08-UP09 Part1-Notes to FS

8/8/2019 08-UP09 Part1-Notes to FS

1/27

Notes

to

Financ

ial

Statem

ents

I. General

1. Agency Profile

1.1 The University of the Philippines (UP) was established on June 18, 1908,

by Act No. 1870 of the First Philippine Legislature to provide advanced

instruction in literature, philosophy, the sciences and arts, and to give

professional and technical training to every qualified student regardless ofage, sex, nationality religious belief, or political affiliation.

1.2 On November 20, 1972, through Presidential Decree (PD) No. 58,

amendments were made which evolved the University multi-campus

system which allows the decentralization of authority and autonomy of thecomponent units without losing the institutional unity and academic

integrity of the University.

1.3 UP was declared the National University with the passage of RA No. 9500known as The University of the Philippines Charter of 2008. The

following are theseven constituent campuses whose financial reports areconsolidated at year-end for reporting purposes:

UP Diliman (UPD) was declared a constituent university (CU) on April

23, 1982 and started its operations as CU in April 26 of the same year.

UP Los Baos (UPLB) evolved into a separate CU in 1972.

UP Manila (UPM) was originally established on December 1, 1905, asthe Philippine Medical School and later called as the UP College of

Medicine and Surgery in June 10, 1907. It was renamed UP Manila in

1983.

UP Visayas (UPV) was formally established as a CU in 1979.

UP Mindanao (UPMin) was adopted as the sixth member of the UP

System on March 23, 1995.

26


2/27

UP Baguio (UPB) was formally established as the 7 th CU on December 2,

2002.

UP Open University (UPOU) creation was approved by the Board of

Regents on February 23, 1995, as the fifth CU.

27


3/27

2. Summary of Significant Accounting Policies

2.1 The University System Administration and the autonomous campuses usethe accrual basis of accounting in recording expenses and interest income, where

expenses were recognized when incurred and income when realized, except where

accrual basis is impractical or where the amount of income could not be fairlyestablished.

2.2 The release of Notice of Cash Allocation (NCA) is centralized with the UPSystem and subsequently transferred to the respective campuses and recorded in the

Regular Agency Books as well as those income and receipts which the University is

authorized to use.

2.3 The Modified Obligation System is used to record allotments received and

obligations incurred. Separate registries are maintained to control allotments and

obligations for each class of allotment.

2.4 The outstanding cash advances are required to be liquidated/settled before

the granting of a new one.

2.5 The UPD receivables are recorded in the books based on the reports

submitted by the Office of the University Registrar (OUR), University Food Service

(UFS), Business Concessions Office (BCO), University Health Service (UHS), UPHousing Office and statements prepared by its Accounting Office such as the Statement

of Contractual Obligations and Tuition Fee Loan derived from the submitted Form 5s of

the students during the enrollment period.

2.6 The Allowance for Doubtful Accounts was provided for based on the

percentage and aging of accounts receivables prescribed for in the New GovernmentAccounting System (NGAS) Manual. A review of the receivables to identify accounts to

be provided with allowance is made at the end of the year.

2.7 The Accounting Office is adopting the moving average method of

inventory valuation under the perpetual inventory system, except for the Institute of

Human Genetics (IHG), which applies the perpetual inventory method.

2.8 Except for Books, all purchases for non-consumable supplies and

materials below the benchmark set by the UPS Accountants of P2,000.00 are recorded as

expense and charged to the operational budget. All assets purchased below P2,000.00recorded as expense are supported by Inventory Custodian Slip (ICS) for accountability

purposes.

28


4/27

2.9 The Property, Plant and Equipment (PPE) are carried at cost less

accumulated depreciation. The Straight Line Method of depreciation is used in

depreciating the PPE with estimated useful lives ranging from five to 50 years. Aresidual value computed at ten percent of the cost of the asset is set and depreciation

starts on the following month after purchase of the PPE, irrespective of the date within

the month.

2.10 The costs of the Land account recorded in the University books of

accounts were based on historical value. However, for the UPD, the documents whichshould have been the basis for recording were no longer available due to the fire in

September 1984, that destroyed the Quezon Hall building where the UPD Accounting

Office was then housed.

2.11 For assets under construction, all related expenses incurred during the

construction of the project are recorded under the Construction-in-Progress account. The

corresponding asset account is being recorded upon completion and finalacceptance/payment. Those incurred after the construction are charged against the

operational cost depending upon the materiality of the expenses incurred. Majorrenovations/repairs which would extend the life of the asset are capitalized to the assetaccount. Repair and renovations charged to MOOE fund are recorded to the expense

account.

2.12 All income and expense accounts including depreciation and bad debts

expenses are closed to the Government Equity account. Prior Years (PY) excess income

composed of Legal Research Fund (LRF) and excess income of the UPD. SpecialEndowment Fund is recorded under the Government Equity account.

2.13 Some obligations are set up towards the end of the year to cover for the

following expenditures:

2.13.1 Payments for scholarships for the second semester, which extend upto the end of classes in March of the following year.

2.13.2 Accrual of lectures fees and overload payments are made as of theend of calendar year.

2.13.3 Research projects which are based on percentage of completion.

2.13.4 Additional funding requirements of autonomous campuses such as

those related to personnel and other operating expenses.

2.14 Cash in US Dollars is shown in separate trial balance. For the purpose of

consolidation of statements, it is converted into pesos based on BSP exchange rates as ofthe end of the accounting period covered by the report.

29


5/27

3. Basis of Financial Statement Presentation

3.1 The Consolidated Financial Reports include the results of operations ofFund 101-General Fund, Fund 164-Revolving Fund and Fund 184-Trust

Fund.

3.2 The financial statements are prepared in accordance with the generally

accepted accounting principles and standards.

3.3 Accounts were classified to conform to the New Chart of Accounts

prescribed under the NGAS.

3.4 The autonomous campuses receive their government subsidy (GeneralFund 101) through the UPS sub-allotment notice.

3.5 Financial Statements of the UPD include the transactions of income and

expenses for Extension Program for the UP San Fernando and UPOlongapo.

3.6 The financial statements of UPM include transactions of the Philippine

General Hospital (PGH).

4. Correction of Fundamental Errors

Fundamental errors of prior years are corrected by using PYs Adjustment account.

Errors affecting current years operations are charged to the current years accounts.

5. Subsequent Events

16.1.16.19.5.1.1.1 SARO No. ABM NCR-09-0003650 and Special Allotment

Release Order No. NCR-09-089, NCR -107 for Capital Outlay, SARO No. G-09-

08401 and SARO No. NCR-09-107 for MOOE received during the year weretreated as continuing appropriations since the validity extends until CY 2010 and

the corresponding Notice of Cash Allocations are still to be released by the DBM.

II. Balance Sheet

6. Cash

6.1 Cash Collecting Officers

6.1.1 Balance of this account pertains to the following units ofthe UP:

30


6/27

6.1.2 UPLB-The Cash shortage in the amount of P509,743.75

under Revolving Fund for the account of Cash-Collecting Officersremained undeposited as of balance sheet date.

6.2 Cash In Bank

This account is broken down as follows:

6.2.1 Local Currency, Current Account

Unit/Campus

P 474,806,569.98

279,495,980.11

162,041,409.66

51,035,884.84

15,563,164.26

10,179,238.65

131,860,198.9621,202,704.84

P1,146,185,151.30

6.2.2 Local Currency, Savings Account

Unit/Campus

P 18,881,155.53

53,745,827.00

(19,351,632.80)

31,896,156.49

8,170,873.20

870,869.90

48,171.79

2,306,366.86

Total P 96,567,787.97

31


7/27

6.2.3 Local Currency, Time Deposits

Unit/Campus

P 3,590,903,714.67

3,236,255,505.26

1,560,856,276.701,549,867,628.41

261,900,864.03

115,173,867.64

293,959,950.22

39,859,297.96

Total P 10,648,777,104.89

6.2.3.1 UPM-The Time Deposits include Special EndowmentFund amounting toP237,696,050.36.

6.2.3.2 UPV-The Time Deposits include a deposit on escrow ofP1,292,480.28 for the account of INTRA STRATAASSURANCE CORPORATION.

6.2.4 Foreign Currency, Current Account

This pertains to the account of UP Los Baos amounting to

P4,455,749.47.

6.2.5 Foreign Currency, Savings Account

Unit/Campus P 201,935.71

8,659,306.51

28,530,731.69

65,826.68

132,316.52

526,317.89

P38,116,435.00

6.2.6 Foreign Currency, Time Deposits

Unit/CampusP 7,330,471.27

6,340,318.05

5,013,441.75

Total P18,684,231.07

32


8/27

7. Receivables

7.1 This account consists of the following:

P 157,453,744.78

489,257,583.58

594,538,155.44

776,096,093.95

541,730.20

15,948,658.17

118,392,543.23

7,340,129.55

P 2,159,568,638.90

7.2 UPS - As per COA Accounting Circular No. 2006-01 dated November 9,2006, the Cash Advance for special purpose/time bound undertaking

recorded as CashDisbursing Officers or as Due from Officers and

Employees (Account code 123) are to be reclassified to appropriateaccount code 148 as Advances to Officers and Employees.

The receivable accounts include P30,331.838.61 cash advances for local and

foreign travels and other operating expenses.

The Cash advances for foreign travel are mostly due from faculty members

who are pursuing graduate studies abroad (North America, Europe, Asia andAustralia) under the Foreign Fellowship program of the University. The

cash advances are used to support a full study of up to three years. All of

these foreign travels have been duly authorized by the Office of thePresident of the Republic of the Philippines.

7.3 UPD - The Accounts Receivables represents receivables from variousgovernment agencies and private entities sponsoring UPD Scholars,

Tuition Loan, receivables from Contractual Obligations and receivables of

auxiliary units and generating income activities of the University.

Also included are the following accounts:

7.3.1 Due from Officers and Employees account representsshortage in registration collections

7.3.2 Advances to Officers and Employees represents Cash

Advances granted to officers and employees for official travel,

local and foreign and financial assistance for various purposes are

subject to

33


9/27

liquidation. Out of the total P3,519,721.04 outstanding cash

advances in Trust Fund, P1,894,084.30 is still under litigation.

7.3.3 Disallowances/Charges represents amount due from

officers and employees resulting from post audit disallowances that

became final and executory.

7.3.4 Other Accounts Receivables Account represents

receivables from the UP System and other miscellaneousreceivables.

7.4 UPM - The receivable accounts consist of the following:

Accounts Receivables (net of Allowance

for Bad Debts) P105,827,452.36

Loans Receivables Others 4,298,941.00

Due from NGAs 6,674,619.50Due from GOCCs 18,560,526.68

Due from NGOs/Pos 9,458.39

Due from Central Office 85,052,116.57

Due from Other Funds 347,429,239.00

Receivables - Disallowances & Charges 61,472.64

Advances to Officers and Employees 13,186,051.34

Other Receivables 13,438,276.96

TOTAL P594,538,155.44

This year, the allowance for doubtful accounts amounts toP97,125,113.70.

7.5 UPB - Description of the receivable accounts are as follows:

7.5.1 Accounts Receivable includes amounts due from students

for tuition fee loans.

7.5.2 Advances to Officers and Employees represents refunds

from employees for excess of cash advance taken for travel.

7.5.3 Due from NGAs is composed of receivables from CHED

and DOST for the tuition and other fees of their scholars for the

second semester 2009-2010.

7.5.4 Due from LGUs represents tuition fees of SYDP scholars

for the second semester 2009-2010 collectible from the QuezonCity Government.

34


10/27

7.5.5 Due from NGOs is composed of receivables from E.R.

Violago, PMAFI, AFPSLAI, UPAA Fonacier and Rexponsable

Scholarships for the tuition and other fees of their scholars for thesecond semester 2009-2010.

7.5.6 Due from Central Office account represents funding for

2009 received in January 2010.

7.5.7 Interest Receivable is composed of accrued interest earnedfrom various RTB, Treasury Bills and Special Savings Deposits.

7.5.8 Other Receivables include contractual obligations ofreneging fellows and loans granted to students under the CHED-

SAFE.

7.5.9 Allowance for doubtful accounts was set from the accounts

receivable due from students at a level adequate to provide for

potential uncollectible of receivables derived from computationsbased on percentages and aging of accounts receivables.

7.6 UPLB account consists of the following:

Loans Receivable P 4,418,551.88

Due from Central Office 40,321,360.00Due from Other Funds 614,486,281.79

Receivables-Disallowances/Charges 2,678,753.53

Advances to Officers and Employees 720,171.54

Other Receivables 87,109,150.51

Total P749,734,269.25

7.6.1 Other Receivable represents bills from students for

matriculation fees and the use of facilities. Other Receivablesdecreased by P1.9 million as of last year.

7.6.2 Disallowances/Charges represents amount due to

Disallowances from Officers and Employees as a result of benefitsreceived in the previous years.

7.6.3 Loan Receivable-Others represents amount collectible fromemployees arising from money lent for Computer Loan Program.

This was implemented in March 2004 per 1177TH BOR Meeting

held on November 27, 2003 with a seed capital of P2 million. OnNovember 23, 2009, the request of the UP Los Baos for authority

to augment the Computer Loan Program Seed Fund to P10 million

charged against the Endowment Fund was approved by the BORper 1251st Meeting held at U.P. Diliman, Quezon City.

35


11/27

7.7 UPV The receivable accounts consist of the following:

7.7.1 Accounts Receivable includes Student Loans, bills due

from sponsor agencies for tuition and other fees of scholar

students, and bills for light, water and rent.

7.7.2 Due from NGAS represents income remitted to the Bureau

of Treasury (BTR) prior to the implementation of EO 714, The

Fiscal Autonomy of UPS. This was the balance afterreconciliation was made with the BTR. To date they have not

refunded/remitted the amount to the UPV.

7.7.3 Due from Central Office represents the cash releases from

UPS that are still in transit as of year-end.

7.7.4 Disallowances/Charges represents amount due from

officers and employees resulting from post audit disallowances that

became final and executory.

7.7.5 Advances to Officers and Employees consists mainly of the

amount granted as cash advance for local and foreign travelexpenses subject to liquidation and for special purpose or time

bound undertaking like operating expenses in the field for research

and extension services, workshops/trainings and seminars.

Additional liquidations of P430,581.72 were recorded in January2009. Other outstanding accounts are subject to salary deductions.

7.7.6 Other Receivables consist of loans granted to students forthe purchase of computers, contractual obligations of reneging

fellows, and receivables from other funds due to erroneous

charging and deposit.

7.8 UPMin The receivable accounts is broken down as follows:

Account Amount

Accounts receivable P 1,241,891.72

Loans Receivable-Students 931,291.50

Interests receivable 596,703.18

Due from Central Office 1,383,737.83

Due from Other Funds 2,556,187.37

Advs. To Officers & Employees 377,805.81

Other receivables 252,512.14

Total P 7,340,129.55

7.8.1 Accounts Receivable consists of tuition fees billed against

institutions/agencies supporting certain scholars in the University.

36


12/27

Some of these agencies are the Civil Service Commission,

Department of Science and Technology, College Assurance Plan,

Antonio Floirendo Scholarship Fund and SM Foundation Inc. Italso consists of space rental income from the UP Open University,

private business concessioners, and receivable from a reneging

fellow amounting to P516,496.11.

7.8.2 Loans Receivable-Students consists mainly of tuition and

school fees of students who availed of the Student Loan Programof the University. This account was implemented per COA's

recommendation under AOM 07-007.

7.8.3 Interests receivable represents accrued interests from timedeposits, treasury bonds and treasury bills.

7.8.4 Due from Central Office in the amount of P1,383,737.83consists of FCM # 2010-020 dated January 21, 2010 per Sub-Saro

No. 400-09-031 intended for additional PS of 2009 amounting to

P300,920.13; FCM No. 201-012 dated January 21, 2010 per Sub-Saro No. UPS-400-09-031 intended fro 2008 and 2009 promotions

amounting to P553,567.00; and FCM No. 2009-366 dated

December 29,2009 per Sub-Saro No. UPS-415-09-033 intendedfor the payment of the consultant of the Kanluran Road

Construction Project amounting to P100,000.00. This also

includes the tax remittance advice (TRA) for the month of

December 2009 amounting to P429,250.70.

7.8.5 Due from Other Funds consists of fund transfers made to

other funds.

7.8.6 Advances to Officers and Employees consists mainly of the

amount granted as cash advance for travel and advances for specialpurpose/time-bound undertaking.

7.8.7 Other Receivables of P252,512.14 consists mostly of

accounts billed from employees for their guest house accounts,use of facilities, refund of benefits and payment of leaves without

pay.

8. Inventories

8.1 The details of inventories are as follows:

Office Supplies Inventory P 285,173.00

7,733.00

37


13/27

Total P 292,906.00

P 5,278,980.04

Other Supplies Inventory 1,102,723.12

Total P 6,381,703.16

P 1,999,071.40

Merchandise Inventory 67,157,771.78

Office Supplies Inventory 3,538,896.91

93,921.25

Food Supplies Inventory 2,760,350.25

Drugs and Medicines Inventory 31,132,415.10

Medical, Dental and Laboratory

Supplies Inventory 25,605,401.17

Gasoline, Oil and Lubricants Inventory 345.00

Military and Police Supplies Inventory 3,557.00Other Supplies Inventory 32,296,518.08

Construction Materials inventory 357,063.56

Total P164,945,311.50

P 143,727.98

Office Supplies Inventory 3,903,933.38

Food Supplies Inventory 4,500.00

1,840,138.70

Livestock Inventory 24,200.00

Total P 5,916,500.06

P 798,895.81

Textbooks and Instructional Material

Inventory 1,935,978.61

Total P 2,734,874.42

P 43,622.88

Other Supplies Inventory 1,607,492.14

Total P 1,651,115.02

P 1,015,884.89

Other Supplies Inventory 8,070.00

Construction Materials inventory 1,545,869.70

Total P 2,569,824.59

38


14/27

8.2 UPD The Office Supplies Inventory account has an ending balance of

P5,278,980.04 which represents Supplies and Materials stocked at the UP

Diliman SPMO Central Storeroom, and accountable forms stocked at the

39


15/27

UPD Cash Office. Out of the said amount, P4,585,529.50 was

recommended for write off due to the fire that gutted the Campus

Maintenance Office (CMO) Building on July 1, 1996 which housed theUP Diliman SPMO Central Storeroom.

Other Supplies Inventory account represents items for resale at theUniversity Book Center, which is still subject for reconciliation.

8.3 UPV Of the account Office Supplies Inventory, P238,326.60 representsthe ending inventory of stocks maintained at the UPV Central Store.

Construction Materials Inventory of P1,545,869.70 represents the ending

inventory supplies of the CDMO Central Store.

9. Investments

The account balance of P1,407,469,418.35 is broken down as follows:

9.1 Investment in T-Bills

UP Unit/Campuses Balance

UPS P 395,072,881.14

13,000,000.00

3,784,074.56

P 411,856,955.70

9.2 UPB The account represents investments in treasury bills and retail

treasury bonds issued by the Government of the Philippines maturing from

2010 to 2016. The bonds bear interest of 7.125% to 10.625% per annum,payable quarterly.

9.3 UPMin This account consists of treasury bills and bonds invested at the

Development Bank of the Philippines and Land Bank of the Philippines

with terms lasting for a maximum of five years.

9.4 Investment in Bonds

UPS P 323,070,659.87

UPB 39,500,000.00

UPMin 21,720,000.00

Total P 384,290,659.87

9.5 Investments in Stocks

UP-PGH/Manila P 1,219,650.00

40


16/27

9.6 Other Investment and Marketable Securities

UP-PGH P 349,770.00

UPLB 609,752,382.78

Total P 610,102,152.78

9.7 UPLB Investments of P609.7 million which accounted for 4.45% of thetotal assets posted an increase of P122.98 million or 25.26%. This years

balance consists of High-yield deposits account, Special Savings,

Premium Savings Deposits, and Certificate of Time Deposits-DollarAccounts. Investments increased due to conversion of short-term

placements to long-term capital-tier notes.

Investments comprise Held-To-Maturity investments, fixed rate government

instruments, government securities, and bank deposits in authorized

government depository banks.

With the initial recognition of an investment, the UPLB Investment and

Income Committee (UPLBIIC) determine its classification, which isdependent on the purpose for which the investment was acquired, and re-evaluates that classification at every reporting date.

10. Property, Plant and Equipment

10.1 Breakdown of the amount per campus, net of accumulated depreciation is

as follows:

P 320,247,173.124,505,851,693.79

3,474,656,166.63

10,554,001,197.20

78,470,460.96

171,248,905.76

396,453,104.95

204,219,231.08

P 19,705,147,933.49

10.2 UPD Financial documents as basis for recording the Land Account were

no longer available due to the fire in September 1984, which destroyed theQuezon Hall building where the UPD Accounting Office was then housed.

The Buildings account is still subject to reconciliation and verification.

The Property, Plant and Equipment accounts are still under reconciliation

with SPMO records.

41


17/27

The current acquisitions are being reconciled. The Accounting Office

reconciles the amount per books with the physical inventory reportsubmitted by the Property and Supply Office/Academic Units. Due to the

pending reconciliation, depreciation for the fixed assets has not been fully

taken up.

The non-productive properties which have been idle beyond their useful

lives are being earmarked for adjustment. Part of the Construction inProgress-Agency Assets amounting to P8,035,314.35 is still under

evaluation by the Accounting Office for reclassification to its appropriate

fixed asset account.

10.3 UPB The balance of Construction in Progress-Agency Assets account

represents payments made for the construction of Library Extension. The

account shall be reversed once full payment is made to the contractor in

2010.

10.4 UP Min The buildings account consists of the Central AdministrationBuilding, the Human Kinetics Building, the College of Sciences and

Mathematics Building and the Elias Lopez Hall (Dormitory). These are

all located in Mintal, Davao City.

11. Accumulated Depreciation

11.1 Breakdown of the account is as follows:

ACCOUNT NAME2009 2008

Accum Dep. - Land Improvements P 5,090,695.22 P 3,947,610.14Accum Dep. - Elect, Power & Energy Structures 2,379,604.82 1,031,844.01

Accumulated Dep. - Office Buildings 1,667,405,987.30 1,483,786,394.42

Accumulated Dep. - School Buildings 248,692,778.91 224,629,039.26

Accum Dep.-Hosp & Health Centers 37,129,409.95 4,460,648.78

Accumulated Dep. -Other Structures 5,180,828.97 4,481,127.32

Accumulated Dep. - Office Equipment 819,950,209.39 778,618,751.15

Accum Dep. - Furniture and Fixtures 69,593,962.29 58,248,325.77

Accum Dep.-IT Equipment & Software 578,718,774.93 508,774,416.01

Accumulated Dep. Books 270,861,293.11 251,263,452.56

Accumulated Dep. Machineries 3,737,109.79 3,513,099.42

Accum Dep. Agri., Fishery & Forestry Equipt 1,696,895.35 1,499,461.28

Accumulated Dep. - Com. Equipment 30,728,362.09 24,893,456.36

Accum Dep.-Const. & Heavy Equipt 1,599,278.15 1,589,369.15

Accum Dep. - Firefighting Equipment 1,137,110.35 834,346.07

Accum Dep. - Hospital Equipment 581,419,254.76 391,622,185.91

42


18/27

ACCOUNT NAME 2009 2008

Accum Dep. Med., Dental & Lab Sup Inv. 144,748,098.74 121,591,305.21

Accumulated Dep. - Military and Police Equipt 338,372.38 288,769.19

Accumulated Dep. - Sports Equipment 911,263.77 774,892.25

Accum Dep.-Tech & Scientific Equipt 110,586,192.27 87,961,397.14Accum Dep. - Other Machineries 85,846,360.27 72,692,018.07

Accum Depreciation- Motor Vehicles 41,181,493.40 33,788,131.84

Accumulated Depreciation- Watercrafts 23,748,719.69 23,717,872.28

Accum Depreciation- Transpo. Equipt. 153,850.01 106,939.15

Accumulated Depreciation-Other PPE. 2,916,085.95 2,596,619.88

Total Accumulated Depreciation

P4,735,751,991.8

6

P4,086,711,472.6

2

12. Other Assets

12.1 UPLB This years aggregate assets grew by P307.28 million or 2.30 %

from P13.37 billion in 2008. Total Current Assets constitutes 17.7% ofthe total assets of P13.6 7 billion.

Current Assets of P2.43 billion consist of: Cash-P1.666 billion,Receivables P749 million, Inventories P5.9 million, Prepayments

P4.6 million, and Other Current Assets P4.8 million.

12.2 UPOU This account represents Semi-expandable properties whichwere issued to the end-users as covered by the Memorandum Receipts

prior to implementation of NGAS. It consists of items that are still

serviceable and being used by the persons/offices concerned and notsubject to depreciation.

13. Liabilities

13.1 The breakdown of the liabilities accounts is as follows:

P 456,264,961.30

Due to Officers and Employees 1,932,815.01

Due to BIR 579,348.73

467,739,734.69

Due to Other Funds 35,547,562.83

Guaranty Deposits Payable 349,015.22

Other Payables 1,012,252,370.60

Other Deferred Credits 791,305.71

Total P 1,975,457,114.09

43


19/27

P 1,747,916,933.38


Due to BIR 8,640,599.84676,081.93

63,948.13

42,419.95

Due to Other NGAs 444,435,273.00

Due to GOCCs 921,083.30

221,298,321.34

33,047,653.88

3,845,633.88

Other Paya bles 1,797

Other Deferred Credits 203,101,037.44Total P 4,463,036,619.55

16.1.16.19.5.1.1.2 16.1.16.19.5.1.1.3

P 420,907,222.85


Due to BIR 12,930,801.45

2,356,201.67

1,894,765.59

160,581.57

Due to Other NGAS 6,628,575.20

Due to Other GOCCs 20,122,529.56

729,798.22

1,237,480.34

315,108,431.32

26,366,584.39

42,625,437.87

Tax Refunds Payables 9,229,060.36

Other Payables 1,406,526,128.57

Loans Payable-Domestic 133,012,310.32

Other Deferred Credits 117,959,286.09

Total P 2,643,921,422.78

P 640,007,321.50

Due to BIR 9,691,292.35

15,835,093.89

838,001.49

759,936.72

Due to Central Office 16,370,191.74

44


20/27

491,799,431.30

Performance/Bidders/Bail Bonds

Payable 4,937,937.62

Other Payables 2,179,698,590.85Other Deferred Credits 62,163,760.38

Total P 3,442,101,557.84

P 26,075,678.69

Due to BIR 1,047,022.33

485,803.15

(20,940.75)

1,405.75

Due to Other GOCCs 736,064.89

80,856,105.10

Total P 109,181,139.16

16.1.16.19.5.1.1.4 16.1.16.19.5.1.1.5

P 4,297,007.26


Due to BIR 94,584.84

1,526,522.78

1,730.40

1,825.00


597,214.20

816,179.73

1,128,461.80

Tax Refunds Payables 113,685.66

Other Payables 46,623,483.25

Other Deferred Credits 14,302,977.90

Total P 73,342,984.70

P 96,168,293.23

Due to Officers and Employees 296,597.48

Due to BIR 1,768,282.60

3,647,530.42735,035.02

240,643.87


5,236.89

228,037.92

3,251,067.73

990,155.83

45


21/27

1,782,506.51

Tax Refunds Payables 734,745.92

Other Payables 214,587,862.37Other Deferred Credits 8,132,539.08

Total P 362,702,717.22

P 21,842,126.81

Due to Officers and Employees 404,444.34

Due to BIR 1,046,475.27

(41,635.11)

20,758.14

(36,558.97)

2,555,487.37

738,824.80

Other Payables 1,246,542.04

Other Long-term Liabilities 47,631,088.02

Total P 75,407,552.71

13.2 UPD Other Payables represents collections from Trust Accountshaving definite purpose for which it was created including Tuition Fee

Increment and Housing Loan from HDMF and miscellaneous payable of

the UP Diliman.

13.3 UPM The descriptions of the accounts are as follows:

Other Long Term Liabilities consists of Loans Payable- Long Term,

Domestic of P133,012,306.29.

Other Liabilities - consists of Other Deferred Credits amounting toP117,959,286.09.

13.4 UPD Other Payables represents collections from Trust Accountshaving definite purposes, including Tuition Fee Increment and Housing

Loan from HDMF and miscellaneous payable.

This account consists of Other Deferred Credits for income from

patients which are not yet collected and the unearned portion of tuitionfees collected. Balance as of December 31, 2009 had amounted to

P11,256,988.03. The account will be debited upon the actual collection,

and when income collected in advance is already earned.

46


22/27

13.5 UPLB The descriptions of the account is as follows:

Due to Central Office - Payable The amount of P16,370,191.74 was

set up as a result of a Civil Case No. Q-93-14971 dated December

2004 RE: STERN BUILDERS versus UNIVERSITY OF THEPHILIPPINES SYSTEM. The Court ordered the release of the

garnished amount from defendants UP account. The petition ofthe UPS was denied in a Resolution dated June 23, 2004 for failureof petitioners to show that the appellate court had committed a

reversible error. The charge was prompted by a Debit Memo to the

U.P. System account in DBP Commonwealth. Thus, the U.P.System is requesting payment from UPLB.

Other Payables - Pending the request of U.P. Systems President for

additional account titled, Restricted Government Equity, the

COA GAFMIS Sector recommended that for fair presentation ofthe universitys financial statements, the related income accounts

in current and prior years which were recorded as Long-termLiabilities be adjusted accordingly. Receipts entrusted by privateentities/organizations for scholarship fund, research, and similar

activities were recorded as Other Payables.

Payable accounts are recognized and recorded in the books ofaccounts upon establishment of a valid claim from the agency due

to the procurement of goods/ inventory/ other assets and services.

13.6 UPB Other Payables account consists of student fees and various trust

funds earmarked for specific purposes.

Other Deferred Credits account consists of 60 percent of the tuition fees

collected for the second semester 2009-2010 and set-up of tuition loans,SAFE loans and receivables from reneging fellows.

13.7 UPV Other Long-Term Liabilities consists of funds of UPV and UPSreleases as financial assistance for the implementation of a specific

project.

13.8 UPMin Accounts Payable consist mainly of the obligations charged

against allotment whose creditors are mainly the suppliers of materials

and general services needed in the day to day operation of the

University. This also includes unpaid obligations to some personnelof the University in the form of reimbursements, research expenses

honoraria and others.

Other Payables - This account consists of scholarship funds, externally

funded research projects, donations from private institutions for specificpurposes and a grant from the City Government of Davao for faculty

development.

47


23/27

The scholarship funds consist of funds provided by Carlos Palanca, Big

Bend Scholarship Fund, Commission on Higher Education, Floirendo

Scholarship Program and SM Foundation Inc. and Vicente BelloScholarship Foundation.

This account also include the program conceived by the Commission onHigher Education(CHED), the Student Assistance Fund for Education for

Loan(SAFELOAN) which aims to provide assistance to the financially

needy 3rd year, 4th year. 5th year or graduating college students in all highereducation institutions nationwide. The amount received from CHED is One

Million Pesos.

The externally funded research funds were mostly from the AustralianCenter for International Agricultural Research (ACIAR), Philippine Center

for Population and Development (PCPD), Department of Science and

Technology, Central Mindanao University for Mt. Hamiguitan Project and

Syngenta, Ched Zonal Research Center, Department of Agriculture-Bureauof Agricultural Research, and the Philippine Council for Aquatic and

Marine Research & Development.

14. Government Equity

14.1 Of the total balance of Government Equity of P23,027,336,847.82, theamount of P1,604,073,388.23 is restricted for specific purposes or uses

as approved by the UP Board of Regents or as required by law or by

fund donors. This is accounted for as follows:

16.1.16.19.5.1.1.6

16.1.16.19.5.1.1.7

16.1.16.19.5.1.1.8

16.1.16.19.5.1.1.916.1.16.19.5.1.1.10

16.1.16.19.5.1.1.1116.1.16.19.5.1.1.12

16.1.16.19.5.1.1.13

16.1.16.19.5.1.1.14

16.1.16.19.5.1.1.15

16.1.16.19.5.1.1.16

48

Particulars AmountIncome from Income Fed Units P 9,599,412.28

Year-end excess of income over expenses for

Revolving, Reprogrammed and Realigned

funds as approved by the Board of Regents(EO714)

487,863,236.31

Endowment Funds 1,072,814,218.15

Trust Funds 33,796,521.49

Total P 1,604,073,388.23


24/27

14.2 UPM - The Government Equity account is credited for purchases of plant,

property and equipment funded from trust funds, such as student fund,laboratory fund, etc. It is likewise credited upon acquisition of

inventories out of trust funds, as well as receipt of donated fixed assets.

The new chart of account does not provide for an account to credit suchtransaction, hence, the purchase is credited directly to the equity

account.

49


25/27

15. Statement of Income and Expenses

Subsidy Income from National Government

This account includes the following:

NCA received from DBM for agency

operational requirements-current year

Payment of Accounts PayableTax Remittance Advice (TRA)

Legal Research Fund (Trust Account)

Total

16. Allotments, Obligations and Balances

16.1. Total Allotment available during the year including allotmentcarried over from CY 2009 was P8,819,474,094.45 with obligations

incurred in the amount of P7,096,578,311.69 leaving a balance of

P1,722,895,782.76 broken down as follows:

Agency Category

AllotmentObligation

(In Peso)

Unexpended Balance

(In Peso)

Current

(In Peso)

Total Extended

UPSPS P 349,125,944.73 P 349,125,944.73 - -

MOOE 105,117,625.89 105,117,625.89 - -

CO 18,959,363.32 10,002,363.32 P 8,957,000.00

PDAF 7,000,000.00 7,000,000.00

Total P 480,202,933.94 P 471,245,933.94 P 8,957,000.00

UPD

PS P 1,467,816,052.03 P 1,467,816,052.03 - -

MOOE 173,611,636.35 100,711,636.35 72,900,000.00 -

CO 2,835,486,801.00 1,304,618,004.24 1,530,868,796.76 -

PDAF 3,350,000.00 3,350,000.00

Total P 4,480,264,489.38 P 2,873,145,692.62 1,607,118,796.76 -UPM

PS P 1,490,444,411.64 P 1,490,444,411.64 -

MOOE 419,811,803.00 486,046,803.00 P (66,235,000.00) -

CO 58,295,257.17 25,840,507.17 32,454,750.00 -

PDAF 98,565,000.00 98,565,000.00

Total P 2,067,116,471.81 P 2,002,331,721.81 P 64,784,750.00 -

50


26/27

Agency Category

AllotmentObligation

(In Peso)

Unexpended Balance

(In Peso)

Current

(In Peso)

Total Extended

UPLB

PS P 1,069,253,420.41 P 1,069,253,420.41 -MOOE 66,147,370.00 66,147,370.00 -

CO 23,000,000.00 5,000,000.00 P 18,000,000.00 -

PDAF 1,500,000.00 1,500,000.00

Total P 1,159,900,790.41 P 1,141,900,790.41 P 18,000,000.00 -

UPOU

PS P 39,964,961.95 P 39,964,961.95 - -

MOOE 10,813,000.00 10,813,000.00 - -

CO 3,283,225.68 3,283,225.68 - -

PDAF 800,000.00 800,000.00

Total P 54,861,187.63 P 54,861,187.63 - -

UPBPS P 80,161,488.22 P 80,161,488.22 - -

MOOE 13,136,000.00 13,136,000.00 - -

CO 3,329,266.00 3,329,266.00 - -

PDAF - -

Total P 96,626,754.22 P 96,626,754.22 - -

UPV

PS P 351,959,459.06 P 351,959,459.06 - -

MOOE 29,895,563.76 29,895,563.76 - -

CO 19,017,657.00 4,037,657.02 P 14,980,000.00 -

PDAF 1,000,000.00 1,000,000.00

Total P 401,872,679.82 P 386,892,679.82 P 14,980,000.00 -

UPMIN

PS P 53,064,714.22 P 53,064,714.22 - -

MOOE 12,440,073.00 12,440,073.00 - -

CO 2,924,000.00 2,924,000.00 - -

PDAF 10,200,000.00 1,144,764.00 P 9,055,236.00

Total P 78,628,787.22 P 69,573,551.22 P 9,055,236.00 -

Over-all Total

PS P 4,901,790,452.26 P 4,901,790,452.26 - -

MOOE 830,973,072.00 824,308,072.00 P 6,665,000.00 -

CO 2,964,295,570.19 1,359,035,023.43 1,605,260,546.76 -

PDAF 122,415,000.00 11,444,764.00 110,970,236.00 -

Total P 8,819,474,094.45 P 7,096,578,311.69 P 1,722,895,782.76 -

51


27/27

16.2 The total obligations of P7,096,578,311.69 is broken down asfollows:

Agency Total ObligationUPSA P 471,245,933.94

UPD 3,197,173,432.80

UPM 2,442,074,714.94

UPLB 386,892,679.84

UPOU 18,909,280.00

UPB 96,626,754.22

UPV 386,892,679.84

UP Min 83,287,196.02

Total P 7,096,578,311.69

Date post:	09-Apr-2018
Category:	Documents
Upload:	dilimandiary
View:	224 times
Download:	0 times

08-UP09 Part1-Notes to FS

Documents