EDUCATIONAL FINANCE (meaning, purpose, sources of finance to schools)

Happy viewing.

Hello welcome back to this channel i hope you have been enjoying our videos have been uploading if you haven’t subscribed i would like you to subscribe and on your notification bell so you get notified once i upload my videos yesterday we’ll be moving to another topic entirely we’ll be talking about educational finance what does the term educational finance

What does it means what are the sources of educational finance and let’s go to the business of the day so so i’ll be talking about the divination of educational finance and financial management double i would like to show you the difference between the educational finance and financial management now let’s move to what educational finance says it says this

Lies on the border line between economies of education and education law that is when you talk about educational finance it is just something like this just like when you have a venn diagram and this is um economies of education of education and this is education law so here comes in what educational fitness that is educational finance it she is it shares the

Characteristics characteristics of both educational law and economies of education so there are some times it follows some educational educational laws there are some times it makes use of economic principles it’s mixed up economic principles economic theories theories and so on help together so that is where they said it lies on the border line between the

Economies of education and education law and it is both cons it is concerned with something i mean the educational finance on its own it is concerned with something that’s concerned with the income and expenditure remember the only let’s say the similarities between educational finance and financial management is the income and expenditure the two based on was

Income and expenditure but that of education of finance it is restricted to educational institution alone i hope you get that you know the world education now educational finance so it is what restricts the finance to education alone i hope you get that educational finance the world education now that is behind restrict the restrict of finance to educational

System alone but when you talk about financial management it is what takes place in all human world organization it is what takes place in all human organisms it is not restricted to education system alone it takes place in all human organizations and when you talk about women organization it it um it’s uh it entails hospitals hotels industries governments

Ministries and departments so it is not just restricted to what financial management is not restricted to educational system alone it is what takes place in every woman organization and it is a management activities on how to procure when you say procure how to get expand and give records of account so one the difference between the educational finance and

Financial management is that financial management on its own financial management it gives a count it gives account it gives accounts of all income and expenditure of all income and expenditures so it doesn’t just it doesn’t just spend anyhow and doesn’t just receive money it gives accounts of all the income and expenditure that he take that takes place in

See also  3 CRYPTO COINS - HUGE NEWS! (Polkadot, XRP, Chiliz)

Old human world organization so that’s why i said uh it is a management that is on how to procure expand and keep records of accounts on how to plan control and be accountable based on what income and expenditure but note educational management financial management is not limited to educational institutions alone it takes place in hospitals hotel industries

Government ministries and departments i hope you get that it takes place in all parastatas in words in general so what were you talking about this educational finance so the sources of income of educational authorities includes the friend source but you know we have different levels of educational system we have the primary level the secondary and tertiary level

But majorly today we’ll be looking at the sources of income to the tertiary and the secondary and i’ll focus more on nigerian university so the first one i wanted to know is that they get grants from the national university commission i hope you get that they get grants from that is where you see the third phones and the likes so they get grants from what the

National university commission as well as they get funds from endowments and many institutions who have their farm so the girls they generate money from their farm agricultural produce their produce and their water and their farm so artificial produce which might include the eggs the bread uh coasters you understand poultry and the likes so they also get money

From printing press a lot of school ads are pressed so they get money from printing press as well many schools sell their bookshops they sell books those books and the likes so they also generate money from bookshop i hope you’re getting that so they also generate money from consultancy service yeah many schools have this um counseling section so when we go

For consultation you understand so they generate money from that too so there are many ways at which our investors generate their source of finance but let’s just stop here then let’s move to the secondary schools as well the major source of secondary school’s income is the tuition fee paid by the students now the the tuition fee is paid by the words the

Students so there is no how that is the major and the direct source of finance to secondary schools another one is the caution fee do not make noise do not speak binocular and the likes so there is money what there is being what attached to all these cautions so we also have library fees in this library freeze they get money in the sense that when student wants

To register for their library uh pass they have to get money from them get their id cards and the likes so in doing this you also generate income they also have equipment fees like the secondary school generates equipment for you we want to buy this we want to buy that there is no how they will use all the money the students gives to them to what to set what they

Want they already know how the money will not even remain so they also have the development level so we have different sources of votes income to secondary school as well but let’s leave that and let’s quickly move to the purpose of financial management in educational institutions divided into two this will be divided into two the purpose of financial management

See also  Mortgage Rate Shopping Gone Wrong - A WORSE Mortgage Rate and How To Avoid This Mortgage Scam

You know i was talking about you know when i was talking about financial management i said uh i said it is concerned about how to procure how to expand and give account of income and expenditure you understand what i’m saying so in schools now and i said earlier that financial management is not restricted to a school but once you i said it is it is done in

All human uh organization but now we want to check the financial management in the women organization of school i hope you get that so that’s what i said the purpose of financial management to educational institution that is we want to check it in educational life so the first one i have time the central purpose while the second one i termed other purposes i

Hope you get that other purposes so i hope you get that so when you’re talking about the central purpose the first one would like you to know that the financial management deals without raising your phone how to procure funds it deals with the original forms that is how can we get this phone where can we source for this money where can we source for this that

Is what financial management is about the second one is how do we mobilize this font the mobilization of funds how do we organize and the fund does not necessarily means money alone sometimes it means resources educational resources so how do we organize these educational resources how do we mobilize it how we get that then totally the utilization of phone in

The most effective and efficient world manner you see the one thing about one thing about financial management is when you get something so one thing about financial management is this once you get something you must maximize it to the last without wasting anything so that is what the financial management is about you getting the resources you get on the forms

And utilizing it in an effective and efficient manner without wastage i hope you get that so the fourth one is the optimal utilization of fund based on the scarcity of resources that is you must have at the back of your mind that resources are what are scarce so they must be optimally what utilized i hope we get that so let’s quickly move to the other purposes

In words of financial management the first one i want you to know is that it’s assist educational managers and administrators to keep record of their steel worship in financial matters for the benefit of governments the proprietor or the governing council of the institution you know i told you initially that educational finance that financial management it is

About what how you plan control and be accountable based on the income and expenditure so if you bring these two together you will know that it helps what or it assists education management managers and administrators to keep a record of their versity worship since they know that accountability is part of the functions of our financial management it is part of

See also  Ted 2 | Sam L. Jackson vs. the War on Drugs

The it’s part of the managerial activities of financial management therefore it helps them it enables them to assist them to keep a record of their steal worship in financial matters remember financial management that is uh you are talking about finance in what management i hope together so your management is run at the end surrounding was financial matters

So it helps them to keep record of their stewardship in financial matters for the benefit of the government the government might be the governing council there the proprietor my the government is the governing council of the public schools i hope you get while the proprietors for the for the private schools so as i said for the benefit of the government or

The proprietors or the governing council of the institution so to be very easy i hope you get that so the next one is it is the supervision of cash receipts and payment and save guiding for cash balance you know what does this mean what this mean is that you see cash receipts you’re talking about income you’re talking about revenue i hope you’re getting that

But when you’re talking about cash payments you’re talking about your expenditures so as a manager financial management help us know your income and how to spend based on the income you’ve what you’ve generated so that you will not run into deficits i know what deficit means that is when your your expenditure especially is greater than pending more than you

Are generated that is called deficit so you don’t run into deficit i know what deficit means that is when you spend detox greater than your income so the knowledge of this financial management it helps you to understand uh to understand how to spend based on what’s your income i hope you get the purpose of financial management to educational institution don’t

Forget and let me just bring this together so that you know that we are still saying the same thing you know yeah i said financial management it is concerned about it is concerned with the activities how to procure expand and give recalls of accounts now look at the central propose the central proposal also states reason or formed when you are procuring you you

Are raising i hope you are getting that this place it says planning like planning for funds controlling when you are planning you are thinking of how to race when you are mobilizing you are giving up when you are mobilizing you are organizing help you get that so when you’re utilizing it that is when you are expanding it you understand and when you are given

Records that is when uh you know he also says and give recalls of account so that is where you give the recourse of your stewardship so you can you can generate the purpose of your purpose of financial management from its words divination you can generate it from the water the definition of from the illustration yeah i hope you get that so

Transcribed from video
EDUCATIONAL FINANCE (meaning, purpose, sources of finance to schools) By omidiji ifeoluwa