Financial management boost for Eastern Cape schools

The Eastern Cape department of education MEC, Fundile Gade, in partnership with the South African Institute of Chartered Accountants (SAICA) and the BankSeta are launching a pilot project to ensure sound financial management in 50  provincial schools.

The event is taking place at the East London Education Leadership Institute today.

Department spokesperson Malibongwe Mtima said the project launch followed after 50 officials received training in financial management and auditing.

“Although the 50 officials were trained by the Buffalo City TVET College and Lovedale TVET College, all other districts will also benefit.The 50 officials will be dispatched in BCM, Chris Hani East and West, Alfred Ndzo East, OR Tambo Coastal, Alfred Ndzo West, OR Tambo Inland, Nelson Mandela and Amatole West schools for 18 months. They will help improve schools finances and transfer information to ensure the school finances continue to improve,” said Mtima.

He indicated that BankSeta, DoE and SAICA will also be signing a memorandum of understanding in the event.

“The officials will also work with school governing bodies (SGB) in a bid to ensure better financial management in schools and to ensure that the financial affairs of schools in the province are overseen effectively and efficiently.The project will also upskill and mentor SGBs and ensure that schools’ financial decisions are made in the best interests of pupils. This is done to comply to the legislation as it prescribes that by law, every public school in South Africa must have an elected SGB to run their school’s finances.”

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