Financial Management Practices and Compliance of a State University in Bicol Region

The study assessed the financial management practices as well as regulatory compliance of Bicol University for Calendar Years 2022–2024, giving emphasis on the extent of implementation in planning, budgeting, implementation, and reporting. It also looked into the university’s conformity to financial regulations and policies issued by the Commission on Higher Education (CHED), Commission on Audit (COA), and Department of Budget and Management (DBM), and showed key challenges in financial management and compliance. Applying a sequential explanatory design, the study employed quantitative survey data with qualitative interview insights. Data were processed using descriptive statistics and thematic analysis. The findings revealed that budgeting practices were consistently practiced, rated as “Always Practiced,” while planning, reporting and implementation was “Sometimes Practiced,” demonstrating effectiveness though subject to occasional inconsistent application. Compliance with COA and DBM were rated “High Compliance,” though some Audit Observation Memorandum (AOM) has persistent issues, primarily due to workload issues while compliance with DBM showed that Budget Utilization Rates have been a fluctuating trend due to delays in capital outlay project implementation. Compliance with CHED’s CMO No. 20, s. 2011, was rated with “Very Low Compliance,” on account of registration issues with the Office of the National Administrative Register (ONAR), though future compliance is planned. Challenges consisted of changing priorities, limited resources, inefficient procurement process, limited personnel handling multiple reporting requirements and complex documentation requirements. Nevertheless, reforms such as the creation of the General Accounting Services unit and system upgrades are being carried out. The study proposes a comprehensive guidebook to align practices and highlight the university’s commitment to further enhance financial management and compliance in achieving operational and strategic goals.