DETERMINANTS OF EFFECTIVE FINANCIAL MANAGEMENT IN CATHOLIC CHURCH MANAGED HEALTH INSTITUTIONS IN KENYA
Abstract
Purpose of the Study: This study purposed to assess the determinants of effective financial management in Catholic Church managed health institutions so as to provide better understanding in the local arena.
Problem Statement: Most of the Church institutions particularly health institutions within the Archdiocese of Nairobi have been characterized by various challenges such as financial mismanagement, poor leadership and lack of competent personnel. With this in mind, the objective of the study was to assess the determinants of effective financial management in Catholic Church managed health institutions in Kenya.
The study Methodology: The researcher used a mixed method paradigm specifically the convergent parallel design. Under this strategy, the researcher used cross-sectional survey design for quantitative data and phenomenology for qualitative data. Under sampling, both probability and non-probability sampling were used where the clusters were hospitals, health centers and dispensaries. Simple random sampling was employed to select 22 health institutions from the clusters. Data was collected using questionnaires and interview schedule in Catholic Church managed health institutions sampled within Nairobi Archdiocese. Data was analysed quantitatively and presented descriptively, and illustrated by use of tables and charts. Information was sorted, coded and input into the statistical package for social sciences (SPSS) for generation of graphs, tables, descriptive statistics and inferential statistics. In particular, means, standard deviations, and frequencies. Inferential statistics such as factor analysis, correlation and regression were also used.
Results of the Study: The study results indicated that, corporate governance, sources of funds and financial training were determinants of effective financial management.
Conclusion: The study concluded that financial training determines effective financial management. Well trained finance personnel contribute to effective financial management.
Recommendation: The study recommended that the management must ensure that policies are put in place and procedures are adhered to in the management of finances. Based on the study there is need for Catholic managed health institutions management to ensure the institutions have proper systems that will detect fraud activities. The management should improve finance personnel through regular capacity building, workshops and seminars which will help to impart the basic and necessary financial skills.
Keywords: Institutional age, corporate governance, sources of funds, financial training and effective financial management.
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