Internal Financial management practices in selected senior high schools in Ashanti region a comparative study of some selected schools in Mampong municipal area in Ghana

Abstract

The main objective was to look at/examine the part play by internal financial management in the smooth administration of the selected Senior High Schools within suburb of Ashanti Region. Data were mainly Secondary type and have been gathered from the financial report / statement, of the selected Schools in Ashanti Region. These include the income statement, financial position or balance sheets for the period of four years (2012 to 2015), main cash books, journal and students bills. Primary data was used as complementary through discussion with management, senior house masters and some other heads of departments of the various Senior High Schools. Descriptive and quantitative methods of data analysis were both used. The main sources of funds to the targeted Schools were internally and externally generated funds which include Government of Ghana grants (GoG), School Fees (IGF), GET Funds/HIPC, Scholarship and PTA dues. However, the results have indicated that the major sources of income to the Schools are Government of Ghana grant (GoG) and internally generated funds. Despite that, other sources of income to the Schools are Parent-Teacher Association dues, personal emolument and GET Funds. The analysis of forms of expenditure revealed that expenditure of internally generated funds (IGF) is the leading component of total expenditure apart from Government subsidy expenditure at St. Monica‘s Senior High School and Nsutaman Catholic Senior High School .The findings indication that the major expenditure component of Nsutaman Catholic Senior High School is Government of Ghana grants. The discovering on analysis of total income, total expenditure and surplus /deficit revealed that both the Schools recorded some surplus year by year. The annual surplus, however, of St. Monica‘s Senior High School was excessive ranging from 1% to 59% of total annual income.