XU Student Org Financing Guidelines 2016 PDF

Xavier University Ateneo de Cagayan
Office of Student Affairs

Student Activities and Leadership Development
Student Organization Financing Guidelines

2016 Edition
Property of Student Activities and Leadership Development Office of Student Affairs

Editor: Mart C. Amores, SY 2015-2016
2nd Revision (May 12, 2016)
I.
Introduction
Audit Environment
Student organizations, just like any other organizations have basic financial needs necessary for
them to operate and perform their functions. These financial needs are being provided by the
members and the school (also referred to as the stakeholders), and it is the responsibility of each
organization to make good use of available financial resources.
As this financial responsibility of organizations to their stakeholders arises, they are required to
establish a system of control that will ensure the integrity of all financial transactions. This financial
integrity should then be completely and accurately captured in all financial records and reported
periodically to the stakeholders. In essence, the system will be the organizations first line of
defense against error, fraud, negligence, or dishonesty in arriving at the financial information. This
system is aptly called the organizations internal control.
However, it is not enough that organizations utilize their own internal control. There is a need to
examine or review critically and systematically the organizations reports, documents, records,
financial policies, and controls for the purpose of arriving at an objective conclusion regarding
their accuracy, completeness, and reliability. This is called the external audit. Both the internal
control and the external audit comprise the audit environment.
There are five key players in an organizations audit environment: the President, the Treasurer,
the Finance Officer, the Internal Auditor, and the External Auditor. Each of them has certain
responsibilities to ensure the credibility of the audit environment. The following enumerates their
respective responsibilities and functions pertaining to the audit environment:
1. President
Ensures that the organizations activities are in accordance with its mission/vision and
that budget proposal for each activity is reasonable
Approves budget proposals and cash disbursements
Regularly updates himself with the organizations financial position and audit reports
Ensures that the organizations financial policies are set and implemented
2.
Treasurer
Custodian of cash
Facilitates cash receipts and disbursements and records them accordingly
Keeps copies of the necessary cash inflow and outflow supporting documents
Prepares liquidation report for administrative expenses
Periodically reports the organizations cash position to the Finance Officer
Ensures that cash disbursements are properly approved by the Finance Officer and
the President
3. Finance Officer
Reviews the organizations financial policies and proposes updates if necessary
Ensures that the organizations activities are properly budgeted and that there are
enough financial resources to support the budget
Approves budget proposals and cash disbursements
Maintains a complete and accurate cash book
Periodically reviews budget and cash report and updates the President of the results
Keeps the organizations copies of the liquidation reports
4. Internal Auditor
Ascertains the extent of compliance with established plans, budgets, and procedures
Evaluate and review the quality of performance of the officers in carrying out their
responsibilities
Ascertains the reliability of financial data developed within the organization
Proposes corrective actions to be taken if any lapses in the internal control system
occur
5. External Auditor
Evaluates the organizations compliance with the standards set by SACDEV
Provides audit report in the form of opinion as to the accuracy, completeness, and
reliability of the organizations financial data and reports
Shares audit findings with the organization and SACDEV as part of the audit report
The credibility of the audit environment as well as the role of each key player in it is very important
not only to ensure that the organization would be able to meet all its financial needs, but also to
maintain the integrity of the organization and thereby keep the precious trust that the members
place in the officers and the organization as a whole. There have been many instances not only
in the school organizations, but also in the bigger organizations in our community wherein the
trust of the members towards the organization is broken because of fraudulent or erroneous
financial information. This could be avoided if necessary controls are set in place within each
organization and if proper external assessment is done resulting to an effective audit environment.
Moreover, an effective audit environment would also be achieved with proper education and
training for all the key players.
II.
Financing a Project (Fund and Income Sources)
The very first step in conducting a project is the crafting of the Project Proposal. Following the
template provided by SACDEV, the project proposals should be signed by the Project Head,
Budget and Finance Officer, President, and Moderator. The diagram below shows the process of
approval of the proposals:
Step 1: Prepare the

Project Proposal
Step 2: Submit it to
SACDEV for approval
Step 3: After 2 days,

follow up the proposal if it
has been approved or
advised for revision. See
you coordinator if there
are clarifications
Step 4. If the proposal has

been approved, prepare
necessary additional
documents for budget
processing depending on
source of funds

Various sources of funds for student organizations:

i. Funds from XU Finance Account (Student Org Fund or SOF)
If your projects budget will be acquired from SOF, these are the steps
you need to follow:
Step 1: Prepare 4 copies
of the Cash Advance (CA)
Form and attach 1 copy of
the approved Project
Proposal at the back
Step 2: Submit to
SACDEV for approval of
SACDEV Head and DSA
Step 3: Claim 3 copies of

the signed Cash Advance
Form with the Project
Proposal after 2 days
Step 4: Submit the CA

forms and 1 approved
proposal to Finance Office
(Window 5) for processing
of funds
Step 5: After 3 to 5 days,

claim your budget in
Window 11 (for checks) or
Window 12 (for cash)
Step 6: Upon claiming

your budget always ask
for a duplicate copy of the
Cash Advance Form from
Finance Office. You will
need this upon Liquidation
Organizations should follow the template provided for the Cash

Advance Form. Just log on to tiny.cc/sacdevforms ; Go to SACDEV Forms
Series 2016; and download the document with file name: Form A4_Cash
Advance Form_2016
The payee of the Cash Advance Form should be the Project Head.
This means that he will be the one who can claim for the budget from Finance
Office. If the amount is below Php 10,000.00, the budget will be released as
Cash (Claim at Window 11.) If the budget is more than Php 10,000.00, It will
be released as check.
Regardless if the budget is released as cash or check, the project
head should ensure that he asks for the duplicate copy of the signed cash
advance form from Finance Office. It will be used later on for liquidation
purposes.
ii. Funds from College Parents and Faculty Associations
If your budget is sourced from the PFA, College or Department, just
submit the approved proposal to the concerned unit or office for processing
of the budget. Every PFA or College has a unique set of guidelines in
processing of budget requests.
iii. Income from Fees or Counterpart Collection
Organizations are allowed to collect fees from its members for its
semestral budget or for a specific activity (e.g. General Assemblies, Camps,
trips, etc.) The organization however should ensure that a project proposal
for the activity has been approved, and the fee has been declared thereto.
When receiving payments from members or participants, the
organization is required to issue an Acknowledgment Receipt like the one
illustrated below:
Refer to the diagram below to see the flow of securing and using the
Acknowledgment Receipt:
Step 1: Accomplish
approved project
proposal for the
collection activity (e.g.
Enrolment, GA,
BOLTS)
Step 2: Go to
SACDEV and ask for
blank
Acknowledgment
Receipts (AR)
Step 4: Issue the AR

for every collection
you get from every
person. Give them the
white copy.
Step 5: After
collecting, segregate
the remaining copies
of the AR. The yellow
copies should be kept
by the organization.
The pink ones will be
used later on for
liquidation purposes

Step 3: Log the series

number of ARs in
SACDEV
iv. Funds from Solicitation

If the budget will be obtained through solicitations from external
funders or entities, a Project Proposal is a starting point. However, before the
org starts distributing letters, a special permit named Application for
Solicitation should be approved by SACDEV before the start of solicitation.
Refer to the diagram below to see the flow:
Step 1: Accomplish
approved project
proposal for the
collection activity
(e.g. Intramurals, GA)
Step 2: Prepare the

Application for
Solicitation and a
DRAFT of the
Solicitation Letter
Step 3: Submit
approved Project
Proposal, Application
for Solicitation
(Declare how many
letters you'll send),
and Draft of
Solicitation Letter to
SACDEV for approval

claim the approved
Application for
solicitation and check
for revisions of the
letter
Step 5: Reproduce
copies of he
Solicitation Letter
based on the the
approved number of
copies
Step 6: Together with

the Approved
Application for
Solicitation, submit
the printed letters to
SACDEV for
assignment of control
number per letter
Step 8: Use the

Acknowledgment
Receipt when
receiving cash or inkind donations.
Step 9: Segregate the

remaining copies of
the AR. The yellow
copies should be kept
by the organization.
The pink ones will be
used later on for
liquidation purposes

get your letters and
Application for
Solicitation. Your
letters may now be
distributed to
propsect donors
v. Income from Ticket Selling

The same with other fund raising activities mentioned above, a project
that involves ticket selling should apply for permission. The diagram below
shows how to process ticket selling requests

Step 1: Accomplish
approved project
proposal for the
collection activity
(e.g. Raffle prizes)

claim the approved
Application and check
if there are comments
on the ticket sample
Step 2: Prepare the

Application for Ticket
Selling and a Ticket
proto-type
Step 3: Submit
approved Project
Proposal, Application
for Ticket Selling and
Ticket Proto-type to
SACDEV for approval
Step 5: Reproduce
tickets based on the
the approved number
of copies
Step 6: Together with

the Approved
Selling, submit the
printed tickets to
SACDEV for
assignment of control
number per piece

get your tickets and
Selling. Your tickets
may now be available
for sale.
Reminder: The organization should exercise extra caution in taking

care of the tickets. Once tickets are assigned with control number, it will have
a monetary value equivalent to the price per piece. Any loss of ticket will be
paid by the organization during Liquidation. There is also no need to issue
an Acknowledgment Receipt when selling tickets.
vi. Income from Selling
The organization may have projects which involve selling of items or
merchandises. Just fill up the Application for Selling Form and submit to
SACDEV for Approval. Just like other application forms, it should be
accompanied with an approved project proposal.
vii. Income from Rendering of Services or Assistance
Before an organization engages into services to other parties, it
should seek SACDEVs approval through a Project Proposal. It is also
required that SACDEV should be included as one of the signatories of
contracts or agreements entered into by the organization. The contract
should stipulate the details of the services to be rendered and mode of
payment.
Please take note: If the payment is through check, make the check
payable to Xavier University. Do not name it to you organization. This is
for easier encashment of the check. Once the check is received, deposit the
check to your orgs account in Finance Office.
If payment is made through bank transfer. Instruct your clients to
deposit the payment to XUs Bank accounts (seek further assistance from
Finance Office for the account number.) Ask for the deposit slip from the
client, and inform Finance Office to credit the bank deposit to your SOF
account.
viii. Issuance of Official Receipt in lieu of Acknowledgment Receipt
There are instances where the donor, participant, or client will be
asking for an official receipt for the funds they gave to your organization. On
this situation, the Acknowledgment Receipt shouldnt be used. You can ask
for a BIR valid receipt from Finance Office upon depositing the payment to
your SOF account. You may release the deposited funds through regular
processing of Cash Advance Form.
ix. Control of Excess Funds
All excess funds gained from the income of fund raising activities
should be deposited to the Org Account in Finance Office. The deposit
receipt will be used for Liquidation purposes. Student Orgs are prohibited to
hold cash outside its account. Furthermore, student orgs are forbidden to
open an external bank account to save its funds in replacement with SOF.
This serves as internal control of the org against mismanagement and theft.
III.
Liquidating Project Expenses and Income
The project head has the responsibility in implementing the projects planned by the organization
each year. To accomplish its objectives, the project head has the vital role of proper management
of human and financial resources. To accurately get a picture of the financial outcome, a
Liquidation Report should be prepared at the end of every project. This document will show how
the funds were spent for the project. It is an important part of a project lifecycle since it serves as
part of the documentation process in terms of the actual use of the financial resources allocated
to it. It seeks to help stakeholder of the orgs to use the information as part of evaluation (where
did the org spend less or much) and disclosure (for transparency and compliance.)
a. Essentials of the Liquidation Report
i. Template and Format
1. File may be downloaded online through this URL:
tiny.cc/sacdevforms
Go to SACDEV Forms series 2016 folder and download the file
name: Form A3_Liquidation Report_2016,
2. Project Heads are the ones who are primarily responsible in making
the liquidation report of their project. They should follow the basic
format prescribed by SACDEV. It should be in Portrait orientation,
short coupon bond and the scale should not be changed anymore.
3. Upon submission, regardless of its thickness, it should be
enclosed in a short brown envelope together with its necessary
attachments.
ii. Basic Project information

1. The Liquidation Report should include basic project information
such as the Name of Project, Name of Organization,
Implementation Date, Sources of Funds, Cash Advance Form
Number, Name of Project Head, and his/her position.
iii. Sources of Funds
1. Sources of Funds are divided into two clusters (Cluster A and B.)
2. Cluster A are funds sourced out from the Orgs Account in the
Finance Office and other income generating activities.
3. Cluster B are funds sourced out from the Parents and Teachers
Association (Usual source of College Councils and Co-curricular
Organizations)
4. The Amount to be reflected should be the actual amount advanced
or generated. If the funds were not disbursed ahead, the project
head should leave
iv. Number of copies
1. If the Source of funds is from XU Finance and/or Fund Raising:
a. Three copies of the Liquidation form

b. One original copy of the attached receipts (no need to
submit photocopy of receipts)
2. If the Source of funds is from PTA, College Admin, and/or
Department:
a. Prepare Three copies of the Liquidation form and One
original copy of the attached receipts
b. Submit the original receipts and one copy of the Liquidation
Form to the PTA/Department/College. The remaining two
copies of the Liquidation Form should be the receiving
copies (One goes back to the organization, the other one
should be submitted to SACDEV)
v. Signatories (should be original in all copies)

1. There are five signatories in the Liquidation Report: Project Head,
Treasurer, Auditor, President and Moderator.
2. All copies should bear their original signatures. SACDEV will not
allow photocopied signatures in any copies of the Liquidation
Report.
3. The office will also not allow superimposed or tampered signatures.
Penalties will be imposed to the violators as it is considered
dishonesty.
b. Arrangement of Particulars
i. Every line in the summary should reflect the total amount and nature of
expense of a single receipt
ii. Particulars should be arranged based on their classification or group, e.g.:
Food, Materials, Transportation, Accommodations and Miscellaneous.
iii. Once the particulars are classified, it should then be sorted by date.
c. Necessary attachments
i. Inflow Documents
It is required that the project heads should attach the documents used
for disbursing the funds or generated income.
1. Cash Advance Form - funds from SOF or Finance Office
2. Inflow Reports - Funds from income generating activities. E.g.,
Fees Collection Report, Solicitation Report, Selling Report, etc.
ii. Official Receipts
Original official receipts should be arranged based on how it is
presented in the particulars of the report. To be consistent, portrait orientation

should be followed. The features of official receipts are discussed in next

section.
iii. Deposit Slips (XU Finance)
If the total cash advanced/disbursed is greater than the total
expenses (Savings,) return the balance to the account of the organization.
Ask for the deposit slip and attach it to the Liquidation Report.
IV.
Official Receipts of Expenses

a. Features of Valid Receipts
i. Should bear the name of the
establishment
ii. Should
have
TIN
(Taxpayer
Identification Number)
iii. Date of Transaction
iv. Name of Payer (Should be named to
the ORG)
v. List of particular items purchased
vi. Signature of Seller/Person In Charge
vii. Official Receipt Number
viii. Should also indicate ATP (Authority
to Print) Series numbers
b. How to check if receipts are valid or not
i. It has complete features
ii. OR Number should be included in ATP Series
iii. Receipts from cash registers (thermal paper) are not desirable (exception:
Mercury Drug and National Bookstore.) If unavoidable, photocopy the
thermal receipt, and attach it to the original ones.
c. If an establishment doesnt have an official receipt
i. Use SACDEV Payment Vouchers for Organizations
ii. If the amount is more than Php 1000.00, the Payment Voucher should
include the address and contact information of the Payee, Name of
Payer, Date of transaction, Amount transacted, Noted by the President
and Moderator.
d. Other Reminders
i. Erasures for correction should be countersigned by the Person in charge
of the establishment
ii. Always instruct the establishment to itemize the particulars of the receipt
by writing each item per line, or by asking for an invoice attachment
iii. The ideal maximum amounts for food expenses per person are pegged at
Php 100.00 for meals and Php 50.00 for snacks. Organizations are highly
encouraged to exercise prudent spending of its financial resources. If there

are food expenses significantly higher than the maximum amount per
person, the organization should be able to provide ample reason for such
expenses.
iv. Liquidation Reports of previous activities are required to uninterruptedly
release the budget of incoming activities. Failure to accomplish the reports
will result to placing the new projects budget release on hold. Newly
finished projects are expected to submit the Liquidation Reports 15 days
after implementation.
V.
Use of SACDEV Payment Vouchers
a. The basic rules are:

i. Payment Vouchers are used to record outflow of money from the project
(Expenses.) These are used when organizations purchase items from
informal sellers. The threshold amount is Php 1,000.00 only.
ii. If the total amount of the transaction has surpassed the threshold, the
President and Moderator should sign the Liquidation copy (color pink) of
the payment voucher, signifying that they are aware that the particular
transaction took place, and they can vouch for its truthfulness if there are
questions that may be raised by the external auditors.
1. If it is used to pay as honorarium, a copy of the invitation letter or
contract should be included with the payment voucher
2. If it is used for chartered transportation: the origin, destination and
the number of units of vehicle should be specified
iii. Pink copies should be submitted to SACDEV (attached in the appropriate
report)
iv. Yellow copies should be kept by the organization for archiving
v. Carbon paper should be used when filling up the receipt and voucher
vi. Please write legibly

b. Presentation
i. For both payment voucher and acknowledgment receipt, always attach the
pink copies to the Liquidation Report.
ii. Payment Vouchers, since they represent expenses without official receipts,
are attached to the Liquidation Report
VI.
Liquidating Funds from Fund Raising

Inflow reports (Prepare two copies each upon submission with the Liquidation report.) This
will show the breakdown of the source of funds of a particular project. The total amount in
a certain Inflow report should be reflected to the Liquidation Reports Fund Raising Box.
These are:
a. Fees/Counterpart Collection Report
Attachments:
1. pink copies of the SACDEV Acknowledgment Receipts
2. Deposit of unused raised funds
b. Solicitation Report
Attachments:
1. Pink copies of the SACDEV Acknowledgment Receipts for funds or
in-kind received from sponsors
2. Returned solicitation letters from recipients who didnt push through
their sponsorship
c. Ticket Selling Report
Attachments:
1. Unsold tickets of the activity
d. Transportation Report
i. Should enumerate transportation expenses of a very few groups of people
who commuted via public transport within the vicinity of the location of the
activity.
ii. This should not include chartered trips. Use the Payment Voucher
instead.
VII.
Giving out Donations or Grants
In cases where an organization provides budget grants to other organization, Follow the regular
process of project proposal (this time, the project proposal should be about the details of the
grant/donation) and cash advance form. But instead of releasing the budget as cash, choose the
Fund Transfer option in the Cash Advance Form to directly transfer the grant to the beneficiary
organization.
The beneficiary organization should then submit another project proposal to SACDEV regarding
the project or activity; and follow the regular process of cash advance form to release the budget
to the project head.
VIII.
Purchase of Fixed Assets
When procuring fixed assets or properties (e.g. printer, filers, hard drives, couch, tables, chairs
etc.,) use the Request to Purchase Form. The form should be attached with a price quotation from
the target supplier of the items signed by the Manager of the establishment. Together with the
Request to Purchase Form and Price Quotation, submit 4 copies of the Cash Advance Form and
follow the regular process of the latter.
IX.
Payment to Guest Speakers (Honorarium)/Suppliers/Vendors
If there are payables of the organization to a person, supplier or company outside XU, the org
may opt to pay the external party directly through Cash Advance Form. But the Payee (Instead
the project head and name of the organization) should be replaced with the legal name of the
company they owe. The advantage of this is that the organization wont be required to submit for
a Liquidation Report since the supplier will be the one who will claim for the check and exchange
it with the official receipt.
X.
Audit Procedure
What is internal auditing?

It is an independent appraisal activity for the review of the efficiency and effectiveness of an
organization in carrying its responsibilities, and in implementing its programs and activities.
Who does the internal audit?
The appointed or elected auditor of the organization has the responsibility of conducting the
internal audit. He/she must do it with independence and objectivity.

a. Project Head:
i. Should make Liquidation Report and attach receipts and other documents
needed
ii. Make sure all receipts are complete and valid
iii. Signs the report and submit to the Treasurer
b. Treasurer:
i. Should check if the project head followed the required format of the report
ii. Records the ACTUAL expenses versus the amount disbursed
iii. Signs the report and submits it to the Auditor
c. Internal Auditors Responsibility
i. Double check if the format is followed
ii. Check if the particulars are arranged properly
iii. Check if the expenses are properly supported with official receipts and
disbursement documents
iv. Check if the expenses are reasonable and in line with the proposed budget,
and if not, find satisfaction to the reasonableness of the difference
v. Review if realignment of budget is justifiable
vi. Report to appropriate authorities, if necessary, when in the course of audit,
certain intriguing circumstances are discovered.
vii. Sign the report and attach a note of his/her comments on the report
viii. Submit to the President
d. President
Sign/Approve the report and making it an official document of the organization
e. Moderator
Notes the approval of the President by signing it, and now ready for submission
to SACDEV
Once submitted to SACDEV, it is implied that the organization has checked the validity and
reliability of the report. If inconsistencies emerge after submission to SACDEV, the signatories
are the ones liable to answer.
f.
XI.
External Auditors Responsibility

i. Double check the Liquidation reports
ii. Issue memoranda to organizations who didnt comply with the standards
Frequently Asked Questions
How crucial is the auditor's role?

By signing the liquidation report, the auditor is putting weight on the reliability of the information
presented. It means that expenses are necessary and appropriate and are properly supported.
However, these documents are still subject to an independent auditor's evaluation.

What should be done when the auditor feels uncomfortable with the information presented in the
liquidation report?
Do not sign the liquidation report.

Ask the project head to give appropriate reason regarding the matter in question.
If unsatisfied, report to the president of the organization the circumstance and also discuss
it with the moderator.
If deemed appropriate and the matter in question is so pervasive and material that internal
modification can't be achieved, seek consultation with SACDEV.
Information as such should also be disclosed to the external auditor at the course of his
audit.
Conflicts should be resolved.
7. What should be done when officers are not doing their jobs in establishing internal control?
Report the matter to the president. If the president is the one in question, report to the moderator.
8. What should be done by the auditor when the organization incurs expenses more than the
budgeted amount?
SACDEV considers 10% excess expenses of the budgeted amount as just and equitable; and as
such, may be reimbursed. Provided, however, that supporting documents are proper and the
nature of overspending is reasonable. Expenses incurred more than 110% of the budget are not
entitled for reimbursement. Thus, an organization must plan their budgets properly during the
planning stage for their activities.
Though a 10% allowance is given, the role of the auditor is to check the appropriateness of the
expenses. He/she must have the sense of skepticism as to the facts presented to validate the
appropriateness of overspending. The auditor must assess every expense. If the auditor, after
his/her assessment, concludes that the nature of overspending is not reasonable, he/she will
follow the guidelines set in question 6 of the Audit Procedures. If the auditor concludes that the
nature of overspending is reasonable, he signs the liquidation report.
Application for reimbursement for activities implemented without the approval of SACDEV is also
not allowed.
XII.
Yearly Financial Requirements
At the end of the Academic year, student organizations are required to accomplish the following:
i.
ii.
iii.
iv.
Complete Submission of Liquidation Reports

Inventory Form
Annual Cash Book and Cash Flow Statements
Ledger of SOF/Finance Office Account
The President, Budget and Finance Officer, Treasurer, Auditor and Project Heads are the
accountable persons to accomplish the aforementioned documents. Each organization is
expected to provide the best help and cooperation it can give to the said officers to be cleared for
the Academic Year.

XIII.
Final Provisions
These guidelines are set by the Student Activities and Leadership Development of the Office of
Student Affairs to aid the organization in maintaining a system in processing and managing its
finances. As stewards of the resources provided by their members, student organizations should
comply and cooperate in preserving a transparent and reliable reporting to all its stakeholders.
Prepared by
MART C AMORES
Program Coordinator
Student Activities and Leadership Development


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Xavier University Ateneo de Cagayan

Office of Student Affairs

Student Organization Financing Guidelines

Property of Student Activities and Leadership Development Office of Student Affairs

Financing a Project (Fund and Income Sources)

Step 1: Prepare the

Step 3: After 2 days,

Step 4. If the proposal has

Property of Student Activities and Leadership Development Office of Student Affairs

Various sources of funds for student organizations:

Step 3: Claim 3 copies of

Step 4: Submit the CA

Step 5: After 3 to 5 days,

Step 6: Upon claiming

Organizations should follow the template provided for the Cash

Step 4: Issue the AR

Property of Student Activities and Leadership Development Office of Student Affairs

Step 3: Log the series

iv. Funds from Solicitation

Step 2: Prepare the

Step 4: After 2 days,

Step 6: Together with

Step 8: Use the

Step 9: Segregate the

Step 7: After 2 days,

v. Income from Ticket Selling

Property of Student Activities and Leadership Development Office of Student Affairs

Step 4: After 2 days,

Step 2: Prepare the

Step 6: Together with

Step 7: After 2 days,

Reminder: The organization should exercise extra caution in taking

Liquidating Project Expenses and Income

ii. Basic Project information

a. Three copies of the Liquidation form

v. Signatories (should be original in all copies)

Property of Student Activities and Leadership Development Office of Student Affairs

should be followed. The features of official receipts are discussed in next

Official Receipts of Expenses

Property of Student Activities and Leadership Development Office of Student Affairs

Use of SACDEV Payment Vouchers

a. The basic rules are:

Property of Student Activities and Leadership Development Office of Student Affairs

Liquidating Funds from Fund Raising

Giving out Donations or Grants

Purchase of Fixed Assets

Payment to Guest Speakers (Honorarium)/Suppliers/Vendors

What is internal auditing?

Property of Student Activities and Leadership Development Office of Student Affairs

External Auditors Responsibility

Frequently Asked Questions

How crucial is the auditor's role?

Property of Student Activities and Leadership Development Office of Student Affairs

Do not sign the liquidation report.

Yearly Financial Requirements

Complete Submission of Liquidation Reports

Property of Student Activities and Leadership Development Office of Student Affairs

Property of Student Activities and Leadership Development Office of Student Affairs

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