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A CRITICAL ANALYSIS OF SCHOOL PRINCIPALS’ COMPETENCE IN FINANCIAL MANAGEMENT IN KENYA: ACCOUNTABILITY IN EDUCATIONAL PLANNING AND MANAGEMENT
Abstract
This critical analysis seeks to explore the competence of the school Heads in Financial Management in Kenya. Competence is acquired through training and experience. On the other hand accountability is a moral issue acquired through schooling, theory and practice. It is believed that schools whose finances are well managed determine the overall performance of the school. In contrast, principals who involve themselves in misappropriation of funds, wastage, incompetence and are not responsible lacks moral authority in their duties and fails to achieve the set goals of the institution.
The objective of the study was to analyze the principals’ competence and professionalism in managing school funds. The concept of financial management is critical in schools because it facilitates planning and utilizing of school funds economically and for the intended purposes. Principals in Kenyan schools are chief executive officers (CEO) as well as accounting officer who executes all school development plans and, he/she implements and controls school budgets.
School administration realizes that school has an aspect of a business. As an investment, it aims at maximizing profit and wealth of the stakeholders- the students and parents which would pay dividends to the investors. The concept of accountability in a school tracks records and monitors the element of honesty and responsibility in using and spending school funds.
Keywords: Competence, Financial Management, School, Accountability.