Answer to Question #216209 in Management for Esko

Question

Explain the role of the school governing body in drafting the financial policy of the school

Answer 1

In drafting the role of school governing bodies are mandated to make policy in regard to managing the funds of schools. The Act also provides guidelines for the school governing body and the principal on their roles and responsibilities in managing the finances of the school. The mandatory functions include policy issues such as adopting a constitution, drafting a mission statement, drawing up policies such as an admission policy, and financial policy. The governing body is given full responsibility for managing the finances of the school such as establishing a school fund, preparing a budget annually, collecting and administering school fees, keeping the financial records, appointing an accountant, and supplementing the school's resources.