Summarizes major problems in school financial management and suggests practical improvements to aid external reporting of financial data and internal management. Sections of the article describe these categories of problems: (1) budget presentation; (2) management control; (3) cost accounting; and (4) financial reporting. (PS)

To achieve the benefits of both efficiency and effectiveness requires that economists and educators at least be able to work together in developing and supporting educational strategies. (DM)

Article is an outgrowth of two conference presentations by the author at the Regional Seminar on Financing and Cost of Education in Central America and Panama, Guatemala City, Guatemala, September 6-11, 1971. (RJ)

Cost information influences many decisions managers and school administrators make. A well-conceived cost analysis promotes financial control and accountability, and should be used as a mainstream management activity in nonprofit organizations in order for them to become more cost-conscious and efficient. Two case studies are presented. (VM)