EVALUATION OF PRINCIPALS’ FINANCIAL MANAGEMENT PERFORMANCE IN SEVENTH-DAY ADVENTIST SECONDARY SCHOOLS IN NORTHERN MALAWI
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Date
2017-05
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Abstract
The purpose of this study was to evaluate principals’ financial management
performance in accounting and budgeting in Seventh-day Adventist (SDA) secondary
schools in northern Malawi. The study used descriptive comparative research design.
It was guided by Responsibility Centre Management theory and Accounting model of
double entry. It compared principals’ financial management performance when
grouped as boarding and day Adventist secondary schools. Eighty respondents
including sixty-five teachers, five principals, five registrars and five business
managers participated in the study. Data was collected by the use of questionnaires
and face-to-face interviews. Cronbach’s reliability coefficient of the questionnaire
was 0.619 for accounting and 0.707 for budgeting. Quantitative data was coded,
treated and analyzed using Statistical Package of Social Sciences (SPSS). Qualitative
data was subjected to content analysis. Whereas there was a significant difference in
principals’ financial management in accounting, there was no significant difference in
budgeting in SDA boarding and day secondary schools. Other findings were:
principals lack adequate training in financial management, principals are weak in
accounting and budgeting and that they do not submit monthly financial reports to the
Union Office. The study concluded that principals do not have a sound knowledge in
budgeting and accounting; principals do not submit monthly financial reports to the
Union Office and that; there are no finance committees in some schools.
Recommendations were that principals should be regularly trained in financial
management; principals should be required to submit monthly financial reports to the
Union Office; and that finance committees be established in the schools. A similar
study in secondary schools in other regions of Malawi and a study on the establishment of
alternative income generating projects and their viability are recommended.