Analysis of the application of financial management techniqus in secondary schools : a case study of Meru South District
The purpose of this study was to establish the level of application of financial management techniques in secondary schools and recommended measures that the concerned authorities can institute to ensure proper management of school finances. The study intended to unearth all potential sources of finance available to school management and how the raised finances are utilized. The study also looked at the control measures instituted by MOE to ensure school funds are managed prudently, and the level of professional qualifications of those entrusted with the responsibility of handling school finances. The study was carried out in Meru South District with a population of 42 schools out of which 24 schools were selected, which includes Provincial, District and Private Schools. A questionnaire with open and closed ended questions was used to collect data. The questionnaires were administered through drop and pick method, to the principals of the selected schools. Data collected was analyzed using frequency tables and presented using bar graphs, pie charts and line graphs. The study found out that schools have not fully exhausted the diverse sources of finance available to them. The school accounts depicted a heavy debt portfolio, fee collection levels being low and poor methods of stores management. Due to poor fee collection strategies and lack of initiative to exhaust other sources of finance, schools end up accumulating huge debts. The accounts department doesn't exist in some schools while in others it is staffed with unqualified accounting personnel. The lack of qualified storekeepers in some schools has lead to poor stores management. The study unveiled that schools are doing well when it comes to sourcing for goods and services since goods and services are procured by tender where the tendering committee selects appropriate suppliers.