INTRODUCTION represents the future for best practice in
organisations (Njini, n.d.).
SLU believes in the promise of youth. Hence, to help Louisians develop their Considering these, one can see that financial leadership potentials and life skills, SLU management practices are most essential to promotes student organizations (Saint Louis keep a school organizations effectiveness University). and efficiency. Four major practices school organizations are using includes budgeting, A student organization has its own cash receipts management and cash governing body. According to the SLU disbursements management, and record Student Handbook (2015), the officers of keeping. each student organization shall be elected by the members thereof, provided, however, Guthrie et al. (1988) sees budgets to be that every election shall be under the representing the financial crystallization of supervision of, and subject to regulation by, an organizations intentions. It is through the assigned faculty adviser. An budgeting that a school can decide to organizations governing body is ultimately allocate resources so as to achieve responsible for the financial health of the organizational goals. Clarke (2008) organization (Council on Accreditation, mentioned that preparing the annual budget 2017). Clarke (2008) emphasized that the is probably the biggest challenge of the first and most important aspect of managing school governing body. Evaluating the a school's finances is to be quite clear who is budget involves a critical examination of the responsible for what. extent to which the money allocated to the various programmes and committees It was stated by Mestry (2004) that there are managed to achieve (the schools) objectives many school governing body members who (Marishane and Botha, 2004). lack the necessary financial knowledge and skills and are placed under tremendous Cash receipts management is a set of pressure because they are unable to work out institutional arrangements and management practical solutions to the financial problems procedures used to receive cash, move cash at hand. The management of school finances into the banking system, and obtain accurate can be one of the most challenging and timely information on cash availability responsibilities, because for many it is an (Hill and Sartoris, 1988). area in which they have little or no training Disbursement systems include the banks and or expertise (Clarke, 2008). the delivery mechanisms and procedures According to Mestry (2006), there is a used to facilitate the movement of cash from correlation between sound financial the firms centralized cash pool to management and effective and efficient disbursement banks and then on to suppliers school governing bodies. Sound financial and other payees (Hill and Sartoris, 1988). management begins with an organizations Cash disbursement management involve commitment to providing high quality effective expenditure authorisations and the services relative to its mission or purpose. It systematic recording and monitoring of is one of the basic functions practice in all expenditure commitments and actual organisations. It is the way forward and payments (Uluinaceva, 2005). Financial records are formal documents Figure 1. Conceptual Diagram representing the transactions of a business, Independent Variables individual or other organization. (Business Dictionary). A successful organization Student Organizations relies, not only on solid cash flow, but also Membership size (number of on sound record keeping practices. Without members of the organization) Scope of the organization (school- meaningful records of what youve actually wide or university-wide) done and, more importantly, whats coming Category of the organization up, you may be facing unexpected trouble (extracurricular or co-curricular) and certain costly consequences (The Marketing Pod Ltd.). Independent variables are conditions or characteristics which are presumed cause or Dependent Variables influence of the existence or change in Level of Implementation of Financial certain phenomena. The independent Management Practices variables in this study are the characteristics Budget proposal preparation of the student organizations in terms of their Cash receipts management Cash disbursements management membership size, scope (university- Record keeping wide/school-wide) and category (co- curricular/extracurricular). Dependent variables are conditions or characteristics which are influenced by the Expected Output independent variables. They are the focus of Improved Implementation of Financial the investigation; its behavior or status as Management Practices influenced by the independent variables is the concern of the investigators. In this study, the researchers will measure the level The researchers have the following of implementation of financial management assumptions regarding this study: in terms of budget proposal preparation, 1. Respondents have adequate knowledge of cash receipts management, cash Financial Management practices applicable disbursements management and record in student organizations. keeping. 2. Saint Louis University is an educational institution that has variety of Student Organizations.
3. The operations of Student organizations
in Saint Louis University are affected by various factors such as a) the size of the student organization, b) the scope of the organization and c) the category that the organization falls under. This study will be helpful to the 2. What is the level of implementation of management of finances of student financial management practices of student organizations in carrying their goals and organizations in SLU in terms of: (a) budget objectives through an effective and efficient proposal preparation, (b) cash receipts, (c) implementation of financial policies. cash disbursements, and (d) record keeping? It will give the active members of student 2.1 Is there a significant difference in organizations knowledge on the financial the implementation of financial management and a better understanding and management practices of student coordination in the implementation of organizations in SLU in terms of: (a) financial management. This study will budget proposal preparation, (b) encourage student organizations to cash receipts, (c) cash reevaluate their existing implementation of disbursements, and (d) record financial management. keeping when they are grouped according to their profile in terms of: This study will be helpful to the members of (a) membership size (number of the student organizations in undertaking members of the organization), (b) financial management and their Scope of the organization, and (c) implementation. It will help existing student category of the organization? organizations in improving their financial management and their existing For better understanding of the research implementation study, the following hypothesis were formulated as guides in analyzing the data Newly formed organizations can also for study: benefit from this study. Newly formed organizations can use this study as 1. There is no significant difference in the guidelines in the process of establishing and implementation of financial management improving their financial management. practices of student organizations in SLU in terms of: (a) budget proposal preparation, Lastly, this study will help us, the (b) cash receipts, (c) cash disbursements, researchers, to dissect and investigate and (d) record keeping when they are further about the financial management of grouped according to their profile in terms student organizations and betterment of of: (a) membership size (number of financial operations of student members of the organization), (b) Scope of organizations. the organization, and (c) category of the Specifically, the research study will seek to organization. answer the following questions: This study is designed as a descriptive 1. What is the profile of the student investigation in the area of financial organizations in terms of their: (a) management practices of student membership size (number of members of the organizations of Saint Louis University in organization), (b) Scope of the organization, Baguio City. and (c) category of the organization? The study of financial management practices will be limited to the following aspects: a) Budget proposal preparation b) Cash receipts c) Cash disbursements d) Record Keeping. The issues and concerns of the study will be to what level do student organizations are implementing financial practices on their semestral operations The study will seek to determine the characteristics of student organizations in terms of their a) size, b) purpose and their c) category. The respondents will be chosen on the basis of their participation in the organization. They must occupy the positions of treasurer and auditor.