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EVALUATION OF FINANCIAL MANAGEMENT PRACTICES OF PROVOSTS OF FEDERAL COLLEGES OF EDUCATION IN NIGERIA

ABSTRACT 

This study evaluated the financial management practices of Provosts of Federal Colleges of Education in South-South and South-East zones of Nigeria. Five research questions and five null hypotheses were formulated to guide the study. The five Federal Colleges of Education in South-South and South-East zones of Nigeria were used. The population of the study was the five Provosts of the five Federal Colleges of Education in South-East and South-South zones of Nigeria. The study used the Financial Management Practices Evaluation Scale developed by the researcher and validated by experts. The data obtained from the administered instrument were organized and analyzed using the mean and standard deviation to answer the research questions and t-test to test the null hypotheses. Some of the major findings of the study are that Provosts do not adhere to the provisions of the financial accounting systems manual in planning for funds and in preparation of budgets. Even though the Provosts to a great extent constitute budget committee and consider government grants as principal sources of funds, they to a little extent organize endowment fund raising for their colleges. To little extent, the Heads of Departments of Fund Management and Budgeting monitor investment opportunities and advise the Provosts on how to tap the best sources of fund available to the Colleges among others. The findings on the other hand showed that Provosts adhere to the provisions of the manual in disbursement and management of the funds as well as in auditing procedures of the school account. The study shows that to a great extent, funds are disbursed accordingly to the needs of the different units and that the process of disbursement is done by different people at different levels. The Provosts and the bursars signs and approves; the internal auditors certifies it okay; the receipts and payments sections prepares the cheques; and the cashiers after normal approvals has been obtained. To a very great extent, all capital expenditures are approved by the Governing council. To a great extent also, school funds are used for capital projects, provisions of the needs of the Departments, and payment of staff salaries and allowances. Also to a great extent, all payment vouchers are certified, signed and stamped by the internal auditors before payments are made. To a great extent, the bursars send lists of names and specimen signature of those authorized to make payments on behalf of the Colleges to the internal auditors for verification before payment is made, among others. The implications of this study, among others, are that in the situations where Provosts do not adhere to the provisions of the manual in planning for funds and in budgeting, the Provosts depend mainly on government grants and that accounts to the alleged inadequacy of funds. Besides, budgeting is by the rule of the thumb which is responsible for misplacement of priorities and poor achievement of goals. Where the guidelines are followed, there is judicious use of funds and this enhances teaching-learning environment and quality graduate output and the overall achievement of objectives. The researcher among others recommended that workshops and seminars should be organized to enhance the financial management skills of the Provosts especially in planning for fund and budget preparations. The manual should however continue to be used as a guide in management of College funds.

Project detailsContents
 
Number of Pages174 pages
Chapter one Introduction
Chapter two Literature review
Chapter three  methodology
Chapter  four  Data analysis
Chapter  five Summary,discussion & recommendations
ReferenceReference
QuestionnaireQuestionnaire
AppendixAppendix
Chapter summary1 to 5 chapters
Available documentPDF and MS-word format


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