ABSTRACT
Co-operative financing agency are not
different from other types of business with respect to efficient management of
their funds they are required to used funds very carefully and judiciously
because their source of funds tend to be limited.
The peculiar limitation imposed by
co-operative principle make it very difficult for co-operative to obtain
sufficient funds from outside e.g. that interest payment must not exceed
percentage.
As a catalyst cooperative financing
agency put together, then resource of entire cooperative credit union and by so
doing make the possible for credit union to help each other thereby bringing
the gap between rich and poor cooperative credit union the cooperative credit
concept is widely recognized on the only means to successful improved the
standard of living.
Therefore through spirit of cooperative
mutual self help, the rich individual financial strength to the poor credit
union in order to effect imposed credit equipment out, the financial strengths
and mutual protection that unity breads. When a credit investment part in the
members total serving into the apex through the financing programme it handing
power to another by making money available for the needy credit union to borrow
in order to assist the credit need of its member and accord financial relief in
the sense of world.
The desire for individual to development
them there economically and socially and the desire of cooperative financial
agency to become strengthened will be achieved through efficient financial
management.
TABLE
OF CONTENT
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v-vi
Table of content vii
- v
CHAPTER
ONE
1.1
Introduction 1
1.2
Aims and objectives of the study 3
1.3
Statement of the problem 4
1.4
Limitations of the study 5
1.5
Scope of the study 6
1.6
Research questions 6
1.6.1 Characteristic of useable research
question 7-15
CHAPTER
TWO
2.0
Financial management in a financial institution
16
2.1
Financial reports 18
2.2
Financial control 21
2.3
The voucher system 22
2.4
Internally generated funds 24
2.5
Financial strengthening 28
2.6
Internal audit 29
2.7
Risk management programme 29
2.8
Responsibility of the officer 35
CHAPTER
THREE
3.1 Origin
and historical development of Kwara cooperative financing agency 37
3.2
The objectives of Kwara cooperative
financing agency 39
3.3 The structure of Kwara cooperative financing agency
40
3.4 Kwara cooperative financing agency committee duties
and responsibilities of the board of director 40
CHAPTER
FOUR
4.1
Data presentation 46
4.2
Data interpretation 47
4.3
Test of hypothesis 48
4.4
Data analysis 56
4.5
Research findings 56
CHAPTER
FIVE: summary, recommendation and conclusion
5.1
Summary 59
5.2
Recommendations 60
5.3
Conclusion 62
Bibliography 64
CHAPTER ONE
1.1 INTRODUCTION
Cooperative
financing agencies are not different from other types of business with respect
to efficient management of their funds they require its used fund very
carefully and judiciously because their source of funds tend to be limited.
The peculiar limitation imposed by
cooperative principles mark it very difficult for cooperative to obtain
sufficient fund from outside e.g that interest payment must not exceed a
certain percentage.
As
a catalyst cooperative financing agency pull together the resources of entire
cooperative credit union and by so doing mark it possible for credit union to
help each other by bringing the gap between rich and poor cooperative credit
union. The cooperative credit concept is widely recognized on the only means
for successful improved the standard of living.
Therefore, through the spirit of
cooperative mutual self help the rich credit union like to lend some of their
individual financial strengths to the poor credit union in the order to effect
imposed credit equipment can the financial strength and mutual protection that
unit breads.
When a credit union invest part of the
member total serving into the apex through the financing programme. It lends
its lending power to another by making money available for the credit needs of
its members and to accord financial relief in the desire of the world.
The desire for individual to develop
them economically and the desire of cooperative financial agency to become
strengthened and provide better services to their member themselves will be
achieved through efficient financial management.
There is no better place where members
saving could be portability invested than members themselves. Therefore
financial agency feels that the saving mobilized by the agency if they are to
be used profitability, priority should be made to circulated with financial
agency itself and be fully utilized to up like living standard of the members
to when there savings belong.
In general no outsider want to invest
his money in cooperative members. Often consider leaving only a minimum amount
in cooperative business only to invest the rest of the money in other types of
business, which have no in dividend restrictions.
The phenomenon is term capital flight
and emphasize the need for a very careful and efficient management of means
fund available to cooperative financing agencies.
1.2 AIMS AND OBJECTIVE OF THE STUDY
The
study aim at highlighting the importance of the financial management in an
organization of Kwara state cooperative financial agency.
The
study is focused on;
The short out the main source of finance
to the agency as well as the management of funds the short art areas of problem
in the financing agency to suggest and recommend solution to the management of
Kwara state cooperative financing agency limited the existed of sound financial
management for cooperatives.
1.3 STATEMENT OF THE PROBLEM
One
of the most important problem of the organization is lack of adequate finance
to carry out their functions successfully.
It is believed that, availability of
fund can yields do good result and contributed to the stability of an
organization. Also lack of enough manpower can lead to laxity in all areas of
financial management in an organization. Frustration of these desires of
financial management could lead to collapse of an organization so financial
management is very important to an organization in such organization is to
survive any economics crisis.
In the light of above, this research
intends to find out whether this good and strong financial management which
will be supported with interview and it there are laxities in any area, the
research intends to find out whether this good and strong financial management
which will be supported with interview and it there are laxities in any areas,
the research intend to sort out what measures to take.
1.4 LIMITATION
OF THE STUDY
There
are various problems the researcher encountered during the writing of this
project the major ones are during this time the 2004 annual report of the
organization was available for me of their office. I laid my hand only on the
2003 annual report.
1.5 SCOPE
OF THE STUDY
The
scope of this study implied to fish out the importance of financial management
in a self-help financial institution.
The particular apex organization
detailed as a cases study of Kwara state cooperation financial agency limited
in federal ministry of work and housing Ilorin Kwara state, from the time of
established at 31st
December 2001.
The duties and responsibilities of the
state and management board are steel seen as importance is the development of
cooperative and hence has been in cooperative and hence has been in cooperated
into the study.
1.6 RESEARCH
QUESTION
Nworgu
(1991) describes research questions as questions posed by the researches in
which answers would lead to the solution of the problem: while in the word of
Asika (1991) research, question serves as a guide to the research in his search
for answers to the problems being studies. Hence, it should be general enough
to give rise to other loses questions but should still focus on the major
problems of the study.
Examples
of research question are:
i.
What is the relationship between
leadership style and job performance?
ii.
Why do most male managers prefer female
secretaries?
iii.
What is the relationship between budget
and inflationary trend?
1.6.2 CHARACTERISTICS OF USEABLE RESEARCH
QUESTIONS
i.
A good research question must-cover as
many research questions as would be enough for the major issues in the project
work. Meanwhile, there is” no rule stipulating the number of questions to be
formulated; however, the research questions should not be too small as not to
include important aspects of the problem to be too large as to result in an
unmanageable number of research questions.
ii.
The research questions must be related
to the problem being investigated and represent important and critical issues
of the study.
iii.
Research questions serve as a guide to
the researchers in his question for answers to the problems being investigated.
Hence, research question where to collect such data.
iv.
Research questions must be direct and
should focus attention on the major issues of the study
v.
Research questions should be formulated
in the clear and unambiguous language that could be answered. Researchers
should try as much as possible to avoid formulating research question in such a
way that it will require ‘yes’ or ‘no’ answers and all the research questions
formulated in the study should be answers.
1.6.3 HYPOTHESIS
An hypothesis is a conjectural statement
about that relationship the exist between two or among many variables it is a
tentative statement about relationship the validity of which needs to be tested
by means of logical testing as well as analysis of data and information and
subsequently accepted or rejected. The formulation of relevant hypothesis and
testing same are necessary requirement in any scientific research. However, it
is a general belief among students writing thesis (project work) that every
statement made in the course of their study is an hypothesis and it is
testable. It should be noted that every tentative research statement is not an
hypothesis.
The dichotomy between an hypothesis and
a research-statement is the variables are very important in hypothesis
formulation and testing, ordinary research statements many contain constants in
which the relationships between the constants are not testable instead of
variables in measurable term.
1.6.4 FORMS OF HYPOTHESIS
Hypothesis
could be classified in different ways. There could be two general form of
hypotheses for testing, namely:
(1)
Research hypotheses
(11)
Statistical
hypothesis
(1)
Research hypotheses :- these are
postulations formulated based on a hunch about the telationships between two or
more variables that ore of interest in the solutions of the research problem
for the study research hypotheses are like research questions but in the case
of hypothesis, there is prediction of some relationships. The research
hypothesis does not express the variables in which it is made up in measurable
terms and hence it is not directly testable statistical (nworgu.1991).
(11)
statistical hypothesis :- This is a
conjectural proposition about populations which is to verify or prove wrong by
means of logical testing as well as analysis of data and information collected
from a sample of that statistical population. Statistical hypotheses have both
the null hypothesis and the alternative hypothesis. The relationship between
two or more variables in the hypothesis are expressed in statistical and
measureable terms it is the null hypothesis that the researcher tests.
1.6.5
NULL
AND ALTERNATIVE HYPOTHESES
A
null hypothesis is the hypothesis that is tested by the researcher, it is
stated in negative assertion by the use of the words ‘no’ and ‘not’ null
hypothesis states that there ‘no difference’ or ‘no relationship’ between two
or more variables of the hypothesis. The null hypothesis which is Hi or Ho.
Alternative
hypothesis specfies an alternative way of demonstrating the relationship
between the two or more variables should the null hypothesis does not hold. It
can be said that expresses the likely conditions not anticipated in the null
hypothesis.
Ho: There is no significant relationship between
motivation and productivity of workers.
Hi:
there is significant relationship between motivation and productivity of
workers.
1.6.6 FUNCTION OF HYPOTHESES
The
function of hypothesis include the following:
1.
Hypothesis serves as a link, between the
world of reality and the world of theory and explanations.
2.
hypothesis can transform the
researcher’s ideas into testable forms.
3.
Hypothesis guides the researcher in his
research design and aids the generation of the required data for the study.
4.
Hypothesis also provides the researcher
with the direction of data analysis.
5.
Researcher is able to organize his
research report, through the help of hypothesis.
6.
Hypothesis aids the researchers in
focusing his attention and effort in the right direction.
1.6.7 SOURCE OF HYPOTHESIS RESEARCH
Hypothesis can be derived or obtained
from the following source:
1.
Theory researcher can extract hypothesis
from theories emanated within science. Researcher could derived hypothesis from
theory by retesting, already accepted theories for possible continued
acceptable or rejection.
2.
Personal
obscuration: this is also considered a very source of
hypothesis. The researcher can drive hypothesis based on his personal
observation.
3.
Experience:
the researcher can conveniently derive hypothesis based on the recall of past
experience of what he knows about the problem under study.
4.
Reasoning
by analogy: Hypothesis can evolve from reasoning by
analogy this is based on the fact that if two problems are similar in certain
aspects relevant from the standpoint of the study at hand, they are likely to
be similar in other relevant aspects including the hypothesis.
5.
Literature:
Literature
is another source from which hypothesis could be derived. Researcher can derive
hypothesis from the review of literature.
6.
Finding
of previous studies: this can provide a basis for expressing.
7.
Hypothesis:
previous finding can give rise to new dimension which need to be resolved. The
new dimension of problem can then form basis of formulating relevant
hypothesis.
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