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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Many parents do not understand why there should be an audit of the school’s revenues. Hopefully this article will give you an inkling of the why. Had the school’s administration and Board of Trustees husbanded the school’s finances carefully, the school need not be bankrupt every year. There would not have been any need for tuition fee increases.  

There would be no need for fund raising events that often irritate because it is not part of your budget. Yet you have to fork out as insisted on by your children who are afraid that the teacher will give them a demerit if they cannot sell the tickets.

Finally, to come up with negative/zero-zero balance every year for the 18 years that the school had been in existence should already create a question in one’s mind. At the least the fact that the principal is a poor manager is glaringly obvious. Of course, the administration of the school and its finances are the responsibility of the Board of Trustees. Therefore, what is clear is that the principal, as claimed, being the only legitimate incorporator left had apparently chosen as Board of Trustees,  people who are very generous with the school’s money, to award her and her staff money that belongs to the community. Everything going round among themselves. TRUE or FALSE???

ImageApparently some simple-minded individuals asked why we question the way the school is being run. In fact I was accused by Mary Macamos of being interested in the money. Still I am willing to answer and the answer is not because of the money which is not mine and can never be mine but for the community.  If the income of the school is properly managed, the amount generated per year can go a long way towards the projects of the school.

For example, with only  the LD 42,000.00 in 1992, that amount could have bought  a van-type school bus, several cooking ranges, several sewing machines, and furniture to furnish a proper home economics classroom. If some $ 40,000.00 - $ 60,000 were saved per year the tuition would not go up to about $ 1,000.00 for the secondary level. There would not be any need for fund raising events and no need for the Class B & C plans where parents are obliged to add $ 25.00 and $ 50.00, respectively.

More qualified teachers could have been hired so that teachers need not be burdened by the load they carry, and students would have gone home earlier. Proper books could have been ordered from the Philippines and not Xerox copies provided to students which they buy at about LD 30.000 each. More classrooms built.

A proper gym or physical activities hall could have already been built by now in the school’s premises. Properly furnished physics, chemistry
and biology laboratories and surely a very good sound system can already be functional in the last 5 years, in fact even have a swimming pool.  

Some also say that the schools in Dubai are expensive in comparison. That is true. But the schools in Dubai have local partners unlike the Philippine Community School of Tripoli which is wholly owned by the OFW community. Therefore its income should revert back for the school’s improvement.

Another funny thing that caught my attention is this: in the projected income and expenditures for 2007-2008 the amount expected was $230,420.00  all used up.

But the actual revenue is $259,686.64, a plus difference of $29,000.00 yet the expenditure is even higher reaching $ 259,839.10 and giving off a negative balance.
Yet not one single parent questioned why this is so.

[Certainly I am not an accountant and therefore can be accused of talking about things I do not understand. Well,  the people who signed as auditors in the PCS Financial Reports were not Certified Public Accountants either. Those who did understand what was there did not sign for it, like Sonny Martinez and Daryl  Zacharias.

Considering that I have not seen the actual expenses which the school has kept from being independently audited for the past 18 years, I wonder how many surprises are there in store.
Having stated all these, I challenge the PCS Administration and Board to undergo an independent audit, so we can see whether I am off the mark!!! -ed]

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