Alternative sources of financing technical institutions in meru central district(kenya)
Muthaa, Mungiria george
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Since the introduction of cost sharing in education (Republic of Kenya 1988), Technical Institutions have been massively affected. This has been a result of the diminishing government subsidy. The funds they raise from fees charged on students is inadequate for the smooth and effective running of their expensive technical curricula. This has led to use of obsolete or inadequate facilities, which has greatly eroded their capacity to offer quality training, relevant to the industrial development needs of the country. Consequently, if these institutions have to overcome their current financial hardships, their only option is to seek for alternative sources of raising additional income. This study was therefore to explore internal income generating activities pursued by the technical institutions. Literature review of this study addressed the positive relationship between education and development. The literature review winds up by addressing the Kenyan situation and the gaps that need to be filled. This study adopted the survey design. The population of the study comprised of three technical institutions in Meru Central, namely: - Meru Technical, Nkabune Technical and Kiirua Technical. Data was collected through questionnaires and observation schedule, which were administered personally by the researcher. Quantitative data was analyzed using descriptive statistics and results presented in percentages and charts. Qualitative data was organized into themes, categories and patterns pertinent to the study and from which the researcher closely evaluated the usefulness of the information in answering research questions. The researcher analyzed the information gathered from the field with a view of fulfilling the research objective and answering the research questions. On the basis of information gathered the researcher made conclusions and recommendations. The researcher concluded that the major current source of income for technical institutions is student fees. This source is inadequate in meeting institutional financial demands in pursuit of institutional objectives. The researcher recommends that apart from fees institutions should develop and exploit alternative sources of finance in order to effectively meet budgetary requirements.