Nfjpiar3 1314 IRR No. 2 Fund Management

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS
THE ORGANIZATION OF ACCOUNTANCY STUDENTS IN CENTRAL LUZON Federation Year 2013 2014 R3: Reaching Greater Heights Celebrating Three Decades of Unifying and Empowering the JPIAn Spirit
REGION III COUNCIL
IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF FUNDS MANAGEMENT
REVISION HISTORY:
Version No. 1 2 Date Revised By 11/5/2013 Catherine Grace M. Matias 22/5/2013 Leila Victoria R. Antonio Approved By Matthew U. Gopez Zheena E. Ocampo Noted By Conrad Allan M. Alviz Conrad Allan M. Alviz Details Initial Issue Second Issue
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Implementing Rules and Regulations No. 2 - Fund Management National Federation of Junior Philippine Institute of Accountants Region III Council
REGION III COUNCIL
TABLE OF CONTENTS
Background ...................................................................................................................................................................................................................................3 Objectives ......................................................................................................................................................................................................................................3 Definition of Terms ...................................................................................................................................................................................................................3 Cash Receipts ...............................................................................................................................................................................................................................3 Cash Disbursements .................................................................................................................................................................................................................6 Enforcement of the Implementing Rules and Regulations ..................................................................................................................................9 Amendments or Revisions ....................................................................................................................................................................................................9 Separability Clause ...................................................................................................................................................................................................................9 Repealing Clause .....................................................................................................................................................................................................................10 Effectivity ....................................................................................................................................................................................................................................10 Appendix .....................................................................................................................................................................................................................................11
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REGION III COUNCIL
INTRODUCTION BACKGROUND
The funds of NFJPIA-R3 Council shall emanate from membership fee of the local chapters and other fees as stated in Section 1, Article XVI of the 2012 Constitution of the National Federation of Junior Philippine Institute of Accountants Region 3. The Regional Vice-President for Finance, together with the Regional Executive Officers, is responsible for implementing rules and regulations in safekeeping the funds and to ensure that there are adequate 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, cash disbursements, 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 organization B. 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 which may 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 cash F. Petty Cash - is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make the disbursement by check.
CASH RECEIPTS
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REGION III COUNCIL
Cash is an important asset that must be safeguarded and controlled. Cash of NFJPIA-R3 Council emanates from a variety of sources including membership fees, registration fees, advertisement contracts, sponsored programs, 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 organization. For assurance that the cashes received by the Vice President for Finance are properly recorded, certain actions must be put into practice: i. Local chapters must present their official receipt issued by the Vice President for Finance for them to 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 of their kits or souvenirs and room keys. 2. Payments of local chapters made through bank should only be deposited on NFJPIA-R3 Council bank account with the Account Name of NFJPIA-R3 and Account Number of 5018011316. Payments through other bank 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 President for Finance are: i. Checks payable to the National Federation of Junior Philippine Institute of Accountants Region 3 Council. This includes a check payable to an individual who must restrictively endorse in payable to 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 or entities making payment to the organization. 7. A bank deposit slip must be presented by parties who paid on NFJPIA-R3 Council bank account before issuing an 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 Membership Card MYC and ARC Working Fund MYC and ARC Oculars Academic Activities Non-Academic Activities Membership Trust Fund Disaster Fund
P 16.50 10.00 8.00 2.00 6.00 5.00 5.00 3.75

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REGION III COUNCIL

13.75 3.00 3.00 3.00 2.00 0.75 1.00 0.50 0.50
General Expenses Regional EB Meetings Representation Expense for NMYC Representation Expense for ANC Representation Expense for NEBM Representation Expense (General) Communication Expenses RComElec Fund Miscellaneous Expenses TOTAL
P 70.00
3. Membership fee may be paid through depositing on NFJPIA-R3 Council bank account or to the Regional Vice President 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. Any payment made to other Regional Executive Officer is recognized provided that the Regional Vice President for 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-R3 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 be issued 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 so 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 Philippine Institute 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 the Regional President or Regional Adviser; ii. The Executive Officers shall consider the complaint and notify the correspondent of the schedule of appearance before the Executive Officers; iii. Within seven (7) days after the appearance, the Regional Executive Officers should issue its decision; iv. Within seven (7) days after the issuance of the decision, the defendant may file his/her appeal before the Regional Executive Board; v. The Regional Executive Board shall calendar the appeal before its presence immediately after the request;
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REGION III COUNCIL
vi.
Seven (7) days after the appeal, the Executive Board sitting en banc, by 2/3 vote of its members, excluding the officer/s under impeachment, as the case may be, shall decide on the impeachment. The 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 the knowledge 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 in 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 on NFJPIA-R3 Council disclosures or souvenir programs. 2. Collections of registration fees or payment for tickets from local chapters for NFJPIA-R3 projects, events and conventions. 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 copy through an E-mail to the Regional Vice President for Finance. The content of the E mail should include the following: a. Subject with the following format: Deposit Slip_<No. of payment e.g. Initial Payment, Full Payment>_<Payment e.g. Membership Fee, Merchandise, MYC, etc.> b. Message Body stating the amount deposited. c. Signature of the Sender d. 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 Letter stating the Amount paid, the remaining balance if there is any, the deadline of settlement of remaining balance and any other information necessary.
CASH DISBURSEMENTS
Cash Disbursements of NFJPIA-R3 Council are used to facilitate the purchase of goods and services, merchandises, payments to suppliers, expenses from planning and meetings, expenses for facilitating NFJPIA-R3 Council events and projects and the like.
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REGION III COUNCIL
The authorization of disbursements is within the decision of Regional Vice President for Finance and Regional President.
A. Roles and Responsibilities 1. The authorization of disbursements is within the decision of Regional Vice President for Finance and the Regional President. 2. A standard safeguard is to require 2 authorized officers, the President and the Vice President for Finance to sign 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 Suppliers ii. Payments for merchandise orders iii. Payments to event organizers iv. 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 of check 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 entire federation year. 2. Any other expenditure not in the councils budget must be subject to approval of all NFJPIA-R3 Council executive officers. 3. Each officer assigned to specific task or event must prepare and submit budget proposal to the Vice President for Finance. 4. Procedures for preparing budget proposal i. Review the previous years Financial Statements ii. 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 for control purposes. 6. A liquidation report must be prepared by the officers assigned for each event two (2) weeks after the event and should be submitted to Vice President for Finance for analysis. Officers must record their expenses as they incurred attached therewith are the receipts or any other supporting document(s) evidencing occurrence of the transaction. C. Payment to NFJPIA 1. Payment of membership fee to the National Federation of Junior Philippine Institute of Accountants may be paid in cash, through banking transactions or through issuance of checks.
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REGION III COUNCIL
2. Payment must be paid on or before the deadline or as soon as membership fee from local chapters are fully collected. 3. Payments for conventions may also be paid in cash, through banking transactions or through issuance of checks. 4. All receipts from these transactions must be kept and must be properly recorded by the Vice President for Finance. 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 the 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 or reimbursed. 2. OPEs that are subject to reimbursement are only expenses made on behalf of the organization 3. 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 be 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 (See 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 President. iii. Whenever an officer of the NFJPIA-R3 COUNCIL receives the cash advance, the Vice President for Finance prepares a voucher that identifies the date, amount, recipient, and reason for the cash 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 the 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.
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REGION III COUNCIL
G. Petty Cash Fund 1. A petty cash fund should be established to pay for small, miscellaneous expenditures such as transportation 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 essential activities of the organization. The fund is authorized as recommended by the Vice President for Finance and approved by NFJPIA-R3 Council executive officers. 3. Whenever an officer of the NFJPIA-R3 COUNCIL requests petty cash, the Vice President for Finance prepares a voucher 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 the cash and the Vice President for Finance. 5. All officers with petty cash must have a prenumbered petty cash voucher which is needed for their proper documentation. 6. After the cash is spent, receipts together with relevant documents should be returned to the Vice President for Finance. 7. Any other small or miscellaneous expenses made by the organization must be paid through petty cash fund and 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 the vouchers 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 between the 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 enforce the provisions of this Implementing Rules and Regulations. The Council also has the sole right to interpret the 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 Vice President for Finance and the Council and shall render legal assistance as may be necessary in carrying out the provisions of this Implementing Rules and Regulations.
AMENDMENTS OR REVISIONS
A. 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 any member 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 the Regional 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 amendments, submitted to them by the Regional Vice President for Finance, which are deemed unnecessary. The final decision on any inclusions and exclusions to this Implementing Rules and Regulations must be determined by a majority vote of all Regional Executive Officers in which the Regional Vice President for Finance is included.
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REGION III COUNCIL
E. Amendments to particular provisions in this Implementing Rules and Regulations shall be allowed provided that such amendments will be communicated to stakeholders at least two weeks before it could take effect.
SEPARABILITY CLAUSE
If any clause, provision, paragraph or part of this Implementing Rules and Regulations shall be declared unconstitutional or invalid, such judgment shall not affect, invalidate, or impair any other part hereof, but shall be merely confined to the clause, provision, paragraph or part directly involved in the controversy in which such judgment has been rendered.
REPEALING CLAUSE
Any rule and regulation or resolution or part/s thereof inconsistent with the provisions of this Implementing Rules and Regulations are hereby repealed or modified accordingly.
EFFECTIVITY
This Implementing Rules and Regulations shall take effect immediately after its presentation and approval from the Assembly.
Prepared by:
___________________________________ Leila Victoria R. Antonio VICE PRESIDENT FOR FINANCE Wesleyan University-Philippines
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REGION III COUNCIL
Approved by: ___________________________________ Zheena E. Ocampo PRESIDENT Systems Plus College Foundation ___________________________________ Francis Xavier W. Ferrer VICE PRESIDENT FOR ACADEMICS Systems Plus College Foundation
___________________________________ Emil Julius T. David VICE PRESIDENT FOR NON ACADEMICS Holy Angel University
___________________________________ Enrico C. Rivera VICE PRESIDENT FOR MEMBERSHIP Tarlac State University
___________________________________ John Kendrick H. Pajarin VICE PRESIDENT FOR AUDIT Colegio de San Juan de Letran - Bataan
___________________________________ Adrianne B. Harve VICE PRESIDENT FOR COMMUNICATIONS University of the Assumption
___________________________________ Jane T. Villanueva VICE PRESIDENT FOR MEDIA Wesleyan University - Philippines
___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University
Noted by: ___________________________________ Conrad Allan M. Alviz, CPA, CISA ADVISER SGV & Co.
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REGION III COUNCIL
APPENDIX CASH 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 Regional President ________________________________________________ Conrad Allan M. Alviz, CPA, CISA Regional Adviser
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REGION III COUNCIL
REIMBURSEMENT FORM
Requested by: _____________________________________________ ________________________________________ Position: ___________________________________________________
Please attach original receipts to this form.
Date: Total Receipts: ____________________________
Itemized Purchases: (Please include any necessary explanation and justification)
Date
Description
Amount
Approved by: _____________________________________________ Leila Victoria R. Antonio Regional Vice President for Finance Noted by: ______________________________________________ Zheena E. Ocampo Regional President
_____________________________________________ Signature over Printed Name
________________________________________________ Conrad Allan M. Alviz, CPA, CISA Regional Adviser

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REGION III COUNCIL
LIQUIDATION REPORT
Name: ___________________________________________ Amount: ________________________ Position: ________________________________________ AR No: __________________________ Date of Activity: _______________________________ LF No: ___________________________ Purpose: ________________________________________________________________________________________________________________
Date
Description OR/PCV NO. REF
Transportation/Parking/ Food Toll/Gasoline Expense Expense
Other Total Expenses
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
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REGION III COUNCIL
Approved by: _______________________________________________ Leila Victoria R. Antonio Regional Vice President for Finance Audited by: _______________________________________________ John Kendrick H. Pajarin Regional Vice President for Audit Noted by: ___________________________________________ Zheena E. Ocampo Regional President _______________________________________________ Conrad Allan M. Alviz, CPA, CISA Regional Adviser
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NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF FUNDS MANAGEMENT

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

P 16.50 10.00 8.00 2.00 6.00 5.00 5.00 3.75

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

APPENDIX CASH ADVANCE FORM

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Date: Total Receipts: ____________________________

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

_____________________________________________ Signature over Printed Name

________________________________________________ Conrad Allan M. Alviz, CPA, CISA Regional Adviser

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Description OR/PCV NO. REF

Transportation/Parking/ Food Toll/Gasoline Expense Expense

Other Total Expenses

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

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