Financial Management of College Libraries

Financial management relates to overall management and achievement of the appropriate objectives of the organization. It provides a conceptual and analytical framework for financial decision making. The function of finance covers both acquisition of funds as well as their allocation. Apart from the issues involves in acquiring external funds the main concern of financial management is the efficient and wise allocation of funds to various uses. It is an integral part of overall management. The management staff recruited is given the authority and responsibility for general control and utilization of funds, balancing of revenue and expenditure and evaluation of financial affairs. Financial Management also deals with the non-profit making organization, as they need to cut down its costs by applying the methods and techniques of the financial management for utilization of the resources for optimum benefit and in solving their financial problems. The college library being service component is a spending institution and comes under this category. The library is the life–blood of an academic institution and it is performing the function of accumulation, preservation and dissemination of knowledge. In the end of the book some guidelines on various aspects for the financial activities of the college libraries has been given and following these guidelines the financial management of college libraries could be improved which help in the smooth functioning of the libraries.