Fiscal Management in Education

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Excerpts from a lecture by Dr. Lourdes D. Servito

Financial Priorities for School Leaders

(Based on Ann McCamy’s book, “Financial Priorities — Straight Talk to School Leaders”)

1. Establishing a clear financial focus — alignment between school’s mission and school’s finances.

2. Ensuring financial integrity — through proper control on behavior.

3. Resourcing people resources — by focusing on the talents, abilities, associations, and passions of the entire school family.

4. Financial Accountability — to promote financial effectiveness.

Four types of financial  accountability:

a. operational accountability

b. fiscal accountability

c. employee accountability

d. personal accountability

5. Developing Teamwork and Innovative Strategies — Example: creating fund- raising

6. Establishing a Resource Management Program with committees on Information and Advocacy, special events, documentation, database, and project implementation and monitoring.

7. Financial Report Card — to analyze the details of income flow and expenditures.

8. Financial Strategic Planning

9. Communication to all concerned

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