Page 397 - Area X - D

The Abstract of Canvass and Purchase Order are prepared and submitted to the Budget
Office for preparation of Budget Utilization Receipt then to the Accounting Office for
Certification of Fund availability. Upon approval of the PO, it will be served to the Supplier
for delivery and after inspection and delivery to end users, the Disbursement vouchers
will be attached and submitted to the Chief Accountant to certify the Cash Availability.
Lastly, when the University President or OIC approves payment, then papers will be
forwarded to the Disbursing Officer for Payment. Third is the Income Generation in the
Income Generation, the funds will be managed following accounting rules and procedures
and the guidelines set at the IFSU Code.

Initial capitalization is taken from the General Fund and Income generated by the projects
are deposited under IGP Fund. Each project has its own account code at the accounting
office. Also, Funds for a particular project cannot be used by another project unless
allowed by the PM and the IGP Director. The borrowed funds are paid back to the
particular project. Cash accounting is also being followed in the preparation of income
statements which if prepared by the accounting office every end of the production cycle
as basis for giving incentives or when required by the higher authorities. Incentives are
given at the end of one production year. Finally, disbursements of profit funds are
prepared by the accountant upon approval by the BOM in appropriate disbursement
payroll/vouchers. And lastly, the Utilization of Sourced-Out Funds. The funds will be
managed following accounting rules and procedures and the guidelines set at the IFSU
Code. All sourced out funds for the specific purposed are maintained under the Trust
Fund Account and the Fund will be issued upon the submission of the required documents
such as approved requests together with payroll, billing statement or purchase order,
whichever is applicable and memorandum of agreement or any documents showing the
purpose of the sourced out fund. There should also be submission of other pertinent
documents following the accounting rules and procedure. Then the Accounting office will
be responsible in preparing the financial reports for the trust fund.

In the last five years, Potia campus has been allocated budget and expenditures
for the different institutional functions such as the Instruction, Research, Extension, and
Locally-Funded Projects. Potia campus had also been given the use of Fiduciary Funds
in different functions such as the cultural development, sports development, medical and
dental services, library, student body organization, guidance and counselling services,
NSTP, and College Newsletter. As for the outcomes, the office was leveled three (3) on
SUC levelling.
The different sections in the Accounting Office like the budget, accounting, and
cash have also been recognized for showing best practices in campus and in the
university as a whole.