprises of:
1. Financial Planning (Budgeting)
2. Mobilization of funds
3. Internal Financial Controls
4. Reporting and Accountability
5. Monitoring and Evaluation
6. Auditing
24. Financial Planning
1. Financial planning (budgeting)
•A budget is a financial plan designed by a
school management so as to achieve the
implementation of the curriculum
•It involves the estimation of income and
expenditure for a given period
•Budgets are based on clearly planned
activities
25. Types of Budgets
•There are two major types of budgets:
1. Recurrent budgets: these are forecasts
of regular income and expenditure for
the next operating period
2. Capital budgets: these are forecasts of
investments in in long term assets
26. Capital budgeting
•Capital budgeting is a key investment
decision all organisations face
•Planning for acquisition of long term
assets has to be planned wisely and
objectively, because they cannot be easily
reversed once taken
27. Capital Budgeting
•In capital budgeting, technical feasibility
and financial viability of the project have
to be carefully evaluated
•Normally, more than one project are
considered at the same time
•The cash flows for each option are
established and the NPV is calculated
which is the basis of decision
28. Capital Budgeting
•No project with negative NPV will be
selected
•If one project has to be chosen among
alternative projects, one that has the
highest NPV is chosen
29. Fund Mobilization
•Fund mobilization is also known as
financing
•There is a need to enhance local
fundraising since donor funding is
dwindling
•In the case where the school has deficit,
the challenge is how to finance the deficits
30. Fund Mobilization
•Fund mobilization is very much needed
especially for acquisition of long term assets
•The key question is: where do we get
affordable funds?
•The funds can be sourced internally or
externally
•Internal sources are mainly from previous
surpluses
31. Fund Mobilization
•To decide which source to go for:
1. Consider the various sources
2. Compare the alternative cost of funds
3. Choose the most cost effective source
32. Internal Controls
•At the heart of financial management is the
practice of financial control
•Financial control is a situation where the
financial resources are being correctly and
effectively used
•Systems and procedures are established to
make sure that the financial resources are
properly handled
33. Financial Control
•Internal Financial control includes:
1. Safeguarding of assets
2. Accurate and reliable financial record
keeping
3. Compliance with internal policies and
funding requirements
4. Separation of duties
34. Financial controls
•Internal financial controls are the controls put
in place by the management to safeguard the
school resources
•Controls ensure that
•There is completeness in recording of all
incomes and expenditures
•Assets are safeguarded against loss, theft,
misuse, extravagance etc.
35. Reporting and Accountability
•The school must make periodic reports
(for internal and external use)
•The reports must be prepared on time
•The major reports are:
1. The Balance Sheet
2. The Income statement
3. The cash flow statement
36. Reporting and Accountability
•School reports should be timely, relevant
and accurate
•There is a need of employing a good
accountant to make sure that is done
•But the head of school is responsible for
the accountability
37. Monitoring and Evaluation
•When reporting it is good to compare the
actual vs the planned
•When there is significant deviation, there
must be sufficient explanation as to the
cause of the deviation
•Once the cause is known corrective action
needs to be taken
38. Auditing
•Auditing is an independent examination of
the books of account
•Auditing adds credibility to project
financial reports
39. Types of Audit
•There are two types of audits
•Internal audit
•External audit
•Internal audit is concerned with efficiency
of operations and adherence to policies
•External audit is concerned with
accountability and transparency
40. Sound Financial Accounting System
1. Keeping books of account
•There is a need to keep all books of
account and the supporting documents for
transparency and accountability of funds
2. Levels of authority: these should be
established for authorization of
expenses
41. Sound Financial Accounting System
3. Policies and Procedures
•The accounting system consist of policies and
procedures that describe
a) How transactions are handled
(authorized and recorded)
b) How information moves through the
organisation
c) How accounting information is stored for
ease of retrieval
42. Sound Financial Accounting System
4. Use of Special Funds
•Many times in the non profit
organisations, we are required to account
for funds that are granted to us with
restrictions on their use
•They normally require separate bank
accounts
•They are reported separately
44. Consistency
•The financial policies and systems of the
school must be consistent over time
•This promotes efficient operations and
transparency in financial reporting
45. Accountability
•The school must explain how it has used
its resources
•The school must explain what it has
achieved to all stakeholders and
beneficiaries
46. Transparency
•The school must be open about its work
•It should make information about its
activities and plans available to relevant
stakeholders
•This includes the timely, accurate and
complete financial reports
•And making them accessible to
stakeholders
47. Viability
•To be financially viable
•Expenditure must go according to the
income of the school
•If a school is not viable, it cannot
continue for long
48. Integrity
•At a personal level, teaching and support
staff must operate with honesty and
propriety
•Head of School has to lead by example
•The board members follow the policy
and procedures and declare any personal
interests that might conflict with their
official duties
49. Stewardship
•A school must take good care of the
financial resources it is entrusted with and
make sure they are used for the purpose
intended
•This is known as financial stewardship
•The governing body has overall
responsibility for this
50. Accounting Standards
•The books of account must be kept
according to internationally accepted
accounting standards and principles
•Any accountant from anywhere around
the world should be able to understand
the school’s system for keeping financial
records
51. Effective Financial management
Key Factors;
1. Written financial policies and
procedures manual
2. Competent staff, especially accounting
3. Proper and effective internal control
environment
4. Timely financial reporting
52. Effective Financial Management
5. Good stewardship of financial resources
6. Quality education to the students
7. Involvement of key stakeholders
8. Financial controls: proper authorization,
monitoring and control of operations