DESCRIPTION OF THE MAIN FUNCTIONAL ELEMENTS OF MANAGING FINANCIAL RESOURCES OF HIGHER EDUCATION INSTITUTIONS IN THE PERIOD OF DEVELOPMENT

Abstract

The transition of the world economy to a new, knowledge-based stage, the intensification of digital transformation processes, and the growing demand for human capital are placing qualitatively new tasks before the higher education system. Fulfilling these tasks, in turn, requires higher education institutions to possess a stable financial foundation. In recent years, consistent measures have been implemented in our country aimed at reforming the higher education system, granting universities financial and academic independence, and transforming them into financially sustainable organizations. This, in turn, gives rise to the necessity of forming a scientifically grounded functional system for managing the financial resources of higher education institutions that corresponds to modern principles.
The problem of managing the financial resources of higher education institutions has been addressed in the scientific research of foreign and domestic economists on the basis of various approaches. The founders of the theory of education economics substantiated the necessity of evaluating the funds spent on education as an investment in human capital. This approach indicates the need to analyze the financial activity of higher education institutions not only in terms of expenditures, but also from the standpoint of long-term economic effect.