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IJSTR >> Volume 5 - Issue 6, June 2016 Edition



International Journal of Scientific & Technology Research  
International Journal of Scientific & Technology Research

Website: http://www.ijstr.org

ISSN 2277-8616



Financial Management Of Student Organizations In The University Of Eastern Philippines

[Full Text]

 

AUTHOR(S)

Jade Ballado Tan, Korina Pinca-Legaspi

 

KEYWORDS

Financial Management, Student Organizations

 

ABSTRACT

Student organizations manage their own funds and are given the autonomy and responsibility to spend these funds as the organization sees fit within the confines of university policies. A healthy financial structure is an important factor in student organization success and sustainability. Solid fiscal management creates a framework that allows organizations to work proactively to accomplish their goals and serve their communities with financially sustainable events and program. This study aimed at identifying the profile of the student organizations in terms of type, registration, and functions and designations of officers and advisers, also identify the financial practices of student organizations in terms of managing their finances, as well the problems encountered by student organizations in terms of financial management, and eventually come up with a student organization financial manual. A descriptive survey research design was used and with the aid of the questionnaire data were gathered through purposive sampling technique from the 47 student leaders and advisers of the different organizations of the University of Eastern Philippines. Data gathered were analyzed through frequency, mean and percentages. Findings of this study showed that almost all of the organizations have existing constitution and by-laws, however in terms of the functions of officers and advisers, the results revealed that some functions were not done by the officers who are suppose to do it. Generally, the financial practices of the organizations were considered to be excellent especially budgeting and cash receipts, but there are still important aspects that needs improvement and emphasis for a better financial management system. It was also revealed that the major concern of the organizations is the lack or absence of internal control policy manual and lack of proper turn-over of financial documents from the previous set of officers. The researchers conclude that the absence of the internal control policy manual resulted to lack of clear delineation of functions of the officers therefore violating the segregation of duties principle which is a key concept in an effective internal control system. Moreover, the financial management system of the student organizations could still be improved especially on the aspect of cash disbursements and recordkeeping if the officers are provided with adequate training and guidance.

 

REFERENCES

[1] Kadam, Ravindranath N. “FINANCIAL MANAGEMENT FOR THE ORGANIZATIONAL SUCCESS: CHALLENGE BEFORE FINANCE MANAGERS”. International Journal of Advanced Research in Management and Social Sciences, Vol. 1, No. 1, July 2012.

[2] “Financial Services” accessed through https://www.brown.edu/campus-life/events/student-activities/financial-services.

[3] “The Importance of Internal Controls in Financial Reportingand Safeguarding Plan Assets”, accessed through http://www.aicpa.org/InterestAreas/EmployeeBenefitPlanAuditQuality/Resources/

[4] “Student Organization Officer Transition Guide”. Villanova University Office of Leadership Programs. Accessed through http://www1.villanova.edu/content/villanova/studentlife.

[5] http://personalfinance.duke.edu/manage-your-finances/budget/overview

[6] “Importance of Internal Controls for Disbursements” http://operations/mansys/fiscalmang/WhatInternalCon.htm

[7] UEP Student Handbook 2014-2015

[8] Cabrera, Ma. Elenita. “Applied Auditing”. GIC Enterprises & Co., Inc. Manila.

[9] http://osl.fas.harvard.edu/financial-management

[10] http://inside.uncc.edu/financial-management-basics-student-clubs-and organizations