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  • How was the policy derived?
  • Is it reviewed regularly? [explain]


  • Is the funding received from the state sufficient?


  • Is your school ranked in the correct quintile?
  • Do you track the expenditure of Norms and Standards via a commitment register?
  • How much are your annual school fees and what is the

collection rate [bad debt factor]?


  • Are parents aware of the DoEs exemption policy?
  • Are there mechanisms in place to track school fees collection?


  • Explain how your school budget is drawn up?


  • What is your role in the budgetary process?
  • Are all stakeholders involved in the process?
  • Is a budget variance maintained to monitor expenditure?

5.the role of the school governing body

  • Does the school have a legally constructed finance committee?


  • Who serves on the FINCOM?
  • How often does the FINCOM meet?
  • Provide minutes of the meeting of the FINCOM?
  • Does the school have the necessary personnel to perform the required financial functions/duties?


  • Do the school have a finance officer/ bursar?
  • Who serves as the treasurer of the school?
  • Who are the signatories to the school fund account?

6.the role of staff

  • Indicate the aspects of financial management in which the staff are involved?


  • What is the role of staff in budgeting?
  • Do any staff members sit on the FINCOM?
  • What, if any, assistance is given by the Business, Commerce and Management [BCM] Head of Department [HOD]and the accounting teacher/s?

7.records and register

  • Are the statutory records [books of account] and registers

[Assets; Stock&LTSM] adequately maintained?


  • By whom?
  • Are monthly bank reconciliation done?
  • Does the school maintain petty cash?
  • Does the school conduct the annual Board of Survey?

Accountability and transparency

  • How are stakeholders kept informed about the financial

standing of the school?


  • Are the monthly statements of receipts and payments; Bank Statements and Bank Reconciliation Statements submitted to the DoE?
  • Are quarterly Statements of Receipts and Payments presented to the School Governing Body?
  • Are annual financial statement audited [by a reputable auditor as specified in SASA and presented to the parent body as well as submitted to the DoE timeously]?

Financial management training

  • Has the DoE provided you and/or your SGB adequate training on managing the schools finances?


  • Have you been inducted after you assumed duty as a principal?
  • Did the induction include aspects of Financial Management?
  • Are you sufficiently equipped and qualified to perform your financial management role function as elucidated above?
  • Do you have any other academic or professional qualification?
  • Do you think you are adequately trained / capacitated to manage the schools finances?
  • Do you receive from your Superintendent of Education?

10.time management

  • As the instructional leader, do you teach [any subject] and if so how many hours per week do you spend in the classroom?


  • Approximately what percentage of your non-teaching time [NTT] is allocated to financial management?
  • Is financial management as “a needless added responsibility”?
  • Are you able to delegate some of you financial management responsibilities to members of the School Management Team?


  • Comment on Team Work and ability and/or willingness of the SMT to assist.
  • To what extent is the SGB able to assist in the financial management of the school?

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Source:  OpenStax, Financial management of schools. OpenStax CNX. Nov 16, 2009 Download for free at http://cnx.org/content/col11137/1.1
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