FINANCE COMMITTEE PROPOSAL

Franzine F. Foronda
Councilor
UP Diliman University Student Council
A.Y. 2015-2016

Rationale
The Finance Committee is a standing committee for a reasonto execute any form of
initiative, especially those for the benefit of the UP students, the University Student Council (USC)
needs funding more often than not. This funding comes mostly from the Student Fund paid for by
each and every UP Diliman student, as well as the solicitations we get from generous donors and
sponsors. As such, it is the USCs responsibility to ensure that its funds are used as properly, ethically
and efficiently as possible, and that the usage of these would be known to our constituents through
measures that promote and uphold financial transparency and accountability. The Finance
Committee, particularly the USC Treasurer, embodies and carries out this role.
In particular, it is enshrined in the USC Constitution that the Treasurer shall:

(a) Act as a Custodian of the deposits in the bank of the funds of the Council;
(b) Keep a record of the funds of the Council;
(c) Disburse the same in accordance with an appropriation of the Council;
(d) Submit a financial report at the end of each semester to the Council, which shall be
published in the Philippine Collegian;
(e) Head the Finance Committee.
Given this, the Finance Committee is thus in charge of ensuring the most efficient execution
of the projects and initiatives of the USC through proper controls and budget allocation. In addition,
this years Finance Committee will take it upon itself to make it easier for student councils and
organizations to comply with the University Financial Transparency Reporting Standards (UFTRS). The
Finance Committee this year will also be a springboard for campaigns on financial transparency and
accountability within the university.

Objectives:
The Finance Committee shall:
Oversee the financial activities of the University Student Council, including but not limited to,
authorization of disbursements, issuance of acknowledgment receipts, recording of
transactions and generation of the financial statements in compliance with the UFTRS
Ensure the allocation of USC Funds in a manner it deems reasonable among its committees.
Oversee the optimal usage of the resources of the University Student Council through the
implementation of proper internal controls
Initiate campaigns that will forward the cause of Financial Transparency and Accountability
within the University

Committee Structure

Treasurer

Book Keeper

Treasurer

Book-keepers

Auditor

Petty Cash Custodian

UFTRS Compliance
Officers

Finance Operations
Director

Petty Cash
Custodian

UFTRS
Compliance
Head

Auditor

Finance
Operations
Director

Act as a custodian of the funds of the council

Keep a record of the funds of the council
Disburse the same in accordance with an appropriation of the council
Submit a financial report at the end of each semester to the council, which
shall be published in the Philippine Collegian
In-charge of recording transactions into the Cash Receipts Logbook and Cash
Disbursements Logbook
In-charge of maintaining the records of the financial transactions of the USC
Will ensure the proper compliance of the USCs financial reporting activities to
the University Financial Transparency Reporting Standards by way of random
inspection and such other means to achieve the goal
Will be in-charge of the petty cash of the USC for transactions that are (1)
unexpected and (2) meet the threshold for amounts
Will be the liaison to the student councils currently in compliance for updates to
the UFTRS and issues therewith
Will be the liaison to student councils and organizations not yet in compliance for
application to comply
Will issue the Committee Finance Kit to each of the Standing and AdHoc
committees of the USC
Will oversee the proper use and compliance to the CFK of the different
committees as scheduled

Specific Plans of Action

I.

Full and Faithful Compliance to the University Financial Transparency Reporting

Standards
The University of the Student Council, with the guidance of the Finance Committee
Head, shall continue its compliance with the UFTRS created for the financial reporting needs
of student councils in the University of the Philippines Diliman. Compliance will include, but
not be limited to, the following:
1. Strict adherence to the Documentation Procedures set forth in the First Module
of the UFTRS as regards to (1) Cash Receipts and (2) Cash Disbursements with
liquidating circumstances of exact amount, excessive funds, deficiencies and
reimbursements
2. Generation of the Statement of Cash Flows for the semester as set forth in the
Second Module of the UFTRS that are compliant to the following:
a. Expectations of Transparency and Accountability, Standardization and Sound
Financial Management
b. Separation of the Cash Inflows and Cash Outflows in the said statement and
the line items presenting the inflows and outflows of each committee
engaging in financial transactions
c. Presentation of disclosures about the material activities of the USC that do
not directly affect the amounts in the Financial Statements of the USC but
could influence the decisions of external stakeholders of the USC
d. Disaggregation of material standing accounts such as outstanding Accounts
Payable, Accounts Receivable, Inventory and Other Material Assets in the
e. Disaggregation of each of the committees line item presentations on the
face of the Statement of Cash Flows. This shall include the inflows and
outflows of each of the amounts presented thereto and shall be included in
the disclosures.
f. Listing of the material contracts entered into by the USC that directly affect
the financial activities of the same (e.g. sponsorhips) to be included in the
Disclosures.
3. Practical application of the Internal Control Procedures set forth in the Third
Module of the UFTRS that involves:
a. Safekeeping of the USCs cash and the correct recording thereof
b. Documented receipt of sponsorships to the USC in the form of cash and/or Xdeals
c. Transaction authorization for expenses to ensure the use of cash in
reasonable and council-mandated purposes
d. Fully documented liquidation of expenses
e. Elimination of unauthorized financial transactions

II.

Expansion of the UFTRS Outside UP Diliman

The UFTRS has proven to be successful in making the creational of various financial
statements, as well as the proper tracking of funds, an easier task for the various student
councils and organizations who are members of the Diliman for Responsible Accounting and
Financial Transparency (DRAFT). As such, the Finance Committee would like to expand the
number of organizations who have knowledge of the UFTRS by engaging more student
councils and organizations inside UP Diliman, as well as those from other universities. They
shall be invited to attend the various UFTRS seminars that the Finance Committee shall hold,
and shall be given copies of the UFTRS Handbook and the UFTRS Software.

III.

Committee Finance Kit

To optimize the operations within the standing committees and the AdHoc
committees, a committee finance kit (CFK) will be distributed to each of the said entities. The
CFK will serve as the guide and primary control tool for each of the committees in handling
their financial transactions such that they may carry out their functions in the most efficient
manner possible. CFKs will be given by the Finance Operations Director (FOD) at the onset of
the academic year to the different Committee Finance Officers (CFO) for final responsibility.
The FOD will check on the CFOs usage of the said kit as scheduled with the Treasurer of the
USC. The CFK will contain the following:
a. Documentation forms required by the UFTRS
b. Budgetary Matrix
c. Summary of Activities
d. UFTRS 101

IV.

Publication of the Financial Statements of the USC

As part of the committees goals of engendering financial transparency and
accountability, the completed Financial Statements of the USC shall be made public through
the USCs online accounts. Aside from the usual online channels, the finance committee shall
endeavour to have the financial statements posted in the building bulletin boards as well as
in the local publications of each of the colleges.

V.

UP the Budget
This initiative of the Finance Committee will be in partnership with the Education and
Research Committee. It aims to analyse UPs wide array of financial activities as well as to
democratically consult the students regarding their needs to gain a complete understanding
of the budgetary needs of the University. It proposes to look into the capital expenditure,
cash management activities, partnership inflows and internal allocations of UP so that the
USC and the students can make completely informed stances on the activities of the UP
administration.

VI.

Financial Literacy for the UP Community

This initiative of the Finance committee, ideally in partnership with the UP Junior
Finance Association, is aimed at promoting smart financial management to all members of
the UP community. This goal will be achieved by the continuation of the Dorm Seminars on
personal finance, conducted two AYs ago, wherein the students can learn about how they
can plan their personal funds to achieve maximum utility. Aside from targeting the students,
the Finance Committee will also be holding a seminar on personal finance specifically for the
Maninindas of UP. This is intended to let even the Maninidas of UP take advantage of the
advancing economy of the Philippines through smart financial management.
VII.

FOI Youth Initiative

Because the committees main thrust is increased financial transparency and
accountability, the USC shall join the FOI Youth Initiative in its lobbying for the ultimate goal
of the passage of the Peoples FOI Bill or HB 5801.

VIII.

Financial Consulting Services

A lot of organizations experience liquidity problems. Liquidity problems meaning they're
not able match the outflow needs with the inflows that the cash that they have on hand. This
results to the organizations members shelling out their own money just to save their events.
More often than not, these outflows rarely get reimbursed.
As the Finance Committee Head we plan to create Financial Consultation, a service that
the organizations can avail of. We can partner with JFA, JPIA, or BAC for these. Most likely,
we'll be employing cash budgeting and cash management systems for these and internal
controls for disbursements and reimbursements.