Fiscal Management in Education
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