Campus I, Batangas City CABEIHM Student Council Statement of Cash Inflows and Outflows (August September 2010)
Cash Balance, Beginning Cash Inflows: Collection of P5 from CABEIHM students Total Amount of Solicitation Total Amount Transferred by the Previous Council Excess of Payments Total Cash Inflows Total Cash Balance Cash Outflows: CABEIHM Week General Expenses Other Expenses Receivables Total Cash Outflows Cash Balance, Ending
P 15,829.10
P 6,585.00 7,3000.00 12,154.00 10.00 P 26,049 P 41,878.10 (Note 1) (Note 2) (Note 3) P 20,419.40 8,679.37 200 5,728 P 35,026.77 P 6851.33
- Cash balance beginning reflects in the ending balance of the previous financial statement. - Letter authorizing the collection of P5 from CABEIHM students is available, signed by the Dean of CABEIHM, CSC Adviser and the CSC President. The receiving report of the said amount was not available to the auditors. - Letter authorizing the solicitation is available, signed by the Dean of CABEIHM, CSC Adviser and the CSC President. - The treasurer said that the amount transferred in cash was around P36,000 by the treasurer of the previous council, but only P12,154 was recorded. Deductions made were not clarified. There was a receiving report for the cash transferred but was not available to the auditors. The amount is an excess of payment made by a class in remitting the P5.oo collection from students. - The expenses incurred for CABEIHM week were as follows with respect to its receipts:
Expenses Maintenance Rent Sound System Food Expense Miscellaneous With official receipts P 6,000.00 5,500.00 2,558.40 W/O official receipts P 300.00 1,706.00 4,326.00 No receipts P 300.00 6,000.00 5,500.00 1,706.00 6,913.40
TOTAL
P 14,088.40
P 6, 331
P 20, 419.40
- The following are the breakdown of General expenses account with respect to its receipts:
Expenses School and Office Documentation Transportation Communication TOTAL With official receipts P5641.77 95.00 P 5,736.77 W/O official receipts P542.00 19.00 1,754.00 410.00 P 2,725.00 No receipts
- Other expenses of 200.00 refer to the amount extended to Morres. There was no supporting document regarding the disbursement of cash. - Only a list of people to whom the cash is receivable was available. There was no official documentation for the account. There is a deficit of 200.00 pesos from the original list. P3,570.00 of the total amount was classified as an expense but reclassified as receivable later on.
Upon going through the financial statements and supporting documents, the auditors had the following findings: There was no concrete policy regarding the cash handling, treatment of transactions as well as documentation supporting documents. Miscalculations were discovered on the financials statement. The internal auditor was not able to see these basic errors. Excess payments were not returned and are treated as a cash inflow. Independence of the internal auditor does not exist There was no policy on collection of the receivables.
The auditors developed the following recommendations: The office shall provide a record book for cash receipts and disbursements. The record book shall contain columns for: o Date of receipt or disbursement o Description of the transaction o Amount received or disbursed o Signature of the following people: CSC President who recognizes or authorize the transaction CSC Treasurer who shall be the only person authorized to accept or disburse cash The person who remits the cash or to whom the cash is given to This record book shall be maintained at the Council Office. The internal control shall have independence from the treasurer to avoid conflict of interest. The office shall implement policies regarding cash handling and treatment of transactions to maintain consistency in accounting transactions. The office shall perform procedures to increase the frequency of collection of accounts.
Note 1 CABEIHM Week Rent Expense Sound System Miscellaneous Expense Food Expense Maintenance Expense TOTAL P 6,000.00 5,500.00 6,913.40 1,706.00 300.00 P20,419.40
(Schedule 1) (Schedule 2)
Note 2 General Expenses School and Office Expense Documentation Expense Transportation Expense Communication Expense TOTAL (Schedule 3) P,6381.37 134.00 1754.00 410.00 P 8,679.00
Schedule 1 - Miscellaneous Expense Goldilocks Bakeshop Inc. FluppyMamon 1 pc. Bitbit Pack 2 pc. Bitbit cheesy ensaymada 20 pcs. Fluppymamon 5 pcs. Bitbit treats fluppy mammon BSU Consumer Cooperative Store 13 pcs. Chicken sandwich 6 pcs. Ham and cheese (15x6) 5 pcs. C2 regular (16x5) 6 pcs. C2 Solo (10x6) 3 pcs. Miniral water (10x3) 2 pcs. Coke 'n can (34x2)
P 2046
P 195 90 80 60 30 48 503
DC Jems Junior Food and Catering Services Lunch for judges (Screening) ZITI Pasta 1 pc. Spaghetti Willany Trading 1 pc. C2 Big 4 pcs. Coke in can 2 pcs. C2
207
27
P 20 84 40 144
Lunch for the choreographer Excel Tom's Supermarket Inc. 7 pcs. Green Tea Apple cold 15 pcs. C2 Green Tea Apple 30 pcs. Summit Water
70
Snacks Presidential Flowers Pillars Food of Referess Purified Water Tube Ice 1 kl. Mixed Corn 2 packs Assorted Candies TOTAL
Schedule 2 - Food Expense Meal of CSC Officers Burgers TOTAL P 606 1100 P 1,706
Schedule 3 - School and Office Expense National Bookstore 4 pcs Felt paper black 1 pc. Felt Paper Maroon 1 pc. New met hot pink 2 pcs. New plain lilac 1 pc. Paper Sticker Thumbtacks 1 pc. Whiteboard Marker - stabilo 2 pcs. Pencil 2 pcs. Staple wire 2 pcs. Eraser 5 pcs. Eraser 1 pc. Record Book 5 pcs. Manila Paper 1 Rim copy Paper short 2 pcs. Double sided tape 1 pc. Ribbon sateen # 40 1 pc Elmers glue big 1 pcs Adhesive tape 1 rim copy paper long 1 rim copy paper A4-short 1 pc. Paper laid concorde 1 pc. Board laid concorde 1 pc. Spare blade 1 pc. Columnar Notebook
P 72 16.25 30 35.5 17.25 17.5 41.25 22.5 11.5 9 12.5 34.75 12.5 208.75 353.5 525 90 58 274.5 262.5 12.5 26 35.25 34.75 0.5 P 2213.75
New Quality 1 rim hard copy long 1 rim copy paper a4 short 6 pcs. Sliding folder 1 pc tape 1 pc packaging tape perdible 2 pcs. Glitters 2 yrds. Ribbon 7 packs colored paper 6 pcs. 1 whole styro 25 pcs. White envelope 2 pcs. Paper bag 2 banig of pin 50 pcs. Garbage bag 15 pcs. Garbage bag Nevada Industrial Sales 1/8 L Aluminum paint 1/8 L Aluminum paint 1/4 L White paint 1/2 L White paint
165 Batangas New life Commercial 6 yrds. Wraffle lace 4 pcs Glitters tube
P 72 40 112
BSU Consumer Cooperative Store safety pin 3 pcs. Folder-short 3 pcs. Pencil
P6 15 24 45
35 40 5 80
Lim's General Mdse. 1 pc. Ap-106 Genasco Mktg. Co. 2 pcs. Eveready battery 1 pc. Energizer battery 9v 2 pcs. Energizer 2A
25
Formosa Commercial CaedoCitimart Plaza 6 pcs. Glue stick DIY Shop Corp. Battery for the wireless mic BC Tom's Shoppe Center Inc. GLBE/ACMWHT LNGENVIO School Supply
210
13.5
287.77
P 48 101.5 149.5
Apiong Store 2 yrds. Plastic cover 1 pc. Ever Glue Clear 1 pc. Whistle plastic-big
P 26 10 30 66
Calalo's Store 6 yrds. Lace-fuschia pink 10 pcs. Envelope white 4 pcs. Cartolina-violet 3 pcs. Plastic Cover Pyramid emporium 20 medals 1 trophy
31.35 P 6381.37