Seventeen years after the passing and enactment of the South African Schools Act (SASA), Act 84 of 1996 which regulates the establishment of democratically elected school governing bodies (SGB) and which contains directives on how to organise and manage school funds, SGBs are still struggling to understand their roles and responsibilities. This study is aimed at investigating the perceptions of school governing body members as regards to their financial management roles in selected no-fee schools in the Maraba Circuit of the Limpopo Province, South Africa. The study used a qualitative research design within the interpretive paradigm. In addition, decentralisation theory served as the theoretical framework for the study. A sample comprising 22 participants from six selected no-fee schools was purposefully selected to act as the research participants. Semi-structured interviews and document analyses of official documents were conducted in order to collect the requisite data. The research participants included school principals, SGB chairpersons, treasurers and finance officers. The data collected was qualitatively analysed through coding and categorisation. The study revealed that the perceptions, experience and understanding of their financial management roles of SGB members often differ. In addition the study discloses that many of the participants lacked competency. In other words they lacked the proper knowledge and skills required to manage their school funds effectively. It would appear that their lack of the proper knowledge and skills was related primarily to their literacy levels and lack of training. The study concluded with the recommendations that SGB members be empowered through continuous and effective training to enable them to understand and fulfill their financial management roles. / Educational Leadership and Management / M. Ed. (Education Management)