Importance The article investigates financial and economic activity of higher schools and improvement of their financial management performance. Objectives Based on the specifics of financial mechanism of budgetary and autonomous educational institutions and assessment of their financial and economic operations, we offer methods to increase the quality of their financial management. Methods The study employs methods of analysis and synthesis. Results We analyzed financial statements of six universities and found problems in managing the expenditure of funds, resulting in deficits and losses. As a solution, we propose a hierarchical structure, where each element has its performance indicator. All departments are classified by functions and existence of subordinate departments. The results of their activities in the form of indicators are submitted to the upper level and then in a consolidated form to senior management. The latter makes management decisions, using the furnished information. Conclusions and Relevance It is necessary to develop a special methodology to enhance the quality of financial management at higher schools. The possibility to monitor the performance of each department raises the transparency of financial activities.
Medvedev D.A. [Social and economic development of Russia: Discovering a new dynamic pattern]. Voprosy Ekonomiki, 2016, no. 10, pp. 5–30. (In Russ.)
Shubina T.V., Frolkin A.V. [The possibility of applying traditional methods of financial analysis in assessment of State-financed and autonomous institutions' performance]. Mikroekonomika = Microeconomics, 2015, no. 4, pp. 46–51. (In Russ.)
Levdonskii A.A. [Budget risks and Federal budget's stability]. Ekonomika, predprinimatel'stvo i pravo = Journal of Economics, Entrepreneurship and Law, 2016, vol. 6, no. 2, pp. 175–184. (In Russ.)
Chalova A.Yu. [Managing the of Russian Federal budget balance stability under cyclical economic recession]. Sovremennaya ekonomika: kontseptsii i modeli innovatsionnogo razvitiya. Materialy VIII Mezhdunarodnoi nauchno-prakticheskoi konferentsii [Proc. 8th Int. Sci. Conf. Modern Economy: Concepts and Models of Innovative Development]. Moscow, Plekhanov Russian University of Economics Publ., 2016, pp. 228–232. (In Russ.)
Zhavoronkova E.N. [The reform of the Russian budgetary system at the current stage]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2014, no. 43. (In Russ.) Available at: Link.
Obolenskaya L.V., Golichenko N.O. [Fiscal reform priority: results or spending cuts]. Drukerovskii Vestnik, 2014, no. 3, pp. 37–51. (In Russ.)
Gaizatullin R.R. [On improving the efficiency of budget expenditures]. Finansy = Finance, 2016, no. 8, pp. 3–7. (In Russ.)
Volkova L.I., Ermolenko V.V. Formy i metody raboty s chelovecheskim kapitalom v usloviyakh ekonomiki znanii. V kn.: Ekonomika znanii. Problemy upravleniya formirovaniem i razvitiem [Forms and methods of work with human capital in the knowledge-driven economy. In: The knowledge-driven economy. Problems of managing its creation and development]. Krasnodar, Kuban State University Publ., 2014, pp. 104–111. (In Russ.)
Dolyatovskii V.A., Grechko M.V. [Forecasting the demand for human capital to ensure the required pace of development of the country and the region]. Intellektual'nye resursy – regional'nomu razvitiyu = Intellectual Resources to Regional Development, 2014, no. 1, pp. 167–171. (In Russ.)
Shumar M.S. [Requirements for human capital in modern conditions]. Strategii biznesa = Business Strategy, 2016, no. 6, pp. 35–38. (In Russ.)
Pozdnyakova I.A., Izmailovich S.V. [Specifics of analysis of budget organization's paying capacity]. Науковий вісник Ужгородського університету. Серія: Економіка, 2015, no. 1-1, pp. 201–204. (In Russ.)
Shaimardanova D.R. [Improving the methods for economic analysis of budget organizations]. Sovremennye problemy sotsial'no-gumanitarnykh nauk = Modern Problems of Social and Humanitarian Science, 2016, no. 2, pp. 177–181. (In Russ.)
Magomedova A.A. [Specifics of financial analysis of budget organizations]. Aktual'nye voprosy sovremennoi ekonomiki = Topical Issues of Modern Economy, 2014, no. 4, pp. 477–484. (In Russ.)
Osadchii E.A., Kornoukhova T.V. [Specific features of analysis of a non-profit organization: The municipal budget pre-school establishment no. 57 “Vesnyanka” case]. Risk-menedzhment v ekonomike ustoichivogo razvitiya. Materialy III Vserossiiskoi nauchno-prakticheskoi konferentsii studentov i molodykh uchenykh s mezhdunarodnym uchastiem [Proc. 3rd All-Russia Sci. Conf. Risk Management in the Sustainable Development Economy]. Elabuga, Elabuga Institute (branch) Publ., 2015, pp. 130–132. (In Russ.)
Tomina S.E. [Perfecting the financial analysis of State-funded autonomous institutions]. Vestnik MGUU = Bulletin of Moscow Metropolitan Governance University, 2015, no. 2, pp. 37–43. (In Russ.)
Volgin N.A., Demidov I.F. [The remuneration system efficiency in government (municipal) agencies: New subjects to research, methods of evaluation, practical application]. Trud i sotsial'nye otnosheniya = Labor and Social Relations, 2015, vol. 26, no. 1, pp. 15–25. (In Russ.)
Todosiichuk A. [Remuneration in State-funded scientific institutions]. Ekonomika obrazovaniya = Economics of Education, 2014, no. 4, pp. 130–136. (In Russ.)
