Financial management practices in tertiary training institutions in Nyeri north and south Districts
Gathuthi, Elijah Kabiru
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This study aimed at investigating the financial management practices in the tertiary training institutions. The study evaluated both operational and long-term factors affecting efficient financial management activities in the tertiary training institutions. The financial management practices in the tertiary training institutions may create hindrances or be contributors of good performance. The main purpose of this research was to find out whether or not the tertiary training institutions have well established financial policies for enabling efficient and effective financial management practices. It also found out what challenges, if any, face the financial management practices. The management practices investigated are internal and also external to the specific institutions because financing Education and Training encompasses financial outlays by Central and Local Government, the private sector, regulations, restrictions, guidelines and objectives which must be seen binding and enforceable by all the stakeholders. The study sought to identify characteristics of the financial activities in the institutions. They have been analyzed into good and bad financial management practices based on their quality. Financial resources are the driving force in any long-term investment. Many times in the tertiary training institutions significant financial resources are found in very liquid form and are used to purchase necessaries and sometimes urgent consumables, paying of current debts especially to casual laborers and other expenses. Such liquid financial resources form the solid ground on which survival and future development of the tertiary training institutions are based. These areas have been thoroughly investigated and all relevant data obtained. The study framework was audit and inspection, record-keeping, corporate governance and financing the budgeted activities. The data collection tools used included questionnaires, interviews and observations. Both primary and secondary data were obtained in the financial management practices. The researcher used descriptive research method to obtain and analyze the required data. Financial management data were collected from the employees and other stakeholders. This included Managers of the Institutions (BoG members, principals, deputy principals and registrars), students and parents, TSC agents and government agents, departmental heads (HoDs), sectional heads, accounts officers and other relevant persons. More emphasis was given to the accounting and/or cash offices. At least 80 individuals were approached. The qualitative and quantitative data were analyzed by use of descriptive statistics so as to become meaningful to the users. The data from the study are in tables of tertiary training institutions have consumed a lot of resources in payment of salaries of employees, infrastructural construction and educational development and training the study also found that some of the statutory regulations are outdated. The study recommends that inspection and auditing tertiary training institutions should be carried out half yearly or even more frequently so as to curb financial mismanagement.