The Basics Of Managing Finance In Educational Institutions

Aspects of financial management that are relevant to educational institutions comprise the content of the book, which has been divided into five chapters. The first chapter is about the sources of funds and mobilization of resources. In this chapter, first the sources of funds available for educational institutions (schools, colleges and universities) have been described. Thereafter, the focus is on the inadequacy of public funds and the ensuing need for mobilization of resources in educational institutions. Following this, the means for resource mobilization have been elaborated. Finally, the need for ethics in resource mobilization has been highlighted. The second chapter is on accounting. It introduces the reader to the basics of maintenance of accounts. It includes discussions, in a stepwise manner, on the procedures of maintaining accounts as per the generally accepted accounting principles. First the need for accounting, thereafter the major concepts and conventions of accounting, and then the processes involved in accounting have been presented. The third chapter is on auditing. It includes content focusing on the concept of auditing and its importance, the techniques of auditing, internal auditing, audit programme and audit report. The fourth chapter on budgeting includes deliberations on the definition of budget and its importance, types of budget, approaches to budgeting including the modern ones, process of budgeting and budgetary control. The fifth chapter focuses on two important aspects of financial management—utilization of resources and monitoring financial transactions. The chapter is about the basic framework of financial management. Highlighted in this chapter are general principles of financial management as well as certain precautionary measures that are to be adopted so as to ensure that the financial resources of the institution can be safeguarded and expended in a judicious manner.