This study examines the relationships between village apparatus competence, accountability, and transparency and the effectiveness of village fund management, as well as the moderating role of community participation. The study was conducted in Parit Baru, Serdam, and Kuala Dua Villages, Sungai Raya District, Kubu Raya Regency. A quantitative causal-associative survey design was employed, involving 350 community respondents selected through purposive sampling. Data were analyzed using partial least squares structural equation modeling (PLS-SEM) with SmartPLS. The findings indicate that village apparatus competence, accountability, and transparency have positive and significant relationships with the effectiveness of village fund management. Among these factors, accountability has the strongest direct relationship with management effectiveness. Community participation also positively and significantly moderates the relationships between each of the three governance factors and village fund management effectiveness. The structural model explains 63.7% of the variance in village fund management effectiveness and demonstrates satisfactory predictive relevance and empirical fit. These findings show that effective village fund management depends not only on competent apparatus, accountable administration, and transparent information but also on meaningful community involvement in planning, implementation, and oversight. Therefore, village governments should strengthen participatory governance mechanisms to improve the effectiveness and public accountability of village fund management.
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