OLEH:YAYAN ANDRIAN

Financial management in education relate to abroad set of management tasks concerned with planning and controlling what the institution does. It is concerned the acquisition and allocation of financial and real resources and with using budget to plan and control the deployment of real resources

(Levacic, 1989) management activity which is concerned

with the planning and controlling (Pandey, 1995)

The central purpose of financial management in educational institutions is the raising of funds and ensuring that the funds so mobilized are utilized in the most effective and efficient manner. This is based on the fact that resources are scarce and so heads of educational institutions should ensure optimal utilization of funds

A second purpose of financial management in educational institutions is to assist educational managers and administrators to keep a record of their stewardship in financial matters for the benefit of the government, the proprietors or the governing council of the institution. It is, also, the supervision of cash receipts and payments and safe guarding of cash balance(Ajadi T. O, no date)

The procurement and raising of funds. The allocation o f financial resources to

different educational institutions. The effective utilization of funds. Supervision of cash receipts and

payments. Safeguarding of cash balance.

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