2. Financial management in education relate to
abroad set of management tasks concerned
with planning and controlling what the
institution does. It is concerned the
acquisition and allocation of financial and
real resources and with using budget to plan
and control the deployment of real resources
(Levacic, 1989)
management activity which is concerned
with the planning and controlling
(Pandey, 1995)
3. The central purpose of financial management
in educational institutions is the raising of
funds and ensuring that the funds so
mobilized are utilized in the most effective
and efficient manner. This is based on the
fact that resources are scarce and so heads
of educational institutions should ensure
optimal utilization of funds
4. A second purpose of financial management in
educational institutions is to assist
educational managers and administrators to
keep a record of their stewardship in
financial matters for the benefit of the
government, the proprietors or the governing
council of the institution. It is, also, the
supervision of cash receipts and payments
and safe guarding of cash balance
(Ajadi T. O, no date)
5. The procurement and raising of funds.
The allocation o f financial resources to
different educational institutions.
The effective utilization of funds.
Supervision of cash receipts and payments.
Safeguarding of cash balance.