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TREASURER'S
REPORT
As of June 30 2008
SUMMARY
For the
last fiscal year ending 30
June 2008, FY07-08, the Foundation netted a revenue of PhP35,522.51
compared to last year's PhP 106,838.76. In the absence of donations and
other income, gross revenues were solely accounted by dividend income in
the amount of PhP 223,598.51 as compared to last year's gross revenues
of PhP 355,189.76.
Total assets currently stand at PhP 1,427,781.87 compared to last year's
total of PhP1,392,259.36, an increase of PhP 35,522.51 or just about
2.6%. The principal fund stays at PhP1,332,911.36, leaving a fund
balance of PhP 94,870.51 for general expenses. It may be noted that the
capital investment at PNSLAI currently amounts to PhP 1,344,031.34, up
from last year's PhP 70,000.00, the maximum deposit allowable under the
current business policy.
THE WAY AHEAD
Dividend income for FY08-09 is
expected to be lower than the 17% declared for last year, and would
continue a downtrend until the Central Bank mandated cap of 15% is
reached. While a dividend income at the current rate would enable ZUFI
to perpetually sustain its support for its present number of scholars,
the Foundation will just have to be more aggressive in soliciting
donations from its well-placed friends and supporters.
FINANCIAL DETAILS
ZUFI FINANCIAL STATEMENTS FOR FY 2008,
WITH
COMPARATIVE FIGURES FOR FY 2007
PART 1 - Statement of Revenues and
Expenses in PhP for the Period 1 July - 30 June
Revenues
FY2007 FY2008
Dividends, First Sem
-------------------------------------------------
107,672.88 111,477.74
Dividends, Second Sem
----------------------------------------------
104,892.66 112,120.77
Donations
--------------------------------------------------------------
142,624.22
0.00
Total Revenues
---------------- P 355,189.76 P
223,598.51
Expenses
FY2007 FY2008
College Scholars Expenses
-------------------------------------------- P
115,000.00
P 45,000.00
Stipends & Allowances for HS Scholars ------------------------------
21,250.00
28,750.00
Stipends & Allowances for Col Scholars,
1st Sem ------------------
75,000.00
55,000.00
Achievement Awards
---------------------------------------------------
15,000.00
20,000.00
Donations
----------------------------------------------------------------
4,700.00
20,000.00
Contingency for local Arm
--------------------------------------------- 3,250.00
5,250.00
Board Meeting Expenses
------------------------------------------------
5,941.00
3,000.00
Transportation Expenses
-----------------------------------------------
0.00
3,500.00
Depreciation ------------------------------------------------------------
2,100.00 2,100.00
Miscellaneous
Expenses-------------------------------------------------
6,110.00
5,476.00
Total Expenses
----------------- P 248,351.00
P188,076.00
Net Revenues
--------------- P 106,838.76
P 35,522.51
PART 2 - Balance Sheet as of 30 June
ASSETS
FY2007 FY2008
Current Account, BPI Magallanes North
-----------------------------
55,709.45
13,709.45
Cash on Hand/in Bank
-------------------------------------------------
49,918.57
55,942.57
Computer System and Accessories
-----------------------------------
12,600.00
10,500.00
Special Savings Account (PNSLAI)
-----------------------------------
0.00
3,598.51
Capital Contribution (PNSLAI)
-----------------------------------------
1,274,031.34 1,344,031.34
Total Assets --------------------
1,392,259.36 1,427,781.87
LIABILITIES AND FUND BALANCE
Principal Fund This Report
------------------------------------------
1,332,911.36 1,332,911.36
Principal Fund, Beginning, 01/07/06
1,180,242.14
Add: Donations/PSF
Fund Balance
152,669.22
General Fund Balance
--------------------------------------------------
59,348.00
94,870.51
Total Liabilities and Fund Balance --------------------
1,392,259.36 1,427,781.87
CERTIFICATION
This is to certify that the above statement
is true and correct to the best of my knowledge and ability.
PORTIA E VARONA
Treasurer
VERIFIED TRUE AND CORRECT:
GERARDO Z.
VERZOSA
Auditor
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