Financial Management Practices as Predictors of the Sustainability of the Wesleyan University Provident Multi-Purpose Cooperative (WUPMPC)

The objective of this study is to determine if financial management practices can predict the sustainability of the Wesleyan University Provident Multi-Purpose Cooperative (WUPMPC). It employed a quantitative, cross-sectional, descriptive-correlational and predictive research design with 100 cooperative members, officers and members of the Board of Directors selected through purposive sampling. Data were collected using a validated researcher-made questionnaire and analyzed using frequency, percentage, mean, standard deviation, Pearson correlation, Spearman rank-order correlation, independent-samples t-test, one-way analysis of variance , and multiple linear regression. Budgeting and financial planning was the highest rated (M = 3.35, SD = 0.33) while financial reporting was the lowest rated (M = 3.09, SD = 0.34). The sustainability of WUPMPC was generally evaluated positively (M = 3.09, SD = 0.39). All five financial management practices were significantly and positively associated with sustainability, budgeting being the strongest (r = .672, p < .001). The age and length of membership were significantly and negatively related to cash management, internal control and risk management but were not significantly related to sustainability. Differences by sex and civil status were also found for selected practices. Regression analysis indicated that budgeting was a positive predictor of sustainability, whereas financial reporting and internal control had significant negative coefficients when the other predictors were controlled. Cash management and risk management did not have significant unique predictive contributions. The regression coefficients suggested some multicollinearity, so predictive findings should be interpreted cautiously. The findings support enhancing WUPMPC’s systems of budgeting, financial reporting, internal control, cash management and risk management.

financial management practices, budgeting, internal control, financial reporting

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