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Financial Management in Schools

The Financial Management Standard in Schools (FMSiS), was introduced by the DfES in 2004, following a study by the Institute of Public Finance (IPF), who concluded that financial management standards in schools could benefit from support for self-improvement. The Standard is essentially a statement of what a school that is managed well financially would look like, and is intended to provide a clear and consistent approach to financial management in all schools.

The Standard includes a self-assessment toolkit, enabling schools to evaluate their financial management practices and process against the best practice principles of the standard. It also includes a large number of resource documents providing guidance on all aspects of financial management in schools.

There is a DfES requirement that all secondary schools will have met the Standard by March 2007. Other schools will be required to meet the standard, on a phased basis, from March 2008. (Please note that the precise requirements for non-secondary schools have yet to be announced by the DfES, and have been subject to recent consultation. It is expected that 40% of non-secondary schools will be expected to meet the Standard by March 2008; a further 40% by 2009 and the final 20% by 2010).

Overview sessions on FMSiS for school's senior management were held last year, delivered by the National Bursars Association, aimed at providing awareness of the Standard. Included in the current FSS training programme are a number of overview sessions and workshops on FMSiS which will be delivered over the coming year.

Financial Management Standard in Schools Overview Slides

• PowerPoint 2003, 940kb/34 slides, 23/11/2006, fmsis_overview_nov06.ppt

Governor briefings on the Financial Management Standard November 2007

• PowerPoint 2003, 1067kb/22 slides, 27/11/2007, fmsis_governor breifing_nov07.ppt

One of the key features of the Standard is the expectation that all staff and governors involved with school's finances are adequately trained and competent in financial management. We have updated our training programme to ensure comprehensive coverage of the requirements of the Standard.

• FSS courses

Financial Services for Schools also provides a consultancy service to schools wishing for support in working towards achieving the Standard.

• FSS Contacts

The Standard can be found on the Teachernet website,

• www.teachernet.gov.uk/management/schoolfunding/schoolfinance/
  

Or accessed directly on

• www.fmsis.info/

Internal Audit have produced supplementary guidance on the evidence requirements schools will expected to provide when demonstrating they have met the Standard which is in the Schools Funding Unit section at:

• SFU - Financial Management Standards in Schools