FBM4002 - Introduction to School Financial Management and Accounting

Objectives:

On successful completion of the module, students will be able to:

1) Identify the different uses/users of financial information in schools.
2)List, explain and analyse sources of schools funding, distinguishing between; capital and revenue streams, recurring and non-recurring income, fixed and variable funding, grant, submission and award funding.
3) List, explain and analyse application of school funds, including; statutory and non-statutory expenditure, allocation to budgets, virement, ‘best value’ in schools, project based funding, funding for trips and visits.
4) Prepare, explain and analyse ‘first line’ financial statements including; cash summaries, capitation accounts; specific funding accounts
5) Prepare, explain and interpret ‘first line’ financial reports for stakeholder and compliance purposes.

Content:

Introduction to school financial management: concept of stewardship, ‘first line’ accounting conventions, the regulatory framework and base line compliance. Introduction to accounting systems and SIMS. Introduction to FMSiS. The concept of ‘best value’. Introduction to financial record keeping and budgeting software, Classification of funding streams and other sources of income. Application of funds, cost classification, budgetary monitoring and control, cash flow. Financial statements for purpose and audience, financial reporting and statutory provisions.

Learning and Teaching Information:

The module will be delivered via a series of weekly whole group interactive lectures, with workshop and seminar sessions as required. Questions/exercises will be set at each appropriate lecture meeting for students to complete or prepare before associated seminars. Students will be provided with and/or directed to, relevant reading and additional work related research tasks to support their progress through the module material. Each student will also be entitled to a one hour tutorial session, with the module coordinator, to discuss progress through the module, specific learning and development needs and the module assessment.

Lecture/workshop/seminar sessions
Contact hours: 24
Intended group size: 1 group of 20 students

Individual tutorial
Contact hours: 1

Assessment: