Financial management in schools
Guidance on financial management arrangements in relation to grant aided schools funded under the Common Funding Scheme.
The Education Authority is required to set out the conditions under which the Board of Governors of each controlled and maintained school is given delegated authority and its delegated budget:
The Education Authority is free to devise its own arrangements, taking account of the requirements and obligations set out in its financial memorandum and the Common Funding Scheme.
Voluntary Grammar Schools and Grant-Maintained Integrated Schools have direct control of their finances and the conditions applied to those schools are subject to separate arrangements.
Audit and accountability of voluntary grammar and grant maintained integrated schools Voluntary Grammar (VG) and Grant-Maintained Integrated (GMI) schools are also funded by the Education Authority (EA), which: determines the conditions that VG and GMI schools must comply with using grant provided by the EA ensures that Boards of Governors comply with conditions of grant; monitors spending in individual schools and ensures that budgetary limits are not exceeded; ensures that financial and management controls are in place in schools which are appropriate and sufficient to safeguard public funds and ensure value for money.