<![CDATA[This study examines Village Fund management within a public financial management framework from a governance perspective, focusing on regulatory compliance, financial oversight, and allocative efficiency in decentralized fiscal systems. Using a qualitative approach, data were collected through interviews, observations, and document analysis in Kemadang Village. The findings indicate that financial regulatory and oversight mechanisms are effectively operationalized through structured budgeting, reporting, and audit systems, reflecting strong procedural compliance. However, regulatory effectiveness remains limited, as transparency and accountability practices are predominantly administrative and lack performance-based financial information. Financial control mechanisms reduce corruption risks but do not effectively mitigate inefficiency or enhance allocative effectiveness due to the absence of cost–benefit analysis and measurable indicators. These findings reveal a compliance, effectiveness gap and highlight the importance of performance-based evaluation in improving allocative efficiency.]]>
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