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The Financial Statements of Bicol State College of Applied Sciences and Technology
were authorized for issue on February 13, 2018 as shown in the Statement of
Management’s Responsibility for Financial Statements signed by Richard H. Cordial,
President.
In 1911, the Bicol State College of Applied Sciences and Technology (BISCAST)
started as the Camarines Sur Trade School (CSTS). By virtue of House Bill No. 2919
(RA No. 825), the school was nationalized and renamed Camarines Sur National
School of Arts and Trades (CSNSAT).
Upon its conversion to a full-pledged college by virtue of RA No. 5056 on June 17,
1967, the CSNSAT was converted into a College and renamed as Bicol College of Arts
and Trades (BCAT) and was authorized to offer courses like Bachelor of Science in
Industrial Education (BSIE). It was known as Camarines Sur National College of Arts
and Trades (CSNCAT) until in the mid 1980’s when it adapted its name BCAT.
In December 2000, pursuant to Republic Act No. 8760, on the integration of CHED
Supervised Institution (CSI’s) to State Universities and College (SUC’s), the Bicol
College of Arts and Trades was integrated to the Camarines Sur Polytechnic Colleges
(CSPC) in Nabua, Camarines Sur. For more than 11 years, it existed as the CSPC Naga
Campus
On October 19, 2012, Pres. Benigno Aquino III signed RA No. 10231 formally
separating the school from CSPC and renaming it the Bicol State College of Applied
Sciences and Technology (BISCAST). With its impressive new moniker, the institution
is given its new mandate:
The Bicol State College of Applied Sciences and Technology offers graduate program
in Master of Arts in Teaching (MAT); Master of Arts in Engineering Technology
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(MET); Bachelor Degree Programs in Elementary Education (BEEd), Secondary
Education (BSEd), Technical Technology Education (BTTE), Industrial Technology
(BSIT),Architecture (BSA), Electrical Engineering (BSEE), Electronics and
Communications Engineering (BSECE), and Mechanical Engineering (BSME); and
Non-Degree (3-year Diploma and 2-year Certificate) Courses in Technology, the 2-
year Diploma of Technology in Non-Traditional Course (NT) and the Laboratory High
School.
Effective Academic Year 2015-2016, the College has two (2) new offerings, the
Bachelor of Physical Education major in Sports and Wellness Management and
Bachelor of Science in Entertainment and Multi-Media Computing.
The Financial Statements have been prepared in accordance with and comply with the
Philippine Public Sector Accounting Standards (PPSAS) issued by the Commission on
Audit per COA Resolution No.2014-003 dated January 24, 2014.
The financial statements of the Agency have been prepared on the basis of historical
cost using the Philippine Peso, the country’s functional and presentation currency.
The Agency uses the modified accrual basis of accounting which means that all
expenses are recognized when incurred and reported in the financial statements in
the period to which they relate, except for those circumstances where accrual is
impracticable.
Cash and cash equivalents comprise cash on hand and cash in bank.
3.3 Inventories
The annual Budget is prepared on a cash basis and is published in the government
website.
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A Separate Statement of Comparison of Budget and Actual Amounts (SCBAA)
was prepared since the budget and the financial statements were not prepared on
comparable basis. SCBAA was presented showing the original and final budget and
the actual amount on comparable basis to the budget.
Bicol State College of Applied Sciences and Technology adopted the PSAS No.1 to 25.
This accounting changed had no significant impact on Bicol State College of Applied
Sciences and Technology’s financial statements.
6. Receivables
CY 2018
Accounts
Current Non-Current Total
Accounts Receivable ₱22,345,700.00 ₱23,619,656.62 ₱45,965,356.62
Allowance for Impairment – AR (918,700.00) - (918,700.00)
Net Value – Accounts Receivable ₱21,426,917.48 ₱23,619,656.62 ₱45,046,574.10
Loans Receivable – Others ₱470,380.59 ₱593,925.00 ₱1,064,305.59
Due from NGAs 5,667,483.88 45,084.32 5,712,568.20
Due From Other Funds 4,564,062.68 - 4,564,062.68
Receivables-Disallowances/Charges 45,125.00 2,382,641.74 2,427,766.74
Due from Officers and Employees 7,709.37 - 7,709.37
Other Receivables 1,538,938.61 - 1,538,938.61
Totals ₱ ₱ ₱
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CY 2017
Accounts
Current Non-Current Total
Accounts Receivable ₱16,199,183.61 ₱1,577,580.51 ₱17,776,764.12
Allowance for Impairment – AR (355,010.67) 0.00 (355,010.67)
Net Value – Accounts Receivable ₱15,844,172.94 ₱1,577,580.51 ₱17,421,753.45
Loans Receivable – Others ₱ 466,302.97 ₱ 593,925.00 ₱ 1,060,227.97
Due from NGAs 5,601,214.00 45,084.32 5,646,298.32
Due From Other Funds 4,358,044.31 0.00 4,358,044.31
Receivables-Disallowances/Charges 71,000.00 2,317,641.74 2,388,641.74
Due from Officers and Employees 7,137.37 0.00 7,137.37
Other Receivables 1,547,364.00 0.00 1,547,364.00
Totals ₱27,895,235.59 ₱4,534,231.57 ₱32,429,467.16
Accounts Receivable consists of tuition & other fees collectible from students for SY
2017-2018 and previous years.
Loans Receivable-Others represents loans granted thru Provident Assistance Program
for Employees (PAPE) loans.
7. Inventories
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Inventory consists of consumables, tools and instruments for instructional use. Supplies
already consumed were not dropped from the books due to the non-submission of
periodic materials issuance report from the Supply Office.
8. Property, Plant and Equipment
Buildings
Land Machinery and Transportation
Land and Other
Improvement Equipment Equipment
Structures
Carrying Amount,
₱13,000,000.00 ₱ 2,265,255.54 ₱ 75,999,626.78 ₱ 45,088,514.85 ₱ 733,577.13
January 1, 2017
Additions/Acquisitions 0.00 0.00 21,981,643.96 18,056,419.92 8,576,480.00
Total 13,000,000.00 2,265,255.54 97,981,270.74 63,144,934.77 9,310,057.13
Disposals
Depreciation (As per
Statement of
0.00 (361,776.11) (3,674,451.79) (5,058,801.86) (281,015.44)
Financial
Performance)
Carrying Amount,
December 31, 2017
₱13,000,000.00 ₱ 1,903,479.43 ₱ 94,306,818.95 ₱ 58,086,132.91 ₱ 9,029,041.69
(As per Statement of
Financial Position)
Gross Cost (Asset
Account Balance per
₱13,000,000.00 ₱ 5,276,695.73 ₱128,872,977.42 ₱ 89,360,260.50 ₱12,281,180.00
Statement of Financial
Position)
Less: Accumulated
0.00 (3,373,216.30) (34,566,158.47) (31,274,127.59) (3,252,138.31)
Depreciation
Carrying Amount,
December 31, 2017
₱13,000,000.00 ₱ 1,903,479.43 ₱ 94,306,818.95 ₱ 58,086,132.91 ₱ 9,029,041.69
(As per Statement of
Financial Position)
Other Property,
Furniture, Fixtures Construction in
Plant and TOTAL
and Books Progress
Equipment
Carrying Amount,
₱ 4,631,858.43 ₱ 121,939.25 ₱ 29,342,276.66 ₱ 171,183,048.64
January 1, 2017
Additions/Acquisitions 188,119.31 445,600.00 24,528,161.72 73,776,424.91
Total 4,819,977.74 567,539.25 ₱ 53,870,438.38 244,959,473.55
Disposals 0.00 0.00 0.00 0.00
Depreciation (As per
Statement of
(208,382.22) (161,737.84) 0.00 (9,746,165.26)
Financial
Performance)
Carrying Amount,
December 31, 2017
₱ 4,611,595.52 ₱ 405,801.41 ₱ 53,870,438.38 ₱ 235,213,308.29
(As per Statement of
Financial Position)
Gross Cost (Asset
Account Balance per
₱ 12,935,211.02 ₱ 2,513,062.47 ₱ 53,870,438.38 ₱ 318,109,825.52
Statement of Financial
Position)
Less: Accumulated
(8,323,615.50) (2,107,261.06) 0.00 (82,896,517.23)
Depreciation
Carrying Amount,
December 31, 2017
₱ 4,611,595.52 ₱ 405,801.41 ₱ 53,870,438.38 ₱ 235,213,308.29
(As per Statement of
Financial Position)
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Land area of the Bicol State College of Applied Sciences and Technology is about two-
and-a-half hectares.
Buildings Machinery
Transportation
Particulars Land Land Improvement and Other and
Equipment
Structures Equipment
Carrying Amount,
₱13,000,000.00 ₱ 1,903,479.43 ₱ 94,306,818.95 ₱ 58,086,132.91 ₱ 167,296,431.29
January 1, 2018
Additions/Acquisitions 0.00 0.00 50,516,119.87 11,706,582.80 62,222,702.61
Total 13,000,000.00 ₱ 1,903,479.43 ₱ 94,306,818.95 ₱ 58,086,132.91 ₱167,296,431.29
Disposals
Depreciation (As per
Statement of
0.00 (408,537.58) (4,289,762.60) (7,195,786.95) (11,894,087.13)
Financial
Performance)
Carrying Amount,
December 31, 2018
₱13,000,000.00 ₱ 1,494,941.85 ₱ 140,533,176.16 ₱ 61,588,111.85 ₱ 216,616,229.86
(As per Statement of
Financial Position)
Gross Cost (Asset
Account Balance per
₱13,000,000.00 ₱ 5,276,695.73 ₱179,389,097.23 ₱ 96,023,849.92 ₱293,689,642.88
Statement of Financial
Position)
Less: Accumulated
0.00 (3,781,753.88) (38,855,921.07) (34,435,738.07) (77,073,413.02)
Depreciation
Carrying Amount,
December 31, 2018
₱13,000,000.00 ₱ 1,494,941.85 ₱ 140,533,176.16 ₱ 61,588,111,.85 ₱ 216,616,229.86
(As per Statement of
Financial Position)
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Financial
Position)
Land area of the Bicol State College of Applied Sciences and Technology is about two-
and-a-half hectares.
Land Improvements consist of the amount utilized for improvement of main gate and
perimeter fence and walk cover.
Buildings consist of all the Office and School Buildings and Structures used by the
Institution for administrative purposes. School Buildings consist of all buildings and
structures for academic purpose.
9. Intangible Assets
2018
Particulars Other Intangible
Computer Software Assets Total
Carrying Amount, Jan 1, 2018 738,363.25 738,363.25
Addition-Purchased 3,409,980.00 645,000.00 4,054,980.25
Total 4,148,343.25 645,000.00 4,793,343.25
Impairment Loss (161,988.60) (58,050.00) (220,038.60)
Totals 3,986,354.65 586,950.00 4,573,304.65
CY 2018
Accounts
Current Non-Current Total
Advances for Operating Expenses
Advances ₱379,844.65 - ₱379,844,.65
Advances for Payroll - -
Advances to Special Disbursing Officers - - -
Advances to Officers and Employees
Advances to Contractors ₱5,140,293.02 - ₱5,140,293.02
Prepaid Insurance - - -
Other Prepayments ₱1,654,105.52 - ₱1,654,105.52
Other Assets - 1,294,823.58 8,469,066.77
Accum. Impairment Loss – Other Assets - - -
Totals ₱ ₱ ₱
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CY 2017
Accounts
Current Non-Current Total
Advances for Operating Expenses ₱ 63.80 ₱ 0.00 ₱ 63.80
Advances for Payroll 108,442.97 0.00 108,442.97
Advances to Special Disbursing Officers 17,000.00 0.00 17,000.00
Advances to Officers and Employees 141,855.71 0.00 141,855.71
Advances to Contractors 4,412,162.11 0.00 4,412,162.11
Prepaid Insurance 292,882.31 0.00 292,882.31
Other Prepayments 1,166,408.43 0.00 1,166,408.43
Other Assets 0.00 1,584,889.53 1,584,889.53
Accum. Impairment Loss – Other Assets 0.00 (290,065.95) (290,065.95)
Totals ₱6,138,815.33 ₱1,294,823.58 ₱7,433,638.91
Payables
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14. Trust Liabilities
Accounts Payable includes valid and demandable obligations of the agency due their
suppliers and contractors.
Due to Bureau of Treasury and Due to BIR are amounts due for remittance to the
National Treasury, and withholding taxes for remittance to the BIR, respectively.
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Particulars 2018 2017
Other Business Income 553,055.00 718,199.92
Miscellaneous Income 237,656.98 960,056.46
Total Service and Business Income ₱55,011,675.43 ₱ 65,641,351.03
Particulars 2017
Personnel Economic Relief Allowance (PERA) ₱3,423,952.19 ₱ 3,225,935.38
Representation Allowance (RA) 108,000.00 108,000.00
Transportation Allowance (TA) 108,000.00 108,000.00
Clothing/Uniform Allowance 774,000.00 590,700.00
Subsistence Allowance 41,200.00 41,700.00
Laundry Allowance 7,200.00 6,600.00
Honoraria 5,722,330.36 4,616,995.36
Hazard Pay 299,088.13 304,749.24
Longevity Pay 105,000.00 80,000.00
Overtime and Night Pay 76,031.21 196,925.07
Year-End Bonus 4,680,309.00 4,088,305.35
Cash Gift 740,000.00 681,500.00
Other Bonuses and Allowances 4,395,000.00 4,221,500.00
Total Other Compensation ₱20,480,111.19 ₱18,270,910.40
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18.4 Other Personnel benefits
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19.5 Communication Expenses
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19.10 Repairs and Maintenance
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20. Non-Cash Expenses
20.1 Depreciation
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