Smile.


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 at
large
 Functions

Plan of Policies
Policies &
&
Action Procedures
Procedures

Functions

Structure
Functions

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

of the Council
Constitutional
Complementary

 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 Philippine
Collegian

Article VIII, Section 4 of USC Constitution

 Constitutional
Functions

 Support campaigns that are financially related

Complementary

 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

Plan
Planofof Policies
Policies &
&
Action
Action Procedures
Procedures

Structure

Structure
Structure Committee Organization

AUDITOR TREASURER

PETTY CASH COMMITTEE

BOOK KEEPER
CUSTODIAN TREASURERS
Structure

 Oversees the financial activities of the USC

 Handles all receipts and disbursements

Treasurer
Book Keeper

 Evaluates and approves the budget proposal for council

projects

 Coordinates with external entities for financial concerns

 Prepares financial statement for publishing in the

Collegian
 Treasurer
Structure

 Records day-to-day financial transactions in the general

Book Keeper

and subsidiary ledgers

 Maintains the completed Finance Kits

 Prepares monthly financial statements for internal

reporting
 Book Keeper
Structure
Petty Cash Custodian

 Maintains the petty cash fund

 Release funds for minor cash disbursements as well as

reimbursements

 Retrieves cash allotted for petty cash from the bank

 Petty Cash Custodian
Structure
Committee Treasurers

 Handles finances of respective committees

 Keeps records of receipts and disbursements

 Prepares cash flow statements for every project

 Committee Treasurers
Structure

 Inspects all Finance Committee records periodically

Auditor

 Audits financial statements before being released

 Coordinates with the external auditor in examining the

USC expenditures
 Functions

Plan of Policies &

Action Procedures
Procedures

Plans of
Action

Structure
Structure
Plan of
Action SUPERFIN

S
tart FINe

 Finance 101
 USC Finance Seminar
 University-wide Finance Seminars
Plan of
Action SUPERFIN

U. P. FIN!

 Transparency 101
 UP administration
 Internal control system
 External review system
Plan of
Action SUPERFIN

P rojects F(IN)TW!

 Project 101
 Budget turnover
 Payment scheme
Plan of
Action SUPERFIN

E
n FINesse

 Dialogue 101
 Administrative diplomacy
Plan of
Action SUPERFIN

R eview FINes

 Fee 101
 Review of student fees
 Constituents’ consultation
Plan of
Action SUPERFIN

F
IN Identity

 Incorporation 101
 SEC Registration
 Account opening
Plan of
Action SUPERFIN

I n-FIN-ity

 Coordination 101
 USC Committees
 University college councils
 University organizations
Plan of
Action SUPERFIN

N
o FINgering

 Coordination 101
 USC Committees
 University college councils
 University organizations
 Functions

Plan of Policies &

Action Procedures

Policies &
Procedures

Structure
Policies &
Procedures
Receipts and Disbursements

 Cash Receipts

1 Upon the receipt of any council member of cash,

he/she must immediately turn over the same to
Recording

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 Summary

of Receipts.
Policies &
Procedures
Receipts and Disbursements

 Inventory Receipts

1 Any council member must inform the Treasurer

upon receipt of inventory from external entities.
Recording

2 The treasurer shall then conduct a physical count

and inspection of the goods. After ensuring that
the goods received are of the right number and
quality, the treasurer shall issue an official USC
receipt.

3 The transaction will then be recorded in the

Inventory Receipt Sheet.
Policies &
Procedures
Receipts and Disbursements

 Disbursement of Cash
 Project Funding
 Budget proposals of approved projects shall be
submitted to the Finance Committee at the
Recording

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 the
activity.
 FLOWCHART
Procedures
Receipts and Disbursements
Policies &
Project Funding
Policies &
Procedures
Receipts and Disbursements

 Disbursement of Cash
 Petty Cash
 The committee will allocate a Petty Cash Fund
of P3,000.00 which shall be used for minor
Recording

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 or
acknowledgment receipt.

 Below P1,000 in the fun signals that it should

be replenished.
 FLOWCHART
Procedures
Receipts and Disbursements
Policies &
Petty Cash Procedure
Policies &
Procedures
Receipts and Disbursements

 Disbursement of Cash in Bank (USC Trust

Fund)
 General Policy
Recording

Whenever convenient, the funds used for

expenditures shall be from the USC Trust Fund.
Disbursement vouchers are used for these
transactions, with different attachments for
different transactions.
Policies &
Procedures

 Release of Inventory
Receipts and Disbursements

 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.
Recording

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.
 Receipts and Disbursements
Policies &
Procedures

 Creating the Audit Trail

 The following are documents utilized by the committee:
Recording

 Budget Request Form

 Cash Flow Form
 Official Receipt
 Reimbursement Expense Receipt
 Acknowledgment Receipt
 Summary of Receipts
 Summary of Disbursements
 Inventory Control Sheets
 Receipts and Disbursements
Policies &
Procedures

 Creating the Audit Trail

 With the verification from the document/s, the
Recording

book keeper shall record the Council’s financial

transactions 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.
 Recording
Policies &
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.
Reporting

 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 public
viewing. Other financial statements, such as the Income
Statement, shall also be published if deem necessary.
 Reporting
Policies &
Procedures

 The Auditor shall inspect the book keeper’s records

monthly to check if all the council’s financial
transactions were accounted for correctly.
Auditing

 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 generate
income or incur massive expenses.
 Reporting
Policies &
Procedures

 At the end of each semester, the services from an

External Auditor shall be acquired to review the
Auditing

council’s expenditures.
 Before the final statements of accounts are published,
they must be first examined by both the Internal and
External Auditor.