Page 99 - Flip Area X PPP

The Financial management personnel are responsible for the efficient management of financial
resources/funds of the institution.

Financial Services:
The University has three financial services, namely;
1. Accounting Office
2. The Budget Office
3. The Cashier’s Office

A. Accounting Office
This department is concerned with the following services:
1. Student Account
This section is tasked to (1) assess and post payments of students, (2) issue permits to
students during pre-lim; mid-term; and final examinations, and verification of accounts.
2. Bookkeeping Section
This section is tasked to (1) prepare payroll, (2) prepare journal entry vouchers, (3) post
transactions in the subsidiary ledgers and general ledgers, (4) prepare financial reports to
higher authorities, like trial balance, statement of cash flow and the statement of income and
expenses, (5) remittances of premiums such as GSIS, Pag-ibig, PHIC, ECIP, etc.
B. Budget Office
This office is in-charge in the preparation of the budget proposal of the University and the allocation
of funds to the different campuses. It allocates funds based on criteria set by the University. It obligates
expenses based on the approved request subject to the availability of funds.
C. Cashier’s Office
This is the tasked to collect all fees paid by the students. To issue check payments for approved
disbursements and to pay the salaries of faculty and staff of the University.
D. IGP Viability
Since the regular annual budget is given by the National Government, the University has to seek
funds from other sources aside from the tuition fees collected from the students as an income-
generating projects.
C. Describe the Institution’s financial management in terms of:
• Budget preparation
• Budgetary allocation and utilization (e.g. general administrative operations, student
service/activities, etc.)
• Utilization of sourced-out funds

The institution adopts a fair and objective system of budgetary allocation.

There are two (2) sources of budget of the University, namely;

1. The external Funding which represents the National subsidy.
2. The internal Funding which is derived from the tuition fees of students and other school fees
collected from the students, and the income realized from income-generating projects of the
University.

In the preparation of the university budget, either external or internal funding, it always follows four phases: 1)
Budget Preparation; 2) Budget Legislation; 3) Budget Execution; and 4) Budget Accountability

Under the internally generated income, there are two types of budgets being prepared namely; the Supplemental
budget and Fiduciary budget. The supplemental budget includes the following; 1) Tuition fees, 2) registration fees.
3) entrance fees, and 4) miscellaneous fees such as certification fess, removal fees adding and dropping of subjects

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101 | P a g e - OBQA-PPP / Area X: The Administration/Bachelor of Science in Entrepreneurship