Housewifely Analysis of PCS Financial Report 2007-2008 -by veronica cadag-ugates PDF Print E-mail
Tuesday, 03 February 2009
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Housewifely Analysis of PCS Financial Report 2007-2008 -by veronica cadag-ugates
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   HOUSEWIFELY ANALYSIS

                   OF PCS FINANCIAL REPORT 2007-2008

                                                                  - veronica cadag-ugates




On the left is the reported financial report of the Philippine Community School. Let us consider it one by one and see where the possible flaws exist:
 

Salaries and wages
– we have no quarrel with that. The question is why does the school have a 13th month pay? As per the Manual of the Rules and Regulations governing schools abroad or MOPAR, schools abroad must follow the laws and regulations of their host country. There is NO 13th month pay in this country and as the clearly shown bankrupt status of the school which is at minus[-] $ 152.56  it can not afford a 13th month pay. Therefore if the salary and wages had no 13th month pay, it could have yielded + $ 5,750.00, can it not? 

In the Budget Proposal of 2007-2008, one of the persons included in the staff  is the part-time accountant/auditor at $ 250.00/mo or $ 2, 750.00/year. Yet there is an audit fee among the honorariums. Is this one and the same person being paid and given honorarium?
 

Proportion incentive leave
pay- Who among us hard working nurses, and those working in oil companies and oil service companies who are the highest paid employees in Libya had received any incentive leave pay? Whatever that means!!! What we have are increments. Clearly this kind of benefit does not exist in Libya and if it were not granted, the school could have saved $ 20,550.00 for 2007-2008.  

There are about 18 regular employees in the school, does this mean each if these individuals had received more than $ 1,000.00 for such a nebulous endeavor? That’s a lot of money awarded for nothing!!!
 

COLA-
surely the nurses know that living allowances in Libya does not exceed 5-10%. In fact depending on the institution they are working in, sometimes there is no living allowance. Yet the school’s staff is enjoying COLA which is so variable it triggers the question of how the amounts allotted per person was deduced.  For however it was done, the fact is if the COLA is only 10% per person, there should be a saving of about  $ 10,000.00 from the stated $ 23,215.38. 

CASH GIFTS –
Christmas is for Christians, therefore these cash gifts should not come from the funds of the school in this country that do not celebrate Christmas. Since the BOT are very generous individuals, they should stretch there magnanimity further by delving in their own pockets and not give away money that belong to the bankrupt school’s coffers. But then it is easy to be magnanimous about money that is not yours. If this amount had not been taken from the school’s treasury, there would have been an additional savings of $ 3,000.00, don’t you think so? 

Separation pay –
Since I do not know who had left to deserve a separation pay of $ 5,775.00, or in this country what is called a gratuity, I cannot verify this. The only sure thing is that this person must have served more than 12 years since there is nobody receiving a salary of $ 1,000.00/month or more except the principal. 

Honorarium/Audit Fee- This
one is quite baffling though presumably the honorarium refers to the members of the BOT. Just how another audit fee got into it is the question? Again, I should emphasize that since the school is bankrupt, the members of the BOT should not have put this money in their pockets and save the school another $ 4,884.62. 


FLIGHT Expenses – The school claimed flight expenses of $ 24,845.00 yet on the proposed budget of 2007-2008 which involved 16 staff members the expenditures amounted only to $ 15,500.00. How did it come to jump to $ 24, 845.00? Incidentally, the contract of the school staff covers every 2 years like the nurses.

 



 
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