Home  Journals  Financial Analytics: Science and Experience  38(272) - 2015 October

Theoretical and methodological approaches to financial management in higher education institutions

Vol. 8, Iss. 38, OCTOBER 2015

Article PDF Version

Received: 1 September 2015

Accepted: 14 September 2015

Available online: 24 October 2015

Subject Heading: Economic policy

JEL Classification: 

Pages: 15-29

Importance Efficient management of public finance has an important role in the strategic and tactical targets of the Russian budgetary policy. The article describes a model of public finance management and a process approach to managing the finance of higher educational institutions.
     Objectives The paper aims to describe the content and specifics of theoretical and methodological approaches to financial management in the system of higher education institutions. The objectives are to review the model of public finance management; to scrutinize financial management in higher schools from the perspective of systems and process approaches; to analyze the process of financial management in higher schools; to identify and classify the risks inherent in the functional and financial activity of higher schools; to consider the algorithm of hazardous event risk assessment in higher education institutions.
     Methods In the study, we applied methods of comparative analysis, systematization, classification, analogy, and comparison.
     Results The article presents a comprehensive review of financial management in higher education institutions, considers the system nature of the concept, and exposes its specificity in higher schools.
     Conclusions and Relevance The research enables to conclude that financial management creates a basis for executing the control functions by the State in legal, social and economic spheres.

Keywords: financial management, higher education institutions, elements, risks

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