Financial Management Practices and Funds Management in Public Secondary Schools in Kilifi County, Kenya
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Date
2024-06
Authors
Kalume, Seith Baya
Ng’ang’a, Peter
Journal Title
Journal ISSN
Volume Title
Publisher
IAJEF
Abstract
Effective fund management in secondary
schools in Kenya and across the world
contribute to the economic development of
those countries. The handling of funds in
many public secondary schools has
encountered several obstacles, including
instances of mismanagement. Therefore, this
brings out the issues on fund management
challenges in Kenyan Public Schools. The
research was led by the aforementioned
precise objective; to establish the effect of
budgeting process on fund management in
public secondary schools in Kilifi County,
Kenya. Research was underpinned by:
Stewardship theory of management and
Contingency theory. The study utilized a
descriptive research design and the target
audience was 107 public secondary schools
in Kilifi County. Stratified random sampling
was utilized to arrive at a sample of 85
respondents. The study utilized primary data
which was obtained via a questionnaire
where a drop and pick method was adopted.
Data collected was scrutinized using SPSS
software (version 26) using both descriptive
and inferential statistics. Descriptive
statistics focused on means and standard
deviation and represented in terms of graphs
and charts. Inferential statistics sought the
relationship between the study variables by
running correlation and regression analysis
while multiple regression was used to express
the contribution of each variable. Further
diagnostic tests in terms of normality, multicollinearity and Homoscedasticity was
conducted before running multiple
regression. Ethical consideration which
includes guidelines governing the research
was fully followed during the research. The
study showed that budgeting process had the
significance threshold of p< 0.05 hence had
statistically significant effect on fund
management of public secondary schools.
The study concluded that popular of the
responders established to abundant
magnitude with the fact that budgeting
process indeed affected the fund management
of public secondary schools. The study
recommended that the schools should involve
stakeholders in budget preparation and
compare current and previous budgets. It
should also ensure approval of budget on
yearly basis and ensure adherence on budget
estimates. It also recommends frequent
monitoring and evaluation of the budget but
also ensure they involve the accounting
experts.
Description
Article
Keywords
Budgeting Process, Book Keeping, Financial Control, Procurement Process, Fund Management, Financial Management Process.
Citation
Kalume, S. B., Ng’ang’a, P. (2024). Financial management practices and funds management in public secondary schools in Kilifi County, Kenya. International Academic Journal of Economics and Finance, 4(2), 306-323.