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What is Fiscal
WHAT IS FISCAL
Management?
MANAGEMENT?
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FISCAL MANAGEMENT
keeping an organization running efficiently
within its allotted budget.
Accessed on March 16, 2016: http://www.wisegeek.org/what-is-fiscal-management.htm
the ability to develop and manage financial
systems through responsible stewardship of
fiscal resources.
Access on February 26, 2016: https://www.acui.org/About_ACUI/Core_Competencies/10192/
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GOVERNMENT PRIVATE ORGANIZATION
Fiscal management Financial management
Deals with
money
management
by properly planning, using procedural
recording, and guidelines and tools,
performing procedures such as budget
that relate to the spreadsheets,
budget. accounting software
to improve the way
the organization
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COVERAGE OF FISCAL MANAGEMENT
Laws & policies
Structures
Systems
Processes
Officials and Personnel
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COVERAGE OF FISCAL MANAGEMENT
Fiscal management covers the following areas
1. Proper planning of the School Improvement Plan (SIP)
2. Sourcing of funds and other resources (whether it is
from government subsidy or private sector donations)
3. Proper allocation of funds and other resources
4. Actual uses of resources and their care
5. Proper recording of all the transactions and
safekeeping of all records pertaining to the transactions
6. Monitoring and controlling of uses of resources in the
interest of efficiency and effectiveness towards
achievement of desired outcomes as well as of
accountability.
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WHAT CONSTITUTES
POOR FISCAL
Unnecessar
y MANAGEMENT?
expenditur RESULTS
Unplanned es Lack of BUDGET
expenditur record- DEFICIT
es keeping
Misspent FAIL TO
budget MEET
Inferior
TARGET
Pilferage
record-
keeping
Unspent
budget
A Sample Framework of Knowledge 8
and Skills for Fiscal Managers
Association of FINANCIAL MANAGEMENT
College Unions COMPETENCY: The ability to develop
International and manage financial systems through
(ACUI), one of responsible stewardship of fiscal
the oldest resources.
associations of KNOWLEDGE & SKILLS SET:
higher education 1. Basic Accounting
in the US, has 2. Technology Related to Financial
been able to Management
summarize 3. Policies and Procedures
succinctly the 4. Budget Development and Management
skills needed to 5. Contracting and Contract Negotiation
be a credible 6. Fund raising
fiscal manager.
Accessed on March 18, 2016: https://www.acui.org/About_ACUI/Core_Competencies/10192/
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ROLE OF THE PRINCIPAL AS
FISCAL MANAGER
BASIC
PRINCIPLES
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ROLE OF THE PRINCIPAL AS
FISCAL MANAGER
BASIC
PRINCIPLES
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Principals as fiscal managers of
schools are responsible and
accountable for the school
resources that include funds,
facilities, equipment and other
assets of the school.
Make sure
you know
As head of school, you are the what you are
signatory of practically all signing
important documents.
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Responsibilities of School Principal
As Fiscal Manager
Leads in the crafting of the SIP/AIP that laid down a realistic set of
programs and activities based on an exhaustive study of both the
external and internal environments and which identified the
resource requirements;
Ensures funds are budgeted, made available, and spent
according to fiscal policy and in alignment with account purpose;
Underscores to his/her team that the budget provides orderly
execution of the needs related to the account and serves as one
of the control mechanisms to compare planned receipts and
disbursements with the actual fiscal activities and, therefore, must
be complied with;
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Responsible for under-standing and ensuring compliance with
the regulations, policies, and procedures.
Ensures that the procurement activities are properly and
adequately staffed and are functioning efficiently following all
the policies, procedures and are governed by the highest
ethical standards
Ensures that the school systems are covering property
management to include receiving, recording, releasing
immediately to the to school units the items asked for,
maintaining and repairing of items procured;
Makes certain that assets are well maintained and repaired on
a regular basis;
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Makes sure that all donations, out of budget funds such
earnings from the canteen operations or income generations
from other school activities be recorded regularly
Provides daily oversight on how the funds are spent and
managed;
Takes care that processes and controls are in place;
Sees to the proper and accurate recording, analyzing and
reporting of transactions;
Checks the accuracy and reliability of accounting data;
Monitors reconciliation of accounts on a monthly, quarterly,
annual basis; making sure that the expenditures are in
conformity with the budget, or appropriate budget changes
have been made to reflect a change in the original budget.
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Must be able to connect each unit with one another -
Instructional/Academic Offices, Property, Purchasing, Human
Resources, General Services, Facilities Management, Risk
Management, Administrative Accounting, Accounts
Receivables and Accounts Payable;
Safeguards assets;
Signs on all financial transactions as the highest ranking official
in school;
Because of signature authority, the School Principals is
enjoined to understand the Government Budgeting System
and to acquire the skill to navigate in the most updated
National Accounting System adopted by government.
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When approving documents, the School Principal is
responsible for verifying or having processes in place to ensure
the following:
1. Charges to the account correctly represent materials received
or services rendered;
2. Charges represent activities which are established, and should
comply with the fiscal plan that is established for the account;
3. Funds are available in the account to cover authorized
charges
4. The transaction in the account complies with all relevant
internal or external regulations, policies and procedures.
5. The transaction is accurate, timely and completely recorded
6. The original copies of financial records are kept orderly and
safely retained in the Administrative Accounting Office to
satisfy legal and audit requirements. These include original
documents such as attendance records, payroll vouchers and
other supporting documentation.
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The School Head
ensures
efficient,
effective,
economical and
ethical operations
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School Instruction
Operations al
Instructional Leadership (right) Leadership
Generally, school principals rose
from the ranks of a teacher
bringing:
Familiarity in instructional
leadership;
More confidence to move within
instructional operations
School Operations (left)
Teachers who become school principals
Very little familiarity to the rigor &
management of compliance to numerous
rules and regulations.
Not enough confidence to act decisively
and fast to manage school operations
CONNECTING TO THE PREVIOUS SESSIONS 19
