Nfjpiar3 1314 IRR No. 2 Fund Management

8/14/2019 Nfjpiar3 1314 IRR No. 2 Fund Management

1/15

Implementing Rules and Regulations No. 2 - Fund Management Page 1 of 15

National Federation of Junior Philippine Institute of AccountantsRegion III Council

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCILFederation Year 2013 2014

THE ORGANIZATION OF ACCOUNTANCY STUDENTS IN CENTRAL LUZON

R3: Reaching Greater Heights Celebrating Three Decades of

Unifying and Empowering the JPIAn Spirit

IMPLEMENTING RULES AND REGULATIONS

IN THE CONDUCT OF

FUNDS MANAGEMENT

REVISION HISTORY:

Version No. Date Revised By Approved By Noted By Details

1 11/5/2013 Catherine Grace M. Matias Matthew U. Gopez Conrad Allan M. Alviz Initial Issue2 22/5/2013 Leila Victoria R. Antonio Zheena E. Ocampo Conrad Allan M. Alviz Second Issu


2/15








TABLE OF CONTENTS

Background ..................................................................................................................................................................................................................................

Objectives .....................................................................................................................................................................................................................................

Definition of Terms ..................................................................................................................................................................................................................

Cash Receipts ..............................................................................................................................................................................................................................

Cash Disbursements ................................................................................................................................................................................................................

Enforcement of the Implementing Rules and Regulations ..................................................................................................................................

Amendments or Revisions ...................................................................................................................................................................................................

Separability Clause ..................................................................................................................................................................................................................

Repealing Clause ..................................................................................................................................................................................................................... 1

Effectivity .................................................................................................................................................................................................................................... 1

Appendix ..................................................................................................................................................................................................................................... 1


3/15








INTRODUCTION

BACKGROUND

The funds of NFJPIA-R3 Council shall emanate from membership fee of the local chapters and other fees a

stated in Section 1, Article XVI of the 2012 Constitution of the National Federation of Junior Philippine Institute o

Accountants Region 3. The Regional Vice-President for Finance, together with the Regional Executive Officers, i

responsible for implementing rules and regulations in safekeeping the funds and to ensure that there are adequat

controls in place to address the risk of unauthorized, inaccurate and incomplete recording of financial transactions.

OBJECTIVES

To establish standard procedures on cash receipts from membership fee, sponsorship and other collections.

To ensure that all cash receipts are accurately, completely and timely recorded.

To establish standard procedures among the Regional Executive Officers on preparing budget proposals, casdisbursements, reimbursements and liquidation of expenses.

To ensure that all cash disbursements are properly authorized.

To ensure that all cash disbursements are accurately, completely and timely recorded.

DEFINITION OF TERMS

A. Cash Receipt includes cash and checks received by the organizationB. Cash Disbursement is the act of paying out or disbursing money. It includes money paid to suppliers

spending cash, and all other expenses of the organization.

C. Out of Pocket Expenses (OPEs) - cash payments that an individual incurs on behalf of the organization whicmay or may not be later reimbursed.

D. Reimbursements - act of compensating someone for an expense, usually from OPEs.E. Cash Advance this are advances by the officers for their future use of cashF.

Petty Cash - is a small amount of discretionary funds in the form of cash used for expenditures where it is nosensible to make the disbursement by check.

CASH RECEIPTS


4/15








Cash is an important asset that must be safeguarded and controlled. Cash of NFJPIA-R3 Council emanates from variety of sources including membership fees, registration fees, advertisement contracts, sponsored program

merchandise proceeds, collection of receivables and other collections .

A. Roles and Responsibilities

1. The Vice President for Finance is responsible for properly receipting of all cash received by the organizationFor assurance that the cashes received by the Vice President for Finance are properly recorded, certai

actions must be put into practice:

i. Local chapters must present their official receipt issued by the Vice President for Finance for themto participate on NFJPIA - R3 seminars, symposia and other activities of the council.

ii. Local chapters must first present their official receipt during conventions before the release otheir kits or souvenirs and room keys.

2. Payments of local chapters made through bank should only be deposited on NFJPIA-R3 Council bank accounwith the Account Name of NFJPIA-R3 and Account Number of 5018011316. Payments through other ban

account will not be recognized.

3. All cash receipts must be counted as soon as they were received.4. All cash receipts denominations and quantity must be properly recorded.5. Some collections may be in the form of checks. Checks that must be generally accepted by the Vice Presiden

for Finance are:

i. Checks payable to the National Federation of Junior Philippine Institute of Accountants Region Council. This includes a check payable to an individual who must restrictively endorse in payablto the NFJPIA-R3 Council.

ii. Date must be current.iii. Amount in words must tally with the amount in figures.iv. Must be signed by the drawer.v. Any erasure or adjustment must be validated by the full signature of the drawer.

6. A valid NFJPIA-R3 Council official receipt shall only be issued by the Vice President for Finance to all person oentities making payment to the organization.

7. A bank deposit slip must be presented by parties who paid on NFJPIA-R3 Council bank account before issuinan official receipt.

8. Deposit cash received as soon as possible or as needed to limit cash on hand.B. Membership Fee

1. Required membership fee of 70.00 must be paid on or before the required deadline.2. Breakdown of Membership fee is as follows:

National Membership Fee P 16.50

Membership Card 10.00

MYC and ARC Working Fund 8.00

MYC and ARC Oculars 2.00Academic Activities 6.00

Non-Academic Activities 5.00

Membership Trust Fund 5.00

Disaster Fund 3.75


5/15








General Expenses 13.75Regional EB Meetings 3.00Representation Expense for NMYC 3.00

Representation Expense for ANC 3.00

Representation Expense for NEBM 2.00

Representation Expense (General) 0.75

Communication Expenses 1.00

RComElec Fund 0.50

Miscellaneous Expenses 0.50

TOTAL P 70.00

3. Membership fee may be paid through depositing on NFJPIA-R3 Council bank account or to the Regional VicPresident for Finance. But payment through our bank account is more preferable.

4. Membership fee paid P500.00 and below may be made to the Regional Vice President for Finance. Anpayment made to other Regional Executive Officer is recognized provided that the Regional Vice President fo

Finance is duly advised.

5. Membership fee is non-refundable.6. All receipts of payments for membership fee to the NFJPIA must be properly recorded and a valid NFJPIA-R

Council official receipt must be issued by the Vice President for Finance.

C. Sponsorship

1. Collections from sponsors must be properly documented. A valid NFJPIA-R3 Council official receipt must bissued by the Vice President for Finance.

2. The cash received must be restricted only for the sponsored programs of the sponsor if there specified.3. Sponsorship package is good for one year commitment, unless stated.4. Sponsors should only transfer or deposit cash on NFJPIA-R3 Council account.5. All ongoing transactions with the sponsors must be on the knowledge of Executive Board.6. REOs or RSTANCOMS soliciting without the knowledge of the executive board is subject to impeachment s

that no one will dare to do that scandalous activity.

7. In accordance with Article XV Section 3 of the Constitution of the National Federation of Junior PhilippinInstitute of Accountants Region 3 , grounds for impeachment are:

i. A letter of complaint should be filed by any member to the Regional Executive Board to thRegional President or Regional Adviser;

ii.

The Executive Officers shall consider the complaint and notify the correspondent of thschedule of appearance before the Executive Officers;

iii. Within seven (7) days after the appearance, the Regional Executive Officers should issue itdecision;

iv. Within seven (7) days after the issuance of the decision, the defendant may file his/her appeabefore the Regional Executive Board;

v. The Regional Executive Board shall calendar the appeal before its presence immediately after threquest;


6/15








vi. Seven (7) days after the appeal, the Executive Board sitting en banc, by 2/3 vote of its membersexcluding the officer/s under impeachment, as the case may be, shall decide on the impeachmenThe decision shall be final and not subject for appeal.

8. Other Grounds for Impeachment

vii. Has been found and proven guilty of soliciting in the name of NFJPIA-R3 Council without thknowledge of the executive board.

viii. Has been found and proven that he used the money for his personal benefits.ix. Has been found and proven that he misrepresented the amount solicited from various persons i

the case that the executive board knew about the solicitation.

D. Other Collections

1. Collections from advertisement contracts from local chapters or other person enabling them to advertise oNFJPIA-R3 Council disclosures or souvenir programs.

2. Collections of registration fees or payment for tickets from local chapters for NFJPIA-R3 projects, events anconventions.

3. Collections of payments from the merchandise of NFJPIA-R3 Council.4. Collections from accounts receivables.5. Collections from solicitations.6. Collections from fund activities if there is any.

E. Documentation

1. All receipts or deposit slip to the NFJPIA should be properly recorded or documented by sending a copythrough an E-mail to the Regional Vice President for Finance. The content of the Email should include th

following:

a. Subject with the following format: Deposit Slip__

b. Message Body stating the amount deposited.c. Signature of the Senderd. Attachment file in any form e.g. JPEG, PDF

2. Upon receipt of the E-mail, the Regional Vice President for Finance should send an Acknowledgement Lettestating the Amount paid, the remaining balance if there is any, the deadline of settlement of remaining balanc

and any other information necessary.

CASH DISBURSEMENTS

Cash Disbursements of NFJPIA-R3 Council are used to facilitate the purchase of goods and service

merchandises, payments to suppliers, expenses from planning and meetings, expenses for facilitating NFJPIA-R

Council events and projects and the like.


7/15








The authorization of disbursements is within the decision of Regional Vice President for Finance and RegionaPresident.

A. Roles and Responsibilities

1. The authorization of disbursements is within the decision of Regional Vice President for Finance and thRegional President.

2. A standard safeguard is to require 2 authorized officers, the President and the Vice President for Finance tsign all checks.

3. Checks must only be payable to order.4. Small or miscellaneous expenses may be paid from the petty cash fund.5. All large transactions must be paid through issuance of checks.

i. Payments to Suppliersii. Payments for merchandise ordersiii. Payments to event organizersiv. And all other payments with large amount.

6. A check voucher that identifies the date, payee and the amount paid should be prepared in every issuance ocheck for control purposes.

7. All invoices, receipts or any proof for cash disbursement must be kept for control purposes.B. NFJPIA-R3 Projects

1. All cash disbursements for NFJPIA R3 projects must be on the NFJPIA-R3 Council budget for the entirfederation year.

2. Any other expenditure not in the councils budget must be subject to approval of all NFJPIA-R3 Councexecutive officers.3. Each officer assigned to specific task or event must prepare and submit budget proposal to the Vice Presidenfor Finance.

4. Procedures for preparing budget proposali. Review the previous years Financial Statementsii. Develop new goals and objectives for the coming year.iii. Estimate the cost of new objectives.iv. Include indirect and direct cost not closely attached to programs and goals.v. Finally, the NFJPIA-R3 Council executive board must approved the budget and continue to review

it on a monthly basis.

5. All invoices, receipts or any proof for cash disbursements for NFJPIA R3 Council projects must be kept focontrol purposes.

6. A liquidation report must be prepared by the officers assigned for each event two (2) weeks after the evenand should be submitted to Vice President for Finance for analysis. Officers must record their expenses as the

incurred attached therewith are the receipts or any other supporting document(s) evidencing occurrence o

the transaction.

C. Payment to NFJPIA

1. Payment of membership fee to the National Federation of Junior Philippine Institute of Accountants may bpaid in cash, through banking transactions or through issuance of checks.


8/15








2. Payment must be paid on or before the deadline or as soon as membership fee from local chapters are fullcollected.3. Payments for conventions may also be paid in cash, through banking transactions or through issuance o

checks.

4. All receipts from these transactions must be kept and must be properly recorded by the Vice President foFinance.

D. Payment to Suppliers/Third Party

1. Payment to suppliers must be according to contract or negotiation.2. The President and Vice President for Finance must be the one to negotiate with the supplier.3. Goods, supplies or orders must all be delivered in good condition before paying for the full amount.4. A check voucher must be prepared if check is issued for payment.5. Receipts and supporting documents must be kept by the Vice president for finance evidencing th

procurement of the transaction.

E. Out of Pocket Expenses (OPEs) and Reimbursements

1. Out of pocket expenditures made by the NFJPIA-R3 Council officers may or may not be refunded oreimbursed.

2. OPEs that are subject to reimbursement are only expenses made on behalf of the organization3. Expenses that are not reimbursed within thirty (30) days will be denied.4. Reimbursements may be paid in cash for expenses under 1,000. Any expenses over 1,000 must b

reimbursed through issuance of check.

5. Procedure for reimbursement request:i. Complete the Reimbursement Request Form (See Appendix).ii. Submit an expense statement with the required documentation using the Liquidation Form (Se

Appendix). Attached all receipts and any other supporting documents.

iii. Reimbursement request is subject to the approval of Vice President for Finance.F. Cash Advances

1. Cash advances are to be given on every meeting of executive officers monthly.2. Procedures for obtaining cash advance:

i. Complete the Cash Advance Request Form (See Appendix).ii. Cash advance requests must be fully approved by the Vice President for Finance and the Presidentiii. Whenever an officer of the NFJPIA-R3 COUNCIL receives the cash advance, the Vice President fo

Finance prepares a voucher that identifies the date, amount, recipient, and reason for the cas

advance.3. An acknowledgement receipt must be signed by the officer upon the receipt of cash.4. Upon completion of the trip, return any remaining funds to the Vice President for Finance.5. Submit a travel expense statement with required documentation using the Liquidation Form. Attached th

receipts and any other supporting documents.6. If expenses exceed the amount of the cash advance, a payment will be generated to reimburse the officer.


9/15








G. Petty Cash Fund1. A petty cash fund should be established to pay for small, miscellaneous expenditures such as transportatio

expenses, small delivery charges, or emergency supplies.

2. The amount of a petty cash fund is limited to a reasonable amount necessary to carry out the essentiaactivities of the organization. The fund is authorized as recommended by the Vice President for Finance an

approved by NFJPIA-R3 Council executive officers.

3. Whenever an officer of the NFJPIA-R3 COUNCIL requests petty cash, the Vice President for Finance preparesvoucher that identifies the date, amount, recipient, and reason for the cash disbursement.

4. For control purposes, vouchers are sequentially prenumbered and signed by both the officer requesting thcash and the Vice President for Finance.

5. All officers with petty cash must have a prenumbered petty cash voucher which is needed for their propedocumentation.

6. After the cash is spent, receipts together with relevant documents should be returned to the Vice President foFinance.

7. Any other small or miscellaneous expenses made by the organization must be paid through petty cash funand a voucher shall be prepared for control purposes.

8. All vouchers are kept with the petty cash fund until the fund is replenished, so the total amount of thvouchers and the remaining cash in the fund should always equal the amount assigned to the fund.

9. When the fund requires more cash the Vice President for Finance writes a check for the difference betweethe cash on hand and the total assigned to the fund, subject to the approval of the council.

ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

A.

It shall be the primary duty of the Regional Vice President for Finance and the Council to effectively enforcthe provisions of this Implementing Rules and Regulations. The Council also has the sole right to interpret th

contents of this Implementing Rules & Regulations and their decision will be binding and irrevocable.

B. The Regional Adviser or his duly designated representative shall act as legal adviser to the Regional VicPresident for Finance and the Council and shall render legal assistance as may be necessary in carrying out th

provisions of this Implementing Rules and Regulations.

AMENDMENTS OR REVISIONSA. The Council shall be vested with the exclusive power to revise and amend the Implementing Rules and

Regulations.

B. Any amendments to or revisions to this Implementing Rules and Regulations may be proposed by anmember of any local chapter upon a written request of such member, stating the reasons thereto.

C. Any request for amendments and revisions as well as proposed amendments must initially be reviewed by thRegional Vice President for Finance then to be forwarded to the Regional Executive Officers for discussion

editing and final approval and to be noted by the Regional Adviser.

D. The Regional Executive Officers shall have the right to debunk any proposed revisions and amendmentssubmitted to them by the Regional Vice President for Finance, which are deemed unnecessary. The fina

decision on any inclusions and exclusions to this Implementing Rules and Regulations must be determined b

a majority vote of all Regional Executive Officers in which the Regional Vice President for Finance is included.


10/15








E. Amendments to particular provisions in this Implementing Rules and Regulations shall be allowed providethat such amendments will be communicated to stakeholders at least two weeks before it could take effect.

SEPARABILITY CLAUSEIf any clause, provision, paragraph or part of this Implementing Rules and Regulations shall be declare

unconstitutional or invalid, such judgment shall not affect, invalidate, or impair any other part hereof, but shall b

merely confined to the clause, provision, paragraph or part directly involved in the controversy in which suc

judgment has been rendered.

REPEALING CLAUSEAny rule and regulation or resolution or part/s thereof inconsistent with the provisions of this Implementing Ruleand Regulations are hereby repealed or modified accordingly.

EFFECTIVITYThis Implementing Rules and Regulations shall take effect immediately after its presentation and approva

from the Assembly.

Prepared by:

___________________________________

Leila Victoria R. Antonio

VICE PRESIDENT FOR FINANCE

Wesleyan University-Philippines


11/15








Approved by:

___________________________________ ___________________________________

Zheena E. Ocampo Francis Xavier W. Ferrer

PRESIDENT VICE PRESIDENT FOR ACADEMICS

Systems Plus College Foundation Systems Plus College Foundation

___________________________________ ___________________________________

Emil Julius T. David Enrico C. RiveraVICE PRESIDENT FOR NON ACADEMICS VICE PRESIDENT FOR MEMBERSHIP

Holy Angel University Tarlac State University

___________________________________ ___________________________________

John Kendrick H. Pajarin Adrianne B. Harve

VICE PRESIDENT FOR AUDIT VICE PRESIDENT FOR COMMUNICATIONS

Colegio de San Juan de Letran - Bataan University of the Assumption

___________________________________ ___________________________________

Jane T. Villanueva Roy James S. Enrile

VICE PRESIDENT FOR MEDIA SECRETARY GENERAL

Wesleyan University - Philippines Baliuag University

Noted by:

___________________________________

Conrad Allan M. Alviz, CPA, CISA

ADVISER

SGV & Co.


12/15








APPENDIXCASH ADVANCE FORM

Date: __________________________________

Name: ___________________________________________________________

Position: ______________________________

Description / Requirement Amount

Total

_____________________________________________

Signature over Printed Name

Approved by:

_____________________________________________Leila Victoria R. Antonio

Regional Vice President for Finance

Noted by:

______________________________________________ ________________________________________________

Zheena E. Ocampo Conrad Allan M. Alviz, CPA, CISA

Regional President Regional Adviser


13/15








REIMBURSEMENT FORM

Requested by: _____________________________________________ Date:

________________________________________

Position: ___________________________________________________ Total Receipts: ____________________________

Please attach original receipts to this form.

Itemized Purchases: (Please include any necessary explanation and justification)

Date Description Amount

_____________________________________________

Signature over Printed NameApproved by:

_____________________________________________



Noted by:

______________________________________________ ________________________________________________Zheena E. Ocampo Conrad Allan M. Alviz, CPA, CISA



14/15








LIQUIDATION REPORT

Name: ___________________________________________ Amount: _______________________

Position: ________________________________________ AR No: _________________________

Date of Activity: _______________________________ LF No: __________________________

Purpose: ________________________________________________________________________________________________________________

Date Description OR/PCV

NO. REF

Transportation/Parking/

Toll/Gasoline Expense

Food

Expense

Other

Expenses

Total

Note: Fill out the form completely and accurately. Please attach all supporting documents (e.g. OR, bus tickets, plane tickets, vouchers etc.)

Liquidation Report with incomplete information and supporting documents shall not be accepted.

I HEREBY CERTIFY THAT THE ABOVE LIQUIDATION REPORT IS TRUE AND CORRECT.

Submitted by:

_______________________________________________ _________________________________

Signature over Printed Name Date


15/15








Approved by:

_______________________________________________



Audited by:

_______________________________________________

John Kendrick H. Pajarin

Regional Vice President for Audit

Noted by:

___________________________________________ _______________________________________________

Zheena E. Ocampo Conrad Allan M. Alviz, CPA, CISA


Documents

Nfjpiar3 1314 IRR No. 2 Fund Management