The Role Of Educational Institutions In Teaching Financial Literacy Through Savings Accounts – © 2023 Opportunity International Education Finance operates through its US and UK affiliates. Opportunity International UK is registered as a charity in England and Wales (1107713) and in Scotland (SCO39692). Opportunity International United States is a 501(c)3 nonprofit organization.
Quality education is a fundamental right. Research shows that giving children access to a good education reduces poverty and inequality, increases life expectancy and empowers women and girls to make decisions. Higher overall levels of education in countries contribute to greater peace, stability and gender equality.
The Role Of Educational Institutions In Teaching Financial Literacy Through Savings Accounts
However, even before COVID-19, 617 million children around the world remained either out of school or in school but not achieving an adequate level of learning. This perpetuates poverty and global inequality generation after generation.
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Our goal is clear – More children learn and have access to quality education. To do this, Opportunity partners with financial institutions to mobilize capital for school owners and parents and increase the capacity of school leaders and teachers.
The result of investment in schools, parents and teachers is that more children learn in a supportive environment, better equipped to reach their full potential.
Today, Opportunity is one of the few programs in the world that addresses the capital needs of parents and school owners, while deepening the skills and competencies of school leaders and teachers. -local schools – all within a sustainable and inexpensive framework that can be replicated worldwide.
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School owners lack the capital to develop and upgrade their affordable non-government schools, which limits their ability to build new classrooms, add seats, hire new teachers or purchase ICT.
School improvement loans provide school owners with capital to meet their unique needs, including building new facilities to accommodate more students and improving infrastructure to improve school quality.
Parents struggle to pay upfront the costs of uniforms, fees, shoes and supplies for all their children due to irregular, unpredictable or seasonal incomes, leaving many with the impossible choice of sending only one or none of their children. children to school when money is scarce.
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Tuition loans provide parents with additional capital so they can send their children to school at the risk of being sent home or without sacrificing other needs such as food, health care or small business development.
School owners often work independently without access to a network of peers to share best practices, leaving many to face the challenges of running a local, affordable school on their own.
A network of school clusters formed through EduQuality to bring together small groups of educators from different schools, who meet regularly to share challenges and best practices, attend professional development training together and collaborate in areas of school development planning.
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School leaders struggle to identify the best steps to take to achieve their vision of a quality school and often have to make decisions about how to invest in their schools with limited resources and limited knowledge of better educational practice.
The Pathways to Excellence guide offers a customizable roadmap to help school leaders assess their school’s level of quality in 18 areas and then develop and implement a step-by-step school development plan to target areas for improvement based on their top priorities.
School leaders come from diverse backgrounds and often do not have all the skills needed to run a sustainable and growing quality school, nor access to the training needed to build their capacity in ‘key areas’.
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School Leadership Professional Development Workshops are designed to build the capacity of school leaders by offering hands-on training focused on critical school leadership skills, including business and financial management and instructional leadership.
Non-public school teachers may have limited access to the professional development offered to public school teachers. Teachers may also have limited training, which affects their ability to use best practices in the classroom to help children learn effectively.
Mentor teacher professional development training engages teachers at their level and helps them build their skills in the areas of student engagement, teaching and learning, and literacy. Teacher mentors also receive training in effective professional development, classroom observation, and peer coaching.
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The Opportunity Model promotes financially sustainable investment in low-cost education for school owners, parents, students and financial institutions. This approach ensures that school owners and parents will continue to have access to the capital they need.
Many educational interventions lack the scalability to significantly reduce the global education deficit. Through our network of local financial institution partners, the Opportunity Model drives significant and scalable investment in low-cost education and school improvement through a self-improving school system model.
Much more investment in low-cost education is needed if we are to achieve Sustainable Development Goal 4. Through our investment in technical assistance services for financial institution partners, we are able to mobilize high-impact private capital. Our analysis found that for every US dollar invested in technical assistance, financial institutions lend an average of US $64 in education loans.
Twenty Years Of Teaching Financial Literacy
Everything we do is designed to break down the main drivers of the education deficit: access and quality. Education is one of the most vibrant industries because it spreads knowledge and educates children. Besides education, there are several other aspects associated with this industry that determine its long-term survival; one of them is profit or gain retention. Without finance, everything is null and therefore it becomes of the utmost importance that the financial and accounting parts are managed in an articulated manner. Proper accounting has always been a challenge for educational institutions. Various accounting inefficiencies faced by the education industry have affected the performance of institutions. We understand that the education industry is very different from other industries and requires regular financial attention to know the viability of this business. This is why we believe in updating and providing our clients with monthly financial and profitability reports as per their requirements.
Accounts Junction has a very good experience in providing accounting services to the education industry for various institutions. Our professional CFOs understand the common requirements of different types of educational institutions and have achieved efficiency in this. Our experts have vast knowledge and experience in this field along with firm hands in various accounting software like Xero, Zoho Books, QuickBooks, MIOB and many more.
Accounts Junction has experience in accounting work for the education industry. We understand the different format of work style in the education industry. Educational institutions must understand the cash flow system of their organization in order to ensure a better financial position. While working on the accounting of educational institutions, we first understand all aspects of the educational institution. Then we plan a suitable accounting system that can bring precision to it. An accounting service for the education industry aims to provide better financial reporting to institutions that can be easier for them to understand.
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All accounting activities are performed on appropriate accounting software. It can automate all tasks in a very easy way. We understand the requirement for accounting in education depending on the type of institution. Our expert staffs will then plan an appropriate model through which work on the accounting of educational institutions will be facilitated.
While providing accounting services, we take care of all related tasks such as bookkeeping, accounts payable and receivable, payroll, taxes, etc. We aim to achieve accuracy in all accounting activities properly. Accounts Junction’s expertise has many years of experience in providing accounting services to the education industry that can help improve the financial position of a business. Their timely response to any accounting needs of the clients can maintain proper working process for the educational institution. After years of experience and many satisfied customers all we can say is, be part of our family and experience growth!
Accounts Junction’s bookkeeping and accounting services are well suited to the specific needs of the education sector in the United States. By using our services, educational institutions can experience the following benefits:
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Accounts Junction provides accurate and precise recording of financial transactions for educational institutions. We keep accurate records of income from tuition, grants and donations, as well as expenses related to salaries, maintenance of facilities and supplies. This accuracy provides a solid foundation for financial management.
Accounts Junction’s expertise helps educational institutions comply with the specific requirements of grants and funding sources. Our team ensures proper tracking and documentation of funds, adherence to spending guidelines and generation of comprehensive financial reports, thereby maintaining transparency and accountability.
Accounts Junction helps generate accurate and timely financial reports for educational institutions. We prepare income statements, balance sheets and other financial reports that provide a clear overview of the institution’s financial health. These reports help administrators, board members and stakeholders gain insight into financial performance and make informed decisions.
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The education sector is subject to regulatory compliance and periodic audits. Accounts Junction ensures that financial records are maintained in accordance with legal and regulatory standards. Our services enable smooth audits and minimize the risk of fines or legal issues, while ensuring institutions are prepared and compliant.
Accounts Junction supports educational institutions in budgeting and planning. Our expertise helps in establishing realistic budgets, efficient allocation of resources and planning of future expenses. Using accurate financial data, institutions can optimize theirs
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