Financial Services of the Department of Education Albay Division: Its Implications to the Financial Management Policies

Abstract

INTRODUCTION

This study was an evaluation of the financial services of secondary schools in the Department of Education (Department of Education)Division of Albay. It focused on the degree of implementation, the weaknesses, the determined factors which contributed to the weaknesses of the financial services. The findings of the study were utilized to formulate policy recommendations to improve the implementation of financial services.

METHODS

The research method employed was a descriptive method with mixed quantitative and qualitative methods. This study gathered primary data through the survey method utilizing a researcher-made questionnaire. Purposive sampling was employed in the choice of the Department of Education Division ofAlbay. It used total enumeration with 14 Administrative Officers and 37 Senior Bookkeepers as respondents of the study. The data were analyzed and presented using frequency, percentage, and weighted mean.

RESULTS

Based on the findings, the following are the conclusions(1)The degree of Implementation of the Financial Services of the Department of Education Division of Albay is "much implemented" .(2)The financial services which need improvement in its implementation are the preparation and submission of financial plan which entails the physical activities of the school, School Improvement Plan (SIP), and Annual Improvement Plan (AIP), and measurement of actual performance compared to standards set;(3)The weaknesses in the implementation are delayed submission to the Commission on Audit, inappropriate and disorganized workflow for fast and reliable transactions, and inability to render overtime to finish the reports due to limited source of savings;(4)The factor which moderately contributed to the weakness of the implementation was overwhelming related and non-related paper works.;(5)The policy recommendations address the weaknesses and the factors contributing to the weaknesses of the implementation of the financial services.

DISCUSSIONS

It is recommended that (1)Modification and improvement of all financial reporting services be made to create easier way and more user friendly reporting system;(2)adapt a strategic and operational plan to provide a framework so that the most important priority of the school will be well taken care of;(3)Full composition of staff in charge of the financial services be hired, comprising of Senior Bookkeepers and Administrative Officers in the implementing secondary school to lessen the overwhelming related and non-related paper works; and (4)The formulated policy recommendations be implemented.