NARES_Comprehensive Financial Plan for BNHS.pdf

Sample Comprehensive Financial Plan

1. Comprehensive Financial Improvement Plan for Bayanihan National High School

Objectives
Financial Objectives:
1. Achieve Budget Stability: Make sure that BNHS manages to work at or around a break-even point by making
proper utilization of the fund and finding out ways of mobilizing more funds.
2. Enhance Financial Transparency and Accountability: Improve financial reporting and auditing processes to
comply with Philippine government regulations and build trust among stakeholders.
3. Increase Funding Sources: Diversify and increase the funding streams available to BNHS to reduce reliance on
limited government allocations and ensure sustainable financial health.
Educational Objectives:
1. Equitable Resource Allocation: Ensure that resources are distributed fairly among all departments and programs,
addressing the specific needs of each to promote educational equity.
2. Improve Educational Quality: Invest in high-quality instructional materials, teacher training, and facility
improvements to enhance the overall quality of education at BNHS.

2. 3. Timely Payment of Salaries: Guarantee that all staff salaries are paid on time to maintain staff morale and ensure
a positive learning environment for students.

ACTION PLAN

Strategy Objective Steps Timeline
Zero-Based Budgeting
Implementation
▪ Adopt a zero-based
budgeting approach,
where all budgetary
requests must be
justified from the
ground up, ensuring
that all expenditures
are necessary and
aligned with BNHS’s
educational priorities.
▪ Conduct training
sessions for
department heads and
financial staff on zero-
based budgeting
principles.
▪ Require all
departments to submit
detailed budget
requests, justifying
each expense based
on current needs and
priorities.
▪ Review and approve
budgets based on
alignment with
BNHS’s strategic
educational goals.
Begin at the start of the next
fiscal year.
Diversification of Funding
Sources
▪ Engage with the local
community,
businesses, and non-
governmental
organizations
▪ Develop a list of
potential local
businesses, NGOs,
and community
organizations to
Ongoing throughout the
year.

3. (NGOs) to secure
additional funding
through donations,
grants, and
partnerships. This
also includes
leveraging programs
like the Special
Education Fund
(SEF) from local
government units
(LGUs).
approach for
donations and
partnerships.
▪ Write and submit
grant proposals to
relevant government
agencies and private
organizations.
▪ Organize fundraising
events such as
school fairs, alumni
gatherings, and
community drives to
generate additional
funds.
Enhanced Financial
Transparency and
Accountability
▪ Implement stricter
financial reporting
mechanisms in
compliance with the
Government
Procurement Reform
Act (RA 9184) and
the General
Appropriations Act.
Regular audits and
public disclosure of
financial statements
should be part of this
strategy.
▪ Establish clear
guidelines for
financial reporting,
including monthly
financial statements
and expense reports.
▪ Schedule regular
internal audits and bi-
annual external
audits to ensure
compliance with RA
9184 and other
relevant laws.
▪ Create a financial
dashboard
accessible to the
school administration
and key stakeholders
Immediate implementation
with ongoing monitoring.

4. for real -time
monitoring of financial
data.
Cost-Reduction Initiatives
▪ Identify and
implement cost-
saving measures
such as energy
efficiency programs,
bulk purchasing
agreements, and
streamlining
administrative
processes to
optimize the use of
available resources.
▪ Conduct an energy
audit to identify
opportunities for
reducing utility costs
(e.g., switching to
LED lighting,
improving insulation).
▪ Negotiate bulk
purchasing
agreements with
suppliers to lower the
cost of instructional
materials and
supplies.
▪ Streamline
administrative
processes by
digitizing records,
reducing paper use,
and automating
repetitive tasks.
Start within the next three
months.
Stakeholder Engagement
and Involvement
▪ Involve teachers,
parents, and the
community in
financial decision-
making processes
through the School-
Based Management
(SBM) framework,
ensuring that
▪ Hold regular
meetings with the
School Governing
Council (SGC) and
Parent-Teacher
Associations (PTAs)
to discuss the budget
and gather input.
Begin engagement efforts
immediately, with ongoing
involvement.

5. budgetary decisions
reflect the needs of
all stakeholders.
▪ Form a finance
committee that
includes
representatives from
teachers, parents,
and the community to
participate in
budgetary decisions.
▪ Provide regular
updates to
stakeholders on
financial decisions
and the status of
budget
implementation.


Monitoring and Evaluation
1. Financial Audits
o Frequency: Monthly internal audits and bi-annual external audits.
o Purpose: To ensure compliance with financial regulations, detect and correct discrepancies, and maintain
accountability in the management of school funds.
2. Budget Performance Reviews
o Frequency: Quarterly reviews of budget performance against projections.
o Purpose: To assess whether BNHS is operating within its budget and making necessary adjustments to
address any shortfalls or inefficiencies.
3. Stakeholder Feedback

6. o Frequency: Annual surveys and bi-annual focus group discussions with teachers, parents, and the
community.
o Purpose: To gather feedback on the effectiveness of the financial management strategies and their impact on
educational outcomes.
4. Evaluation of Educational Outcomes
o Frequency: Annually, aligned with the school year.
o Purpose: To assess improvements in educational quality, such as student performance, teacher satisfaction,
and resource adequacy.
5. Adjustments and Improvements
o Timeline: After each audit or review.
o Purpose: To make necessary adjustments to the financial plan based on monitoring results, ensuring
continuous improvement and alignment with BNHS’s goals.


Prepared by:

REYMAR B. NARES
MAEDELM 1 Student