Financial Management Problems in Schools
Budget reform in the school systems is a perennial issue of political discussion and debate. A school's payroll consists of teachers, custodians, security and administrative staff. All are necessary for the school to function properly. A school's financial issues could have a negative impact on their ability to educate students and determines the quality of the teachers they are able to hire.
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Payroll and Overtime Pay
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Systems should be set in place to make sure teachers and custodial staff don't engage in unapproved overtime practices. The principal must approve these hours so they can track the school's payroll to make sure they aren't going over the budget in this arena. All staff should be encouraged to use he hours available in the regular work day to complete work.
Student Programs
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Extracurricular activities available at school, such as student counsel, library programs, and clubs, like chess, future homemakers of America, and future farmers of America give students extra incentives to be involved in their educations. These programs inspire them to follow career paths that they may be introduced to that they had never considered before. These programs cost schools money to keep going. It's easy for a principal to over approve for programs with star students or that have potential to bring recognition to the school. Program expenses can be offset by student organized fundraisers.
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Student Events
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Another issue that can inspire financial mismanagement in schools are school events such as football games, cheerleading events and other events the school sponsors whose value to the school can be over inflated. There is a tendency by schools to look to the boosters to donate funds for these types of events. These events are fundraisers in themselves. They are also marketing tools that raise awareness about schools.
Valued Assets
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Computers, security equipment and televisions must be documented and regulated. At any given time, a responsible party should know where these assets are so that they don't walk out of the door, which would cost money for the school to replace. Tracking and control of items such as these and laptops are at high risk for theft.
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References
Resources
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