MILESTONE IN THE SK

PRESENTATION OF THE TOTAL SK

FUND IN THE CITY OF
KORONADAL
LEGAL BASIS
REPUBLIC ACT (RA) NO. 10742,
otherwise known as the Sangguniang
Kabataan Reform Act of 2015
OBJECTIVE OF THE HANDBOOK
 To define the specific duties and responsibilities of the SK Officials
regarding financial matters and guide them espousing:

1. Accountability
2. Transparency
3. Efficient Service Delivery
 To provide accounting policies, guidelines, procedures, financial
reports and forms to be used in the SK Operations
UNDERSTANDING THE ACCOUNTING TERMS
USED IN THE HANDBOOK
ANNUAL BUDGET
 A financial plan for one (01) fiscal year operation.
 Should be consistent with the:
 Comprehensive Barangay Youth Development Plan (CBYDP)

 Annual Barangay Youth Development Investment Program

(ABYIP)
APPROVED BUDGET
Annual Budget
Supplemental Budget
COMMITMENT
Amount committed to be paid by SK for
any lawful payments.
DISBURSEMENTS/PAYMENTS
Amount committed to be paid by SK for
any lawful payments.
 Payment of Expenses
 Settlement of Payables
FAIR VALUE
 Amount for which an asset could be exchanged, or
liability settled, between knowledgeable, willing
parties in an arm’s length transaction.
ORIGINAL BUDGET
 Initial approved budget for the
budget period
FINAL BUDGET
 Original Budget adjusted for transfers, allocations and other
authorized changes applicable to the budget period.

 Original Budget
 Supplemental Budget
 Augmentations/Transfers
PROPERTY AND EQUIPMENT
 Tangible items with unit cost of P15,000.00 and above
that are:
 Held for use in the operation or rendering of services, or for
administrative purposes;
 Expected to be used during more than one year period.
SEMI–EXPENDABLE PROPERTY
 Tangible items with unit cost below the capitalization
threshold of P15,000.00 and with serviceable life of
more than one year.
RECEIPTS/COLLECTIONS
 All collections during a given period, either:
 Cash
 Check
 Direct Deposit to the SK bank Account
REPORTING PERIOD
 Period covered by the Financial
Statements which shall be
January 1 to December 31.
SK FUNDS
 10% of the General Fund of the Barangay,
 Proceeds from Fund Raising activities that are in line with CBYDP and
ABYIP,
 Contributions, monies and all other resources received without specific
purpose; and
 Funds received for specific purposes.
SUPPLEMENTAL BUDGET
Additional Budget to augment the original
budget if the SK Funds allow.
THANK YOU!