Page 33 Skyline Business Journal, Volume XIII-Issue 1-2017-2018

FINANCIAL MANAGEMENT PRACTICES OF SCHOOL HEADS: TEACHERS’

PERSPECTIVES
Francisco M. Espinosa

Abstract
The purpose of this study is to investigate about the performance of the teachers who were
from the public high schools in General Santos City and the development of any educa-
tional sector while taking into consideration the management of its finances. Qualitative
research design using phenomenological approach established how teachers as partici-
pants make meaning of financial management at their schools by doing analysis of the
participants’ perceptions, attitudes, understanding, knowledge, values, feelings and
experiences about their schools’ financial management. The total number of participants
was 11 for the in-depth interview and six for the focus group discussion. The participants
in this study are all currently teaching in government schools in General Santos City.
Results highlighted that financial management practices of the school heads help schools
to draw up a budget, set objectives, identifies the sources in terms of human resource, time
allocation, teaching and learning materials and appropriate costing. To enable the princi-
pals manage financial resources more responsively to the performance and instructional
needs of the teachers, it would be very crucial if school leaders like them get a continuous
boost of their own professional development by acquiring relevant financial skills and
abilities required to effectively manage resources in the school.

Keywords: Financial Management, Teaching Performance, School Heads, Funding

System, Competence, General Santos City, Region XII, Philippines

Introduction
School principals like any leaders of any study investigated how the perspectives
organization have decisions to make of the teachers from the public secondary
when it comes to utilization of the funds schools in the Division of General Santos
channeled to public schools (Atieno, City reveal principal’s practices on
2012). These decisions according to managing funds, developing transparent
Brigham and Houston (2012) have financial systems and policies help teach-
financial implications on the financial ers perform better in their teaching.
management of school principals who Hence, this study was conducted.
play the most crucial role in ensuring
schools' effectiveness and performance Theoretical Framework
taking into account the day to day opera- This study is framed in line with these
tions of the school (Ballada and Ballada, theories: Budget Theory, Theory of Finan-
2012). cial Control and Agency Theory.

Republic Act No. 9155 in the Philippines Budget Theory

or commonly called as Governance of This theory deals with the academic
Basic Education Act of 2001 mentioned study of the political and social motiva-
how school principals are expected to tions behind government and civil society
administer and manage all personnel, budgeting (Adams ,1985). This theory
physical and fiscal resources of the was discussed more evenly during the
school. It is in this context that this Progressive Era and even in academic
 Skyline Business Journal, Volume XIII-Issue 1-2017-2018 Page 34

and quasi-academic facilities. The theory their effort, or if the reward is given,
focuses on participation in public sector minimize the effort.
activities. This budget theory states that
there should be wide participation of the On the other hand, the principal wants to
public in budgeting, and the budgets reduce the costs of hiring agent, or to
ought to reflect the average person maximize the output of the principal. It is
(Schick, 1973). In the context of public noted that the discrepancy of interests
secondary schools, the budgeting process between the two parties leads to agency
should involve all stakeholders particu- problems (conflicts). These agency
larly, parents, government representa- conflicts are often severe and common in
tives, financiers, and the schools’ manage- public institutions (Jensen & Meckling,
ment. In other words, it should not be so 1976). In the case of financial manage-
ambitious that some parents will find it ment in public secondary schools, the
hard to contribute towards catering for government, parents and other financiers
the activities and expenses spelt out in are the principals. On the other hand, the
the budget. principal and bursar are the agents.
According to Jerzemowska (2006),
Theory of Financial Control conflicts between owners (parents and
The theory of financial control was government) and managers principals
advanced by Ostman (2007). The theory and bursars) result in the formulation of
considers the personal functions of contracts to mediate the agency relation-
humans, both present and future, as its ship.
fundamental reference point. Theory of
Financial Control highlights the signifi- Currently, the school has evolved into a
cance of the current as well as feasible rather convoluted sphere. Such implies
functions of financial tools. It further the demand for it to be responsive to the
points out that organization’s internal occurring fast-paced changes of time,
and external financial factors including hence the need for versatility and flexibil-
payments, financial instruments, ity. It implies that these changes must
accounting, control models, economic also be addressed through appropriate
calculations, and related considerations leadership practice (Harris, 2010;
need to be looked into at all phases and Leithwood, Harris and Hopkins, 2008).
levels. As Coates (2010) postulated, future think-
ing is centered in innovation among
It was further observed that in the individuals and teams which goes beyond
context of financial control, it is neces- replication and predictability and leads
sary to understand how activities relate to regeneration and possibility. Thus, the
to financial processes. 21st century required a leadership devel-
opment that concerns the holistic involve-
Agency Theory ment groups rather than individuals.
Agency theory was proposed by Jensen
and Meckling (1976). The theory states Research Questions
that an agency relation exists when a Specifically, the study will answer these
person (the principal) hires another questions:
person (the agent) to perform certain 1. What are the experiences of the
tasks or services on behalf of the princi- teachers in performing their roles while
pal. According to this theory, conflict school heads act as financial managers of
arises between the principal and the their schools? ;
agent. This stems from conflicting 2. How do teachers cope with the
interests between the two parties. The challenges of their roles while school
agent strives to maximize reward for
Page 35 Skyline Business Journal, Volume XIII-Issue 1-2017-2018

heads assume financial management management Hunjra, 2010). Further-

roles?; and more, part of financial management is the
3. What are the insights of teachers sourcing of alternative funds and ensur-
about the way school heads handle school ing that it helps in the attainment of the
finances? goals of the organization. Bradley (2009)
emphasized that effective and efficient
Review of Related Literature financial management is manifested in
the proper documentation of financial
Financial Management in Schools report. As budgeting is supported by the
The concept of Financial management in Philippine government, principals must
Schools describes the process of ensuring then be compelled to ably do financial
that school leaders plan, organize, management to ensure education for all
delegate and control the funds of the in the context of financial resources
school to achieve its goals. Ajaegbo (2009) (Orcullo,2008).
stressed out that financial management
is a key factor in knowing how the school Financial Management Practices
is effectively managed or if it is able to There has been a change of roles of princi-
realize its objectives. The Department of pals as the 21st century came in to
Education sets forth the role of the princi- introduce educational reforms
pal relevant to financial management in (UNICEF–UNESCO,2009). The principal
the school context as the Philippine is the chief accounting officer who plays
government provides for the budgetary the role of a teacher and at the same time
needs of the Philippine public schools the bursar (Blanchard, Carlos and
(Zarate, 2009). Financial management in Randolf,2011). If principals practice
Schools often presents the broader frame financial management there is transpar-
of management which is inclusive of all ent and accountable implementation of
stakeholders as required by the Depart- programs to achieve academic excellence
ment of Education. Within this frame, (Thenga , 2012). Principals can plan,
power at school level is not centralised control and monitor the school finances
around one person, (the principal), but is throughout financial management and in
shared as far as possible, should be budgeting, accounting and monitoring
inclusive of all relevant stakeholders. effective implementation of school budget
This called for active participation of (Wheelen and Hunger, 2010).
various stakeholders, including teachers
in school governance and decision- Challenges of Financial Management
making processes such as finance related in Schools
matters (Chaka 2008). The educational reforms in the field of
education posed various challenges
Financial Management Functions of related to financial planning, financial
School Principals reports and financial controls. Barasa
In schools, the principals are part of the (2009) recognized that efficient manage-
school’s financial management ranging ment of financial resources is an impor-
from resource management to the tant task for school principals. As leaders,
accounting of financial utilization. Hence, they are often confronted with the tasks
the school shall plan the budgetary requi- to ensure that financial resources are
sites which shall cover budgeting, setting made available to run the different
objectives, managing human resources, departments of the school (Cole and
time setting, purchasing of learning Kelly, 2011). Most important to these
resources, and the relevant costing. All tasks, according to Miriti and Wangui
these are being overseen by financial (2014), the principals are expected to set
 Skyline Business Journal, Volume XIII-Issue 1-2017-2018 Page 36

the funds available to support instruc- Schools. These are persons who head any
tional needs of teachers and students of the public school secondary schools in
required in the teaching and learning the Division of General Santos City.
process. Funds could be used to purchase
apparatus such as chalks, textbooks, pay Teachers’ Perspectives. This refers to
the support staff and build or improve what teachers do as teachers and why
infrastructures (Mito and Simatwa , they think such actions are worthy and
2012). Moreover, learning achievement justified considering these areas in teach-
and engagement in all levels which is ing Transmission, Apprenticeship, Devel-
anchored on the curriculum have been a opmental, Nurturing, and Social Reform.
top priority of schools and are key areas Each perspective is a competent of
in strategic planning. However, some complex web of actions where each formu-
areas including property, health, as well late it owns set for criteria used for assess-
as safety-related costs were funded even ment and evaluation. They determine the
if it would affect the allocation for curricu- teachers’ roles and self-images as
lum. Generally, schools need to operate reflected in their practices.
using a conservative approach consider-
ing the budget at hand (Theodotou, School Financial Management. This
2014). This implies that innovative pertains to the relationship between
approaches may slowly be integrated in school financial management manifested
the development of national frameworks in the performance of management
and other related legalities concerning actions (regulatory tasks) and the
curriculum. This premise suggests that financial aspects of schools for an author-
school leaders should be highly strategic ity to achieve the set goals.
and responsible in the operationalization
of their tasks. Methodology
.
Definition of Terms Research Design
The following terms are defined to give This study utilized a phenomenological
the readers clearer understanding of the approach, an appropriate qualitative
study. method which according to Creswell
(2015) supports the analysis of the teach-
Financial Management Practices. It ers’ perceptions, attitudes, understand-
involves financial planning and budget- ing, knowledge, values, feelings and
ing, financial accounting, financial analy- experiences about financial management
sis, financial decision making and action. practices of the school heads while they
Financial management includes review- perform their instructional role.
ing, forecasting and building of and
budget control and monitoring. In this Interview and Focus Group Discussion
study, these practices refer to the capac- were used to invite the key informants to
ity of a principal to manage financial share their conceptions, insights and
resources to help teachers work with analysis of their instructional roles
stakeholders and practice instructional while their principals manage the
competencies to meet the ever-changing finances of the schools. Interview
needs of the community in general with questions were crafted using the
respect to identified responsibilities in questions stipulated in line with the
the context of the school. dealing with the experiences, challenges
and the insights of key informants’
School Principals in National High instructional roles while their principals
Page 37 Skyline Business Journal, Volume XIII-Issue 1-2017-2018

A total of 11 key informants were asked to

manage the finances of the schools. participate in this study, of which are five
women and six men. All the key inform-
Role of the Researcher ants currently teach in government
As a researcher, I took time to conduct schools in General Santos City. There is
this phenomenological - based research only one teacher whose teaching experi-
that included interviews and focus group ences reached eight years. Five teachers
discussion. I established good level of have taught from 10 to 15 years. Five
rapport and empathy to gain depth of have 16-20 years of teaching experiences.
information from key informants. They were selected as participants to this
dissertation because of your teaching
The key informants shared their concep- experiences that relate to how financial
tions, insights and analysis of their practices influence their teaching roles.
instructional roles while their principals The ideas expressed by these individuals
manage the finances of the schools where were used to sort out issues, insights and
the participant has a strong personal perceptions related to the financial
stake. management practices of their school
head. For purposes of confidentiality, the
Analysis of this phenomenological participants were given assumed names.
research was generated from volumi- One focus group discussion was
nous interviews, recordings and other conducted with six participants, three
documented data from key informants women and three men. All of them came
who shared their conceptions, insights from the same locale and were uniformly
and analysis of their instructional roles chosen to become key informants. The
while their principals manage the teaching experiences of the focus group
finances of the schools. Analysis of the participants ranged from 15 to 20 years.
gathered data does not only fall under
specific criteria which could be interre- These individuals revealed to me during
lated through discussions and observa- the conversations I had their experiences
tions. Coding pertains to the naming and that relate the influences of their school
categorizing of the examined data heads’ financial management practices to
(Denzin and Lincoln, 2011). their teaching roles. I utilized the snow
ball sampling method suggested by Mack,
Data analysis is verified through the Woodsong, et.al (2005) and with this
generalizability, the reliability, and the method.
validity of findings. Generalizability
pertains to how data can be generalized, Referrals and recommendations from
the constant of the results is the nature of them were used to get more informants. I
reliability, where validity refers to how did not encounter so much difficulty in
the objectives of the study have been arranging the meetings with the recom-
realized. Halkier (2011) stressed that mended informants because my
verification must be observed in the colleagues facilitated the collection of rich
course of the study and before the information. I was provided with trust by
findings. Researchers however may these people who somehow had some
choose to perform generalizability, connections with the referrals I met.
reliability, or validity through the
research process stages. Data collection
The data collection method used for this
Research Participants research includes focus group discussion
 Skyline Business Journal, Volume XIII-Issue 1-2017-2018 Page 38

and one-to-one interviews. Both processes

involve the generation of large amounts of Results and Discussion
data. Records made after what is said and
done during an interview or focus group Teachers’ Experiences in performing
were taken down with handwritten notes. their roles while school heads act
The audio-recording of the data collection as financial managers
was transcribed in verbatim before data From the data collected on the experi-
analysis began. Data reduction was done ences of the participants, five main
to the data transcribed from all themes emerged. These themes are:
interviews that were audio-recorded School Head needs financial acumen;
using through time-consuming approach There are efforts at financial transpar-
that involved multiple playbacks of every ency; Needs for resources and materials
documented interview at a convenient are unmet; Stakeholders are Involved in
pace to make me keen on emerging data financial planning; and Teachers keep an
in an intrapersonal and reflexive eye and claim their stake on school
(sometimes unconscious) recognition of resources.
the emerging patterns in the data. Data
display is evident as the themes gener-
ated out of the data gathered were
confronted with research questions and
were identified as major themes. The
table presents those major themes
opposite the core idea from the partici-
pants’ responses. Conclusion drawing and
verification allowed me to point in the
study the development of the preliminary
ideas and patterns of the findings.

Ethical Considerations
In doing this qualitative research, the
following ethical concerns were carried
out: anonymity, confidentiality and
informed consent.

According to Stake (2010), the nature of

confidently is not definite since it involves
inputs from the outcome the may be
expected from the research.
Table 1. Themes generated from the
Clarifications included the following Experiences, Challenges and
issues: the nature of the study, the partici- Insights gained by Teachers based
pants’ potential role, the identity of the on School Principals’ Financial
researcher and the financing body, the Management Practices
objective of the research, and how the
results will be published and used. School Head needs financial acumen
Informed consent naturally requires School heads should be fully equipped
ongoing negotiation of the terms of agree- with skills in financial management since
ment as the study progresses. they are the primarily the accounting
Page 39 Skyline Business Journal, Volume XIII-Issue 1-2017-2018

officers in their schools (Ada,2008). about their roles to ensure that school
Responses from the eleven key inform- financial management responded to the
ants about the policies of Department of instructional needs of the school. Sharing
Education on financial transparency, include the need to use finances so 21st
accountability and responsibility revealed century techniques are applied in condu-
that financial acumen of school heads has cive environment and avoid shortage of
to be a learned skill. testing materials due to financial
constraints. School finances are used for
The principal as financial managers in a the day-to-day running of the organiza-
school are responsible for budgeting, tion. It is of paramount importance to
implementing budgetary plans, control- note that every school manager or head
ling the implementation processes and teacher needs to plan the school budget
reporting the results (Kwaghbo, 2008). either termly or annually to achieve
The concept of financial management in a optimal school objectives and for the
school includes accounting system of a effective management of finance. Accord-
school whose aim is to provide prudent ing to Thenga (2012), responsibility of the
control and proper accountability of all school administrator is to ensure the
funds received in a school. Its mandate is availability of funds to enhance better
to provide accurate, current and complete learning and teaching. According to
disclosure of the financial status of a Ngubane & Xana (2010), principals as
school (Amenyah, 2009). chief accounting officers of their respec-
tive secondary schools are supposed to
There are efforts at financial trans- generate funds internally to run their
parency schools as well as ensure that funds
Key informants were asked to share how provided by stakeholders are properly
their school heads take the initiative to managed.
disclose financial information to the
constituents. Almost all the informants Stakeholders are involved in finan-
mentioned the transparency board and cial planning
the conduct of meetings to share the Teachers from the identified schools to
information and receive feedback too. participate in this study expressed their
Financial management being the process opinions and take up greater responsibil-
of planning and utilization of school funds ity for decision-making for financial
should provide policies and procedures, planning. Teachers became more like
rules, regulation and guidelines on how partners rather than employees. Stake-
best the school funds can be planned for, holders share with the principals’ respon-
deposited, withdrawn and pay for goods sibilities in sourcing for school funds,
and service. This will ensure money is planning, budgeting implementing and
spent for the right purpose (Mungazi, evaluating utilization of resources for
2012). Financial management is required development of their school. (Endale,
and it is critical in a school in order to 2011). The success of any educational
instill good governance, accountability program depends on how schools manage
and transparency in dealing with public and utilize their financial, material and
funds. (Simatwa, Mobegi and Ondigi , equipment effectively and efficiently
2012). (UNESCO, 2013). The collaboration with
internal stakeholders, like teachers,
Needs for resources and materials pupils and other staff members, as well as
are unmet external ones such as parents, local
Key informants were asked to share government, school council members is
 Skyline Business Journal, Volume XIII-Issue 1-2017-2018 Page 40

important in highly decentralized educa- the school, they could be motivated to

tion system. foster varies projects and programs that
are financially viable and are responsive
Teachers’ coping mechanisms while to student development.
school heads assume Financial
Management roles Being resourceful and creative
The data concerning the coping mecha- Key informants of this study stressed that
nisms used by the teachers as key inform- the financial constraints did not at all stop
ants of this study were gathered from the them to become resourceful and creative
interviews and focus group discussion. to ensure they manage teaching – learn-
Results could be summed up with these ing process better.
themes: Being keenly engaged and
involved; Being resourceful and creative; Lyons (2012) added that teachers can
and Establishing connection and links. provide useful tasks without needing
Results relate how teachers need to exert access to expensive resources. Teachers
efforts to transform themselves into exem- can make use of the available resources so
plary educator preparation institutions, that learning, although a complex
many programs are becoming more entre- activity, involves interplay of students’
preneurial, recognizing new opportunities motivation, physical condition, teaching
and making changes required to respond resources, skills of teaching and the
to the needs of 21st century learners. curriculum. All these play a vital role in a
student’s development.
Being keenly engaged and involved
The key informants of this research Establishing connection and links
highlighted the need to be keenly involved Key informants mentioned that lack of
in the financial management activities in financial resources could be remedied if
the school to ensure quality teaching and stakeholders could be asked to consider
learning process. Today as never before, directly supporting the development of the
the society’s challenges demand educa- financial operations and management in
tional excellence so that teachers could schools. In respect to the availability of
adequately prepare all students with the the available resources, the after-school
essential 21st century knowledge and program considers the set budget and may
skills necessary to succeed in life, career be disregarded in the presence of more
and citizenship. important priorities. The presence of
other stakeholders including parents,
Mandell and Klein (2009) noted how teachers, etc. allows a comprehensive
effective decisions with all of their view on all possible aspects which may be
financial resources motivate teachers to overlooked by the school officials in the
still teach with competence despite decision0making process which estab-
financial constraints in the school setting. lishes a sound and impartial check and
Teachers’ involvement in these practices balance system (Koross & Waithanji,
helps school leaders to follow the ongoing 2009).
roadmap to realize the holistic function of
the school in valuing the ideas of its stake- Insights of Teachers about the Way
holders in the community (Akpakwu, school heads handle school finances
2008). When teachers express their Insights from the experiences and
interests and support to the programs of challenges that teachers encountered
Page 41 Skyline Business Journal, Volume XIII-Issue 1-2017-2018

while performing their teaching roles with tasks as its absence may impede the
limited financial resources that school realization of the tasks of schools. Accord-
principals utilize generated these themes: ingly, Cole & Kelly (2011) stated that the
Consider stakeholders as indispensable very essence of the control function of
partners; Facilitate preparation and management lies in measuring the perfor-
planning; Encourage imaginative alterna- mance in consideration of set standards
tives; Handle school finances credibly and and objectives and by allowing the use of
plausibly; and Perform function with corrective actions in the operations.
caution and prudence.
Encourage imaginative alternatives
Consider stakeholders as indispensa- Financial management experiences
ble partners strengthened cooperation among schools
The involvement and role of each stake- through the sharing of best practices.
holder will be based on national circum- Such allows concerned stakeholders in the
stances, educational systems and culture effective implementation of their financial
but the stakeholder’s responsibility and education strategy by integrating
accountability must be first establishment previous experiences in recognized
prior to the implementation of school efficient practices.
projects.
All the responses opened the opportunity
According to Adams (2010), community to use such information to satisfy the
schools may be responsive to economic- concerns of not only internal management
related challenges through the sharing of but also external stakeholders. The
responsibilities, expertise, and account- resources available to education institu-
ability. These collective experiences may tions impacts significantly on the quality
be of help in improving their own localities of its services (Ekundayo, 2010). Financial
and communities. Collaboration matters resources are important organizational
greatly in school reform. Leadership resources. No organization has ever
structures with top-down and bottom-up succeeded without financial resources.
communication flow make it possible for
stakeholders to push back and negotiate Handle school finances credibly and
to meet both community and district goals plausibly
(Chapman, 2008). The interview results together with the
focus group discussion data introduced
Facilitate preparation and planning how principal’s spending practices need to
Teachers during the interviews and the be anchored on measures to enhance
focus group discussion mentioned that accountability and transparency. Accord-
financial management is pivotal in the ing to a study by Wango and Gatere
context of school management. (2012), school management and school
heads are responsible for demonstrating
Financial management was appreciated accountability and transparency and
as long as planning and preparation on delegating financial responsibility.
the utilization of resources to attain
monetary value in the school. Barasa Sound fiscal management is not only
(2009) highlights the need for head teach- significant but also requires collaborative
ers to integrate efficient financial focus and efforts. Wushe, Ndlovu &
resources management in their respective Shenje (2014) maintained that concerted
 Skyline Business Journal, Volume XIII-Issue 1-2017-2018 Page 42

efforts by school principals, school develop- regards to the financial management roles
ment committees and other stakeholders of their school heads based on their
such as community are required for insights and perceptions as well as the
proper decision making and proper use of constructs which emerged from the
school resources. The authors noted that information gleaned through in-depth
administrators in secondary schools in interviews. To enable the principals
Harare lacked financial skills needed for manage financial resources more respon-
prudent management of school funds. sively to the performance and instruc-
tional needs of the teachers, it would be
Perform function with caution and very crucial if school leaders get a
prudence continuous boost of their own profes-
Responses from the key informants sional development through the acquisi-
revealed that education service delivery tion of skills focused on their ability to
ought to pay attention to basic budgeting effectively management the resources of
tasks such as accounting procedures that an academic institution. The data from
reflect the true financial position of the the key informants were found to be
school. As such, managers were less similar and analogous.
committed to their organization. The
study however did not explicitly explain References
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