USEP Finance Section, runs effectively

Posted: March 17, 2012 by arjaybylah in Uncategorized

 


By: Mary Rose Macasa

The mandate of Finance section is to manage and control the financial resources required to implement the policies and programs. This includes, providing analysis and advice to the management, ensuring that financial and information resources are managed in a more effective, efficient and economical way.

The finance staff is responsible for accounting on various forms of revenue and expenses of the University. They lead the annual budget setting process of the university and ensure that the financial and budgetary information of all levels of the organization is available in a timely and accurate manner. The University of Southeastern Philippines Finance office is responsible for complying with existing policies, rules and regulations. The department promotes sound fiscal management that provides the foundation for Cost Effectiveness, Rational Financial Decision, Transparency and Accountability.

Finance section needs to oversee all of the receipt of allocations and to maintain all of the necessary records which is needed for resource planning assumptions and commitments to underpin the strategic plan. These includes accounting functions such as check processing, accounts payable and receivable management, confirmations of the bank and payroll. These certain functions is considered to be an essential part of the day-to-day operations of the University and play a key role in meeting the company’s financial goals.

According to the Finance Chief Administrative Officer, Ma. Luisa B. Faunillan, “whenever we incur problems in our procedures, we try to discuss it as a group wherein everyone is free to contribute his thoughts. There is a brainstorming to come up with a better solution to problems. The Finance office ensures the quality in the delivery of service wherein everyone is always reminded of his/her role. Everyone is given a chance for continuing education thru trainings and seminars”, she said.

The system in the Finance Office runs effectively based on the data and information that I gathered. The Consolidated Detailed Statement of Income and Expenses of the year 2011 is greatly managed; the Total Income is P402,963,832.11. Total Personal Services which costs P208,893,547.80. Total MOOE(Maintenance and Other Operating Expenses) is P139,261,843.93. Total Expenses are P348,155.391.73 and Excess of Income over Expenses which costs P54,808,440.38 in the University of Southeastern Philippines as the year 2011 ended. The Financial status of the University is very progressive every year based on the financial records. There are more expenditures to be imposed within this year, and those are expected to give a huge benefit as an Income Generating Project of the University.

The finance Office aims to deliver its duties as efficiently as possible to the highest professional standards. Finance Chief Administrative Officer, Ma. Luisa B. Faunillan, said that University of Southeastern Philippines is really improving every school year. From that, USEP itself can live and stand alone having its high and standardized system.

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