Financial Policies of Higher Educational Institutions

- Шофолова, Н.М. (orcid.org/0000-0002-6654-6765) (2022) Financial Policies of Higher Educational Institutions International Scientific Journal of Universities and Leadership (13). pp. 70-80. ISSN 2520-6702

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Abstract

In the context of legal regulation and restrictions on public funding of higher educational institutions and competition in the search for additional resources, the efficiency of the use of funds, openness and accountability of the expenditures are extremely important. The implementation of university financial policies will help to support a system of financial management, increase the level of financial autonomy, promote publicity and transparency in financial decision-making and facilitate management decisions towards achieving strategic goals. The article considers the theoretical foundations of financial policies in higher education institutions. University financial policies is defined as a purposeful activity of the management team aimed at making effective financial decisions to achieve and maintain financial sustainability and stable development of the university, achieving its strategic goals and current tasks, based on developing alternative algorithms with clear distribution of the powers and responsibilities. Arguments for the necessity to implement university financial policies as a mechanism to expand the financial autonomy, increase the competitiveness of the institution, reduce financial risks, ensure integrity and social responsibility, increase the efficiency of financial management, simplify of financial processes, and improve the quality of educational services are substantiated. The recommendations of projects and guides on financial policies and procedures and the experience of British universities on the content of financial policies are analyzed, as well as the main components of financial policies for Ukrainian universities are proposed.

Item Type:	Article
Keywords:	audit, higher educational institutions, international grants, endowment, social responsibility, fundraising, financial autonomy, financial statements, financial planning, financial policies
Subjects:	Science and knowledge. Organization. Computer science. Information. Documentation. Librarianship. Institutions. Publications > 3 Social Sciences > 37 Education > 37.01/.09 Special auxiliary table for theory, principles, methods and organization of education > 37.07 Management aspects of educational institutions Science and knowledge. Organization. Computer science. Information. Documentation. Librarianship. Institutions. Publications > 3 Social Sciences > 37 Education > 378 Higher education. Universities. Academic study
Divisions:	Institute of Higher Education > Department Interaction between Universities and Society
Depositing User:	м.н.с. О.С. Литовченко
Date Deposited:	25 Aug 2022 14:35
Last Modified:	25 Aug 2022 14:35
URI:	https://lib.iitta.gov.ua/id/eprint/731646

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