Page 8 - ANNUAL REPORT COMPLETE FS

Finance Committee

Mr. Rogelio M.

Guadalquiver

Chairman

Vice-Chairman : Mr. Lorenzo T. Lichauco

Members : Atty. Jovencio F. Cinco
Mr. Dexter E. Quintana
Atty. Bernardo C. Virtucio, Sr.

The Finance Committee pleased to report the following accomplishments:

• Exercised prudent management of the Club’s funds including the placement of available cash in
higher yielding securities.
• Reviewed and updated our accounting and cost control procedures.
• Reviewed and approved the monthly financial reports.
• Reviewed and approved the audited financial statements for the year ended December 31, 2020
as audited / reported by our independent auditors, KPMG R.G. Manabat & Co.
• Approved and released all funding requirements for capital expenditures and major purchases
for club projects.
• Paid Municipal and Realty Tax.
• Maintained a good credit standing with various suppliers of the club.
• Recommended the approval of online payment (e-channel) from Metrobank for a transaction fee
of P10.00. The Board then resolved to delegate to the President and the Treasurer to facilitate
and decide on the approval of the banks’ terms on the online payment.
• Recommended the renewal of the Club’s loose-leaf books of accounts and appointment of an
authorized representative to file and submit the same with the Bureau of Internal Revenue (BIR).
• Requested the Board to pass a resolution authorizing the club to comply with the new circular
issued by the SEC requiring all covered corporations to submit to the said agency their email
addresses and mobile numbers.
• Sourced alternative and inexpensive perishable goods.
• Reduced Security Personnel without compromising the safety of the Club’s assets which gives a
savings of at least 50%.
• Managed effectively the Electricity and water costs.
• Funded RT-PCR tests to ensure the safety and welfare of Employees
• Procured safety materials and devices such as footbaths, scanners, and other disenfectants for
added protection.
• Computed the Financial assistance to regular and non- regular personnel during quarantine.
• Closely coordinated with the External Auditors on whatever adjustments required in our income
tax return to effect the retroactive effectivity of CREATE Law to July 1, 2020

The Financial Statements, Statement of Management’s Responsibility, and the report of
5 Independent Auditors are shown in the succeeding pages of this Annual Report.