finance committee_aman melad

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The Finance Committee aims to effectively and

efficiently implement a system that is:

Transparent

Accountable

Predictable

Participatory

The committee also envisions to forward relevant

campaigns and services for the UP community atlarge



Functions

Structure

Plan ofAction

Policies &Procedures

Functions

Structure

Plan ofAction


Functions



C o

m pl em en t ar y

C on s t i t u t i on al

Functions

Act as a custodian of the deposit in the bank and funds

of the Council

Keep a record of the funds of the Council

Disburse the same in accordance with an appropriation

of the Council

Submit a financial report at the end of each semester to

the Council which shall be published in the PhilippineCollegian

Article VIII, Section 4 of USC Constitution



C o

m pl em en t ar y

ConstitutionalFunctions

Support campaigns that are financially related

Facilitate dialogues with UP administration and

Philippine government regarding monetary concerns

Update the UP students regarding the fiscal position of USC beyond the constitutional mandate



Functions

Structure

Plan ofAction


Functions

Structure

Plan ofAction


Structure



Committee OrganizationStructure

AUDITOR TREASURER

BOOK KEEPERPETTY CASH

CUSTODIAN

COMMITTEE

TREASURERS



B

o ok K e e p er

T r e a s ur er

Structure

Oversees the financial activities of the USC

Handles all receipts and disbursements

Evaluates and approves the budget proposal for councilprojects

Coordinates with external entities for financial concerns

Prepares financial statement for publishing in theCollegian



B

o ok K e e p er

TreasurerStructure

Records day-to-day financial transactions in the general

and subsidiary ledgers

Maintains the completed Finance Kits

Prepares monthly financial statements for internal

reporting



P e t t y

C a s h C u s t o d i a

n

Book KeeperStructure

Maintains the petty cash fund

Release funds for minor cash disbursements as well as

reimbursements

Retrieves cash allotted for petty cash from the bank



C omm

i t t e eT r e a s ur e

r s

Petty Cash CustodianStructure

Handles finances of respective committees

Keeps records of receipts and disbursements

Prepares cash flow statements for every project



A u d i t or

Committee TreasurersStructure

Inspects all Finance Committee records periodically

Audits financial statements before being released

Coordinates with the external auditor in examining the

USC expenditures



Functions

Structure

Plan ofAction


Functions

Structure

Plan ofAction


Plans of

Action



S U P E R F I NPlan of

Action

Start FINe

Finance 101

USC Finance Seminar University-wide Finance Seminars




Action

U.P. FIN!

Transparency 101

UP administration Internal control system

External review system




Action

Projects F(IN)TW!

Project 101

Budget turnover Payment scheme




Action

En FINesse

Dialogue 101

Administrative diplomacy




Action

Review FINes

Fee 101

Review of student fees Constituents’ consultation




Action

FIN Identity

Incorporation 101

SEC Registration Account opening




Action

In-FIN-ity

Coordination 101

USC Committees University college councils

University organizations




Action

No FINgering

Coordination 101

USC Committees University college councils

University organizations



Functions

Structure

Plan ofAction


Functions

Structure

Plan ofAction


Policies &

Procedures



R e c or d i n g

R e c ei p t s an d

D i s b ur s em en t

s

Policies &

Procedures

Cash Receipts

1 Upon the receipt of any council member of cash,

he/she must immediately turn over the same to

the Treasurer.

2 The Custodian should issue an official USC receipt

to the external entity giving the cash.

3 The transaction is to be recorded in the Summaryof Receipts.



R e c or d i n g

R e c ei p t s an d


s

Policies &

Procedures

Disbursement of Cash

Project Funding

Budget proposals of approved projects shall be

submitted to the Finance Committee at the

agreed date.

Additional projects not conferred in the

Finance 101 seminar must be approved by the

Executive Chamber. Likewise, budget requests

must be submitted at least a month before theactivity.



P r o

j e c t F un d i n g

R e c ei p t s an d


s

Policies &

Procedures

FLOWCHART



R e c or d i n g

R e c ei p t s an d

D i s b ur s em en t s

Policies &

Procedures

Disbursement of Cash

Petty Cash

The committee will allocate a Petty Cash Fund

of P3,000.00 which shall be used for minor

disbursements of the council such as

transportation and photocopying.

The fund will also be used for reimbursements

provided that the voucher is accompanied by

the corresponding official receipt oracknowledgment receipt.

Below P1,000 in the fun signals that it should

be replenished.



P e t t y C

a s h P r o c e d ur

e

R e c ei p t s an d


Policies &

Procedures

FLOWCHART



R

e c or d i n g

R e c ei p t s an d


Policies &

Procedures

Disbursement of Cash in Bank (USC Trust

Fund)

General Policy

Whenever convenient, the funds used forexpenditures shall be from the USC Trust Fund.

Disbursement vouchers are used for these

transactions, with different attachments for

different transactions.



R

e c or d i n g

R e c ei p t s an d


Policies &

Procedures

Release of Inventory

The Council shall decide whether or not it would

use the inventory for future projects. In both cases,

inventory is released and the transaction must be

recorded in the Inventory Receipt Sheet.

If the Council decides that it will be used, the said

inventory should be kept and released only on the

day of the project.

If the body discerned that the inventory would not

be needed for future projects, it shall be sold.



R e c or d i n g

Receipts and DisbursementsPolicies &

Procedures

Creating the Audit Trail

The following are documents utilized by the committee:

Budget Request Form Cash Flow Form

Official Receipt

Reimbursement Expense Receipt

Acknowledgment Receipt

Summary of Receipts

Summary of Disbursements

Inventory Control Sheets



R e c or d i n g

Receipts and DisbursementsPolicies &

Procedures

Creating the Audit Trail

With the verification from the document/s, the

book keeper shall record the Council’s financialtransactions in the general and subsidiary ledgers.

Receipts corresponding to these transactions shall

also be kept as supporting documents.

There will be hard and soft copies of the ledger,

with the printed version made available at USC

Office for public viewing.



R e p or t i n g

RecordingPolicies &

Procedures

After every project, the Treasurer of the committee-in-

charge, must fill out the Cash Flow Form to show the

breakdown of expenses and net cash inflow.

The Finance Committee shall present to the council a

Statement of Cash Flows monthly, and a Percentage

Breakdown of Cash Disbursements at the end of every

semester.

Statement of Cash Flows shall be published for publicviewing. Other financial statements, such as the Income

Statement, shall also be published if deem necessary.



A u d i t i n g

ReportingPolicies &

Procedures

The Auditor shall inspect the book keeper’s records

monthly to check if all the council’s financial

transactions were accounted for correctly.

If errors and irregularities are found, the book keeper

must explain and provide supporting documents for

post-validation.

The Auditor and Treasurer shall audit the financial

statements of other committees that either generateincome or incur massive expenses.



A u d i t i n g

ReportingPolicies &

Procedures

At the end of each semester, the services from an

External Auditor shall be acquired to review thecouncil’s expenditures.

Before the final statements of accounts are published,

they must be first examined by both the Internal and

External Auditor.

finance committee_aman melad

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