Financial management standard in schools

From 2007 the governors' role in the financial running of the school has come under close scrutiny with the introduction of the Financial Management Standard in Schools (FMSiS).

Governors have collective responsibility for financial decisions that are made in the context of how the school is run and are answerable to parents and the wider community. The governing body, supported by information and advice provided by the Headteacher, decides the strategic direction of the school.

To obtain the standards, the governing body will need to provide a type of financial 'self evaluation form' backed up with specific evidence. Secondary schools met the standard in 2007 but primary schools will be in phases from 2008 to 2010.

Any schools failing the standard will not be able to achieve an excellent rating on leadership and management from Ofsted.

Part of the standard includes an evaluation of the effectiveness of clerking arrangements for the governing body and finance committee. If you would like us to attend one of your meetings to see your governing body in action in advance of the standard assessment please ring us. The Governor Development Team can also present a 30 minute theme on FMSiS for your governing body.

Documents

To view these documents you might need to download some software. Visit our downloads page for more information.

	Competency grid - a matrix of financial management competencies. File format Adobe Acrobat (pdf) - 25.5KB
	Pecuniary interest form - governors' pecuniary interest form to be completed annually. File format Adobe Acrobat (pdf) - 30.6KB

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