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Financial Management Practices of Elementary School Heads: A Case Study

Jennylyn A. Amado(1), Niña Rea D. Guzman(2), John Paul D. Ayo(3), Betty D. Equipado(4), Jeric H. Polon(5), Robert M. Rejuso(6), Gerry S. Digo(7),


(1) Vicente Dorotan Sr. Elementary School
(2) Baras Elementary School
(3) Proximity Learning Incorporated
(4) Tiris Elementary School
(5) J. Gerona Elementary School
(6) Lourdes Elementary School
(7) Sorsogon State University
Corresponding Author

Abstract


This study seeks to explore the financial management practices of elementary school heads in terms of fund sourcing, budget allocation, procurement, disbursement, and liquidation. The study conducted interviews with selected school heads who have substantial experience managing school budgets. Key findings revealed that school heads who practice the PPSSH Domain 2.2 competencies improve their school’s organizational financial capacity and school performance. Proper budgeting and fund distribution processes are crucial elements that significantly improve the overall management of schools. Stakeholders' participation in financial decision-making improves resource management more than when a single person is in charge of the institution's financial decisions. Stakeholders’ active participation in shaping financial planning and decisions, enhances trust within the school’s community. Further, continuing professional development in financial matters is paramount for school heads to overcome the challenges aligned with financial management.

Keywords


Budget Allocation; Disbursement; Financial Management; Fund Sourcing; Liquidation; Procurement

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