Page 2 - Financial Management System

Article 2. University Income. This refers to receipts or revenues collected
by the University

Section 1. Tuition, other necessary school charges, such as but not
limited to matriculation fees, graduation fees, income from agricultural
operation and auxiliary services shall form part of the University income.

Section 2. The University authorized to retain Revolving Fund its income
from food production, and auxiliary services shall form part of the
University income.

Section 3. Under the provisions of RA 8292, Higher Education
Modernization Act of 1997, the University is authorized to deposit in any
Authorized Government Depository Bank (AGDB) and treated as Special
Trust Fund, income from tuition, and necessary school charges such as
but not limited to matriculation fees, graduation fees and laboratory fees.
All interest that shall accrue from there shall form part of the same fund
for the use of the University. The law further authorizes the Board of
Regents of the University to disburse such income and other charges, as
well as those generated from the operations of auxiliary services and land
grants, for instruction, research, extension or other programs /projects
of the University. Such disbursements require a special budget duly
approved only by the BOR which is now empowered by RA No. 8292 to
appropriate the income of the University and allocate funds with
flexibility. Provided that all fiduciary fees shall be disbursed for the
specific purpose for which these are collected.

Article 3. Financial Management Services (FMS). The Financial Management
Services Unit shall be established in the University. The unit comprises the
consolidated functions of the Budget Section, Accounting Section and
Cashier. The unit shall safeguard assets, check the accuracy and reliability
of the financial data, promote the effectiveness of policies in the utilization
of funds and encourage adherence to University policies thrusts and
priorities.

a.) The Financial Management Services Unit shall be under the direct
supervision of the Director for Financial Management

a) The Financial Management Services Unit shall monitor and see to it that
the financial management and plans of the University are carried out
effectively and economically and make recommendations to improve and
strengthen the system.

Article 4. Accounting and Auditing of Accounts. In line with the COA
Circular No. 2001-004 dated 30 October 2001, the University shall adhere