An Evaluation of the Innovative Funding Models on Effective Administration of Secondary Schools in Imo State, Nigeria

Abstract

There is room for innovations at every given point in time including in the financial management of educational institutions. Innovative funding models are contemporary funding models explored and used in effective and efficient financial maintenance of an institution. This institution can be educational, financial, religious, business, and so on. This study examined the influence of innovative funding models on administration of secondary schools in Imo State. Two research questions guided the study while two hypotheses were tested at 0.05 level of significance. Descriptive survey research design was adopted for the study. The population for the study was 297 principals which comprised 83 males and 214 females. There was no sampling procedure because the population was manageable. The questionnaire used for data collection was a 15-item structured titled “Innovative Funding Models on Effective Administration of Secondary Schools Questionnaire (IFMEASSQ)”. The questionnaire was validated by three research experts, two experts in Educational Management from the Department of Social Science Education and one expert in Measurement and Evaluation unit of Department of Educational Foundations, all from Faculty of Education, Imo State University (IMSU), Owerri. Cronbach Alpha statistic was used to compute the internal consistency of the instrument which yielded .83 and .81 for clusters 1 and 2 with an overall reliability index of .82 which indicates that the instrument was reliable. The research questions were answered using mean and standard deviation while the hypotheses were tested with t-test statistic. The findings of the study showed that community involvement and corporate sponsorships influence the administration of secondary education in Imo State to a great extent. Based on the findings, the study recommended that Imo State government should create attractive policies that would enhance massive participations of individuals and corporate bodies in the funding administration of secondary schools.