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FINANCIAL MANAGEMENT (South African School Act (SASA) (SGB (Accountable…
FINANCIAL MANAGEMENT
South African School Act (SASA)
SGB
Accountable for school funds
Establish school funds
Prepare budget annual budget
Collect and administering schools fees
Financial records
Appoint the auditor
Supplementing school resources
Principal
Adhere to department directiveness
Have human rights and responsibilities
Responsible for professional management of the school
Manage school finances
Clarify implementation of legislative
Responsibilities and rights explained in the legislative
Support and provide assistance to the SGB in terms of funds
Assist SGB with issues related to financial management
Circulars or memorandum
National norms and standard funds
The state fund the public schools
School funding based on quantiles
Generate funds from fundraising
SGB granted powers to spend, state subsidies for purchasing of learner and teaching materials, paying services
Public Finance Management Act(PFMA)
Principal
Accounting officer
Accountable to HOD for subsidy from the state
Ex officio
Member of the SGB
Ensures 50% allocated to learning and teaching support materials
50 % for services and maintainance
Training to be provided for financial management
Give assistance to the SGB concerning finances
SGB
Set guidelines for self managing and governing schools
Determine financial school policies
Decentralization allowing different capabilities and in equality of power
Administering and controlling school property buildings and grounds
Circular clarifying implementation of legislation
Managing the public school finances
Financial school management
School managers need to be trained
Attain financial skills
SGB responsible and accountable for funds
Budget supposed to reflect educational objectives
Internal financial should be ensured
Budget policy
Income policy
Financial committee
Financial reporting
Income receipted and recorded
Financial policy developed
Allocated money expenditure
12% of maintainance and repair
60% Leaner support material
28 % payment for services
Educational Law Amendment Act (ELAA)
Principal
Responsible for the management use of learning supporting materials
Safe keeping of school records
Assist the SGB functions relating to financial management
Represent the HOD
Prepare and submit to the HOD the annual report of academic performance
Undertake professional management of public school and ensure educational curriculum activities are implemented
Attend and participate in all SGB meetings
SGB
Little expertise in fulfilling in the financial functions
Manage school funds
Get advice from the principal
Ensure the drawing of financial policy and management procedures
School fee exemption
Exemption granted to poor parents not to pay school fees
Time consuming to apply for exemption
Parents keep children at homes unable to pay transport and textbooks
Higher the school fees, greater the number of parents exempted
White school receive free exemption
No formal requirements in determining the budget
Quantile 1 and 2 not allowed to charge school fees
No fee school extended to quantile 3
Quantile 4 and 5 schools receive minimal subside