Factors influencing board of management competence in financial management in public secondary schools in Nakuru-north district, Kenya
The purpose of this study was to investigate factors influencing competence of Board of Management in financial management in public secondary schools in Nakuru North District, Nakuru County. The study was guided by the following specific objectives: to establish the extent to which BoMs level of education influence their competence in financial management, to establish the extent to which in-service trainings of BoMs influence their financial management abilities, to establish the extent to which BoM occupation influences their competence in financial management, to establish the extent to which experience as School Managers influences BoM competence in financial management and to examine the challenges facing the BoMs in financial management in secondary schools in Nakuru North District. The study was carried out in public secondary schools in Nakuru North district. Descriptive survey design was used for the study. The study targeted members of BoM, principals and the district school auditor in the district. The District has 27 public secondary schools out of which 14 schools were studied. Out of the targeted 85 respondents (70 BoM members, 14 principals and one District schools auditor), 80 responded (65 BoM members, 14 principals and one district schools auditor), giving a response rate of 94%. Purposive sampling technique was used to sample the respondents for the study. Questionnaires and interview schedules were used as instruments for data collection. Questionnaires were used to collect data from the principals and members of BoM while the interview schedule was used to collect data from the auditor. The study found that level of education affect the competence of the members of BoM in financial management to a very large extent as indicated by 38% of the respondents. It was also found that in service training affects the competence of BoM to a very large extent as indicated by 48% of the respondents. It was further found that occupation affects the competence of BoM in financial management as indicated by 54% of the respondents. Experience was another factor found to affect the competence of BoM as indicated by 91% of the respondents. The findings from the correlation analysis showed that the competence of BoMs was influenced by their level of education, in-service training, occupation and experience. This was evidenced by the fact that each of the variables correlated with the competence of BoMs with correlation less than 0.05 at 95% confidence level. The challenges facing BoM competence included: dishonesty among principals, vested interests, political interference, irregular and delayed disbursement of funds by the government, inadequate or lack of training in financial management, lack of strategic plan in financial management, lack of mentorship programmes and lack of clear policy on financial management in public schools. The study concluded that the competence of BoMs in financial management in schools in Nakuru North District have been influenced by the level of education, occupation, in-service training and experience as school managers. The study recommended that majority of members of the BoM should have post secondary academic qualification and be trained in financial management. The researcher suggested that another study be done to evaluate the adoption of the use of technology and advanced accounting systems in the management of finances in secondary schools.