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STATEMENTS OF ASSETS, LIABILITIES AND FUND BALANCES

2003 2002

ASSETS
Current Assets
Cash on hand and in banks P 8,451,248 P 9,829,170
Short term investments 8,487,388 8,386,854
Tuition and other fees receivable 3,022,759 2,503,510
Accounts Receivable 8,236,442 5,795,573
Advances and other receivables 9,663,806 8,361,161
Inventories 1,552,963 1,023,874
Prepayments 1,044,677 677,570
40,459,283 36.577,711
Investments in Securities net allowances for
Decline in value of Php 1,593,226 1,217,120 1,217,120
Property and Equipment
Building and building structure 132,762,929 132,762,929
Building improvements 9,913,442 7,533,572
Leasehold improvements 1,102,456 1,098,656
Furniture and Fixtures 14,574,974 14,030,657
Equipment 15,012,003 10,366,197
Computer Equipment 3,088,456 2,443,756
Instructional Equipment 542,758 504,090
Transportation Equipment 1,483,130 1,176,100
Appraisal increase in assets 8,220,899 8,220,899
Construction in progress 129,101,888 88,573,189
Other assets 1,292,518 643,649
317,095,453 267,353,694
Accumulated Depreciation (63,801,400) (50,505,064)
253,294,053 216,848,630
TOTAL ASSETS P 294,970,456 P 254,643,461
LIABILITIES AND INSTITUTIONAL FUND BALANCE
Liabilities
Accounts Payable 21,750,443 23,279,896
Loans Payable 15,000,000 -
Loans Payable ATF - 3,500,000
Deferred Income 12,393,877 12,285,577
Accrued Expenses & other remittable collections 2,934,410 2,884,480
CICM retirement fund 13,969,990 12,214,538
Trust funds 8,108,608 2,256,068
Other liabilities 12,340,817 9,725,952
86,498,145 66,146,611
Institutional Fund Balance
Institutional fund, beginning 178,237,771 167,089,486
Net revenue 9,777,095 11,148,285
Institutional fund, end 188,014,866 178,237,771
Donated Capital 12,447,331 2,248,966
Revaluation increment in property & equipment 8,010,114 8,010,114
208,472,311 188,496,851
TOTAL LIABILITIES AND INSTITUTIONAL FUND 294,970,456 254,643,461
REVENUES P 78,548,204 P 70,725,521
INSTRUCTIONAL EXPENSES 46,797,812 39,638,877
GROSS REVENUE 31,750,392 31,086,644
ADMINISTRATIVE AND GENERAL EXPENSES
Depreciation 13,296,336 11,896,792
Salaries and wages 6,538,023 6,784,602
Utilities 6,529,499 6,848,773
Contract support services 3,181,102 3,709,691
Fringe benefits 2,843,672 4,772,511
Repairs and maintenance 2,695,147 1,187,258
Student and employee development 1,032,816 1,161,708
Office and janitorial supplies 622,887 777,429
SSS, Medicare, EC, Pag-ibig premium 554,606 534,731\
Professional fees 491,659 486,634
Insurance /expense 413,118 212,991
Travel and transportation 395,309 314,339
Communication 347,620 259,413
Membership dues 308,035 312,160
Charitable contributions 150,280 111,402
Student assistance 141, 363 54,029
Doubtful accounts 135, 341 -
Taxes and licenses 89,083 42,296
Miscellaneous expenses 1,082,346 482,584
40,848,242 39,899,343
LOSSES FROM SCHOOL OPERATIONS (9,097,850) (8,812,699)
OTHER REVENUES 18,874,945 19,960,984
NET REVENUE 9,777,095 11,148,285
INSTRUCTIONAL EXPENSES 46,797,812 39,638,877
GROSS REVENUE 31,750,392 31,086,644
ADMINISTRATIVE AND GENERAL EXPENSES
Depreciation 13,296,336 11,896,792
Salaries and wages 6,538,023 6,784,602
Utilities 6,529,499 6,848,773
Contract support services 3,181,102 3,709,691
Fringe benefits 2,843,672 4,772,511
Repairs and maintenance 2,695,147 1,187,258
Student and employee development 1,032,816 1,161,708
Office and janitorial supplies 622,887 777,429
SSS, Medicare, EC, Pag-ibig premium 554,606 534,731\
Professional fees 491,659 486,634
Insurance /expense 413,118 212,991
Travel and transportation 395,309 314,339
Communication 347,620 259,413
Membership dues 308,035 312,160
Charitable contributions 150,280 111,402
Student assistance 141, 363 54,029
Doubtful accounts 135, 341 -
Taxes and licenses 89,083 42,296
Miscellaneous expenses 1,082,346 482,584
40,848,242 39,899,343
LOSSES FROM SCHOOL OPERATIONS (9,097,850) (8,812,699)
OTHER REVENUES 18,874,945 19,960,984
NET REVENUE 9,777,095 11,148,285

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