Republic of the Philippines

COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City

ANNUAL AUDIT REPORT

ON THE

MUNICIPALITY OF DATU PIANG

Province of Maguindanao
Autonomous Region in Muslim Mindanao

For the Year Ended December 31, 2018

 I. EXECUTIVE SUMMARY

A. Introduction

The Municipality of Datu Piang (previously Dulawan) was created under Executive
Order No. 66 dated November 25, 1936 by then President Manuel L. Quezon.

By virtue of an Executive Order No. 66 Dulawan was proclaimed as an independent

municipality. This event called for a dialogue among the elders and convened to select from
among the Piang Clan the most qualified to the political position as Municipal Mayor. As a
result, Datu Ugalingan Piang was then appointed the first Mayor of this town being the most
educated and experienced. His term started in 1936 up to 1938. He eventually turned over the
leadership to his younger brother Datu Pindililang Piang up to 1942.

It is bounded by Rio Grande De Mindanao in the Northeast; Kabuntalan in the

Northwest; Talayan in the west; Cotabato-General Santos Highway in the Southwest, Shariff
Aguak in the South and Sultan Sa Barongis in the Southeast.

It is composed of 16 barangays, 15 have their regular IRA while one has none. The
seat of government of the municipality is at the poblacion, which lies along Rio Grande de
Mindanao.

The municipality is under the new leadership of municipal mayor Datu Victor
Samama. The former mayor Datu Genuine P. Kamaong passed away last May of 2018. There
are ten (10) sanggunian bayan members of whom eight were elected and two were appointed.
The total working force of sixty six (66) personnel, ten (10) of whom were officials and the
remaining fifty six belong to the rank-and-file and 20 casuals, job order status, working hand-
in-hand to achieve and deliver the basic, social, economic, legislative and administrative
services to the public.

A financial and compliance audit was conducted on the accounts and operations of the
Municipality of Datu Piang, Maguindanao for the period January 1 to December 31, 2018.
The audit was aimed at ascertaining whether the agency operated in accordance with laws,
rules and regulations. It also aimed at ascertaining that there was compliance with pertinent
accounting and auditing rules and regulations and finally to determine whether fiscal
responsibilities have been properly and effectively discharged. The audit was limited only to
those accounts, operations and financial transactions that were normally and regularly
included in all the financial reports, records and assertions of the management submitted for
review, analysis and evaluation.

B. Financial Highlights

a. Comparative Status of Financial Status

Particulars 2018 2017 Increase/ %

(Decrease)
Assets 44,797,686.43 46,808,548.13 -2,010,861.70 -0.042

i
 Liabilities 11,740,587.92 10,683,015.53 1,057,572.39 0.098
Equity 33,057,098.51 36,125,532.59 -3,068,434.08 -0.084
Income 113,230,435.35 107,875,565.57 5,354,869.78 0.049
Expenses 110,946,735.99 99,795,976.02 11,150,759.97 0.111

C. Operational Highlights

The Municipal Government was a recipient of various awards and recognition for its
endeavors, as follows;

x 1st Runner Up PALAMATA (2018)

x 2nd Runner Up Float Design (2018)
x 2nd Runner Up Trade Expo (2018)
x 2nd Place, INAUL FESTIVAL FLOAT COMPETITION (2017)
x 2nd Place, INAUL FESTIVAL 2017 STREETDANCE COMPETITION (2017)
x 3rd Place, ALIWAN FESTIVAL FLOAT COMPETITION (2016)
x 4th Place, ALIWAN FIESTA STREETDANCE COMPETITION (2016)
x Champion, Tugtog ng Aliwan Festival Music Competition (2015)
x 2nd Place, Aliwan Fiesta Float Competition (2015)
x Runner-up, Aliwan Fiesta Street Dance Competition (2015)
x Special Award, Manila Bulletin Choice Award for Float Competition (2015)
x Seal of Good Housekeeping, awarded by DILG –ARMM (2015)

D. Opinion of the Auditor

The auditor rendered a qualified opinion on the fairness of the presentation of the financial
statements of the Municipality of Datu Piang, Maguindanao as of December 31, 2018, in view
of the fact that the management has yet to submit the Report on the Physical Count of PPE
(RPCPPE) thereby the accuracy of the PPE balance totaling P34,730,836.50 as of year-end
(Combined) is uncertain.

E. Summary of Significant Observations and Recommendations:

For CY 2018, the following are the significant findings and the corresponding
recommendations that affect the financial operations of the agency and rendered the necessary
recommendations after we have conducted the exit conference with the management:

Observation Recommendation
1. The accuracy of the combined Cash in Instruct the Accountant to prepare and
Bank balances as of December 31, 2018 submit the Bank Reconciliation
amounting to P7,024,424.60 could not be Statements every month.
relied upon due to delayed submission of the
monthly Trial Balance, Bank Statement and Request the Treasurer to retrieve all
Bank Reconciliation. bank statements monthly and furnish
ii
 the same to the Accountant for the
preparation of the BRS.

2. The Procurement Monitoring Report We reiterated and management agreed

(PMR) was not prepared by the Bids and to prepare the prescribed procurement
Awards Committee (BAC) to report monitoring report that would represent
all procurement monitoring activities for
procurement activities undertaken and status
of project implementation contrary to the each semester and submit the same to
the GPPB pursuant to Section 12.2 of the
provisions of the 2016 Revised Implementing
Rules and Regulations (IRR) of RA No. 2016 Revised IRR of RA No. 9184, copy
9184. furnished the Office of the Auditor.
3. No Report on the Physical Count of PPE Require the Municipal General Services
(RPCPPE) was submitted thereby the Officer; a.) To conduct physical
accuracy of the PPE balance totaling inventory of all its properties, prepare
and submit the Report on the Physical
P34,730,836.50 as of year-end (Combined) is
uncertain. Count of PPE (RPCPPE) and b.) To
coordinate with the Accounting Office
for the reconciliation of all records.
4. The management abled to remit for 2018 We commended the management for
to the following agencies without undue diligently withholding and remitting
delay, namely: premium contributions and obligations
GSIS P 448,023.33 due to other government agencies.
PHILHEALTH 28,989.19
BIR 90,154.63
PAG-IBIG 7,851.79
Other Payables – LBP 190,900.84
-------------------
Total P 765,919.78

F. Summary of Total Suspensions, Disallowances and Charges as of Yearend.

As of December 31, 2018, the status of Suspensions, Disallowances and Charges are
as follows:

Beginning Balance This Period Ending Balance

(September 30, 2018) (September 30 to December 31, 2018) (As of December 31, 2018)
NS/ND/NC NSSDC
Notice of Suspension P 0.00 P 0.00
Notice of Disallowance P - P - P - P -
Notice of Charge P - P - P - P -
TOTAL P 0.00 P - P - P 0.00

iii
G. Statement on the quantity/number of recommendations/s implemented, partially
implemented and not implemented in the current year for the unimplemented
prior years’ audit recommendation/s.

Presented below is the status of prior years’ audit recommendations. Some of the
recommendations were reiterated to give emphasis on the necessity of its
implementation.

Status of Implementation No. of Recommendations

Fully Implemented 2
Partially Implemented 2
Not Implemented 1

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 TABLE OF CONTENTS

Part I Page

x Independent Auditor’s Report 1-2

x Statement of Management Responsibility 3
x Consolidated Statement of Financial Position 4
x Consolidated Statement of Financial Performance 5
x Consolidated Statement of Cash Flow 6
x Consolidated Statement of Changes in Net Assets/Equity 7
x Statement of Comparison of Budget and Actual Amounts 8-9
x Notes to Financial Statements 10-21

Part II

x Detailed Observations and Recommendations 22-25

Part III

x Status of Implementation of Prior Year’s Unimplemented Audit 26-27

Recommendations

Part IV

x ANNEXES

Financial Statements by Fund (GF, SEF, TF)

A. Statement of Financial Position

B. Statement of Financial Performance
C. Statement of Cash Flow
D. Statement of Changes in Net Assets/Equity
 PART I

AUDITED FINANCIAL STATEMENTS

x INDEPENDENT AUDITOR’S REPORT

x STATEMENT OF MANAGEMENT RESPONSIBILITY

x STATEMENT OF FINANCIAL POSITION

x STATEMENT OF FINANCIAL PERFORMANCE

x STATEMENT OF CHANGES IN NET ASSETS/EQUITY

x CASH FLOW STATEMENT

x NOTES TO FINANCIAL STATEMENTS

x STATEMENT OF COMPARISON OF BUDGET AND ACTUAL

AMOUNT
 MUNICIPALITY OF DATU PIANG
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In Thousand Pesos)

Notes 2018 2017

ASSETS
Current Assets
Cash and Cash Equivalents 4 7,024 8,794
Receivables 5 3,042 5,313
Total Current Assets 10,066 14,107

Non-Current Assets
Property, Plant, and Equipment - Net 6 34,731 32,702
Total Non-Current Asset 34,731 32,702

TOTAL ASSETS 44,797 46,809

LIABILITIES AND EQUITY

Liabilities
Current Liabilities
Financial Liabilities 7 18 61
Bills/Bonds/Loan Payables 8 282 282
Inter-Agency Payables 9 8,504 7,404
Total Current Liabilities 8,804 7,747

Non-current Liabilities
Deferred Credit/Unearned income 10 2,936 2,936
Total Non-current Liabilities 2,936 2,936
Total Liabilities 11,740 10,683

NET ASSETS/EQUITY
Government Equity 33,057 36,126

TOTAL LIABILITIES AND EQUITY 44,797 46,809

(See accompanying Notes to Financial Statements)

4
 MUNICIPALITY OF DATU PIANG
CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
(In Thousand Pesos)

Notes 2018 2017

REVENUE
Taxes Revenue 11
Individual and Corporation 2,368 1,654
Special Education Tax
Share from National Taxes 109,794 104,494
Service and Business Income 12
Service income 1,067 1,727
Transfer, Assistance and Subsidy 13
Subsidy from National Government - -

TOTAL REVENUE 113,229 107,875

LESS: EXPENSES
Personnel Services 14
Salaries and Wages 29,549 24,411
Other Compensation 10,762 10,403
Personnel Benefit Contribution 3,779 3,454
Other Personnel Benefit 2,993 461
Maintenance and Other Operating Expenses 15 61,231 62,278
Financial Expense 16
Financial Expense 0 1,5
Non-Cash Expense
Depreciation 17 2,632 1,115

TOTAL EXPENSES 110,946 102,125

SURPLUS/(DEFICIT) FOR THE PERIOD 2,283 5,750

(See accompanying Notes to Financial Statements)

5
 MUNICIPALITY OF DATU PIANG
CONSOLIDATED STATEMENT OF CASH FLOW
(In Thousand Pesos)

Notes 2018 2017

Cash Flows from Operating Activities
Cash Inflows
Collection from taxpayers 2,479 1,653
Share from Internal Revenue Allotment 109,364 104,494
Receipts from business/service Income 971 1,727
Interest Income -
Dividend Income -
Other Receipts 18 1,573 553
Total Cash Inflows 114,387 108,429
Cash Outflows
Payment of expenses 65,800 59,948
Payment to suppliers and creditors 856 5,631
Payments to employees 46,349 38,730
Interest Expense -
Other Expenses 6 1,5
Total Cash Outflows 113,011 104,312
Net Cash flows from operating activities 1,376 4,166
Cash Flows from Investing activities
Cash Inflows
From sale/disposal of property, plant & equipment - -
Cash Outflows
To Purchase/Construction of property, plant & equipment 668
Total Cash Outflows 668
Net Cash flows from investing activities (668)
Cash Flows from financing activities
Net Cash flows from financing activities -
Net increase/(decrease) in cash and cash equivalent 1,376 3,448
Cash and cash equivalents at the beginning of period 5,885 5,345
Cash and cash equivalents at the end of the period 7,261 8,794

(See accompanying Notes to Financial Statements)

6
 MUNICIPALITY OF DATU PIANG
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSET/EQUITY
(In Thousand Pesos)

2018 2017
Beginning Balance at January 1, 2018 35,474 28,328

Add (Deduct)
Change in Accounting Policy - -
Prior Period Errors -4700 -
Restated Balance 30,773 28,328
Add (Deduct) Changes in net assets/equity during the year
Adjustment of net revenue recognized directly in net assets/equity
TOTAL 30,773 28,328
Surplus (Deficit) for the period 2,284 (733)
Total recognized revenue and expenses for the period - -
Ending Balance at December 31, 2018 33,057 27,595

7
 MUNICIPALITY OF DATU PIANG
STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS
For the Year Ended December 31, 2018

Difference
Difference Final
Particulars Notes Budgeted Amounts Original and Final Actual Amounts
Budget and Actual
Budget
Original Final
Revenue
A. Local Sources
1. Tax Revenue
a. Business and Service Income 788,000.00 788,000.00 - 420,849.00 367,151.00
b. Real Property Tax 1,000,000.00 1,000,000.00 - 357,225.17 642,774.83
c. Community Tax 200,000.00 200,000.00 - 97,051.50 102,948.50
d. Other Local Taxes 2,000.00 2,000.00 - 993,357.00 (991,357.00)
Total Tax Revenue 1,990,000.00 1,990,000.00 - 1,868,482.67 121,517.33
2. Non-Tax Revenue
a. Service Income and Business Income 1,835,000.00 1,835,000.00 - 939,391.00 895,609.00
b. Other Income and Receipts 150,000.00 150,000.00 - 270,700.00 (120,700.00)
- - -
Total Non-Tax Revenue 1,985,000.00 1,985,000.00 - 1,210,091.00 774,909.00
B. External Sources -
1. Share from the National Internal Revenue Taxes (IRA) 108,682,448.00 108,682,448.00 - 108,684,698.80 (2,250.80)
2. Share from GOCCs - - - - -
3. Other Shares from National Tax Collections - - - -
a. Share from Ecozone - - - -
b. Share from EVAT - - - -
c. Share from National Wealth 1,200,000.00 1,200,000.00 - 1,109,937.70 90,062.30
d. Share from Tobacco Excise Tax - - - - -
4. Other Receipts -
a. Grants and Donations - - - - -
b. Other Subsidy Income - - - - -
Total Revenues and Receipts 113,857,448.00 113,857,448.00 - 112,873,210.17 984,237.83

8
 Difference Difference Final
Particulars Notes Budgeted Amounts Actual Amounts
Original and Final Budget and Actual
Original Final
Expenditures
General Public Services
Personnel Services 46,935,019.46 46,935,019.46 - 47,083,016.62 (147,997.16)
Maintenance and Other Operating Expenses 25,551,792.54 25,551,792.54 - 29,575,434.43 (4,023,641.89)
Capital Outlay 375,000.00 375,000.00 - 736,264.17 (361,264.17)
Social Services and Social Welfare
Personnel Services
Maintenance and Other Operating Expenses 5,692,873.00 5,692,873.00 - 5,379,800.00 313,073.00
Capital Outlay
Economic Services
Personnel Services
Maintenance and Other Operating Expenses 1,086,825.00 1,086,825.00 - 1,077,600.00 9,225.00
Capital Outlay
Other Purposes:
Debt Service
Financial Expense 1,150,000.00 1,150,000.00 1,150,000.00
Amortization
LDRRMF -
Maintenance and Other Operating Expenses 5,692,873.00 5,692,873.00 - 4,526,518.00 1,166,355.00
Capital Outlay - - - - -
20% Development Fund -
Personnel Services - - - - -
Maintenance and Other Operating Expenses 21,736,490.00 21,736,490.00 - 20,226,220.00 1,510,270.00
Capital Outlay - - - - -
Allocation for Senior Citizens and PWD
Maintenance and Other Operating Expenses 1,138,575.00 1,138,575.00 - 1,080,000.00 58,575.00
Capital Outlay - - - - -
Others
Personnel Services - - - - -
Maintenance and Other Operating Expenses 4,498,000.00 4,498,000.00 - 4,498,000.00
Capital Outlay - - - - -
Total 113,857,448.00 113,857,448.00 - 109,684,853.22 4,172,594.78
Surplus (Deficit) for the period - - - 3,188,356.95 3,188,356.95

9
 NOTES TO FINANCIAL STATEMENTS

Note 1 – Profile

Datu Piang is a 2nd class municipality in the province of Maguindanao, Philippines.

According to the 2010 census, it has a population of 28,492 people in 8,035
households in its 16 politically subdivided barangays.

Created as Dulawan on November 25, 1936 by Executive Order No. 66 of Pres.

Manuel L. Quezon, the municipality covered a large area of what is now mostly
central Maguindanao and Northern Sultan Kudarat. It is among the first municipalities
of the old Cotabato province. Republic Act No. 1035, enacted on June 12, 1954
renamed the town to Datu Piang, after an influential Muslim Leader from the region
during the American colonial period.

In 1959, a large southern territory was made into the municipality of Ampatuan. Four
years later the municipality of Maganoy was carved out its territory, which later on
became the capital of Maguindanao, of which it was made part of on November 22,
1973. Its remaining south-western barangays were merge with other barangays of
Dinaig to form the municipality of Talayan in 1976. Its area was reduced again on July
1, 2003, when 14 of its south-eastern barangays were separated to form the
municipality of Datu Saudi Ampatuan.

On July 30, 2009, upon the ratification of Muslim Mindanao Acts No. 225 (as
amended by MMAA 252) and MMAA 222 (as amended by MMAA 253), the
municipalities of Shariff Saydona Mustapha and Datu Salibo, respectively, were
created from a total of 5 entire barangays and potions of 10 barangays from Datu
Piang, in addition to other barangays from Datu Saudi Ampatuan, Datu Unsay,
Mamasapano and Shariff Nopak.

Note 2 - The financial statements of the LGU have been prepared in accordance with and comply
with the Philippine Public Sector Accounting Standards (PPSAS). The financial
statements are presented in pesos, which is the functional and reporting currency of the
LGU. The accounting policies have been applied starting the year 2015.

Note 3 - Summary of significant accounting policies

3.1 Basis of accounting

The financial statements are prepared on an accrual basis in accordance with the
Philippine Public Sector Accounting Standards (PPSAS).
.

10
3.2 Revenue recognition

Revenue from non-exchange transactions

Taxes, fees and fines

The LGU recognizes revenues from taxes and fines when the event occurs and the
asset recognition criteria are met. To the extent that there is a related condition
attached that would give rise to a liability to repay the amount, liability is
recognized instead of revenue. Other non-exchange revenues are recognized
when it is improbable that the future economic benefit or service potential
associated with the asset will flow to the entity and the fair value of the asset can
be measured reliably.

Revenue from exchange transactions

Rendering of services

The LGU recognizes revenue from rendering of services by reference to the stage
of completion when the outcome of the transaction can be estimated reliably. The
stage of completion is measured by reference to labor hours incurred to date as a
percentage of total estimated labor hours.

Where the contract outcome cannot be measured reliably, revenue is recognized

only to the extent that the expenses incurred.

3.3 Property, plant and equipment

All property, plant and equipment are stated at cost less accumulated depreciation
and impairment losses. Cost includes expenditure that is directly attributable to
the acquisition of the items. When significant parts of property, plant and
equipment are required to be replaced at intervals, the LGU recognizes such parts
as individual assets with specific useful lives and depreciates them accordingly.
Likewise, when a major inspection is performed, its cost is recognized in the
carrying amount of the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs are recognized in
surplus or deficit as incurred. Where an asset is acquired in a non-exchange
transaction for nil or nominal consideration the asset is initially measured at its
fair value.

Depreciation on assets is charged on a straight-line basis over the useful life of

the asset.
11
 Depreciation is charged at rates calculated to allocate cost or valuation of the asset
less any estimated residual value over its remaining useful life:

(refer to COA issuances on the prescribed useful life of assets)

Public Infrastructures were not previously recognized in the books. The LGU
availed of the 5-year transitional provision for the recognition of the Public
Infrastructure. For the first year of implementation of the PPSAS, the LGU will
not recognize the Public Infrastructure in the books of accounts.

.
3.4 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and cash at bank, deposits on
call and highly liquid investments with an original maturity of three months or
less, which are readily convertible to known amounts of cash and are subject to
insignificant risk of changes in value.

3.5 Changes in accounting policies and estimates

The LGU recognizes the effects of changes in accounting policy retrospectively.

The effects of changes in accounting policy are applied prospectively if
retrospective application is impractical.

The LGU recognizes the effects of changes in accounting estimates prospectively

by including in surplus or deficit.

3.6 Budget information

The annual budget is prepared on the modified cash basis, that is, all planned
costs and income are presented in a single statement to determine the needs of the
LGU. As a result of the adoption of the Modified cash basis for budgeting
purposes, there are basis, timing or entity differences that would require
reconciliation between the actual comparable amounts and the amounts presented
as a separate additional financial statement in the statement of comparison of
budget and actual amounts. Explanatory comments are provided in the notes to
the annual financial statements; first, the reasons for overall growth or decline in
the budget are stated, followed by details of overspending or under spending on
line items.

12
3.7 Significant judgments and sources of estimation uncertainty

Judgments

In the process of applying the LGU’s accounting policies, management has made
judgments, which have the most significant effect on the amounts recognized in
the consolidated financial statements.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation
uncertainty at the reporting date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The LGU based its assumptions and estimates
on parameters available when the consolidated financial statements were
prepared. However, existing circumstances and assumptions about future
developments may change due to market changes or circumstances arising beyond
the control of the LGU. Such changes are reflected in the assumptions when they
occur.

Useful lives and residual values

The residual value of the assets is 5% of the assets’ cost. The useful lives are
assessed using the following indicators to inform potential future use and value
from disposal:

a) The condition of the asset based on the assessment of experts employed by

the LGU;

b) The nature of the asset, its susceptibility and adaptability to changes in

technology and processes;

c) The nature of the processes in which the asset is deployed; and

d) Changes in the market in relation to the asset.

13
Note 4 - Cash and Cash Equivalents

GENERAL FUND
Cash and Cash Equivalents 2018 2017
Cash Local Treasury 1,363,568.07 358,424.70
Cash in Bank-Local Currency-Current Account-
LBP Midsayap Branch – GF 597,290.72 3,913,117.99
Cash in Bank-Local Currency-Current Account-
LBP- Midsayap Branch- PS 2,870,444.63 3,352,080.92
Cash in Bank-Local Currency-Current Account-
LBP- Midsayap Branch- DRRM Fund 1,960,063.90 867,940.90
Total P 6,791,367.32 8,491,564.51

SPECIAL EDUCATION FUND

Cash and Cash Equivalents 2018 2017
Cash Local Treasury 62,340.89 109,956.50
Cash in Bank-Local Currency-Current Account 154,214.60 65,542.00
Total P 216,555.49 175,498.50

TRUST FUND
Cash and Cash Equivalents 2018 2017
Cash Local Treasury 369.80 126,947.31
Cash in Bank-Local Currency-Current Account 16,131.99
Total P 16,501.79 126,947.31

Note 5 - Receivables

GENERAL FUND
Loans and Receivable Accounts 2018 2017
Real Property Tax Receivable 2,936,002.49 2,936,002.49
Total 2,936,002.49 2,936,002.49

SPECIAL EDUCATION FUND

Loans and Receivable Accounts 2018 2017
Special Education Tax Receivable 106,422.84 106,422.84
Other Receivables
Due from Officers and Employees 0.00 1,292.89
Total 106,422.84 107,715.73

14
 TRUST FUND
Inter-Agency Receivables 2018 2017
Due from National Government Agencies 0.00 29,984.10
Other Receivables
Due from Officers and Employees 0.00 169,711.50
Other Receivables 0.00 341,221.93
Total 0.00 540,917.53

Note 5 - Property, Plant and Equipment

TRUST FUND
Cost Accumulated Book Value
Infrastructure Assets Depreciation

Power Supply Systems 403,965.00 153,506.71 P 250,458.29

Buildings & other structure Cost Accumulated Book Value

Depreciation

Building 1,658,582.84 630,261.48 P 1,028,321.37

Other Structures 18,082,962.50 858,940.72 17,224,021.78
Total P 18,252,343.15

Note 6 - Property, Plant and Equipment

The LGU measured the residual value of all items of property, plant and equipment, but
does not expect a residual value of these assets, because these will be utilized for their
entire economic lives and do not have a significant scrap value. During the current
financial year, the LGU reviewed the estimated useful lives and residual values of
property, plant and equipment, where appropriate.

There is no recognized depreciation expense for the previous years therefore depreciation
expense for that year is recognized.

GENERAL FUND
Land Cost Accumulated Book Value
Depreciation
Land 244,115.00 - 244,115.00

15
Buildings & other structure Cost Accumulated Book Value
Depreciation

Building 5,037,061.31 1,424,259.78 P 3,612,801.53

Other Structure 9,553,529.94 2,215,163.42 7,338,366.52

Total P 10,951,168.05

Accumulated
Machinery and Equipment Cost Book Value
Depreciation
327,514.00 64,571.48 P 262,942.52
Machinery
1,060,797.80 154,900.12 905,897.68
Office Equipment
Information and
248,240.84 88,808.90 159,431.94
Communication Technology
Equipment
9,085.00 2,360.63 6,724.37
Communication Equipment

Disaster Response and 496,000.00 200,670.00 295,330.00

Rescue Equipment
Total P1,630,326.51

Furniture, Fixtures, and Cost Accumulated Book Value

Books Depreciation

Furniture and Fixtures 743,482.72 89,240.97 P 654,241.75

Construction in Progress Cost Accumulated Book Value

Depreciation
Construction in Progress-
Infrastructure Assets P2,748,183.75

16
Note 6 – Tax Revenue

SPECIAL EDUCATION FUND

Tax Revenue 2018
Special Education Tax P 357,225.16

Note 6 – Trust Liabilities

TRUST FUND
Trust Liabilities 2018
Trust Liabilities P 7,738,587.50

Note 7 – Financial Liabilities

GENERAL FUND
Financial Liabilities 2018 2017
Accounts Payable P18,026.87 P60,716.15

SPECIAL EDUCATION FUND

Tax Revenue 2018 2017
Special Education Tax 0.00 P17,544.22

TRUST FUND
Inter-Agency Payables 2018 2017
Due to NGAS 0.00 6,882,537.50

Note 7 – Maintenance & Other Operating Expenses

SPECIAL EDUCATION FUND

Other Compensation 2018
Honoraria 185,000.00
Contribution to Organizations 22,000.00
Total P 197,000.00

Note 7 – Non-Cash Expenses

TRUST FUND
Depreciation and Amortization 2018
Depreciation Expense - Infrastructure Assets 38,376.68
Depreciation Expense - Building & other structures 1,016,506.09
Total P 1,054,882.77
17
Note 8 – Bills/Bonds/Loan Payables

GENERAL FUND
Bills/Bonds/Loan Payables 2018 2017
Loans Payable-Domestic 282,051.28 282,051.28

TRUST FUND
Depreciation and Amortization 2018 2017
Depreciation Expense-- Infrastructure Assets 0.00 38,376.68
Depreciation Expense- Building and other structures 0.00 157,565.37
TOTAL 0.00 P195,942.04

Note 9 – Inter-Agency Payables

GENERAL FUND
Inter-Agency Payables 2018 2017
Due to BIR 90,154.63 77,854.51
Due to GSIS 448,023.33 376,869.16
Due to Pag-IBIG 7,851.79 52,257.87
Due to PhilHealth 28,989.19 14,726.57
Other Payables - LBP 190,900.84 -
Total P 765,919.78 P 521,708.11

The four accounts represents the amount deducted from the salaries of officials and
employees and is remitted to the respective government agencies immediately on the
month following the month for which these were deducted.

Note 10 – Deferred Credits/Unearned Income

GENERAL FUND
Deferred Credits/Unearned Income 2018 2017
Deferred Real Property Tax 2,936,002.49 2,936,002.49

Note 11 – Tax Revenue

GENERAL FUND
Tax Revenue 2018 2017
Community tax 97,051.50 118,245.00
Real Property Tax- Basic 357,225.17 1,029,704.94
Business Tax 420,849.00 387,574.50
Other Taxes 215,461.00 100,895.00
Share Internal Revenue Collection 108,648,698.81 104,154,300.00
Share from National Wealth 1,109,937.70 340,162.91
Total P110,849,223.18 P106,130,883.35

18
Note 12– Service and Business Income
GENERAL FUND
Service Income 2018 2017
Permit Fee P 350,512.00 263,617.00
Registration Fees 138,620.00 117,705.00
Clearance and Certification Fees 145,100.00 88,350.00
Inspection Fees 26,206.00 24,836..00
Fees for Sealing, Licensing of Weights, Measures 300.00 2,415.00
Rent Income 278,653.00 135,476.00
Receipts from Market Operations 1,030,199.00 1,013,979.00
Other Service Income 18,397.00 20,760.00
Miscellaneous Income 0.00 0.00
Total P 1,637,475.00 1,727,138.00

Note 13 – Transfer, Assistance and Subsidy

GENERAL FUND
Transfer, Assistance and Subsidy 2018 2017
Subsidy from National Government -0- -0-

Note 14 - Employee Costs

GENERAL FUND
2018 2017
Personnel Services
Salaries and Wages – Regular P 28,319,328.70 P 23,463,907.80
Salaries and Wages – Casual/Contractual 1,230,000.00 948,000.00
Other Compensation
Personal Economic Relief allowance 2,066,000.00 2,046,000.00
Representation Allowance 1,580,750.00 1,549,125.00
Transportation Allowance 1,580,750.00 1,549,125.00
Clothing/Uniform Allowance 344,000.00 2,278,544.00
Honoraria 452,000.00 543,500.00
Overtime and Night Pay 159,376.48 0.00
Year-End Bonus 1,994,629.00 2,001,925.00
Midyear Bonus 2,204,263.00 0.00
Cash Gift 380,000.00 435,000.00
Personnel Benefit Contribution
Retirement and Life Insurance Premiums 3,024,808.96 2,768,980.08
Pag-IBIG Contribution 492,953.26 461,496.68
PhilHealth Contribution 261,441.62 223,637.50
Employees Compensation Insurance Premium -0- -0-
Other Personnel Benefit
Other Personnel Benefit -0- 431,782.55
Terminal Leave Benefit 2,992,715.60 29,242.36
Total P 47,083,016.62 38,730,365.97
19
Note 15 – Maintenance and Other Operating expenses
GENERAL FUND
2018 2017
Traveling Expenses
Traveling Expenses - Local 2,364,978.68 3,150,581.22
Training and Scholarship Expenses
Training Expenses 1,293,179.00 3,892,336.00
Supplies and Material Expenses
Office Supplies Expense 469,795.56 392,947.10
Accountable Forms Expenses 85,850.00 47,530.00
Non-accountable forms Expenses 40,000.00 0.00
Animal/Zoological Supplies Expenses -0- 0.00
Food Supplies Expense -0- 570,800.00
Welfare Goods Expenses 905,750.00 0.00
Fuel, Oil, and Lubricants Expenses 2,657,424.49 2,683,550.00
Agricultural Expense 1,900,000.00 7,089,360.00
Textbook and Instructional Materials Expenses -0- 0.00
Other Supplies Expense 952,857.14 382,658.00
Utility Expenses
Electricity Expenses 483,188.90 457,328.27
Communication Expenses
Telephone Expenses 0.00 0.00
Confidential, Intelligence & Extraordinary Expenses
Extraordinary and Miscellaneous Expenses 8,654,596.97 6,021,074.00
Professional Services
Auditing Expense 38,400.00 38,400.00
Other Professional Services 0.00 0.00
General Services
Security Services 0.00 0.00
Other General Services 254,000.00 529,250.00
Repairs and Maintenance
Repair & Maintenance - Infrastructure Assets 23,770,204.47 14,573,703.00
Repair & Maintenance - Bldgs. & Other Structures 10,601,342.85 5,272,839.00
Repair & Maintenance - Machinery and Equipment 15,800.00 41,495.00
Repairs and Maintenance - Furniture and Fixtures 15,170.00 0.00
Repairs and Maintenance - Other Property Plant & Eqpt 0.00 7,534,037.00
Taxes, Insurance Premiums and Other Fees
Taxes, Duties and Licences 0.00 0.00
Fidelity Bond Premiums 0.00 15,000.00
Other Maintenance and Operating Expenses
Advertising Expense 4,000.00 0.00
Printing and Publication Expenses 18,000.00 5,000.00
Representation Expense 2,691,547.36 3,059,790.00
Membership Dues & Contributions to Organizations 94,890.00 644,900.00
20
 Donations 680,000.00 2,268,209.00
Other MOOE 2,979,373.00 0.00
Subsidies- Others 48,000.00 0.00
Bank Service Charge 6,000.00 0.00
Total P 61,024,348.42 59,394,891.59

Note 16 –Depreciation Expense

GENERAL FUND
Depreciation Expense 2018 2017
Depreciation - Buildings and other Structure 1,324,606.97 771,605.41
Depreciation - Machinery and Equipment 186,568.11 138,281.73
Depreciation - Furniture, Fixtures & Book 66,313.10 8,064.84
Total P 1,577,488.18 P 917,951.99

21
 PART II

DETAILED OBSERVATIONS
AND RECOMMENDATIONS
 DETAILED OBSERVATIONS AND RECOMMENDATIONS

A. FINANCIAL AND COMPLIANCE

1. The accuracy of the combined Cash in Bank balances as of December 31, 2018
amounting to P7,024,424.60 could not be relied upon due to delayed submission
of the monthly Trial Balance, Bank Statement and Bank Reconciliation.

Section 100 of PD 1445 states, “Disbursing Officer in any government agency shall
render monthly reports of their transactions pursuant to regulations of the Commission
to be submitted not later than the 5th day of the ensuing month to the Auditor
concerned who shall conduct the necessary examination and audit within thirty day
from receipt thereof.”

As of December 31, 2018, the Municipality of Datu Piang has a combined Cash in
Bank balance of P7,024,424.60. This amount is composed of the Cash in Bank
balances of the General, Special Education and Trust Funds. But the accuracy of
these balances could not be properly verified or established since the agency does not
regularly submit their monthly trial balance and the monthly bank statements for all
funds, thus, reconciliation could not be made.

The BRS is a very important tool in determining the accuracy of the cash in bank
balances. This would also help the LGU to detect and immediately correct any
possible erroneous postings or discrepancies by the bank or the LGU personnel which
could possibly result to losses on the part of the LGU.

This observation is a reiteration of our prior year’s observation since the management
has not made a concrete action to implement our previous recommendations on this
matter.

Recommendations:

Instruct the Accountant to prepare and submit the Bank Reconciliation

Statements every month.

Request the Treasurer to retrieve all bank statements monthly and

furnish the same to the Accountant for the preparation of the BRS.

22
2. The Procurement Monitoring Report (PMR) was not prepared by the Bids and
Awards Committee (BAC) to report procurement activities undertaken and
status of project implementation contrary to the provisions of the 2016 Revised
Implementing Rules and Regulations (IRR) of RA No. 9184.

Section 12.2 of the 2016 Revised IRR of RA No. 9184 provides, among others that
“The BAC x xx, shall prepare a PMR in the form prescribed by the GPPB. The PMR
shall all monitoring procurement activities specified under the APP, whether ongoing
and completed, from the holding of the pre-procurement conference to the issuance of
The notice of award and the approval of the contract, including the standard and
actual time for each major procurement activity. The PMR shall be approved and
submitted by the head of the Procuring Entity to the GPPB in printed and electronic
format within fourteen (14) calendar days after the end of each semester”.

Further, Item H of Section 14.1 of the Revised IRR of RA No. 9184, States that the
BAC shall, “Monitor procurement activities and milestones for proper reporting to
relevant agencies when required”.

Review of documents submitted to the office showed that they have not been preparing
semestral PMR thus no data on the procurement activities starting from the holding of
the pre-procurement conference to the issuance of the notice of award and the
approval of contract for each program/project is readily available for monitoring
purposes.

Because the PMR was not prepared, the members and secretariat of the BAC cannot
readily monitor the status of procurement requests submitted for their action, as well
as the status of implementation of all awarded projects.

The PMR can also be used by the BAC to monitor the procurement of the
programs/projects identified in the Municipal Annual Procurement Program and to
aide them in the proper implementation of the procurement process.

Recommendation:

We reiterated and management agreed to prepare the prescribed

procurement monitoring report that would represent all procurement
monitoring activities for each semester and submit the same to the GPPB
pursuant to Section 12.2 of the 2016 Revised IRR of RA No. 9184, copy furnished
the Office of the Auditor.

23
3. No Report on the Physical Count of PPE (RPCPPE) was submitted thereby the
accuracy of the PPE balance totaling P34,730,836.50 as of year-end (Combined)
is uncertain.

Section 114 of the NGAS Manual for LGUs provides that the General Services Officer
shall maintain stock cards and property cards for supplies; property; plant and
equipment; and work animals in their custody to account for the receipt and
disposition of the same. The balance per stock card/property card should always
reconcile with the ledger cards of the Accounting Unit. They should also reconcile
with other property records like the Acknowledgement Receipt for Equipment (ARE).

Section 124 of the Manual on the New Government Accounting System for Local
Government Units, Volume 1, provides that:
“The local chief executive shall require periodic physical inventory of supplies or
property….

Physical count of property, plant, and equipment by type shall be made annually and
reported on the Report on the Physical Count of Property, Plant and Equipment
(RPCPPE). This shall be submitted to the Auditor concerned not later than January
31 of each year.”

Section 490 of the Government Accounting and Auditing Manual (GAAM) also states
that, “Inventory of supplies, materials and equipment – Physical stock-takings is an
indispensable procedure for checking the integrity of property custodianship. In all
cases, the physical inventory taking which is required semi-annually or annually shall
be regarded with importance.”

As of December 31, 2018, the Municipality of Datu Piang has a total balance of
P34,730,836.50 in its Property, Plant and Equipment (PPE) account. Of this amount,
16,228,035.06 are from the General Fund, while 18,502,801.44 are from the Trust
Fund. Details of the account Property, Plant and Equipment are shown below:

Account Title Amount

Property, Plant, and Equipment, net
Land 244,115.00
Buildings and other Structures 29,203,511.20
Machinery & Equipment 1,630,326.51
Furniture, Fixture & Books 654,241.75
Construction in Progress - Infrastructure 2,998,642.04
Assets
TOTAL 34,730,836.50

24
 The accuracy of the above accounts as presented in the financial statements could not
be relied upon since No Report on the Physical Count of PPE (RPCPPE) submitted as
of year-end and there was no reconciliation of its records with that of the accounting
office.

Recommendation:

Require the Municipal General Services Officer; a.) To conduct physical

inventory of all its properties, prepare and submit the Report on the Physical Count
of PPE (RPCPPE) and b.) To coordinate with the Accounting Office for the
reconciliation of all records.

4. The management abled to remit for 2018 to the following agencies without undue
delay, namely:
GSIS P 448,023.33
PHILHEALTH 28,989.19
BIR 90,154.63
PAG-IBIG 7,851.79
Other Payables – LBP 190,900.84
-------------------
Total P 765,919.78

HDMF regulations provide that the due date on the remittance of PAG-IBIG
contributions is on the 10th to the 14th day of the month.

While, the payment of PHIC contributions is due on the 14th or 20th of the month
following the applicable month depending on the ending of the PhilHealth Employer
Number.

It is worth mentioning that as of December 31, 2018, the agency has remitted a total
of P765,919.78 to the BIR, GSIS, HDMF, PHIC and LBP for the premiums, loan
repayments of the employees, as well as the government share.

Recommendation:

We commended the management for diligently withholding and remitting

premium contributions and obligations due to other government agencies.

25
 PART III

STATUS OF IMPLEMENTATION OF
PRIOR YEARS’ OBSERVATIONS
AND RECOMMENDATIONS
Status of Implementation of Prior Year/s Unimplemented Audit Recommendations
Audit Observation
The accuracy of the combined Cash
in Bank balances as of December 31,
2017 amounting to P8,794,010.32
could not be relied upon due to the
failure of management to submit the
monthly Trial Balance, Bank
Statement and the Bank
Reconciliation
The Procurement Monitoring Report
(PMR) was not prepared by the Bids
and Awards Committee (BAC) to
report procurement activities
undertaken and status of project
implementation contrary to the
provisions of the 2016 Revised
Implementing Rules and Regulations
(IRR) of RA No. 9184.
Physical inventory was partially
conducted of the existing Property,
Plant and Equipment, and no Report
on the Physical Count of PPE
(RPCPPE) was submitted thereby the
accuracy of the PPE balance totaling
P32,701,775.29 (Combined) is
uncertain.
The management hired a Certified
Public Accountant (CPA) effective
starting this CY 2018, the position of
the municipal accountant and as a
result, the accuracy, quality and the
timeliness submission and
preparation of the financial
statements.
Management Status of Reason for Partial/
Recommendation Ref. Action Implementation Non Remarks
Implementation
Instruct the Accountant to prepare PARTIALLY
and submit the monthly Bank IMPLEMENTED
Reconciliation Statements for CY
2017. AAR
Request the Treasurer to retrieve all 2018
bank statements for the year 2017
and furnish the same to the
Accountant for the preparation of
the BRS.
We recommended and management UNIMPLEMENTED
agreed to prepare the prescribed
procurement monitoring report that
would represent all procurement AAR
monitoring activities for each 2018
semester and submit the same to the
GPPB pursuant to Section 12.2 of
the 2016 Revised IRR of RA No.
9184, copy furnished the Office of
the Auditor.
Require the Municipal General PARTIALLY
Services Officer to conduct physical IMPLEMENTED
inventory of all its properties and
prepare the Report on the Physical AAR
Count of PPE (RPCPPE) and to 2018
coordinate with the Accounting
Office for the reconciliation of the
records.
We strongly commended the IMPLEMENTED
management for hiring a Certified
Public Accountant (CPA) to the
position of the municipal accountant AAR
effective this CY 2018, in which 2018
case problem that has been
encountered before shall be
eliminated.
26
The management abled to remit for We commended the management MPLEMENTED
2017 to the following agencies for diligently withholding and
without undue delay, namely: remitting premium contributions
GSIS P 376,869.16 and obligations due to other AAR
PHILHEALTH 14,726.57 government agencies. 2018
BIR 77,854.71
PAG-IBIG 52,257.87
-------------------
Total P 521,708.14

27
 ANNEXES

TITLE ANNEX
Consolidation Working Paper – 2018 FS by Fund
x Statement of Financial Position A
x Statement of Financial Performance B
x Cash Flow Statement C
x Statement of Changes in Net Assets/Equity D
 MUNICIPALITY OF DATU PIANG ANNEX - A
STATEMENT OF FINANCIAL POSITION
As of December 31, 2018

SPECIAL EDUC.
GENERAL FUND TRUST FUND TOTAL
FUND
ASSETS
Current Assets
Cash and Cash Equivalents 6,791,367.32 216,555.49 16,501.79 7,024,424.60
Receivables 2,936,002.49 106,422.84 0.00 3,042,425.33
Total Current Assets 9,727,369.81 322,978.33 16,501.79 10,066,849.93

Non-Current Assets
Property, Plant, and Equipment, net - - - 0.00
Land 244,115.00 - - 244,115.00
Buildings and other structures 10,951,168.05 - 18,252,343.15 29,203,511.20
Machinery and Equipment 1,630,326.51 - - 1,630,326.51
Furniture, Fixtures, and Books 654,241.75 - - 654,241.75
Construction in Progress - Infrastructure Assets 2,748,183.75 - 250,458.29 2,998,642.04
Total Non-current Asset 16,228,035.06 0.00 18,502,801.44 34,730,836.50
Other Assets - - - -
TOTAL ASSET 25,955,404.87 322,978.33 18,519,303.23 44,797,686.43

LIABILITIES AND EQUITY

LIABILITIES
Current Liabilities
Financial Liabilities 18,026.87 - - 18,026.87
Bills/Bonds/Loan Payables 282,051.28 - - 282,051.28
Inter-Agency Payables 765,919.78 - 7,738,587.50 8,504,507.28
Total Current Liabilities 1,065,997.93 0.00 7,738,587.50 8,804,585.43
 Non-Current Liabilities
Deferred Credit/Unearned income 2,936,002.49 - - 2,936,002.49
Total Non-current Liabilities 2,936,002.49 - - 2,936,002.49
Total Liabilities 4,002,000.42 - 7,738,587.50 11,740,587.92

NET ASSETS/EQUITY
Government Equity 21,953,404.45 322,978.33 10,780,715.73 33,057,098.51

TOTAL LIABILITIES AND NET ASSET/EQUITY 25,955,404.87 322,978.33 18,519,303.23 44,797,686.43

 MUNICIPALITY OF DATU PIANG ANNEX - B
STATEMENT OF FINANCIAL PERFORMANCE
As of December 31, 2018
SPECIAL
GENERAL FUND TRUST FUND TOTAL
EDUC. FUND
REVENUE
Taxes Revenue
Individual and Corporation 2,011,104.67 357,225.17 - 2,368,329.84
Share from National Taxes 109,794,636.51 - - 109,794,636.51
Service and Business Income - - - -
Service income 1,067,469.00 - - 1,067,469.00
Transfer, Assistance and Subsidy - - - -
Subsidy from National Government - - - -

TOTAL REVENUE 112,873,210.18 357,225.17 0.00 113,230,435.35

LESS: EXPENSES
Personnel Services
Salaries and Wages 29,549,078.70 - - 29,549,078.70
Other Compensation 10,762,018.48 - - 10,762,018.48
Personnel Benefit Contribution 3,779,203.84 - - 3,779,203.84
Other Personnel Benefit 2,992,715.60 - - 2,992,715.60
Maintenance and Other Operating Expenses 61,024,348.42 207,000.00 - 61,231,348.42
Financial Expense
Financial Expense - - - -
Non-Cash Expense
Depreciation 1,577,488.18 0.00 1,054,882.77 2,632,370.95

TOTAL EXPENSES 109,684,853.22 207,000.00 1,054,882.77 110,946,735.99

SURPLUS/(DEFICIT) FOR THE PERIOD 3,188,356.96 150,225.17 -1,054,882.77 2,283,699.36

 MUNICIPALITY OF DATU PIANG ANNEX - C
STATEMENT OF CASH FLOWS
As of December 31, 2018
SPECIAL
GENERAL FUND TRUST FUND TOTAL
EDUC. FUND
Cash Flows from Operating Activities
Cash Inflows
Collection from taxpayers 2,121,382.67 357,225.17 - 2,478,607.84
Share from Internal Revenue Allotment 109,363,691.61 - - 109,363,691.61
Receipts from business/service Income 971,324.00 - - 971,324.00
Interest Income - - - -
Dividend Income - - - -
Other Receipts 716,593.01 - 856,050.00 1,572,643.01
Total Cash Inflows 113,172,991.29 357,225.17 856,050.00 114,386,266.46
Cash Outflows
Payment of expenses 65,593,044.94 207,000.00 - 65,800,044.94
Payment to suppliers and creditors 0.00 - 856,050.00 856,050.00
Payments to employees 46,349,018.00 - - 46,349,018.00
Interest Expense - - -
Other Expenses 6,000.00 - - 6,000.00
Total Cash Outflows 111,948,062.94 207,000.00 856,050.00 113,011,112.94
Net Cash flows from operating activities 1,224,928.35 150,225.17 0.00 1,375,153.52
Cash Flows from Investing activities
Cash Inflows
Proceed from sale of investment property - - - -
Proceed from sale/disposal of property, plant & equipment - - - -
Proceed from sale of non-current investment - - - -
Collection of Principal on loans to other entities - - - -
Total Cash Inflows - - - -
 Cash Outflows
Purchase/Construction of investment property - - - -
Purchase/Construction of property, plant & equipment - - - -
Investment - - - -
Purchase of bearer biological assets - - - -
Purchase of intangible assets - - - -
Grants of Loans - - - -
Total Cash Outflows - - - -
Net Cash flows from investing activities - - - -
Cash Flows from financing activities
Cash Inflows
Proceed from issuance of bonds - - - -
Proceed from loans - - - -
Total Cash Inflows - - - -
Cash Outflows
Payment of long-term liabilities - - - -
Retirement/Redemption of debt securities - - - -
Payment of loan amortization - - - -
Total Cash Outflows - - - -
Net Cash flows from financing activities -
Net increase/(decrease) in cash and cash equivalent 1,224,928.35 150,225.17 0.00 1,375,153.52
Cash and cash equivalents at the beginning of period 5,802,087.08 66,330.32 16,501.79 5,884,919.19
Cash and cash equivalents at the end of the period 7,027,015.43 216,555.49 16,501.79 7,260,072.71
 MUNICIPALITY OF DATU PIANG ANNEX - D
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS/EQUITY
As of December 31, 2018

SPECIAL
GENERAL FUND EDUC. FUND TRUST FUND TOTAL
Beginning Balance at January 1, 2018 23,344,259.78 294,311.26 11,835,598.50 35,474,169.54

Add (Deduct)
Change in Accounting Policy - - - -
Prior Period Errors (4,579,212.29) (121,558.09) - (4,700,770.38)
Restated Balance 18,765,047.49 172,753.17 11,835,598.50 30,773,399.16
Add (Deduct) Changes in net assets/equity during the year
Adjustment of net revenue recognized directly in net assets/equity
TOTAL 18,765,047.49 172,753.17 11,835,598.50 30,773,399.16
Surplus (Deficit) for the period 3,188,356.96 150,225.17 (1,054,882.77) 2,283,699.36
Total recognized revenue and expenses for the period
Ending Balance at December 31, 2018 21,953,404.45 322,978.34 10,780,715.73 33,057,098.52