Thecurrent Practices And Chalenges Of Financial Management In Some Selected Government General Secondary Schools Of Kolfe-keranio Sub-city. Addis Ababa

The main objective of this study was to assess the Implementation of financial management in sixrnselected government general secondary schools in Kolfe Keranio sub-city. It was aimed atrnassessing the financial management activities such as budgeting, non public finance sources,rnaccounting, auditing, purchasing and reporting practices of general secondary schools.rnDescriptive survey design is used to carry this study. Three groups of respondents participated inrnthis study. These were academic staff, financial officers and PTSA’s members. Sample schoolsrnand respondents were selected by purposive sampling technique due to their direct relation withrnthe issue under study and also to gain sufficient information. The data were collected throughrnquestionnaire, interviews and Review of Documents. The collected data were analyzedrnquantitatively through mean values, percentages and chi-square tests and qualitatively.rnThe main findings of the study showed that the degree of implementation of the FinancialrnManagement Guidelines was found minimum , efficient utilizations of allocated budgets forrnintended purposes, the competence of financial personnel in the financial task was good, thernmaterials purchased by purchasing department were required amount and have quality,rncommunity contribution, schools’ internal income and NGOs were the sources of educationrnfinance in addition to the public budget. Public budget was allocated to schools based on thernprevious year’s performance and the number of students in the schools, Schools have shortagernhuman resource in their finance offices absence of the participation of all staff members inrnbudget preparation and financial activities absence of internal and external auditing practices,rnlack of training on budget preparation, accounting, auditing and reporting practices the standardrnof account office was poor and also lacks the necessary furniture and equipments, the filling ofrnfinancial statement in appropriate.rnMajor recommendations include participation of all school staff personnel in budgetrnpreparation, assigning additional trained personnel for school’s finance office, the provision ofrntraining, school’s should conduct internal auditing and the sub-city. Finance and economicrndevelopment office should conduct external audit at least every quarter, schools and sub-cityrnfinance and economic development office prepare standard office and also conduct closernsupervision in order to reduce in appropriate filling of financial statements.

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