The Impact of Financial Management Practices On Ac

The Cradle of Knowledge: African Journal of Educational and Social Science Research Volume 11, No.
3 ISSN 2304-2885-p, 2617-7315-e

https://dx.doi.org/10.4314/ajessr.v11i3.3
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Educational and Social Science Research RESEARCH
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The Impact of Financial Management Practices on Academic Performance in Day Schools

of Kicukiro District in Rwanda
Prudencienne Ugiriwabo, Dieudonne Tuyishime, Gabriel Nizeyimana & Boniface Ntahobavukira

University of Rwanda, College of Education,
Nyagatare, Rwanda
Email: [email protected]; [email protected]; [email protected]; [email protected]
Abstract
This study aimed at investigating the influence of financial management practices on secondary school academic
performance in day schools of Kicukiro District in Rwanda. These practices may affect students’ achievements in one
way or another. As school funds is well used to avail enough teaching aids, to train teachers in different domains, to
hire qualified teachers if in need and many more. All these activities yield in improved students’ outcomes. The general
objective was to examine the influence of financial management practices on secondary school academic performance
in day schools of Kicukiro District in Rwanda. Specific objectives of the study were the following: to investigate
financial management practices in selected schools in Kicukiro District, to determine the level of secondary school
academic performance in selected schools in Kicukiro District, and to establish the relationship between financial
management practices and secondary school academic performance in Kicukiro district. The research design was a
descriptive co-relation. Structured questionnaires and interview were used to collect data. Statistical techniques such
as mean, and Spearman correlation were used for data analysis. The findings indicate a positive relationship between
financial management practices and secondary schools’ academic performance in Rwanda. The study also identified
poor academic performance in National examination of S3 students in day schools. Again, there are other students’
related factors which can positively or negatively affect students’ achievements. Courses related to financial
managements should be integrated in schools for pre-service teachers but also the in-service training need more
attention for school to be effectively managed.
Key words: Financial management; School performance; Academic performance
1. Introduction
School financial management is a global critical issue and may affect the school academic performance in one way or
another (World Bank, 2019). Management of school funds include controlling school finances, organizing school
finances, leading school finances and budgeting which is a part and parcel of existence of the school (Motsamai,
Lynette & Corene, 2011). Using money effectively is critical to improving education. Motsamai et al. (2011) say that
school resources levels should enable students to meet performance objectives. From this point, different functions of
financial management must be carefully done for satisfactory academic performance. They added that effective and
efficient management of school finances is imperative towards quality education.
Schools that carefully manage their financial resources have better academic performance. It is in the best interest of
the schools and its students that its school leader has a clear understanding of his or her role in the management of
finances and the implementation of financial policy (Elizaveta, 2018). UNESCO (2010) pointed out that there is
mismanagement of school funds in Rwanda. If school finances are poorly managed, it causes the lack of necessary
materials in schools (Kuria, 2012; Mercy et al., 2014). This situation is also stressed by the fact that most head teachers
are highly educated and are graduate teachers but with limited financial management skills (Baraka, 2010; Tlale, 2011
& Mercy et al., 2014).
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The Cradle of Knowledge: African Journal of Educational and Social Science Research Volume 11, No.3 ISSN 2304-2885-p, 2617-7315-e
According to Walter (2019), there is poor quality of supervising education system when financial recording which is
a vital financial management practice is missing. Poor records management leads to difficulties in administering,
developing, and supervising education systems. Poor learning may result from inappropriate allocation of school
funds. In addition to this, the use of education funding by schools for activities unrelated to leaning results in poor
learning (Jessica & Peter, 2017). The problem of financial management is greater in less developed countries, but it
is also seen in other countries.
In California, Motsamai et al. (2011) said that school resources levels should enable students to meet performance
objectives. In Kenya, continuous students9 poor academic performance in National Examinations, especially in
schools with poorly managed finances leading to outcry from stakeholders (Matula et al., 2018). All in all, schools
have finances which allow them to fulfil their duties well. However, having resources is not enough but a significant
issue is to ensure that available resources are used efficiently and effectively in matters related to teaching and learning.
In view of this, World Bank (2019) revealed that lack of financial management skills is the clear source of
mismanagement of school funds as well as failure of the school to achieve its mission.
Schools that carefully manage their financial resources have better academic performance. According to Motsamai et
al. (2011), it is obligatory for principals to ensure accountability and prudence in the utilization of school funds. In
this sense, the head teachers must know, understand, and make records of income and expenses and be able to explain
the phenomena to the different stakeholders. Every school leader must understand the ins - and outs of his/her school
(Elizaveta, 2018). The school principals ensure that school financial management is being done in good manner to
stimulate better student9s academic performance. Head teachers must properly manage the school funds to provide all
necessary teaching materials and good food. Without funds some head teachers cannot afford to feed students
(Motsamai et al., 2011). How can students perform well without eating?
A proficient head teacher should use school funds in such way that he/she maintains teachers for long period in the
school. According to Tera (2016), experience is positively and significantly associated with teacher effectiveness.
This indicates that when school finances are effectively managed, teachers will feel proud of working in the schools
for long period which will yield better results. The handling of all these financial functions requires knowledge, skills
in financial management and experience. The more experienced principals are, the better they are in financial
management (Baraka 2010).
The financial practices in schools include auditing. In education, auditing determines whether the correct procedures
are followed or whether illegal activities occurred then there are remedies to correct the errors if found. Following
procurement process promotes prudent utilization of resources (Mutula et al.2018). Furthermore, collaboration of all
school stakeholders in managing school finances is key success to leading school finances. Niemann (1997) shows
that communication is the basis for establishing relationship and for providing motivation. Good communication will
ensure that each staff member who is involved in school finances will be informed about the authorization for various
expenditures, is knowledgably about the financial procedures for expending money and to whom the result of
expenditure should be reported. In opposite, when education partners are not fully involved in school activities
including finance, the expected output and outcomes will not be good. This may result in students9 violence and
parents9 demonstrations and interdiction of some public secondary schools (Baraka, 2010).
In school9s financial management, accounting cannot be left behind. Mehrdad and Saeed (2015) said that the main
objective of accounting is to record financial transactions systematically in the books of accounts and to find out the
profit-loss and financial position of a business. Accounting is used to present decidable information to different
management levels to be used in decision making, planning, control, and facilitation functions. It serves as well as
mean of effective communication (Mehrdad & Saeed, 2015). Moreover, in school financial management, budgeting
is linked with academic performance. A budget plan is made for a given period, usually one year. A well formulated
school budget should consist of an education plan, an expenditure plan and revenue plan (Heather, Jon & Peter, 2004).
Normally, a budget should be available before the commencement of academic year. It is the responsibility of the
principal of the institution to ensure that the annual budget is prepared in time (Kuria, 2012).
School academic performance reflects achievement of students. School money should be used to avail all materials
needed for learning. In fact, teaching and learning is the core business of any school. In this perspective, Annick (2010)
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suggested six key dimensions which reflect a good atmosphere of teaching and learning. They include safe and
protective environment, environment which is academically effective, health promoting environment, community
engaged environment, gender sensitive and rights based and inclusive environment. School finances must be managed
in such way to avail all six dimensions which favour teaching and learning (Elizaveta, 2018). Effective and efficient
management of school finances is imperative towards quality education (Motsamai et al., 2011; Andrew, 2016). In
their research, Baker (2012) and Andrew (2016) revealed that there is a direct positive relationship between increasing
financial resources and students 9outcomes.
Different policies in Rwanda highlight that education is the only way to socio-economic development of the country
as stated in Rwanda Vision 2020 (Ministry of Finance and Economic Planning, 2000), in EDPRS I & II, ESSP 2018
(Ministry of Finance and Economic Planning (2013), and IPAR (2012). However, the World Bank (2019) revealed
the poor quality of learning due to expansion of education systems. The percentage of S 3 learners achieving at least
minimum proficiency in English and numeracy are 73.9% and 80.6 % respectively in academic year 2017
(MINEDUC, 2018). Though, there is no data about other subjects, the government put effort in education to acquaint
his citizens with necessary social and employability skills to fit the labour market (MINEDUC, 2013). In Rwanda,
Social Transformation Pillar that include education received 27% of the annual total budget for 2018-2019 (Ministry
of Finance and Economic Planning, 2018). Some amount of money is directly transferred to school accounts and are
managed by Headteachers supported by School General Assemblies (SGAs), former Parent Teacher Associations
(PTAs). Therefore, schools have the responsibility to use effectively received money to ensuring access, retention and
quality of teaching and learning (ESSP, 2018). The reality in Rwanda is that once they are recruited as headteachers,
most of the time, they are expected to have experience in teaching not in management and leadership. In addition,
they are not trained before exercising new roles. Equally, they are not inducted to be familiar with their positions. In
this regard, headteachers find themselves in new responsibilities like leadership and resources management for which
they were prepared.
Therefore, the present paper aimed to find out the relationship between financial management practices and secondary
school learners9 academic performance. Specifically, its objectives are (i) to investigate the financial management
practices in secondary day schools in Kicukiro District, (ii) to determine the level of secondary school academic
performance in day schools of Kicukiro District, and (iii) to establish the relationship between financial management
practices and secondary school academic performance in day schools of Kicukiro District. These objectives have been
achieved by answering three research questions which are the following:
1) To what extent are financial management practices implemented in day schools of Kicukiro District?
2) What is the level of secondary school academic performance in day school of Kicukiro District?
3) Is there any significant relationship between financial management practices and school academic
performance in day school of Kicukiro District?
2. Research Methods
A descriptive correlation research design was employed in this study. The research used both qualitative and
quantitative methods because researchers9 intention was to understand the phenomenon under investigation (Creswell
& Clark, 2011; Creswell, 2012).
The study population included head teachers at secondary schools, accountants, deputy head teachers in charge of
studies, School Executive Committee (former School General Assembly Committees (SGACs) members, students
who represent others in each school and one teacher representing others in each school of Kicukiro District. Therefore,
a total number of 1693 was targeted in this study. The sample was obtained using the formula of Bouchard (1998).
Purposive and simple random sampling were used to select two secondary schools, schools9 head teachers, deputy
head teachers in charge of studies, accountants/bursars and 2 members representatives of the School Executive
Committees within those schools. Hence, 91 respondents participated in the study.
Quantitative data were collected through a Likert scale questionnaire and the structured interview was given to the
accountants as they are very important in dealing with financial matters within the schools. The validity of the used
instruments was obtained though professional proofreading and by calculating the content validity which was 0.72
and that of the interview guide for the accountants/bursars was 0.82. These values are greater than 0.7 and valid (Amin,
2005). A pilot test was administered on a small number of secondary school administrators in five schools. Using
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Chronbach9s alpha coefficient the results indicated α = 0.7. This value shows that the instrument used is reliable
because Chnonbach9s alpha value is > 0.6. (Hamdan, Badrullah & Shahid, 2011). Data from interviews was tape
recorded and listened to attentively by identifying emerging themes while quantitative data was coded and analysed
statistically using the Spearman9s correlation coefficient to justify the relationship between financial management
practices and students9 academic performance.
3. Findings
The findings of the study are presented in accordance with the research questions.
Financial management practices in day schools of Kicukiro District

Respondents in this study were given questionnaires and requested to identify the scale at which financial management
activities are being carried out in their schools. Those activities are controlling school finances, organizing school
finances, leading school finances and budgeting which is a part and parcel of existence of the school (Motsamai et al.,
2011). Participants were asked to provide their ideas on the practicability of budgeting process; if the ideas of the
school community are taken into consideration during budgeting process, if there is a committee to monitor the
implementation of the budget, and if the school vision, mission, and priorities are referred to when budgeting.
Some indicators like involvement of school stakeholders during budget preparation, research shows a Mean (M) of
2.86. Seven parents strongly disagree on this by saying that only headteachers prepare the school budget and then
present it to them during School General Assembly. During interview with school accountants, 3 of 14 say that it is
not easy for them to get the date that comforts all stakeholders. This justifies why their involvement is low. In fact,
the average mean on this practice shows that some schools do not even refer to school vision and mission while
budgeting.
Many schools do not have committees which monitors the implementation of school9s budget. The M obtained on this
aspect is low: 2.41. In contrast the M obtained on activities related to accounting is high: 3.25. Some schools do not
prepare and submit financial reports on time, some financial transactions are not recorded, or some serial payment
vouchers do not have serial numbers.
On the aspect of leading of school finances, findings indicated a M which is high: 3.16. Participants were asked to
talk about different indicators of leading school funds and how it affects students9 academic performance. Almost all
headteachers 12/14 strongly agree that they communicate to stakeholders before buying new items in the school.
However, 2/14 of asked Headteachers said that sometimes, they do not communicate when there is new type of
expense which they judge as very urgent. It is in line with this that participants were asked to mention if they know
financial procedures of expending school funds. Many respondents: 28/28 students, 10/14 teachers and 8/14 parents
said that they do not know financial procedures of expending school money. At this question only school accountants
are aware of followed procedures. The school administrators mentioned that there is gap in trainings related to
financial activities on their side as school leaders but also on the side of School Executive Committee (former General
Assembly Committees) members.
Participants were questioned on auditing activities in their schools. They were requested to provide their opinions on
some indicators of auditing. The first one was, saying that there is often auditing in your school. The big number of
students and parents responded by 8not sure9 while other categories of respondents said that they agree. This indicator
highlight how financial matter is secrete and information is only within few persons. Again, the study revealed that
auditing is done by district level in all secondary schools in Kicukiro District. Questioned on the importance of auditing
in management of public funds, all participants in all categories strongly agree that auditing helps school managers to
follow financial rules and regulations. School accountants explained that they comply with procurement guidelines
given by Ministry of Education because they know they will be held accountable. They said that procurement helps
them to avail what is necessary for teaching and learning process. Unfortunately, some school stakeholders like parents
and students are not aware of auditing repots. The M about this aspect is 3.03, which is high.
Academic performance of secondary day schools in Kicukiro district

Academic performance has been explained by different authors. Martha (2009), said that academic performance of
students is defined as student9s performance in an examination, tests, and in course work. Similarly, Narada and
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Abdullah (2016) defined academic performance as the knowledge gained which is assessed by marks by a teacher
and/or educational goals set by students and teachers to be achieved over a specific period of time. According to them
these goals are measured by using continuous assessment or examinations results. Differently, Yusufu, Onifade and
Bello (2016) defined academic performance as measurable and observable behaviour of a student within a specific
period. They added that, student9 academic performance consists of scores obtained by a student in an assessment
such as class exercises, class test, mid-semester examinations, mock examinations and end of semester examinations.
Rwanda Education Board (REB) uses grades to represent the academic performance of students in National
examinations. These grades are division 1(Div I) division 2 (Div II), division 3 (Div III), division IV (Div IV) and
unclassified (U) for those who performed very poorly. This research considers students in Div I and Div II as students
who really performed well in their learning process.
Based on the above explanations, this work assessed marks of students in day schools of Kicukiro District from
National Examination of O9level (S3).
Table 1: Academic result in day schools of Kicukiro District 2012-2014

School Academic year and performance rate
2012 2013 2014
No of Div I & II No of Div I & II No of Div I & II
students (%) students (%) students (%)
1. GS Masaka 110 26 128 17.1 103 32
2. GS Gikondo 175 26 172 24.4 168 33.3
3. GS Mburabuturo 78 17 202 10.8 133 12.8
4. GS Camp Kanombe 152 16 240 10 202 10.4
5. GS Kimisange 112 16 188 12.2 155 20.6
6. GS Remera Protestant 140 14 144 18 155 20.6
7. GS Gahanga I 124 14 90 16.9 132 37.1
8. GS Kicukiro 129 13 96 47.9 85 60
9. GS Gatenga I 187 13 183 12 121 9.1
10. GS Rusheshe 38 11 72 6.94 59 8.5
11. GS Busanza 88 9.1 137 10.2 101 20.8
12. GS Rubirizi 59 8 187 6.95 86 7
13. GS Masaka I 89 6 102 7.8 178 11.2
14. GS.Nyanza - - 75 25.3 78 16.7
Total 2.065 24 3.017 20.5 2.705 29.9
Source: REB (2015)
Generally, students9 performance in National Examination is not good as it is shown in this table. The performance
rate is below 30%. In 2012, 2.065 students sat for O9Level National Examination in Kicukiro day public schools, only
24% performed well. In 2013, 3.017 students did exam and 20.5 % excellently passed it. There is slight increase in
2014, where 29.9 % performed very well. A big number of students fall in Div III and Div IV which means that they
got poor marks in almost all subjects done in National Examination. There are variations in the same schools in
different years. For example, in GS Masaka I in 2012, 26 % students passed very well, but in the following year the
performance rate reduced dramatically and was only 17.1%. Then after in 2014, the performance rate increase was
14.9%. These variations in academic achievements of students may be linked to the shift in the focus of priority areas.
Academic performance in this study reflected the ability of students to demonstrate that they have really understood
what they learnt. In our context of Rwanda, the indicator of academic performance is mainly student9s grade from
National Examination after completion of a learning cycle which are primary school, Ordinary level (S3) and advanced
level (S6).
Respondents were questioned about indicators of academic performance. About number of rooms, there is variation
among schools in Kicukiro district and the M is 3.1. The study found out that in some secondary schools of Kicukiro
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District, classrooms are overcrowded. The respondents were asked if they have enough toilets for both boys and girls.
All of them strongly agreed that separate toilets are available. The M obtained on this indicator of toilet facilities is
high (M: 3.11). About Teaching and learning resources, the study found out that laboratories exist in some schools
but are not well equipped. This is among major causes of students9 failure in sciences subjects. The M is 2.93. In
general, schools have libraries, but they are not fully equipped (M: 2.01).
Concerning the teaching staff motivation, school leaders reported that it is not easy to know a motivated teacher. They
avail some teaching facilities to easing their work of teaching. For example, rewarding system was introduced in all
secondary schools in Kicukiro District, but it is not working at the same level (M is 2,98). In this study, 10/14 teachers
disagreed on the statement saying that the school organizes premium of the teachers every month. Unlike students,
majority of them (19/28) are not sure. On the indicator of giving bonus to teachers, the M is 2.13. It was found out
that all schools do not provide accommodations to all teaching staff as it was demonstrated by the M of 2.17 (which
is low). In some school (6 over 14), teachers9 accommodations are available, but they are not enough for all teachers.
Six (6) accountants said that there are only 8 rooms (4 rooms for males and 4 other rooms for female) teachers.
Findings indicated that some schools support their teachers in special events like wedding ceremonies, burials (M is
2.93).
Students9 performance was also analysed looking at other indicators like students9 attendance, student-teachers ratio,
request of extra time for learning by learners and students9 performance in National Examination. The latter is
influenced by the first three indicators. Respondents were asked to reflect on regularity of learners9 attendance. A big
number of respondents strongly disagreed with the statement and highlighted the irregularity of students in classes.
These findings were corroborated by students as 20/28 disagreed with the statement about regularity of students9
attendance in classes (M is 2.98 which is low). The study also revealed that some students do not consult their teachers
for more clarifications (M is 3.22).
Finally, respondents were asked to talk about academic performance of their students. Generally, the respondents
agreed that learners do not score well in National Examinations. As a matter of fact, 10/14 head teachers and 8/14
deputy head teachers in charge of studies said that many students are in the Division III and Division 4. Respondents
agreed on poor performance of learners in National Examinations with M of 3.06.
Relationship between financial management and availability of resources in schools

The third objective of this study was to find out whether there is a positive relationship between financial management
and secondary school performance in Kicukiro district. To achieve this objective the correlation was tested on four
elements of financial management namely budgeting process, accounting process, leading of school finances, and
auditing activities. They were correlated with indicators of school performance which are infrastructure, teaching and
learning resources, staff motivation and student performance.
Table 2: Correlation between elements of financial management and availability of resources in the schools
School Teaching and Staff Student
infrastructure learning motivation performance
resources
Budget process Correlation .661** .428** .300** .481**
Coefficient
Sig. (2- .000 .000 .004 .000
tailed)
Spearma N 91 91 91 91
n's rho Accounting Correlation .290** .399** .120 .055
process Coefficient
Sig. (2- .005 .000 .258 .603
tailed)
N 91 91 91 91
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Leading of Correlation .487** .255* .113 .327**

school Coefficient
finances Sig. (2- .000 .015 .288 .002
tailed)
N 91 91 91 91
Auditing Correlation .478** .024 .161 .497**
activities Coefficient
Sig. (2- .000 .820 .127 .000
tailed)
N 91 91 91 91
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
The research showed positive relationship between budget process and availability of resources in the schools in terms
of infrastructure, teaching and learning resources, staff motivation, and performance of students. These relationships
are said to be statistically significant since all Sig (2-tailed) respectively .000, .000, .004, .000 are less than 0.05 or
0.01. The positive influence of a well elaborated budget was also seen by other researchers. By looking at all the
services equally, the budget enables an equitable allocation of financial resources in all services of an education
organization (Kuria, 2012).
About accounting activities, there are positive relationships between accounting process and resources in schools
namely infrastructure, teaching and learning resources, staff motivation, which contribute to academic performance
of students, but that relationship is not statistically significant on staff motivation since the Sig (2-tailed) of .258 is
greater than either for 0.05 or 0.01. Findings also revealed that on the aspect of leading school finances, there are
positive relationships between this aspect and school resources availability respectively namely infrastructure,
teaching and learning resources, staff motivation, and performance of students but the relationship is not statistically
significant since the sig (2-tailed) of .288 is greater than to 0.05 and 0.01.
Finally, it was found out that there is a positive relationship between auditing activities and performance factors in
schools namely infrastructure, teaching and learning resources, staff motivation, and performance of students but this
is not significant on teaching and learning resources since the Sig (2-tailed) of .820 is greater than 0.05 and 0.01. That
is the same for staff motivation where Sig (2-tailed) of .127 is greater than 0.05 and 0.0.
Table 3: General correlation analysis between financial management and academic performance of the schools
Financial Academic
management Performance of
practices school
Financial management Correlation Coefficient 1.000 .365**
practices Sig. (2-tailed) . .000
N 91 91
Spearman's rho
Performance of school Correlation Coefficient .365** 1.000
Sig. (2-tailed) .000 .
N 91 91
**. Correlation is significant at the 0.01 level (2-tailed).
The correlation coefficient of 0.365 shows that there is a positive relationship between financial management practices
and performance of schools, and this is statistically significant since the Sig (2-tailed) of 0.000 is less than 0.01.
4. Discussion
The study indicated that the financial management is key to school9s day to day activities. However, it was revealed
that some school9s stakeholders were not involved in preparation of the school budget and school9s financial activities.
Many schools do not take into consideration their visions and missions while dealing with the school9s financial
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activities. This results in using the school funds in activities which are not related to education purposes leading to
poor academic performance as was stipulated by some researchers. Hanin and Sirous (2019) say that the primary goal
of budgeting in schools is maximization of the money for education. The use of education funding by schools for
activities unrelated to leaning result in poor learning (Jessica & Peter, 2017).
The study revealed the lack of trainings in finance for majority of school9s stakeholders. This extends the gap in
exercising their work of financial management as explained by Mpolekeng (2011) saying that school principals and
SGB members are unable to construct practical solutions to financial problems, mostly due to lack of financial
knowledge, skills, and expertise.
All indicators of students9 performance should be taken into consideration when dealing with the management of the
school. In this study, findings indicated that many schools do not have libraries or laboratories, or they are not equipped
at the expected level. This is a serious hindrance to the school performance. The irregular attendance of learners in
classes was also found to be a handicap to school9s performance and school leaders do not pay attention on that aspect.
The researcher wonder how students can perform well the National Examinations without regular class attendance. It
was explained that the performance of learners in National Examinations is influenced by students9 attendance,
student-teachers ratio and extra support provided to learners.
We based on findings of Kuria (2012) to emphasise the importance of budget in the school9s activities. He says that
looking at all the services equally, the budget enables an equitable allocation of financial resources in all services of
an education organization (Kuria, 2012). The study found out positive relationship between budget process and
availability of resources in the schools and this relationship is statistically significant. The positive relationship
between financial management practices and performance of schools was shown (it is statistically significant as shown
in data analysis). Despite this positive correlation, it was revealed that school leaders need improvement in terms of
managing the school as an organisation for a better success of learners in internal and external examinations.
5. Conclusion
This study was guided by three important questions: (a) To what extent are financial management practices
implemented in day schools of Kicukiro District? (b) What is the level of secondary school academic performance in
day school of Kicukiro District? (c) Is there any significant relationship between financial management practices and
school academic performance in day school of Kicukiro District? The findings indicated that the implementation of
financial management in sampled schools is not satisfying as shown by different means. It was also revealed that the
school academic performance in schools of Kicukiro was not good. The results of the study revealed a positive
relationship between financial management practices and performance of schools due to the correlation of 0.365 and
this is statistically significant since the Sig (2-tailed) of 0.000 is less than 0.01 as shown. It is to infer or conclude that
efficient financial management leads to academic performance of students. The study showed that if school
management follow very well guidelines of financial managements, by involving others in financial matters, recording
all expenditures as required they will limit unnecessary costs and use school funds in way that is productive. They
will use money efficiently to improve the school in terms of infrastructures, buying scholastic materials, building
laboratories, etc. which will in turn create conducive learning and teaching environment. Finally, effective financial
management practices in schools yields students, academic performance in the same school. The study will improve
the knowledge of researcher in financial management, different stakeholders in education such as Rwanda Basic
Education Board and school leaders. The limitations of this study mostly include generalization of results. It was done
in 1 district of Rwanda. It would be good to do extensive research around the whole country.
6. Recommendations
Based on the findings, we recommend the following Integrating financial management in the courses offered to those
who are being prepared to become school managers and leaders.
• Increasing in-service trainings given to school leaders and managers to ensure that school funds are
appropriately managed to improve learners9 academic performance.
• An investigation about the impact of school funds allocation and academic performance to strengthen this
aspect of finances and its role in improving teaching and learning outcomes.
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The Cradle of Knowledge: African Journal of Educational and Social Science Research Volume 11, No.

3 ISSN 2304-2885-p, 2617-7315-e

The Impact of Financial Management Practices on Academic Performance in Day Schools

Prudencienne Ugiriwabo, Dieudonne Tuyishime, Gabriel Nizeyimana & Boniface Ntahobavukira

Financial management practices in day schools of Kicukiro District

Academic performance of secondary day schools in Kicukiro district

Table 1: Academic result in day schools of Kicukiro District 2012-2014

Relationship between financial management and availability of resources in schools

Leading of Correlation .487** .255* .113 .327**

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