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13 SURE WAYS OF INCREASING SCHOOL FINANCES

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INTRODUCTION

Are you thinking of ways of increasing school finances without decrease in roll? Search no further as the following 13 ways of increasing school finances put together by us will guide you.

Ways of increasing school finances

Ways of increasing school finances

A school is a microcosm of a macrocosm where pedagogical ideas and views are being marketed. While not all schools are established for the purpose of profit making, we also cannot deny importance of money in the running of a school. Hence, every school owner or administrator is always looking for ways of increasing school finances.

From our experience in the Edu-sphere both as a teacher and a member of management team, we have put together few ways we know you can increase the school finances and at such generate more income to the school.

The following are believed to be sure ways of increasing school finances of the school once implemented, as we all know that, funding of a school is an important part of school as there will always be financial needs. The ability of a school to meet up with her financial needs e.g. renewals and subscriptions, furniture fittings (procurement and maintenance), laboratory needs, stationaries etc. shows how viable a school is and how stable it can become.

WAYS OF INCREASING SCHOOL FINANCES

Below are the identified ways of increasing school finances which we are very sure if utilized it will turn to a great means of improving the finances of the school.

1. Constitute a school financial management team:

The school financial management team will be saddled with the responsibility of budgeting and oversight functions relating to finances. The essence of budget in an organization cannot be overemphasized. The budget guide the finances of the school and prevent the school from over-spending, impulse-buying.

The financial team track the budget implementation, identifies areas of over-budgeting and under-budgeting and use the knowledge in making future school budgets. With the financial management team, the school will be assured of not over-spending, make decisive decisions in tandem with the school purse and proffer financial advices to the school when needed.

2. Auditing the school:

One of the ways of improving funding is preventing wastages, needless spending and fraud. Though very many do think ways of increasing school finances means making more money always but ensuring you don’t spend out order is one of the better ways of increasing school finances. Auditing is to ensure what goes to A is exactly what needs to go to A and ensuring A used what gets to A for what is claimed for.

There are always the chances of an employee trying to embezzle or divert funds to personal use or engaging in what is colloquially called “Sharp Practice”, a case of the lead technician at the Covenant University diverting students school fees to the tune of 200 million. This and other sharp practises can run a school aground if not detected and stopped and this can only be discovered through periodic auditing of the school.

3. Developing the Alumni:

For school with more than 20 years in service, most of the early sets would have been leaders in their profession and doing well. There are many unity schools in Nigeria like the Kings College and Queens College in Lagos with a very strong Alumni, the Alumni of both schools partake in projects in the school annually worth millions of naira.

So, if Alumni is formed as done in universities, they also will have ways of contributing to the school, no matter how little which will in turn reduce the school’s financial burdens.

4. Have a sessional budget:

Planning on sessional basis instead of the termly basis is believed to be more frugal in terms of financial management. Since the school run on sessional basis, it will be more beneficial if plans are also made on sessional basis meaning subscriptions, renewals, purchases and others will also be done in bulk. As we know, bulk purchases are always cost-effective meaning less money to be spent and in turn leads to an improved finance.

5. Creating social awareness to increase roll:

The higher the roll of a school, the better the finances, increasing roll can be very cumbersome most especially in a vet competitive environment. Using of social media to advertise the school is a great idea. Many today now have a Facebook, Twitter and WhatsApp account, used for business and leisure and you can be guaranteed of reaching a larger audience by advertising the school on social media.

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6. Restructuring the rebate system to encourage parents with many children:

The rebate system of each school differs from one another and the more attractive it is, the higher your chances of having parents with plenty children bringing their children to the school. It is strongly believed; a better rebate system will increase the roll and in turn better the finances of the school.

7. Introducing good initiatives:

A successful winner is always a tactical tinkerer; the game of football is an evidence to this. A school should always introduce new things as often as possible to stay ahead of others and remain in business. Ideas like e-learning should be adopted, clubs like graphics and art design, programming, web development and others should be introduced to the school curriculum or co-curricular activities. This will arouse the interest of the students and in turn leads to increase in roll and better finances.

8. Write to organizations for scholarship/voucher funds:

The school can seek funding from organizations within the community, many companies have several corporate social responsibilities and for some scholarship is the top of it. Write to companies to offer scholarship to brilliant students of the school.

9. Organize a fund-raising programme:

Fund raising is not only limited to churches and mosques alone, the school can organize a fundraising programme with a particular amount of money in target. Well to do people in the environment should be invited and the purpose of the fundraising should be clearly written in the souvenir to be given to the guests or even in the invitation card if possible.

Genuinty of purpose will go a long way in convincing your guests, you can even show them around the school to see the projects you have done, are doing and intend to use the fund to be raised for. This method has always been used by great schools as one of the ways of increasing school finances.

10. Automate some processes:

Gone are the days when many things are done in analogue manner, things are now being done in the digital way. With the advent of e-learning and the school management system (SMS), most processes are two or more buttons to be done in a jiffy.

The need for many secretaries is now needless as most payments are now made online, receipts generated online, forms filled online, and so more. Intercoms are now being used in place of messengers; CCTV’s are now being used meaning no need of having so many numbers of security officers patrolling. All these and other more if used will reduced the number of staff needed and save the school some money which will in turn increase the finances of the school.

11. Investing on Teachers:

The quality of a school is from the quality of her teachers, and according to Socrates, “A man is limited to the extent of his understanding”. When teachers are being trained, re-trained and well remunerated, they will deliver better and this is arguably the best means of advertising the school. By advertising the school through quality teaching, the roll will increase because the public knows through the students. By having an increased roll, one thing is assured, increase in school finance.

Having your teachers trained and well remunerated is a sure way of having competent and dedicated teachers which in turn is a win-win for all concerned.

Other ways of increasing school finances are:

12. Seeking and opting for more cost-effective services.

13. Renewals and subscriptions should be adequately planned to enjoy promos.

CONCLUSION

We believe you find this information on ways of increasing school finances very useful and it definitely will help you answer your question on how to increase school finances and other related financial concerns of the school.

In case you have addition or amendments to this write up, we will be glad to hear from you, please feel free to use the comment box below and we promise to get back to you as soon as possible.

Thanks for reading, we will so appreciate if you can use the share button to share this post to your friends on social media platforms like Facebook, Twitter, WhatsApp, Telegram and others

Hi, I'm Ogundare Abdulahi, an educator, content developer and web programmer. I love helping people and disseminating information. At my leisure time, I like reading and surfing the web.

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