Page 17 - LESSION 16.pmd

Administration and Management of An ECCE Centre

• Receiving feedback on how things are going;

• Identify the areas where things are working well and not so well;
Notes
• Know how well the aims and objectives are achieved; and

• Collect information you can use when applying for grants and funding, for
reporting on grants, and for promoting what you do.

16.6.2 Management and Utilisation of Funds

Financial management at ECCE centre deals with procurement and allocation of
funds. It also deals with monitoring their use that is, whether funds are used for
the purposes for which they were meant. A financial plan is essential for effective
and efficient utilisation of funds. It helps you in evaluating your present financial
status and in setting goals for running of the centre. It also provides evidence of
funding sources indicating that you have researched and planned the future
financial management of your centre.
Preparing a budget is the first step of financial planning for the centre. The budget
helps in forecasting the expenditures and estimating the revenues like, where
the money will come from for the targeted expenditure. After doing this, you
will get an idea of the financing gap or the difference between income and
expenditure that you are up against. Accordingly, you can adjust your income
and expenditure figures. Either you can set priorities to cut your expenditures or
can identify more sources of funds. Budgeting also provides scope for financial
adjustments in case of change of priorities or emergencies. Based on your budget,
you can establish a plan of action over a specific period of time.
All financial transactions need to be recorded promptly and accurately. Monthly
review of expenses and income should be conducted. If possible, external auditing
of the centre’s financial records should be done annually. All staff should take
the lead in demanding and enforcing proper financial management of the centre’s
fund.

INTEXT QUESTIONS 16.5

Fill in the blanks:

(a) .................. also helps them to improve the centre’s accounting system.

(b) Financial management deals with procurement and .................. of funds.
(c) Preparing a.................. is the first step of financial planning for the centre.

(d) The focus of.................. is on establishing the truth and fairness of the
accounts.

EARLY CHILDHOOD CARE AND EDUCATION 131