Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Pag Ibig Fund History by gbe16204

VIEWS: 1,386 PAGES: 31

Pag Ibig Fund History document sample

More Info
									          Real knowledge is to know the extent of one's ignorance. (Confucius)




École Française de Manille
   French School of Manila

Assemblée Générale Ordinaire
  Ordinary General Assembly

         9 June 2010
                               An empty vessel makes the most noise. (English Proverb)
               Those with the least understanding often complain about things the most.




               Agenda
 Moral and Financial Report for 2009-2010
 Estimated Budget for 2010-2011

 Others:

   AEFE Mission 6-7 May 2010
   Relations with DSM/GESM, EIS, EEFI
   By-Laws [Transparency & Good Governance]
                Life is really simple, but we insist on making it complicated. (Confucius)



                History
 1978: Ecole Française de Manille (EFM)
 1980: Deutsche Schule Manila (DSM)
 1991: European Educational Foundation Inc.
        Buys land for P50 M (E1.5 M)
 1992: Eurocampus
 2003: European International School (EIS)
        International Baccalaureate (IB)
                                              Ecole
                                            Française
                                               de
                                             Manille
                                              Since 1978




                         Deutsche                        European
                          Schule                       International
                          Manila                       Baccalaureate
                               Since 1980                 School
                                                           Since 2003




Necessity knows no law. (Irish Proverb)
                 What you do not want done to yourself, do not do to others. (Confucius)



French School Parents Association  EFM

   Department of EIS
   EIS = Private Non Stock, Non Profit
    Educational Institution (registered SEC)
   Agreement with Agence pour
    l’Enseignement Français à l’Etranger
    (AEFE) – Convention
   Accredited by French Ministry of
    Education - Homologation
             A good man in an evil society seems the greatest villain of all. (English Proverb)



French School Parents Association  EFM

    Board of Trustees – Comité de Gestion

    General Management of EFM
    Budgets/Tuition Fees
    Investments
    Accountability & Liability in the Philippines
                                                                 French Schools in Asia
Location                              Students                   Teachers/staff           Board: Elected Parents

Singapore                                1599                                                    6 Corporate
                                                                                                  6 Parents
Hong Kong                                1265                          >50                            12
Tokyo                                    980                            71                            10
Shanghai                                 838                                                           8
Bangkok                                  766                            47                             8
Hanoi                                    495                            44
HCM (homologuée)                         472
Vientiane*                               435                                                           5
Jakarta                                  378                           >50                             5
Seoul                                    344                            39                             8
Kuala Lumpur                             340                            20                             5

Phnom Penh                               288                            25

Manila                                   260                            32                             7

             True peace is not merely the absence of tension: it is the presence of justice. (Martin Luther King, Jr.)
              All that is necessary for the triumph of evil is that good men do nothing. (Edmund Burke)




            Legal Matters EFM
1.   Civil Case No. 05-0020 before the RTC of Parañaque City, Branch 195
     (Belvisi vs Pdt Etroit & Dir Drussel, and EFM)
2.   Civil Case No. 0258-04 before the RTC Branch 22, Imus Cavite
     (Belvisi vs Pdt Etroit & Dir Drussel, and EFM)
3.   Civil Case No. 0587-05 before the RTC Branch 90, Dasmariñas, Cavite
     (Belvisi vs Pdt d’Aboville & Dir Drussel, and EFM)


 Legal Framework of the Philippines prevails!
                               A bad cause requires many words. (German Proverb)



    Legal Matters DSM/GESM
   Legal Audit EIS (May 2005, February 2010):
      Flaws in Set Up (Accountability?)

   Statement of DSM/GESM Headmaster (April 2009):
      Departure of DSM/GESM 2013?

   Financial Audit (November 2009):
      Flaws & Errors in Accounting Practices
    Separation/Autonomy/Independence
     of EFM & DSM/GESM
              A lie travels round the world while truth is putting her boots on. (French Proverb)




Achievements 2009-2010
 Goal = French School “clean & legal”
   Legal Registration of Parents Association locally
   Work on Legal Separation from DSM/GESM
   Financial Audit of EEFI; EIS (difficult with DSM)
   Recruitment of DAF
   Recruitment of CPA
   Legalization & Correction of Accounting Practices
                              When one dog barks another will join it. (Latin Proverb)



Budgetary & Financial Matters 2009-2010
  Goal = French School “well managed”
    Introduce Rigorous Control of All Expenses
    Minimize the Increase in Tuition Fees to Better
    Safeguard Parents' Interests
    Increase Salaries of Local Staff
    Increase Benefits/Compensation of Local Staff
    Improve Budgetary Planning
    Regularize Financial Issues with DSM/GESM (difficult?)
    Investigate Past Erroneous Accounting Practices (hard?)
                  Truth stands the test of time; lies are soon exposed. (Bible-Proverbs 12:19)



Operations & Maintenance 2009-2010
  Goal = French School “operational”
    Routine Works on Operations & Maintenance
    Assessment of “Electricity” needs
    Works on Common “Electricity” Issues with DSM (hard?)
    Works on “Water” Issues (difficult?)
    Installation of “Security” Windows and Doors
    Study on Sub-contracting Maintenance
              Electrical Consumption (Main building)
Consumption                                2008-2009   2009-2010
EFM 46%
GESM 54%




                       Kilowatt per hour


                                                       2008-2009
                                                       2009-2010




                            Pesos
      Students
300


250


200    Total

150    Maternelle

       Elementary
100

       Middle School
50
       High School
 0
                               Students 2009-2010
Total no. of students 266
                      State
                    scholars
                       62



              204


                                  Tuition Fees
                                 P76,218,759.27scholars
                                             State           State
                                                           scholars
                                                          18,619,188




                                          57,059,180
                              Students 2009-2010

      15%         18%    2009-2010
                          48 Pre-school
                          106 Elementary
            267           72 Middle school
27%
                          41 High school

                   40%
                                  14%         18%   2010-2011

                                                    50 Pre-school
                                                    115 Elementary
                           25%
                                        273         69 Middle school
                                                    39 High school

                                              43%
                                                   Tuition Fees 2010-2011


                                             Français, Suisses, Philippins                          Autres nationalités
 Frais de scolarité par élève
                                                French, Swiss, Filipinos                            Other nationalities
   Tuition fee per student
                                              Trimestre              Année (Year)             Trimestre          Année (Year)
Maternelle                       Peso                  61,134                  183,401             72,423                 217,270
                                 Euro                      956                    2,868              1,135                    3,405
Primaire                         Peso                  88,548                  265,644           104,677                  314,031
                                 Euro                   1,386                     4,159              1,641                    4,922
Secondaire 1er cycle             Peso                133,612                   400,836           158,130                  474,390
                                 Euro                   2,094                     6,281              2,477                    7,432
Secondaire 2ème cycle Peso                           149,577                   448,730           176,829                  530,488
                                 Euro                   2,344                     7,031              2,771                    8,313
  + Droit de 1 ère inscription non remboursable, par enfant : 800 Euros (ou l'équivalent en pesos) à payer dès l’inscription.
      + Non-refundable / one-time registration fee per student: 800 Euros (or its equivalent in Pesos) payable upon enrollment.
                                Tuition Fees 2009-2010
           5,300,000

                                         1,681,030            Discounts
          84,900,000
                                        76,218,759            Tuition Fees


            Budget                  As of 30 April 2010



                                     53,943,494
332,187



                       Actual                                   Actual
                       Receivable                               Receivable
          17,454                                  3,447,126


Tuition Fees €                         Tuition Fees Php
                  Personnel 2009-2010

            4%
      17%                    2 expatriates
                       15%

                             7 residents/EFM68%

13%                          24 locals/EFM100%

                             6 admin EFM100%

                             16 admin
                             GESM/EFM50%
                 51%
Salaries and Tuition Fees




              3%
                   Administrative Staff - Benefits
Medical insurance – 100% for the employee, 50% for dependents
Birthday gift of P1,000.00
Monthly deminimis, from P500 to P2925

    Starting 2009
Medical reimbursement, from 0 to P10,000.00
Christmas gift P5000
Transportation allowance 0 to P10,425.00
Christmas gift in kind worth approximately P500.00

   Benefits as required by law:
SSS, Philhealth, Pag-ibig
Leaves: Sickness, Accident, Maternity/Paternity, Vacation leave: 1st year – 5 days

    Additional benefits:
Mid-year bonus
Salary loans up to one month salary, payable over one year without interest
Vacation leave: 2nd year – 10 days, at 5th year – 15 days, at 8th year – 20 days
Yearly staff outing
Training
End-of-service or Retirement pay (calculation greater than required minimum)
                                    Salaries and Tuition Fees
           Teachers’ Salaries                                        Administration Staff Salaries
                                           34,052,645.77
                31,368,445.62   32,617,455.63                                                                   8,468,097.59
                                                                                                 7,740,382.62
25,299,323.48                                                    6,307,202.36     7,125,036.97




                                                Tuition Fees
                                                                                80,195,781.14
                                                 70,205,285.26   74,525,963.44
                                59,677,541.33
                                                   Retirement Fund
                                                           After Audit      Before Audit
ADMINISTRATION STAFF:
SOLE EFM (BEFORE EIS)                                        4,027,902.52    3,860,902.52
SOLE EFM (DURING EIS)                                        1,331,127.08    1,331,127.08
EFM SHARE in COMMON STAFF (JMC & EIS)                        1,401,880.57    1,401,880.57
ESTIMATED TOTAL EFM PORTION OF STAFF RETIREMENT              6,760,910.16    6,593,910.16

EFM TEACHERS                                                12,402,489.54    7,278,816.67

ESTIMATED TOTAL EFM RETIREMENT FUND NEEDED                  19,163,399.71   13,872,726.83

FUNDS ALLOTED AS OF JANUARY 31 2010:
Funds placed with BPI TIME DEPOSIT ACCOUNT                   3,057,544.00    3,057,544.00
Funds placed with BPI TIME DEPOSIT ACCOUNT                   1,748,652.02    1,748,652.02
Alloted payable to Pension fund                              5,998,850.47    5,998,850.47
                                                   TOTAL    10,805,046.49

Balance needed to be funded by EFM FOR 2009-2010             8,358,353.22    3,067,680.34

BUDGET ALLOTED TO BE PLACED BY EFM FOR 2009-2010             1,200,000.00    1,200,000.00

DIFFERENCE TO BE FUNDED IN THE FUTURE                        7,158,353.22    1,867,680.34
                                          Retirement Fund
 23 Sept 2009 – Fin Com – Decision to create a retirement fund.
  Retirement board to be composed of GESM & EFM administrators (F.
  Arnold & A. Soenen), one GESM staff (E. Cruz), one EFM staff (G.
  Sanchez) & EIS Finance administrator (L. Jue)
 23 Sept 2009 – JAC validates the retirement board set-up
 JAC 24 Nov 2009 – EFM votes against the minutes of JAC of 23 Sept
  2009 pending EFM audit results
 21 Dec 2009 – EIS Retirement Fund opened with GESM funds at
  Chinatrust which submits necessary documents for registration with
  BIR. BIR registration not yet released to date.
 Today, APE is registered with SEC. EFM retirement trust fund can now
  be opened.

Why a retirement trust fund?
Under Philippine law, an employee’s retirement pay will be tax exempt if
the employer pays him through a retirement trust fund ( among other
conditions).
                                            Retirement Fund
                                             Advances taken

                                          Estimated retirement/end of
                                              service pay as of 2010
                   EFM/GESM                  EFM                GESM
Fausto Dongcoy Jr.    300,000                 1,144,080
Rolly Villanueva      210,000                   184,020             361,739
Arsenio de Guzman      50,000                   271,066
                      560,000

    Promissory notes have been filled up and signed.
    Any outstanding amount at the employees’ end of service/retirement
    will be deducted from the pay.
                              EFM Budget vs Expenses
                                                                   2009-2010

                 49,495,000




                     32,204,801

                                  24,400,000

                                      16,749,361
                                                                    Budget
                                                                    As of 30 Apr 2010
9,760,000
     5,896,288
                                                   1,900,000
                                                         258,500
                                  EFM Budget 2009-2010
                                      Budget 2009-2010
                                                       Year-to-date Projected to
                                         Fees +12%
                                                          Apr10     31 Aug 2010
                                        258 students

 Salaries - Administration                   9,760,000    5,896,288    8,838,098
 Salaries - Teachers                        49,495,000   32,204,800   47,905,292
TOTAL SALARIES                              59,255,000   38,101,089   56,743,390

 Supplies                                    5,290,000    3,164,308    5,042,123
 Maintenance                                 2,020,000    1,260,790    1,891,185
 Transportation                                450,000      294,427      408,166
 Representation                                317,000      232,193      300,684
 Correspondance                                365,000      247,644      371,465
 Miscellaneous                                 980,000      941,497    1,432,245
 Educational Projects
Projets Pédagogiques                           920,000      925,904      920,000
Total Operations                            24,400,000   16,749,361   26,533,695
Investment (including depreciation)          1,020,000      389,741    1,544,850

TOTAL EXPENSES                              84,675,000   55,596,281   84,821,935

TOTAL REVENUS                               85,500,000   77,139,143   81,495,781

INCREASE (DECREASE)                            825,000   21,542,863   (3,326,154)
                                                           Expenses



                                                      Actual Expense 2006-2007

                                                      Actual Expense 2007-2008

                                                      Actual Expense 2008-2009

                                                      Estimated projection 2009-
                                                      2010




Administration   Teachers   Operations   Investment
                                                                         EFM Budget
                                                       2009-2010 / 2010-2011

                                 51,952,000
                        49,495,000




                                                       26,775,302                           2009-2010
                                              24,400,000
                                                                                            2010-2011


9,760,000
            7,865,000
                                                                    4,020,000
                                                                                2,470,000


Administration               Teachers             Operations        Improvements
                                                          EFM Budget
                                            2009-2010 / 2010-2011
                                             Budget 2009 - 2010   Budget 2010-2011
                                               258 students     based on 262 students
 Teachers' salaries                                 49,495,000             52,908,775
 E648012 Teachers moving in / out                    1,200,000                744,000
 E657800 Reimbursement AEFE for residents           11,800,000             15,556,775
TOTAL PAYROLL                                       59,255,000             60,773,775

OPERATIONS
 E606110 Electricity                                 1,900,000             2,168,665
 E615500 Maintenance computers                         326,000               528,000
 E658801 Cultural activities                           600,000               420,000
 E671700 Tuition fee discounts                       5,300,000             4,654,530
 E671802 Participation AEFE 6%                       1,698,000             4,577,107
TOTAL OPERATIONS                                    24,400,000            26,775,302

INVESTISSEMENT
 E215301 Improvements                                1,500,000             1,000,000
 E218301 Equipment and computers                     1,920,000               870,000

REVENUS Tuition Fees                                84,900,000            82,868,616
                                            Vote


 Approval of moral and financial reports
 (Board of trustees)

 Approval of Budget 2010-2011

								
To top