CODE OF FINANCIAL PROCEDURES 2005-2006

I.                    Guiding Principles

A.    The Code of Financial Procedures (CFP) of the Ateneo Chemical Society provides and establishes all the necessary regulations in the proper handling and management of all financial transactions involved in the organization.

B.     It is the duty of the Vice-President for Finance to see to it that all the provisions stated in the CFP is well understood, honored and observed by the executive board and the members of the organization.

C.    The finance officers for each project must ensure the proper implementation of the provisions of the CFP within their respective project committees.

II.                 Proposal and Approval of Budget

A.     All project heads shall estimate a budget, depending on their predicted expenditures. This amount shall be included in their project proposals.

B.     The president and the vice-president for finance hold the power to approve or reject the proposed budget depending on what they think is necessary. A member of the executive board may also suggest an amount for a project, which is in line for approval of the project head, the president and the vice-president for finance.

III.               Transactions

A.    Disbursements

1.            A project proposal must first be submitted to the president at least 3 weeks prior its intended use.

2.            The President and the Vice-President for Finance may approve or reject the budget indicated on the project proposal no later than a week after submission.

3.            If the budget is approved, a cash advance form must be submitted to the Vice-President for Finance indicating the item, quantity, price per piece and the total price of the items to be purchased or the type of service paid.

4.            The cash advance form will be approved or rejected by the Vice-President for Finance based on the budget approved earlier.

5.            Cash advances should not exceed P5,000.00.  Disbursements exceeding P5,000.00 may only be approved after deliberation by the President and Vice President for Finance.   

6.            If the receipt is not valid, the disbursed amount shall be returned in full.

B. Reimbursements

1.            To procure any reimbursement, the project proposal for the project should have been submitted and approved by the President and Vice-President for Finance prior to the request for reimbursement.

2.            All cash return forms and an end-of-project report for the respective project must first be submitted to the Vice-President for Finance.

3.            A photocopy of the original official receipts and other official documents proving the purchase or the expenditure must be attached to the reimbursement slip. Receipts may be accumulated over a period of time or may represent a single purchase.

4.            Requests for reimbursement are due for approval of the President and the Vice-President for Finance. 

5.            If approved, the reimbursement must be released no later than a week after the date of approval.

6.            If the expenditure exceeded the amount stated in the budget proposal, the President and the Vice-President for Finance may or may not reimburse the excess expense. The excess amount may be reimbursed partially.

7.            If the receipt is not valid, the expense will not be reimbursed.

C.     Purchase Requests

1.            A purchase request is made for organizational expenses not directly linked to or needed by specific projects (ex. Org office supplies, org room needs and the like). 

2.            A budget proposal must first be submitted to the Vice-President for Finance at least 3 weeks prior its intended use.  Transactions may be in the form of cash disbursements or reimbursements.

3.            The President and the Vice-President for Finance may approve or reject the proposal no later than a week after submission.

IV.              Liquidation Reports

A.    Cash Return Forms and End-of-Project Report

1.            The project head must submit all cash return forms and end-of-project report no later than 2 weeks after the implementation of the project.

2.            An end-of-project report includes a brief summary of all the expenditures and explanations to all the additional costs of the project committee.

3.            All documentation of the expenditures must be included. All official receipts must be attached to the cash return forms.

4.            All end-of-project reports must be certified true and accurate by the finance officer of the project committee. 

B.     End-of-Semester Reports

a)            The Vice-President for Finance must submit an end-of-semester report no later than a week after the semester ended.

b)            The end-of-semester report must include a summary and evaluation of the organization’s financial status during the whole semester.

C.  Liquidation Reports

1.            The Vice-President for Finance must submit a liquidation report no later than a week after the semester was concluded.

2.   The liquidation report must include a detailed enumeration of all the expenditures of the organization and the projects implemented during the whole semester.

V.                 Formats

A.    Cash Advance Form (2 copies)

1.      Date

2.      Name of Requesting party

3.                  Position (e.g. VP for Special Projects, Project Head, Finance Officer)

4.      Name of Project

5.      Committee (if applicable)

6.      Specific Details of expense

a)      description

b)      quantity

c)      cost per item

d)      total cost

e)      purpose

7.      Signature of the Representative of the Requesting Party

8.      Signature of Approval from the Vice-President for Finance

B.     Cash Return Form (2 copies)

1.      Date

2.      Name of Requesting Party

3.      Position (e.g. VP for Special Projects, Project Head, Finance Officer)

4.      Name of Project

5.      Committee (if applicable)

6.      Specific Details of expense

a)      description

b)      quantity

c)      cost per item

d)      total cost

e)      purpose

f)        amount of cash liquidated

g)      amount of cash received

h)      amount of cash returned

7.      Signature of the Representative of the Requesting Party

8.      Signature of Vice-President for Finance upon receipt

C.    Reimbursement Slips (2 copies)

1.      Date

2.      Name of Requesting Party

3.      Position (e.g. VP for Special Projects, Project Head, Finance Officer)

4.      Specific Details

a)      Item

b)      Quantity

c)      Price per Piece

d)      Price

e)      Project / Committee

5.      Date of Approval

6.      Signature of the Vice-President for Finance and the President

7.      Signature of the Requesting Party

VI.              Turnover

The outgoing Vice-President for Finance is responsible for ensuring that all the projects implemented during the whole semester are properly liquidated and accounted for. It is also his/her obligation to prepare the necessary documents for the turnover of signatory responsibilities. The turnover of the funds and the documents must take place no later than a week after the induction of the incoming set of Ateneo Chemical Society (ACheS) officers.

VII.            Amendments

                  Revisions to this code may be done as deemed appropriate by the newly inducted officers for the incoming school year.

This code shall take effect immediately after approval.

ENACTED this 18th day of May, 2005.