Abstract
M.Ed.
School-based self-management schools, has become the main concern for the provision of quality education, especially during this transitional period. This has prompted emphasis on whole school development. This minidissertation thus is mainly focused on financial management as an aspect of school management. Since the concept of financial management is broad there has been a need to focus on its components, which would help reveal its importance. Budget, which forms the main core of this investigation, has been identified as one of the components of financial management. Due to the current financial climate in South Africa, the responsibility for financing education is shifting increasingly to the private sector and business and parent communities in particular.
Consequently, schools have to generate more funds to supplement state resources. These funds are administered and managed by school-based managers. Furthermore this concept enhances the two aspects of financial management identified in this regards school fees and co-operative school governance. A legislative perspective of school fees was intensively investigated. Also a legislative and literature view of co-operative school
governance was intensively investigated. Findings of this mini-dissertation, which emanate both from the literature review and empirical analysis of this mini-dissertation revealed the importance of financial management as an aspect of whole school development. This study has further proved that co-operative school governance enhances transformation, partnership, accountability and ownership of schools by
communities. Also, the investigation of financial management as an aspect of school management has revealed its impact on whole school development. The recommendations, which were based on the findings of the study, emphasise the importance of budget, budget control, accurate system for recording financial transactions, financial information and audited financial statement. Also the recommendation to pay school fees by parents who are liable to supplement the resources provided by the state was made. The study therefore, serves as an indication of the importance of budget in financial management, especially in our present day. Summarily, this implies that this research work, based on a pertinent issue such as financial management has proved to be of significance, not only to the researchers, but
also to stakeholders. It is evident therefore that, this study will not only be beneficial to a small area, but to quite a wide area. It's value lies in it's intention, which is whole school development.