Financial Management Practices of Small Private Basic Education Schools: A Case Study

The study described the financial management practices of Small Private Basic Education Schools as a basis for the proposed Enhancement Plan to improve the financial management practices of school respondents. Participants of the study were the financial managers of six (6) small private basic education schools. Following the case study approach of qualitative research design, semi-structured interview was used to determine the commonalities, differences, and unique practices in terms of the different areas of financial management such as cost management, cash management, asset management, revenue generation management, fundraising management, and debt management. The financial management practices of small private basic education schools were revealed in the following identified themes from the six areas of financial management; A. Cost management: 1. Needs-based budgeting; 2. Cost-Cutting; 3. Bunot-Bulsa or Out of pocket; and 4. Nepotism; B. Cash Management: 1. Lenient Policy Implementation; 2. Unconventional recording of transactions; C. Asset management: Short-term savings; D. Revenue Generation management: 1. Post Implementation Assessment; 2. Customer-based Economy Pricing and Incentive; E. Debt Management: Immediate Settlement of liabilities; and F. Fundraising management: Resource Mobilization. These findings led the study to propose enhancement on the adaptive financial management practices of the school respondents to equip them with relevant skills and knowledge on financial management. Recommendations include adding basic accounting or book keeping and basic financial ratios in financial management course in the graduate education program of Educational Management. Moreover, private schools organization could also provide enhancement program on financial management skills of school heads, financial managers, and other key personnel.