Abstract / Excerpt:

Objectives: The study aimed to find out how the Catholic universities of the Philippines manage their financial resources, and how their financial management embed, or is integrated with, the core values expected of Catholic universities. To achieve these objectives, the study utilized the audited financial statements of twenty-two Catholic universities (or 88% of the total number of Catholic universities) all over the country using some financial models. Financial ratios from common-size financial statements were computed to describe the extent to which existing financial policies, decisions and financial strategies are carried out. To determine the embedded of the core values on the financial policies, decision growth and strategies of the Catholic universities, the amount allotted for the pursuit of the core values were correlated with the results of the ranking done by the presidents and vice presidents for finance. Rank was sued to describe the priority vales of the universities. The analysis of variance or the f-test and t-test were used to determine if significant difference exists in the valuing and in the management of the financial resources of the universities when grouped according to their accreditation status. The analysis of the data gathered revealed the following findings: Research was the most cherished value of the Catholic universities. Conclusions: It was observed that integration of the core values that Catholic universities must have in the total educational enterprise, as exhorted by Pope John Paul II in Ex Corde Ecclesiae are wanting. Without these core values, the future of Catholic universities and the values they represent are uncertain. The researchers reasons as follows: (1) In this study, the great desire of the presidents and vice presidents for finance is for their universities to attain a significant extent the values inherent in the nature and identity of a university. However, these values are not actualized in the way finances are managed.

(2). The study generally shows that there is no significant integration of the core values of a Catholic university into their financial policies, even while the presidents and vice-presidents for finance explicitly express the great importance of the core values. (3). The most dominant value of presidents and vice presidents for finance of Catholic universities is research. Other than research, the over-all ranking shows that the three values derived from the identity of universities as Catholic namely, institutional commitment to the service of God and people, fidelity to Christian message, and fostering Catholic faith, got high rankings. (4). The financial decision of Catholic universities is below optimal level, resulting in a crisis of survival, the result shows a tendency to hold drive on economic. However, on the optimal level the drive is always integration of core values. Likewise, the result of the study shows that the amount spent for the practice of the core values does not have much impact on the effective integration of these values. The indicators of a value-based financial management as shown in the study revealed that Catholic universities in the Philippines will have difficulty to remain economically sustainable with the core values that the universities have. The researcher believes that integration of core values must be pursued in managing finances particularly by Catholic universities offering accountancy and business courses. A general and necessary implication of this study is for a research to be conducted on how Catholic universities in the Philippines could more effectively embed the core values expected of them. Research should be endemic to the "how" of integrating these values in the over-all management of Catholic universities which includes financial management. Such research would be invaluable for the strategic planning toward value integration that the universities would have to do, as recommended by this study. Their identity and raison d'entre as Catholic universities significantly depend on such value integration. Thus, the conclusion of this study really means in financial terms not enough is being done by Catholic universities offering accountancy and business programs. toward the value congruence or integration. The conclusion does not, by any means, indicate total absence of core values in the university environment. In this situation, the New Testament Parable of the Talents is apropos (Matthew 25: 14-30 in New Jerusalem Bible, 1990). Through this parable Jesus teaches that the wise servant who properly and responsively uses parable in effect also teaches the close like, the integration, between values and efficient financial management.

Info

Source Institution	Warnborough University
Unit	Business and Accounting
Authors	Adelan-Malubay, Helen.
Page Count	116
Place of Publication	London, England
Original Publication Date	March 1, 2001
Tags	Dissertations, FINANCIAL MANAGEMENT, colleges and universities

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