Introduction
1.1 Background to the Study
The term “management” can be defined as the process of organizing, planning, leading, measuring and controlling as well as undertaking of risks and handling of uncertainly, planning and innovation; co-ordination and routine supervision (Aghenta, 2000). It is a process designed to ensure the co-operation, participation intervention and involvement of people in the effective achievement of a given objective (Fabunmi, 2000). It is also a social process concerned with identifying, maintaining, motivation, controlling and unifying formally and information organized human and material resources (with a system (Musaazi, 1982). In such a social process, there is always a structural hierarchy comprising the subordinates and Super-ordinates.
Management of funds therefore deals with the provision, custody and disbursement of the financial resources needed for the running of public, private or government established schools.
Management of funds in educational organization like secondary schools have been a very sensitive and controversial issue because it exposes the strengths and weakness of those entrusted to manage the fund. The National Policy on Education (FRN, 2004) acknowledges education as a vehicle for national development. The achievement of educational goals of any nation depends largely on adequate financial support. The funding and prudent management of scarce resources in secondary schools are crucial issues, which should be handled with all amount of seriousness. The principal of secondary school is therefore the fundamental person upon whom the resource utilization of the school organization depends.
Effective and accurate financial management is necessary in the school institution to avoid financial mismanagement. In a place where the principal is weak and ineffective in managing the resources of the school, success will be very difficult to achieve. Financial management is one of the tasks of the school principals. Ezeocha (1990) stated that “whether a school principal has a bursar or not he has the duty of seeing that adequate financial provision is made in the school budget. He also noted that effective management demands that budget proposals be prepared before any new session. Ozigi (1981) stated that the greatest problem militating and facing the educational institutions is the inappropriate management of funds.
The principals of secondary schools have major roles to play in the financial management and administration of the schools they are heading and controlling. Some critics have argued that the introduction of illegal levies by school principals brings untold hardship to many parents leading to decline in students’ population. This, by implication, affects the achievements of educational objectives as outlined in the national policy on education.
In recent times, some principals of secondary schools have been accused of embezzlement of school funds, imposing unauthorized levies, diverting of school funds for private use, abandonment of vital projects in pretence that they lack funds.
1.2 Statement of the Problems
Occasionally secondary school principals have been mostly accused for poor land inefficient management of funds in their schools. There has been several report over the radio of charges and counter charges against some principals regarding over-spending inflating figures, collusion with school bursar, accusations of diversion of funds; misappropriation and imposition of unauthorized levies, lacking proper accounting skills and not generating enough funds (money) in their schools.
Ogbonnaya (2000) observed that poor management of funds in secondary schools has created a lot of lapses, which have affected the achievement of the desired educational goals. The principals on their own part blame the government for poor funding of secondary schools, inadequate supply of capital equipment and instructional materials, among others. One of the greatest problems facing the growth and running of the secondary schools in Lagos state is the inappropriate and mismanagement of the school funds.
1.3 Research Questions
Three research questions are used to guide this research study. They include:
- What are the ways principals manage funds in secondary schools in Ifako-Ijaiye Local Government Area of Lagos State?
- What are the factors affecting the financial management practices of principals in Ifako-Ijaiye local government area of Lagos-state?
- What are the strategies used anmd employed by the principals in the Ifako-Ijaiye local government area of Lagos-State?
1.4 Hypotheses
- There is no significant difference among the mean rating of principals of secondary schools, teachers and bursars with regard to the ways principals manage funds.
- There is no significant different among the mean score of principals, teachers, and bursars with regards to the factors affecting the financial management practices of the principals.
- There is no significant difference among the mean score of principals, teachers, and bursars with regards to the strategies used and employed by the principals in the management of the school funds.
1.5 Purpose of the Study
The purpose of the study is to survey and investigate the various strategies and ways of management of school funds by the principals, and bursars of secondary schools within the Jurisdiction of Ifako-Ijaiye local government area of some selected secondary schools in Lagos state. Moreover, it is also to assess the method of improving the management of school funds by the principals and bursars of secondary schools for school effectiveness and adequate running of the school.
1.6 Significance of the Study
The significance of this study is geared towards the enhancement of the management of school, funds for school effectiveness through the principals and bursars of the secondary schools in Ifako-Ijaiye local government area of Lagos-state. It will equally help to examine and investigate the strategies or ways school funds are managed and utilized by secondary school principals for efficient and effective job productivity.
1.7 Scope of the Study or Delimitation
This research study focuses on the assessment and evaluation of management of school funds for school effectiveness through the principals and bursars of secondary schools within the jurisdiction of in Ifako-Ijaiye local government area of some selected secondary schools in Lagos-state. This is to find out how funds allocated to these school heads are utilized and managed effectively.
1.8 Limitation of the Study
Due to available to the researcher few secondary schools will be used and covered as major focus through the school principals and bursars of the secondary schools and the study will also be restricted to in Ifako-Ijaiye local government area of Lagos state.
1.9 Definition of Some Terms
i) Management:
This can be defined as the process of organizing, planning, coordinating and controlling of the school funds and human resources by the school principals for school effectiveness in Ifako-Ijaiye local government area of Lagos State.
ii) Administrator:
The administrators are all the school heads such as the principals, the vice-principals, the H.O.D’s, Bursars, the year tutors etc in the secondary schools in Ifako-Ijaiye local government area.
iii) Principal:
The principals is the overall head teacher of the secondary school in Ifako-Ijaiye local government area.
iv) Teacher:
The teachers is the person that is responsible for the dissemination and impactation of basic knowledge, attitudes, ideas, beliefs and changes to the students in the secondary schools in Ifako-Ijaiye local government area.
v) Bursar:
The bursar is the financial manager that is charged and responsible for the collection of school feed and issuing of school receipt for evidence of payment made by the students in the secondary school in Ifako-Ijaiye local government area.
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