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FINANCIAL HOUSEKEEPING

  1. All inward remittance shall be deposited by the remitter to the MAA bank account; and the bank deposit slip shall be kept by the remitter (presently at PNB Malolos Branch with account name “MHPNHS Alumni Association, Inc.” and account number 3251-02161-3).
  2. The remitter shall notify–by SMS, email, or any other means–the MAA Accountant about the deposit: the date, the amount, and the purpose, i.e., Bahay Alumni, General Fund, Designated Fund, Endowment Fund.
  3. The MAA Accountant shall check the MAA bank account daily for inward remittances and cross verify the amounts to the remitter’s notification.
  4. The MAA Accountant shall credit the deposit to the ledger account of the remitter, for example: Fund-Class 65 or Fund-Class-65-Sec01, or Fund-Sergio-65; with fund-purpose sub-ledgers.
  5. The MAA Accountant will charge the fund disbursements to the invidual Fund Accounts. The disbursements should conform to the fund purposes stated by the fund donors.
  6. All disbursements shall be duly documented and the checks shall be signed by two designated signatories from the MAA Board of Trustees.
  7. A statement of account shall be sent by the MAA Accountant to the fund donors monthly; the donors shall verify the statement and inform the MAA Accountant for any discrepancy.
  8. The MAA Accountant shall administer the computer database of accounts, and shall prepare quarterly interim Financial Statements—in time for the meeting of the MAA Board of Trustees;
  9. The MAA financial statements and the statement of account by each donor shall be available and accessible in the website of MAA as soon as the website of the MAA is set up.
  10. The MAA financial statements shall be audited by SEC-accredited external auditors.
  11. The financial statements shall be presented by the MAA Treasurer in the regular meetings of the MAA Board of Trustees and in the MAA General Membership.
  12. The MAA Board of Trustees shall be the steward of all the funds and resources of the MAA. The MAA Accountant shall be under the direct supervision of the MAA Board of Trustees.