Funding Patterns and Financial Management Practices in Public and Private Secondary Schools, Delta State, Nigeria

Abstract

This study examined funding patterns and financial management practices in public and private secondary schools, Delta State, Nigeria. This study is a descriptive survey of the ex-post-facto research design. The study population consists of two thousand and nine (2009) principals in public and private secondary schools in Delta State. Using stratification sampling technique 248 principals representing 12.3% of the entire population were sampled. A self-developed questionnaire with the title Funding Patterns and Management Practices Questionnaire (FPMPQ) was utilized for the study. Mean rating and SD were used to answer research questions why hypotheses were tested using t-test at 0.05 significance level. Finding revealed that public schools tend to rely on government funding, while private schools heavily depend on tuition fees. Both types of schools receive support from individual and corporate donors, engage in fundraising activities, and benefit from parent-teacher associations. Special education funding and student activity fees are also important sources of funding for both public and private schools. It was also found that both public and private schools employ budgeting, financial forecasting, expense control, financial reporting, internal auditing, revenue generation, and cash flow management as financial management practices, with general agreement. Accordingly, it was recommended that both public and private schools should prioritize building strong financial management capabilities. This includes training staff members responsible for financial management on budgeting, financial forecasting, expense control, financial reporting, internal auditing, revenue generation, and cash flow management.