This article used qualitative research method to arrive at an in-depth understanding of the functionality of financial committees in schools as required by the Department of Education. Data was collected through semi-structured interviews and document analysis with principals, finance officers, chairpersons, and treasures. Content analysis was used to analyse the data. The findings revealed that there are no finance committees and financial policies in schools. In case where there is financial committee it was not operating as expected as members were working individually and not collectively. This was attributed to a lack of knowledge on policy and legislation for financial management. The study recommends that the school which does not have the finance committee should establish such a committee as matter of urgency because it is mandated by the policy. Circuit officials charged with school governance must enforce the policy and legislative mandates relating to financial management by helping the schools in the formulation of such committee. Members of finance committee must be thoroughly trained to execute their functions as it is evident that they are not performing their functions accordingly. The study further recommends that parent members serving on the finance committees must be paid a stipend as it was evident that some of them value their livelihood more than participating in the committee.
Citation: Kgabo Johannes Dibete, Onoriode Collins Potokri. The functionality of finance committees in no-fee schools of Limpopo province, South Africa[J]. National Accounting Review, 2021, 3(3): 256-271. doi: 10.3934/NAR.2021013
This article used qualitative research method to arrive at an in-depth understanding of the functionality of financial committees in schools as required by the Department of Education. Data was collected through semi-structured interviews and document analysis with principals, finance officers, chairpersons, and treasures. Content analysis was used to analyse the data. The findings revealed that there are no finance committees and financial policies in schools. In case where there is financial committee it was not operating as expected as members were working individually and not collectively. This was attributed to a lack of knowledge on policy and legislation for financial management. The study recommends that the school which does not have the finance committee should establish such a committee as matter of urgency because it is mandated by the policy. Circuit officials charged with school governance must enforce the policy and legislative mandates relating to financial management by helping the schools in the formulation of such committee. Members of finance committee must be thoroughly trained to execute their functions as it is evident that they are not performing their functions accordingly. The study further recommends that parent members serving on the finance committees must be paid a stipend as it was evident that some of them value their livelihood more than participating in the committee.
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Kgabo Johannes Dibete, Onoriode Collins Potokri. The functionality of finance committees in no-fee schools of Limpopo province, South Africa[J]. National Accounting Review, 2021, 3(3): 256-271. doi: 10.3934/NAR.2021013
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