This study was conducted to assess an awareness of school governing bodies on financial practices, explore their perceptions on financial allocation and maintenance, and examine financial management challenges facing school governing bodies in three levels of general public education in Cambodia. Questionnaires were administered to 200 respondents from six Cambodian provinces, such as Kratie, Kampong Thom, Kampong Chhnang, Pursat, Pailin and Koh Kong. The findings revealed many financial management challenges facing school directors, staff and teachers. Moreover, a relatively large number of respondents (46%) claimed not to have received any formal training in financial management. The findings further revealed that almost all of the respondents either disagreed or strongly disagreed with the responsiveness of national budget allocation to schools’ needs. This study suggests that Ministry of Education, Youth and Sport consider the needs and availability of school resources in each school location and make the budget allocation accordingly.