Financial Management Standard in Schools
The Financial Management Standard is a simple one page statement of the characteristics you would expect to find in a school that is well managed financially. These cover Leadership and Governance; People Management; Policy and Strategy; Partnership and Resources; and Processes. Those characteristics are set out in terms of the principles to be achieved, rather than the precise way they should be achieved. This reflects the fact that schools have vastly different levels of financial management resource and are organised in different ways. Nevertheless, the principles of the Standard should be achievable by all schools.
Use the link below to access The Standard or select from the options on the left to view further information on external assessment (including certificates and logos) and training on the FMSiS.
- Financial Management Standard in Schools [VFMU] SELF/EXTERNAL ASSESSMENT
- FMSiS Guidance for LAs GUIDANCE
- Supporting Schools Financial Management [VFMU] TOOLKIT, SLIDES
Financial Management Standard in Schools [VFMU]
The Standard is supported by a comprehensive toolkit that provides best practice guidance on financial management, lets schools assess their performance against that and then helps fill any gaps that are identified. It does this primarily through links to existing guidance from authoritative sources such as the DCSF and the Audit Commission, as well as specially written summaries to bring the strands of guidance together.
Access the Financial Management Standard and toolkit here
FMSiS Guidance for LAs
The FMSiS was added to the Scheme for Financing Schools in October 2006 through directed revisions, which from January 2007 requires that meeting the Standard is now a legal requirement for schools, subject to the phasing that is determined locally.
The LA FMSiS guidance 2007 document below sets out the context for the Ministerial decision to proceed on a phased timetable that requires all schools to meet the Financial Management Standard in Schools (FMSiS) by March 2010. It also sets out the requirement for the Section 151 Officer (CFO) to sign a declaration attached to the Section 52 Outturn statement to be signed at the end of each financial year advising on what arrangements are in place to ensure that all its schools meet the FMSiS and to remedy any shortfalls.
(Word 359 KB)
www.standards.dcsf.gov.uk/vfm/downloads/Word/FMSiS_LAGuidance2007.doc
Supporting Schools Financial Management [VFMU]
Supporting Schools Financial Management (SSFM) is a programme led by the DCSF in partnership with the Virtual Staff College (VSC) to:
- raise awareness of new school funding arrangements;
- communicate the benefits of a coherent approach to supporting schools and their budgets;
- raise awareness of local authority finance officers regarding the link between sound financial management and raising standards in schools;
- raise awareness of school improvement officers regarding key school resource management issues;
- communicate on hot issues and their implications for strategic planning; and
- launch the resource project website and online forum.
In November 2007, the DCSF completed the second series of SSFM regional seminars and the slide presentations used at these events and a summary of good practice and key issues for each event are provided.
www.dfes.gov.uk/valueformoney/index.cfm?action= financeManagement.Default&ContentID=81
