09-WVSU2021 Part1-Notes To FS

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West Visayas State University

(Formerly Iloilo Normal School)


Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

General Information/Agency Profile

The financial statements of West Visayas State University were authorized for issue on February
14, 2022 as shown in the Statement of Management Responsibility for Financial Statements
signed by Dr. Joselito F. Villaruz, Jr., the University President. West Visayas State University is a
state university that started in 1902 as the tributary normal school in Iloilo. It became an
independent teacher training institution in 1924 which was then known as the Iloilo Normal School
(INS). The INS became the West Visayas State College by virtue of R.A. 4189 in 1965. On
January 27, 1986, PD. 2019 converted the College into the West Visayas State University
(WVSU), integrating the Iloilo National College of Agriculture (INCA) into its system. On April 5,
1987, the University acquired the Don Benito V. Lopez Memorial Hospital and transformed it into
the West Visayas State University Hospital, presently known as WVSU Medical Center. On
November 23, 2000, in consonance with the provision of the Higher Education Act of 1994 and
the Higher Education Modernization Act of 1997, four (4) CHED supervised institutions (CSIs)
were integrated to the University. These are, Calinog Agricultural and Industrial College (CAIC),
Janiuay Polytechnic College (JPC), Lambunao Institute of Science and Technology (LIST) and
Pototan College of Arts and Sciences (PCAS). In 2006, a Memorandum of Agreement (MOA)
confirmed by BOR Resolution No.24, s. 2006, was executed between the University and the City
of Himamaylan, Negros Occidental to operate a WVSU-Extension in the City of Himamaylan. The
WVSU-Extension in Himamaylan was converted into a regular campus of the WVSU known as
the West Visayas State University-Himamaylan City Campus (WVSU-HCC) by virtue of RA 11308
dated April 17, 2019. The mandate of West Visayas State University is the achievement of the
education goals of an institution of higher learning in the Philippines. These services are grouped
into the following key areas: instruction, research and extension. The Agency's registered office
address is located at Luna Street, Lapaz, Iloilo City, Philippines.

2. Statement of Compliance and Basis of Preparation of Financial Statements

The financial statements have been prepared to some extent in accordance with and to comply
with the International Public Sector Accounting Standards (IPSAS) issued by the Commission on
Audit per COA Resolution No. 2014-003 dated January 24, 2014.

The financial statements have been prepared on the basis of historical cost, unless stated
otherwise. The Statement of Cash Flows is prepared using the direct method.

3. Summary of Significant Accounting Policies

3.1 Basis of accounting

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

3.2 Consolidation

a. Combined Financial Statements

The financial statements of the West Visayas State University reflect the combined assets,
liabilities, revenues, and expenses of the main campus, the hospital and campuses namely: the

20
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
West Visayas State University Main Campus (WVSU-Main) at Luna Street, Lapaz, Iloilo City; the
West Visayas State University Medical Center (WVSUMC) at E. Lopez Street, Jaro, Iloilo City; the
College of Agriculture and Forestry at Lambunao, Iloilo (CAF); the WVSU-Calinog Campus at
Calinog Iloilo; the WVSU-Janiuay Campus at Janiuay, Iloilo; the WVSU-Lambunao Campus at
Lambunao, Iloilo; the WVSU-Pototan Campus at Pototan, Iloilo and the West Visayas State
University-Himamaylan City Campus (WVSU-HCC), Himamaylan, Negros Occidental.

b. Interest in joint venture

The University has no interest in any joint venture as of the reporting date.

c. Investment in government business enterprises

The University has no investment in government business enterprises within the reporting period.

d. Trusts under administration

The University has no trusts under administration within the reporting period.

3.3 Financial instruments

a. Financial assets

Other Investments

The Other Investments reflected in the financial statements of the University reflects dormant
accounts that resulted from conversion from old government accounting method to the National
Government Accounting System (NGAS).

Loans and receivables

The Accounts Receivable of the University consists mainly of unpaid accounts of Philippine Health
Insurance Corporation (PHIC) and various patients with promissory notes, employees and other
debtors of the University Medical Center; and receivables from client accounts of university income
generating projects at year-end. Due from Other National Government Agencies consists the
prepayments to the DBM Procurement Service while Receivables from Disallowances represent
receivables from COA disallowances net of refunds. Loans receivables on the other hand are
loans granted to students under the Students Financial Assistance Program (StuFAP) and Student
Assistance Fund for Education (SAFE) from the Commission on Higher Education (CHED).

Impairment of financial assets

For unpaid accounts of Philippine Health Insurance Corporation (PHIC) patients and employees
of the University Medical Center there is a pending action of COA Central Office regarding the
request for write off accounts with no promissory notes. In addition, an allowance for impairment
is provided to establish the remoteness of its collection based on the age of receivables as follows:
01-60 days–1%; 61-180 days-2%; 181 days-1 year-3%; more than 1 year-5%.

21
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

b. Financial liabilities

The University’s financial liabilities include due and demandable accounts payable to internal and
external creditors for services rendered and goods delivered, inspected and accepted as of
December 31, 2021. These payables consist mostly of services rendered and goods delivered in
December which were not paid due non-availability of supporting documents and early cut-off of
payment with depository banks during year-end.

3.4 Cash and cash equivalents

Cash and cash equivalents comprise the cash on hand (Cash Collecting Officer and Petty Cash
Fund) and cash in bank.

3.5 Inventories

Inventory is measured at cost upon initial recognition. Inventories are recognized as an expense
when deployed for utilization or consumption in the ordinary course of business.

3.6 Investment Property

The University has not recognized any investment property for the reporting period.

3.7 Property, Plant and Equipment

Recognition

An item is recognized as property, plant, and equipment (PPE) if it meets the characteristics and
recognition criteria as a PPE.

The characteristics of PPE are as follows:


• tangible items;
• are held for use in the production or supply of goods or services, for rental to others, or for
administrative purposes; and
• are expected to be used during more than one reporting period. An item of PPE is
recognized as an asset if:
o It is probable that future economic benefits or service potential associated with the
item will flow to the entity; and
o The cost or fair value of the item can be measured reliably.
Measurement at Recognition

An item recognized as property, plant, and equipment is measured at cost. The cost of the PPE is
the cash price equivalent.

22
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

Cost includes the following:

Its purchase price, including non-refundable purchase taxes and expenditure that is directly
attributable to the acquisition of the items.

Measurement after Recognition

After recognition, all property, plant and equipment are stated at cost less accumulated
depreciation and impairment losses.

When significant parts of property, plant and equipment are required to be replaced at intervals,
the University recognizes such parts as individual assets with specific useful lives and depreciates
them accordingly. Likewise, when a major repair/replacement is done, 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 as expense in surplus or deficit as incurred.

Depreciation

Each part of an item of property, plant, and equipment with a cost that is significant in relation to
the total cost of the item is depreciated separately. The depreciation charge for each period is
recognized as expense unless it is included in the cost of another asset.

Initial Recognition of Depreciation

Depreciation of an asset begins when it is available for use such as when it is in the location and
condition necessary for it to be capable of operating in the manner intended by management. For
simplicity and to avoid proportionate computation, the depreciation is for one month if the PPE is
available for use on or before the 15th of the month. However, if the PPE is available for use after
the 15th of the month, depreciation is for the succeeding month.

Depreciation Method

The University adopts the straight-line method of depreciation.

Estimated Useful Life

The University uses the Schedule on the Estimated Useful Life of PPE by classification prepared
by COA.

For the reporting period, the University uses a residual value equivalent to five percent (5%)

Impairment

An asset’s carrying amount is written down to its recoverable amount, or recoverable service
amount, if the asset’s carrying amount is greater than its estimated recoverable service amount.

23
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

Derecognition

The University derecognizes items of property, plant and equipment and/or any significant part of
an asset upon disposal or when no future economic benefits or service potential is expected from
its continuing use. Any gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the asset) is included in
the surplus or deficit when the asset is derecognized.

3.8 Lease

The University has no lease contract for the reporting period. Rent income and expenses
recognized in the books represent short-term rentals of university and hospital facilities.

3.9 Intangible Assets

Recognition and Measurement

Intangible assets such as computer software that was previously lumped with Information
Communication Technology Equipment was recognized and recorded under Computer Software.
Amortization is also recognized.

3.10 Provisions

The University has no provisions recorded for the reporting period.

3.11 Changes in accounting policies and estimates

Whenever applicable, the University recognizes the effects of changes in accounting policy
retrospectively. The effects of changes in accounting policy were applied prospectively if
retrospective application is impractical.

The University recognizes the effects of changes in accounting estimates prospectively by


including the effect in the surplus or deficit.

3.12 Foreign currency transactions

Transactions in foreign currencies were initially recognized by applying the spot exchange rate
between the function currency and the foreign currency at the transaction.

At each reporting date:


• Foreign currency monetary items were translated using the closing rate; and
• Nonmonetary items that were measured in terms of historical cost in a foreign currency
were translated using the exchange rate at the date of the transaction.

24
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

3.13 Revenue from non-exchange transactions

Gifts and Donations

The University recognizes assets and revenue from gifts and donations when it is probable that
the future economic benefits or service potential will flow to the entity and the fair value of the
assets can be measured reliably.

3.14 Revenue from Exchange transactions

Measurement of Revenue

Revenue was measured at the fair value of the consideration received or receivable.

Rendering of Services

The University 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.

Sale of Goods

Revenue from the sale of goods is recognized when the significant risks and rewards of ownership
have been transferred to the buyer, usually on delivery of the goods and when the amount of
revenue can be measured reliably and it is probable that the economic benefits or service potential
associated with the transaction will flow to the University.

3.15 Budget information

The National Government through government subsidy funds (Regular Agency Fund) the
operations of the University; however, it is also authorized to use its Internally Generated Income
under RA 8292. The Regular Agency Fund annual budget is prepared on cash basis and in
accordance with guidelines set by the DBM and is part of the Annual General Appropriations Act
(GAA). For Internally Generated Income, prior to the start of a new budget year, the university
prepares its projected revenue and other receipts through a Program of Receipts and Expenditures
(PRE). Except for the University Medical Center, a Request for Authority to Use Collection (RAUC)
is prepared every quarter containing the actual collections and its utilization for approval by the
Board of Regents in accordance with the PRE as prescribed under COA Circular No. 2000-02.
The RAUC becomes the final budget of the University for Internally Generated Income.

A Statement of Comparison of Budget and Actual Amounts (SCBAA) is prepared since the budget
and the financial statements were not prepared on comparable basis. The SCBAA shows the
original and final budget and the actual amounts on comparable basis. For Internally-Generated
Income, the receipts portion of the statement contains the various revenues and other receipts of
the agency. The Original Budgeted Amounts reflect the approved estimated revenue of the entity
per major account based on the projected and approved Program of Receipts and Expenditures

25
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
(PRE) for the year. The Final Budgeted Amount reflects the actual collections approved for
utilization by the University Board of Regents (BOR). Actual Amounts on Comparable Basis refer
to collections received from revenue transaction based on the Report of Collections and Deposits
(RCD).

For Regular Agency Fund, the NCA received for funding requirements of the agency was not
considered as receipts for the purpose of this statement.

The payments portion of the SCBAA contains the expenditures of the agency classified into PS,
MOOE, CO, FE and other disbursements. The original budgeted amount represents the approved
appropriations of the agency as reflected in the GAA. The payments for the final budgeted amount
reflect the allotment received from the Department of Budget and Management (DBM). The Actual
Amounts on Comparable Basis refer to actual payments/disbursements posted in the registries
based on the RCI and TRA.

3.16 Impairment of Non-Financial Assets

Impairment of assets is recognized where applicable and feasible as of the reporting period.

3.17 Related parties

The University regards a related party as a person or an entity with the ability to exert control
individually or jointly, or to exercise significant influence over the University or vice versa.

3.18 Service concession arrangements

The University has no concession arrangements for the year.

3.19 Borrowing costs

The University has not incurred borrowing cost for the year.

3.20 Employee benefits

The employees of University are members of the Government Service Insurance System (GSIS)
that provides life and retirement insurance coverage to all government employees.

The University recognizes the undiscounted amount of short-term employee benefits, like salaries,
wages, bonuses, allowance, etc., as expense unless capitalized, and as a liability after deducting
the amount paid.

The University recognizes expenses for accumulating compensated absences when these were
paid (commuted or paid as terminal leave benefits). Unused entitlements that has accumulated at
the reporting date were not recognized as expense. Non-accumulating compensated absences,
like special leave privileges, were not recognized.

26
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
3.21 Measurement uncertainty

The preparation of financial statements in conformity with IPSAS, requires management to make
estimates and assumptions that affect the reporting amounts of assets and liabilities, and
disclosure of contingent assets and liabilities, at the date of the financial statements and the
reported amounts of the revenues and expenses during the period. Items requiring the use of
significant estimates include the useful life of capital assets, impairment of assets, etc.

Estimates were based on the best information available at the time of preparation of the financial
statements and were reviewed annually to reflect new information as it becomes available.
Measurement uncertainty exists in these financial statements. Actual results could differ from
these estimates.

4. Changes in Accounting Policies

The West Visayas State University continue to adopt the PPSASs replacing the existing standard
and the Government Accounting Manual (GAM) prescribed by COA Circular No. 2015-07 dated
October 22, 2015 effective January 1, 2016. The major impact includes reclassification of tangible
items below the capitalization threshold of P15,000 from Property, Plant and Equipment to semi-
expendable property. Semi-expendable property, which were previously recognized as PPE, were
reclassified to the affected accounts. These tangible items were recognized as expenses upon
issuance to the end-user. The University also adopted the Revised Chart of Accounts (Updated
2019) prescribed under COA Circular No. 2020-01dated January 08, 2020.

5. Prior Period Adjustments

The West Visayas State University has determined that various income and expenses was
inadvertently not recognized in the financial statements of CY 2020. These were recorded as
adjustments to Accumulated Surplus (Government Equity) in CY 2021. There is no effect in CY
2021 Statement of Financial Performance.

27
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

The details are outlined in the table below.

Type Description Financial Financial Statement Affected Effect on 2021 Sum of


Statement Line Financial Amount
Item of Previous Statements
Years
Prior Period Correction of Prior Years EXPENSES/LIA 2020 Statement of Financial Decrease in Net (7,288.78)
Adjustments/Un Accounts Payable BILITY Performance/Statement of Assets
recorded Financial Position
Income and
Expenses
ASSET/EXPEN 2020 Statement of Financial Decrease in Net (106,904.00)
SES Performance/Statement of Assets
Financial Position

Increase in Net 29,032.86


Assets
LIABILITY/EQUI 2020 Statement of Financial Decrease in Net (77.47)
TY Performance/Statement of Assets
Financial Position

To recognize ASSET/EXPEN 2020 Statement of Financial Decrease in Net (7,989,452.48)


depreciation of prior SES Performance/Statement of Assets
years Financial Position

Increase in Net 168,631.52


Assets
ASSET/EQUITY 2020 Statement of Financial Increase in Net 2,696,466.55
Performance/Statement of Assets
Financial Position

Inadvertent error in ASSET 2020 Statement of Financial Decrease in Net (39,000.00)


recording expenses of Performance/Statement of Assets
prior years Financial Position

ASSETS/EXPE 2020 Statement of Financial Decrease in Net (1,198,519.58)


NSES Performance/Statement of Assets
Financial Position

ASSET/EXPEN 2020 Statement of Financial Decrease in Net (510,662.52)


SES Performance/Statement of Assets
Financial Position

Increase in Net 623,837.82


Assets
ASSET/EQUITY 2020 Statement of Financial Decrease in Net (2,533,381.93)
Performance/Statement of Assets
Financial Position

Increase in Net 297,700.00


Assets

28
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

Inadvertent error in ASSET 2020 Statement of Financial Decrease in Net (900.00)


recording income of prior Performance/Statement of Assets
years Financial Position

ASSETS/EXPE 2020 Statement of Financial Decrease in Net (7,621,269.13)


NSES Performance/Statement of Assets
Financial Position

Increase in Net 7,609,769.13


Assets
ASSET/EXPEN 2020 Statement of Financial Decrease in Net (211,912.33)
SES Performance/Statement of Assets
Financial Position

Increase in Net 2,000.00


Assets
ASSET/EQUITY 2020 Statement of Financial Increase in Net 3,000.00
Performance/Statement of Assets
Financial Position

INCOME/EQUIT 2020 Statement of Financial Decrease in Net (1,329,789.00)


Y Performance/Statement of Assets
Financial Position

Recognition of items ASSET/EQUITY 2020 Statement of Financial Increase in Net 29,971.00


found in station Performance/Statement of Assets
Financial Position

Payment of Honorarium Asset/Expense 2020 Statement of Financial Decrease in Net (10,200.00)


Obligated last FY2019( Position / Statement of Changes Assets
included in Not yet due in Net Assets/ Equity
and demandable
obligation of FY2020)
Adjustment for ASSET/EQUITY 2020 Statement of Financial Decrease in Net (731,840.84)
Unrecorded IIRUP and Position / Statement of Changes Assets
semi expendable items in Net Assets/ Equity
(as a result of one time
PPE Cleansing)
Adjutsment on ASSET/EQUITY 2020 Statement of Financial Decrease in Net (9,848,587.61)
Accumulated Position / Statement of Changes Assets
depreciation for prior in Net Assets/ Equity
year expense (as a result
of one time PPE
Cleansing)
Increase in Net 2,104,381.26
Assets
Payment for Printing of Asset/Expense 2020 Statement of Financial Decrease in Net (5,148.00)
Diploma Obligated last Position / Statement of Changes Assets
FY2020( included in Not in Net Assets/ Equity
yet due and demandable
obligation of FY2020)

29
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
Payment for Installation Asset/Expense 2020 Statement of Financial Decrease in Net (138,700.00)
of Main Line Distribution Position / Statement of Changes Assets
Panel Obligated last in Net Assets/ Equity
FY2020 ( included in Not
yet due and demandable
obligation of FY2020)

Payment of Instructional Asset/Expense 2020 Statement of Financial Decreasein Net (292,500.00)


Materials Obligated last Position / Statement of Changes Assets
FY2020 ( included in Not in Net Assets/ Equity
yet due and demandable
obligation of FY2020)

Payment of Copy Printer Asset/Expense 2020 Statement of Financial Decrease in Net (180,000.00)
Obligated last FY2020( Position / Statement of Changes Assets
included in Not yet due in Net Assets/ Equity
and demandable
obligation of FY2020)

Adjustment for ASSET/EQUITY 2020 Statement of Financial Decrease in Net (6,618,676.77)


unrecorded disposal of Position / Statement of Changes Assets
PPE Items and in Net Assets/ Equity
adjustment for semi
expendable items (as a
result of one time PPE
Cleansing)
To record the refund of REVENUE 2020 Statement of Financial Increase in Net 500.00
Covid-Hazard Pay of Position/Statement of Financial Assets
prior year (December Performance
2020) (AOM)
To record remittance of REVENUE/ASS 2020 Statement of Financial Decrease in Net (897,410.56)
Unused NCA (set up ET Position/Statement of Cash Assets
remittance to Treasury) Flows

To record the remittance REVENUE 2020 Statement of Financial Decrease in Net (2,049.75)
of interest income to BTr Position/Statement of Financial Assets
of prior year (December Performance
2020)
To record cancellation of ASSET/EXPEN 2020 Statement of Financial Increase in Net 10,000.00
Check No. 59591557 SES Position/Statement of Financial Assets
dated 12/11/2020 Performance

To take up accumulated ASSET Statement of Financial Position Decrease in Net (266,950.00)


depreciation (Motor Assets
Vehicle 2020)
Prior Years' Depreciation ASSET Statement of Financial Position Decrease in Net (354,495.73)
Expenses of Information Assets
and Communications
Technology Equipment

Adjustment for inventory EXPENSES Statement of Financial Position Decrease in Net (17,863.40)
of prior years issued to Assets
end users
Adjustment for INCOME Statement of Changes in Net Decrease in Net (45,000.00)
inadvertently recording Assets/ Equity Assets
twice Other Business
Income Account

30
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
To record ASSET/EXPEN 2020 Statement of Financial Decrease in Net (790,327.79)
reclassification of PPE SES Position Assets
below the threshhold of
P15,00.00
2020 Statement of Financial Decrease in Net (7,662,999.84)
Position/Statement of Financial Assets
Performance

To record residual value ASSET/EXPEN 2020 Statement of Financial Increase in Net 5,066,747.40
of PPE SES Position Assets
To record refund of ASSET/EXPEN 2020 Statement of Financial Increase in Net 500.00
overpaid Covid-19 SES Position Assets
Hazard Pay of prior years

To record unrecorded ASSET 2020 Statement of Financial Increase in Net 2,736,198.11


ICT equipment Position/Statement of Financial Assets
Performance

Correction of Accounts EXPENSES 2020 Statement of Financial Decrease in Net (1,127.94)


Payable Position Assets
Increase in Net 1,487.70
Assets
Correction of Check EXPENSES 2020 Statement of Financial Decrease in Net (1,077,766.69)
Disbursement Entries Position Assets
Increase in Net 53,613.65
Assets
Correction of Accounts EXPENSES 2020 Statement of Financial Decrese in Net (79,500.00)
Account Position Assets
Correction Cash Account EXPENSES 2020 Statement of Financial Increase in Net 0.80
Deposit as per Cash Position Assets
Receipt Journal
Correction of Accounts EXPENSES 2020 Statement of Financial Decrease in Net (11,832.90)
Receivable Position Assets
Increase in Net 1,201,731.49
Assets
Correction for EXPENSES 2020 Statement of Financial Decrease in Net (900,097.58)
recognition of Prior Position Assets
Years stale check
Increase in Net 422,341.61
Assets
Correction of prior Years EXPENSES 2020 Statement of Financial Decrese in Net (0.01)
Due to BIR Position Assets
Correction of Check EXPENSES 2020 Statement of Financial Increase in Net 480.00
Disbursement Journal Position Assets
Correction of Entry in EXPENSES 2020 Statement of Financial Increase in Net 39,583.40
RCI for Payment of Position Assets
Other Payables
Prior Period (28,384,258.33)
Adjustments/Un
recorded
Income and
Expenses Total

31
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
Other Reversion of 2017 and LIABILITY/EQUI 2020 Statement of Financial Increase in Net 23,543.70
Adjustments below AP TY Performance/Statement of Assets
Financial Position

2020 Statement of Financial Increase in Net 1,902,653.56


Position Assets
To remit Interest Income EXPENSES Statement of Financial Position Decrease in Net (3,931.70)
CY 2021 Assets
Refund of Cash Advance EXPENSES Statement of Financial Position Decrease in Net (1,860.00)
for CY 2021 Assets
Remittance of Liquidated ASSET Statement of Financial Position Decrease in Net (125,887.29)
Damages Assets
Transfer of beginning LIABILITY/EQUI 2020 Statement of Financial Increase in Net 12,307,815.98
balance from Trust Fund TY Position Assets
to Internally Generated
Income
Other 14,102,334.25
Adjustments
Total
Adjustments of Closing of Cash- EXPENSES 2020 Statement of Financial Decrease in Net (5,095.88)
net revenue Treasury/Agency Position Assets
recognized Deposit Account
directly in net
assets/equity
EQUITY 2020 Statement of Financial Decrease in Net (3,594,433.48)
Performance/Position Assets

Adjustments of (3,599,529.36)
net revenue
recognized
directly in net
assets/equity
Total
Others Transfer of PPE ASSET Statement of Changes in Net Decrease in Net 0.00
accounts from General Assets/ Equity Assets for Fund
Fund book (Fund 101) to 101 but Increase
Trust Fund book (Fund in Net Assets of
184) -- (Kris DB Fund 184
Construction and Supply
Transfer of PPE ASSET Statement of Changes in Net Decrease in Net 0.00
accounts from General Assets/ Equity Assets for Fund
Fund book (Fund 101) to 101 but Increase
Trust Fund book (Fund in Net Assets of
184)-CHEDMARYL Fund 184
Construction & Supply (
Lot 1,5 & 6)

Recorded Other - - Increase in Net 2,961,817.53


Structures and Assets
Agricultural Equipment
(With Certificate of Turn-
over)
Transfer of beginning ASSETS/EQUIT 2020 Statement of Financial Increase in Net 10,028,930.91
balance from Internally Y Position Assets
Generated Income to
Trust Fund
Transfer of beginning ASSETS/EQUIT 2020 Statement of Financial Decrease in Net (10,028,930.91)
balance from Trust Fund Y Position Assets
to Internally Generated
Income
Others Total 2,961,817.53
Grand Total (14,919,635.91)

32
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
6. Cash and Cash Equivalents

Account Code Account Title 2021 2020


10101010-00 Cash - Collecting Officer 26,236,207.23 15,357,187.51
10101020-00 Petty Cash 30,000.00 943.00
10102020-00 Cash in Bank - Local Currency, Current Account 1,241,178,087.27 1,249,438,675.71
10102030-00 Cash in Bank - Local Currency, Savings Account 2,218.31 1,859.21
10102040-00 Cash in Bank - Local Currency, Time Deposits 63,600,243.40 63,600,243.40
10103030-00 Cash in Bank - Foreign Currency, Savings Account 215,897.14 204,211.11
10104010-00 Cash - Treasury/Agency Deposit, Regular 0.00 0.00
10104070-00 Cash - Tax Remittance Advice 0.00 0.00
10104080-00 Cash - Constructive Income Remittance 0.00 0.00
Grand Total 1,331,262,653.35 1,328,603,119.94

The balance of Cash Collecting Officers comprises of collections of the University Medical Center
from 2:00 PM of December 31 until January 02, 2022 that falls on the weekend. This includes also
collection of Main Campus University Resource Generation Program (URGP), Calinog, Pototan
and Lambunao Campuses on December 31, 2021 which was subsequently deposited on January
03, 04 and 05, 2022.

Cash in bank-Local Currency, Current Account consists of deposits of income collected from
tuition, hospital and other fees maintained under a Special Trust Fund (Fund 164). It also includes
deposits from income collected from Income Generating Projects (IGP) of the College of
Agriculture and Forestry (Fund 161), trust receipts and liabilities recorded in Trust Receipts (Fund
184).

Dollar deposits amounting to US $4,252.12 as of December 31, 2021 maintained at Philippine


National Bank (PNB) under Account No. 415-712112-5 consisting of funds released for special
purposes enumerated hereunder are recorded in the books as Cash in Bank-Foreign Currency,
Savings Account under Custodial Funds. These funds consist of initial deposit of the University to
open the account and releases from Asia-Pacific Social Sciences School Network (APSSNET),
Commission on Graduates of Foreign Nursing Schools (CGFNS), International Research
Conference (IRC) and Bank Interest. The peso conversion was based on the daily pesos per
dollar rate of the Bangko Sentral ng Pilipinas (BSP) as of December 31, 2021 at 50.774 per one
US dollar. The gain from foreign exchange was recognized and recorded under different projects
maintained under the Trust Receipts.

FUNDS AMOUNT
Asia-Pacific Social Sciences School Network (APSSSNET) 1,000.00
Commission on Graduates of Foreign Nursing Schools (CGFNS) 2,135.00
WVSU Main Campus Initial Deposit 500.00
International Research Conference (IRC) 416.00
Bank Interest Earned 201.12
Total 4,252.12

33
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

7. Investments

7.1. Investments

The Other Investments reflected in the financial statements of West Visayas State University
reflects dormant accounts which resulted from conversion from old government accounting
method.

Account Code Account Title 2021 2020


10203990-00 Other Investments 18,800.00 18,800.00
Grand Total 18,800.00 18,800.00

8. Receivables

8.1 Loans and Receivables

2021
Account Code Account Title
Current Non-Current Total
10301010-00 Accounts Receivable 82,491,644.44 49,054,660.83 131,546,305.27
10301011-00 Allowance for Impairment - Accounts Receivable (1,238,025.88) (36,504,140.51) (37,742,166.39)
10301020-00 Notes Receivable 0.00 0.00 0.00
10301990-00 Loans Receivable - Others 1,216,563.00 0.00 1,216,563.00
10303010-00 Due from National Government Agencies 3,470,212.60 0.00 3,470,212.60
10303030-00 Due from Local Government Units 44,593.02 0.00 44,593.02
10399010-00 Receivables - Disallowances/Charges 7,054,920.13 0.00 7,054,920.13
10399990-00 Other Receivables 410,654.99 0.00 410,654.99
10399020-00 Due from Officers and Employees 8,879.56 0.00 8,879.56
Grand Total 93,459,441.86 12,550,520.32 106,009,962.18

Accounts Receivable consists mainly of unpaid accounts of Philippine Health Insurance


Corporation (PHIC) patients, patients with promissory notes and employees of the University
Medical Center. Pending action of COA Central Office regarding the request for write-off of
accounts with no promissory notes, an allowance for doubtful account is provided to establish the
remoteness of its collection based on the age of receivables as follows: 01-60 days–1%; 61-180
days-2%; 181 days-1 year-3%; more than 1 year-5%.

Receivables from Disallowances and other Charges include disallowances of prior years issued
by the Commission on Audit (COA) net of refunds.

The Loans receivable includes loans granted to students under the Students Financial Assistance
Program (StuFAP) and Student Assistance Fund for Education (SAFE) from the Commission on
Higher Education (CHED).

34
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
8.2 Aging/Analysis of Receivables

2021

Account Title Total Past Due


Current
< 30 days 30-60 days > 60 days

Accounts Receivable 131,546,305.27 82,491,644.44 6,455,797.77 5,621,585.23 36,977,277.83

Allowance for Impairment - Accounts Receivable (37,742,166.39) (1,238,025.88) (4,804,097.00) (4,183,315.79) (27,516,727.72)

Notes Receivable 0.00 0.00 0.00

Loans Receivable - Others 1,216,563.00 1,216,563.00 0.00

Due from National Government Agencies 3,470,212.60 3,470,212.60 0.00

Due from Local Government Units 44,593.02 44,593.02 0.00

Receivables - Disallowances/ Charges 7,054,920.13 7,054,920.13 0.00

Other Receivables 410,654.99 410,654.99 0.00

Due from Officers and Employees 8,879.56 8,879.56 0.00

106,009,962.18 93,459,441.86 1,651,700.77 1,438,269.44 9,460,550.11

9. Inventories

Account Code Account Title 2021 2020


10404010-00 Office Supplies Inventory 1,733,569.79 9,153,211.82
10404020-00 Accountable Forms, Plates and Stickers Inventory 769,084.60 2,994,064.60
10404030-00 Non-Accountable Forms Inventory 0.00
10404040-00 Animal/Zoological Supplies Inventory 2,098,828.50 1,315,130.00
10404050-00 Food Supplies Inventory 334,160.00 305,060.00
10404060-00 Drugs and Medicines Inventory 7,650,752.54 8,270,716.99
10404070-00 Medical, Dental and Laboratory Supplies Inventory 33,673,588.44 29,141,866.97
10404080-00 Fuel, Oil and Lubricants Inventory 66,216.89 22,532.99
10404090-00 Agricultural and Marine Supplies Inventory 76,635.00 12,280.00
10404100-00 Textbooks and Instructional Materials Inventory 879,335.00 561,710.00
10404110-00 Military, Police and Traffic Supplies Inventory 0.00
10404130-00 Construction Materials Inventory 83,283.00
10404990-00 Other Supplies and Materials Inventory 4,132,305.41 7,820,491.45
10405030-00 Semi-Expendable Information and Communications Technology Equipment 41,000.00
10405100-00 Semi-Expendable Medical Equipment 9,856.00
10406010-00 Semi-Expendable Furniture and Fixtures 757,900.00 332,650.00
Grand Total 52,255,659.17 59,980,570.82

35
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

2021

Inventories Reversal of
Inventories Inventory
carried at the Inventory
Accounts carried at write-down
lower of cost write-down
fair value recognized
and net recognized
less cost to during the
realizable during the
sell year
value year

Inventory Held for Consumption


Carrying Amount, January 1, 2021 59,980,570.82 0.00 0.00 0.00
Additions/Acquisitions during the year 227,893,430.24 0.00 0.00 0.00
Expensed during the year except write-down 235,618,341.89 0.00 0.00 0.00
Write-down during the year 0.00 0.00 0.00 0.00
Reversal of Write-down during the year 0.00 0.00 0.00 0.00
Carrying Amount, December 31, 2021 52,255,659.17 0.00 0.00 0.00
TOTAL CARRYING AMOUNT, DECEMBER
52,255,659.17 0.00 0.00 0.00
31, 2021

10. Investment Property

The West Visayas State University has no investment property recorded in the books.

36
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
11. Property, Plant and Equipment

Furniture, Other Property,


Land Infrastructure Building & Other Machinery and Fixtures and Transportation Plant and Construction in
Land Improvements Assets Structures Equipment Books Equipment Heritage Assets Equipment Progress Total
Carrying Amount,
January 1, 2021 273,408,558.18 18,958,524.85 27,629,019.33 1,023,425,449.81 626,502,748.22 38,793,741.03 27,317,769.93 120,450.00 3,450,212.10 151,900,024.59 2,191,506,498.04
Additions/Acquisitions - - 7,989,824.25 16,550,885.99 76,409,313.22 2,464,834.05 1,650,000.00 20,000.00 131,937.02 56,771,891.56 161,988,686.09
Completed Projects (8,245,538.81) (8,245,538.81)
Reclassified/Adjustmen
ts (2,662,841.20) (354,600.63) (3,643,273.51) (11,088,842.68) (2,868,225.10) (729,072.50) (1,227,481.22) 1,407,831.00 (21,166,505.84)
Total 273,408,558.18 16,295,683.65 35,264,242.95 1,036,333,062.29 691,823,218.76 38,390,349.98 28,238,697.43 140,450.00 2,354,667.90 201,834,208.34 2,324,083,139.48
Disposals (1,980,577.29) (18,617.00) - (1,999,194.29)
Loss Assets -
Depreciation (as per
Statement of Financial
Peformance) - (968,307.75) (2,939,972.13) (33,453,618.05) (63,196,101.33) (3,880,121.34) (4,226,217.48) (457,257.11) - (109,121,595.19)

Impairment Loss (as


per Statement of
Financial Performance) -
Carrying Amount,
Dec. 31, 2021 273,408,558.18 15,327,375.90 32,324,270.82 1,002,879,444.24 626,646,540.14 34,491,611.64 24,012,479.95 140,450.00 1,897,410.79 201,834,208.34 2,212,962,350.00
Gross Cost (Asset
Account 273,408,558.18 29,086,322.82 44,972,824.99 1,268,473,005.11 995,538,434.46 66,045,968.61 44,228,482.30 140,450.00 6,630,630.60 201,834,208.34 2,930,358,885.41
Balance per
Statement of
Financial Position)
Less:
Accumulated
Depreciation (13,758,946.92) (12,648,554.17) (265,593,560.87) (368,891,894.32) (31,554,356.97) (20,216,002.35) (4,733,219.81) (717,396,535.41)
Allowance of
Impairment
Carrying Amount,
December 31,
2021
(As per Statement
of
Financial
Position) 273,408,558.18 15,327,375.90 32,324,270.82 1,002,879,444.24 626,646,540.14 34,491,611.64 24,012,479.95 140,450.00 1,897,410.79 201,834,208.34 2,212,962,350.00

12. Biological Assets

12.1 Reconciliation of the amount of Breeding Stocks

Carrying Amount as of January 1, 2021 * 1,181,977.50


Gain arising from changes in fair value less cost to sell
Table 1
attributable to physical changes 400.00
Loss from changes in FV less cost to sell due to physical change Table 2 (100,680.00)
Gain on Initial Recognition of Biological Assets Table 3 6,750.00
Loss from changes in FV less cost to sell due to price change Table 4 (74,200.00)
Decrease due to Sales Table 5 (102,500.00)
Carrying Amount at December 31, 2021 911,747.50
* Includes beginning balance of P812,877.50 and additional purchases of chicken
breeding stocks amounting to P369,100.00

37
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
Table 1. Gain arising from changes in fair value less cost to sell attributable to physical changes

Date Recognized Qty. CAFV PAFV Difference Amount


Cattle
December 31, 2021 1 7,475.00 7,125.00 350.00 350.00
December 31, 2021 1 2,750.00 2,700.00 50.00 50.00
400.00

Table 2. Loss from changes in FV less cost to sell due to physical change
Date Recognized Qty. CAFV PAFV Difference Amount
Cattle
December 31, 2021 1.00 8,525.00 17,250.00 (8,725.00) (8,725.00)
December 31, 2021 1.00 9,875.00 16,500.00 (6,625.00) (6,625.00)
December 31, 2021 1.00 8,875.00 15,750.00 (6,875.00) (6,875.00)
December 31, 2021 1.00 9,125.00 15,000.00 (5,875.00) (5,875.00)
December 31, 2021 1.00 8,000.00 15,000.00 (7,000.00) (7,000.00)
December 31, 2021 1.00 7,400.00 15,375.00 (7,975.00) (7,975.00)
December 31, 2021 1.00 6,875.00 11,250.00 (4,375.00) (4,375.00)
December 31, 2021 1.00 2,150.00 10,800.00 (8,650.00) (8,650.00)
December 31, 2021 1.00 1,700.00 3,240.00 (1,540.00) (1,540.00)
Carabao
December 31, 2021 1.00 23,400.00 27,600.00 (4,200.00) (4,200.00)
December 31, 2021 1.00 15,800.00 24,400.00 (8,600.00) (8,600.00)
December 31, 2021 1.00 9,560.00 18,400.00 (8,840.00) (8,840.00)
Pigs
December 31, 2021 1.00 8,775.00 15,300.00 (6,525.00) (6,525.00)
December 31, 2021 1.00 8,775.00 13,875.00 (5,100.00) (5,100.00)
December 31, 2021 1.00 8,775.00 13,450.00 (4,675.00) (4,675.00)
December 31, 2021 1.00 8,775.00 13,875.00 (5,100.00) (5,100.00)
(100,680.00)

Table 3. Gain on Initial Recognition of Biological Assets


Date Recognized Qty. CAFV PAFV Difference Amount
Cattle (Calf weighing 75 kgs)
Dec. 31, 2021 1 4,500.00 0 4,500.00 4,500.00
Cattle (Calf weighing 30kgs)
Dec. 31, 2021 1 2,250.00 0 2,250.00 2,250.00
6,750.00

38
December 31, 2021 1.00 23,400.00 27,600.00 (4,200.00) (4,200.00)
December 31, 2021 1.00 15,800.00 24,400.00 (8,600.00) (8,600.00)
December 31, 2021 West 1.00 Visayas 9,560.00 State 18,400.00 University (8,840.00) (8,840.00)
Pigs (Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
December 31, 2021 1.00 8,775.00
Iloilo, Philippines 15,300.00 (6,525.00) (6,525.00)
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
December 31,*2021 1.00
Website: www.wvsu.edu.ph
8,775.00 13,875.00 (5,100.00)
* Email Address: president@wvsu.edu.ph
(5,100.00) Acc. No.: M2700903PM

December 31, 2021 1.00 8,775.00 13,450.00 (4,675.00) (4,675.00)


PHI-18939-2-QM
December 31, 2021 1.00 Notes to Financial
8,775.00 Statements
13,875.00 (5,100.00) (5,100.00)
For the year ended December 31, 2021 (100,680.00)

Table 3. Gain on Initial Recognition of Biological Assets


Date Recognized Qty. CAFV PAFV Difference Amount
Cattle (Calf weighing 75 kgs)
Dec. 31, 2021 1 4,500.00 0 4,500.00 4,500.00
Cattle (Calf weighing 30kgs)
Dec. 31, 2021 1 2,250.00 0 2,250.00 2,250.00
6,750.00

Table 4. Loss from Changes in FV Less Cost to Sell due to Price Change
Date Recognized Qty. CAFV PAFV Difference Amount
Cattle
December 31, 2021 1 8,525.00 13,970.00 (5,445.00) (5,445.00)
December 31, 2021 1 9,875.00 15,950.00 (6,075.00) (6,075.00)
December 31, 2021 1 8,750.00 14,300.00 (5,550.00) (5,550.00)
December 31, 2021 1 9,125.00 14,850.00 (5,725.00) (5,725.00)
December 31, 2021 1 8,000.00 13,200.00 (5,200.00) (5,200.00)
December 31, 2021 1 7,400.00 12,320.00 (4,920.00) (4,920.00)
December 31, 2021 1 6,875.00 11,550.00 (4,675.00) (4,675.00)
December 31, 2021 1 2,150.00 3,850.00 (1,700.00) (1,700.00)
December 31, 2021 1 1,700.00 3,300.00 (1,600.00) (1,600.00)
Carabao
December 31, 2021 1 23,400.00 33,550.00 (10,150.00) (10,150.00)
December 31, 2021 1 15,800.00 23,100.00 (7,300.00) (7,300.00)
December 31, 2021 1 9,560.00 14,520.00 (4,960.00) (4,960.00)
Pigs - -
December 31, 2021 1 8,775.00 11,500.00 (2,725.00) (2,725.00)
December 31, 2021 1 8,775.00 11,500.00 (2,725.00) (2,725.00)
December 31, 2021 1 8,775.00 11,500.00 (2,725.00) (2,725.00)
December 31, 2021 1 8,775.00 11,500.00 (2,725.00) (2,725.00)
(74,200.00)

39
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
Table 5. Decrease Due to Sales
Date Recognized Qty. Amount
December 31, 2021 1 12,500.00
December 31, 2021 1 10,000.00
December 31, 2021 1 15,500.00
December 31, 2021 1 11,000.00
December 31, 2021 1 8,500.00
December 31, 2021 1 7,000.00
December 31, 2021 1 15,000.00
December 31, 2021 1 15,000.00
December 31, 2021 1 4,000.00
December 31, 2021 1 4,000.00
102,500.00

13. Intangible Assets

2021
Particulars Computer Other Intangible
Total
Software Assets

Carrying Amount, January 1, 2021 14,706,532.56 0.00 14,706,532.56


Additions-Internally Developed 1,250,000.00 0.00 1,250,000.00
Additions-Purchased/Acquired thru exchange
0.00 0.00 0.00
on non-exchange transaction
Impairment Loss Reversed (As per Statement
0.00 0.00 0.00
of Financial Performance)
Total 15,956,532.56 0.00 15,956,532.56
Disposals 0.00 0.00 0.00
Amortization recognized (As per Statement of
383,011.50 0.00 383,011.50
Financial Performance)
Impairment Loss Reversed (As per Statement
0.00 0.00 0.00
of Financial Performance)
Other Changes 0.00 0.00 0.00

Carrying Amount, December 31, 2021 (As


15,573,521.06 0.00 15,573,521.06
per Statement of Financial Position)

Gross Cost (Balance per Statement of Financial


16,947,128.63 0.00 16,947,128.63
Position)
Less: Accumulated Amortization (including
(1,373,607.57) 0.00 (1,373,607.57)
accumulated impairment loss)

Carrying Amount, December 31, 2021 (As


15,573,521.06 0.00 15,573,521.06
per Statement of Financial Position)

40
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
The intangible assets consist the various computer software reclassified from Information
Communication Technology Equipment and development costs of the enrolment system of the
University.

14. Other Assets

14.1 Current and Non-Current Other Assets

2021 2020
Account Code Account Title
Current Non-Current Current Non-Current
19901020-00 Advances for Payroll 0.00 1,140,515.63 0.00 0.00

19901030-00 Advances to Special Disbursing Officer 0.00 3,745,171.30 0.00 269,716.80

19901040-00 Advances to Officers and Employees 0.00 0.00 0.00 0.00

19902010-00 Advances to Contractors 0.00 18,899,457.50 0.00 8,352,203.33

19902030-00 Prepaid Registration 0.00 0.00 0.00 0.00

19902050-00 Prepaid Insurance 0.00 39,197.38 0.00 100,109.79

19902990-00 Other Prepayments 0.00 39,271.42 0.00 39,271.42

19903020-00 Guaranty Deposits 0.00 1,918,198.00 0.00 1,854,388.00

19999990-00 Other Assets 0.00 835,325.74 0.00 1,219,306.00

19999991-00 Accumulated Impairment Losses - Other Assets 0.00 0.00 0.00 (39,723.30)

Grand Total 0.00 26,617,136.97 0.00 11,795,272.04

14.2 Contingent Assets

The University has no contingent assets.

15. Financial Liabilities

15.1 Payables

2021 2020
Account Code Account Title Current Non-Current Current Non-Current
20101010-00 Accounts Payable 139,090,273.78 0.00 250,927,295.58 0.00
20101020-00 Due to Officers and Employees 1,032,434.55 0.00 844,970.23 0.00
Grand Total 140,122,708.33 0.00 251,772,265.81 0.00

Accounts payable comprises the valid and legal obligations to internal and external creditors for
goods and services that have been delivered, rendered and accepted as of December 31, 2021.
Checks that became stale in the hands of the payees but were requested for replacement were
also recorded as accounts payable. In addition, unreleased checks as of December 31, 2021
were also reverted to appropriate payable accounts.

15.2 Bills/Bonds/Loans Payable

The University has no Bills/Bonds/Loans Payable.

41
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

16. Inter-Agency Payables

2021 2020
Account Code Account Title Current Non-Current Current Non-Current
20201010-00 Due to BIR 18,805,235.56 0.00 5,998,870.32 0.00
20201020-00 Due to GSIS 474,516.94 0.00 184,569.63 0.00
20201030-00 Due to Pag-IBIG 144,447.09 0.00 48,416.44 0.00
20201040-00 Due to PhilHealth 208,044.97 0.00 86,661.69 0.00
20201050-00 Due to NGAs 97,273,187.95 0.00 106,891,144.20 0.00
20201060-00 Due to GOCCs 64,239.69 0.00 106,589.69 0.00
20201070-00 Due to LGUs 257,266.58 0.00 257,266.58 0.00
Grand Total 117,226,938.78 0.00 113,573,518.55 0.00

17. Trust Liabilities

2021 2020
Account Code Account Title Current Non-Current Current Non-Current
20401030-00 Bail Bonds Payable 0.00 0.00 0.00 0.00
20401040-00 Guaranty/Security Deposits Payable 54,735,312.56 0.00 59,135,402.51 0.00
Grand Total 54,735,312.56 0.00 59,135,402.51 0.00

18. Deferred Credits/Unearned Income

No deferred/credits/unearned income was recognized for the year.

19. Provisions

No provisions were recorded for the year.

20. Other Payables

This account includes amounts received from private entities for scholarships and for
implementation of special projects subject to liquidation.

Account Code Account Title 2021 2020


29999990-00 Other Payables 235,792,465.44 255,198,325.21
Grand Total 235,792,465.44 255,198,325.21

21. Tax Revenue

The University has no tax revenue.

42
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
22. Service and Business Income

Account Code Account Title 2021 2020


40201010-00 Permit Fees 0.00 0.00
40201020-00 Registration Fees 0.00 0.00
40201030-00 Registration Plates, Tags and Stickers Fees 0.00 0.00
40201040-00 Clearance and Certification Fees 0.00 0.00
40201090-00 Legal Fees 0.00 0.00
40201140-00 Fines and Penalties - Service Income 0.00 0.00
40201990-00 Other Service Income 1,167,168.86 0.00
40202010-00 School Fees 148,673,987.66 181,155,002.60
40202020-00 Affiliation Fees 368,250.00 246,500.00
40202030-00 Examination Fees 0.00 0.00
40202040-00 Seminar/Training Fees 0.00 121,900.00
40202050-00 Rent/Lease Income 1,079,649.60 164,306.09
Income from Hostels/Dormitories and Other Like
40202130-00 Facilities 552,980.00 831,610.00
40202150-00 Income from Printing and Publication 14,114,380.63 38,000,342.56
40202160-00 Sales Revenue 176,115,994.67 164,514,126.82
40202170-00 Hospital Fees 213,626,836.50 163,765,891.75
40202210-00 Interest Income 217,658.37 713,595.54
40202230-00 Fines and Penalties - Business Income 12,093.52 45,376.35
40202240-00 Service Concession Revenue 0.00 0.00
40202990-00 Other Business Income 334,807,870.86 301,892,327.47
50402010-00 Cost of Sales (145,287,018.52) (159,752,859.56)
Grand Total 745,449,852.15 691,698,119.62

The service and business income consists of collections from tuition and other school fees as well
as hospital and related fees which the University is authorized to collect by virtue of Republic Act
(RA) 8292 otherwise known as the “Higher Education Modernization Act of 1997.” This includes
tuition and other school fees for baccalaureate degrees reimbursed by the Commission on Higher
Education (CHED) with the passage of Republic Act No. 10931 or the Universal Access to Quality
Tertiary Education and other scholarship grants provided by other National Government Agencies
and private scholarship institutions. Also included are other fees collected from other sources like
income from University Resource Generation Projects (URGP), hospital fees, training fees and
income from service providership agreements and reimbursement of power and other overhead
expenses from use of school and hospital facilities recorded as rental income.

23. Shares, Grants and Donations

Account Code Account Title 2021 2020


40402020-00 Income from Grants and Donations in Kind 212,060.00 608,910.50
Grand Total 212,060.00 608,910.50

The Shares, Grants and Donations consists of donations in kind consisting of elevator from private
entity and hospital and medical equipment from the Department of Health (DOH).

43
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

24. Personnel Services

Sub-Major Account Group 2021 2020


Salaries and Wages 788,677,896.53 765,921,491.89
Other Compensation 424,567,535.89 345,784,852.23
Personnel Benefit Contributions 106,650,259.94 39,507,583.00
Other Personnel Benefits 48,375,321.84 33,229,848.72
Grand Total 1,368,271,014.20 1,184,443,775.84

24.1 Salaries and Wages

Account Code Account Title 2021 2020


50101010-00 Salaries and Wages - Regular 762,327,734.00 745,643,597.87
50101020-00 Salaries and Wages - Casual/Contractual 26,350,162.53 20,277,894.02
Grand Total 788,677,896.53 765,921,491.89

24.2 Other Compensation

Account Code Account Title 2021 2020


50102010-00 Personal Economic Relief Allowance (PERA) 37,800,379.88 37,401,606.51
50102020-00 Representation Allowance (RA) 2,185,421.00 2,071,098.75
50102030-00 Transportation Allowance (TA) 2,043,625.00 1,898,750.00
50102040-00 Clothing/Uniform Allowance 9,531,000.00 9,454,200.00
50102050-00 Subsistence Allowance 12,199,330.22 10,954,462.77
50102060-00 Laundry Allowance 1,364,630.04 1,225,187.46
50102070-00 Quarters Allowance 4,800.00 3,000.00
50102080-00 Productivity Incentive Allowance 1,430,000.00 1,745,000.00
50102100-00 Honoraria 43,908,440.73 18,987,637.92
50102110-00 Hazard Pay 74,260,472.50 63,675,288.22
50102120-00 Longevity Pay 10,535,340.01 8,896,276.34
50102130-00 Overtime and Night Pay 7,139,615.09 7,081,586.56
50102140-00 Year End Bonus 101,020,405.25 118,137,194.70
50102150-00 Cash Gift 7,998,250.00 7,684,750.00
50102990-00 Other Bonuses and Allowances 91,740,416.97 51,846,140.00
50102140-01 Year End Bonus - Civilian 4,253,822.20 4,722,673.00
50102160-00 Mid-Year Bonus 17,151,587.00 0.00
Grand Total 424,567,535.89 345,784,852.23

24.3 Employees Future Benefits

The West Visayas State University and its employees remit Retirement and Life Insurance
Premium (RLIP) premium to the Government Service Insurance System (GSIS) in accordance
with the Republic Act No. 8291. The GSIS administers the plan, including payment of pension

44
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
benefits to employees to whom the act applies. The retirement and life insurance plan is a defined
contribution plan. The contribution to the defined contribution plan amounted to government share
of at least P50 Million for the reporting period (12 percent government and 9 percent employee
share).

24.4 Personnel Benefit Contributions

Account Code Account Title 2021 2020


50103010-00 Retirement and Life Insurance Premiums 92,549,005.19 26,240,071.83
50103020-00 Pag-IBIG Contributions 2,229,614.52 2,151,229.30
50103030-00 PhilHealth Contributions 9,973,306.37 9,211,065.68
50103040-00 Employees Compensation Insurance Premiums 1,898,333.86 1,905,216.19
Grand Total 106,650,259.94 39,507,583.00

24.5 Other Personnel Benefits

Account Code Account Title 2021 2020


50104030-00 Terminal Leave Benefits 20,103,287.40 19,919,351.96
50104990-00 Other Personnel Benefits 28,272,034.44 13,310,496.76
Grand Total 48,375,321.84 33,229,848.72

25. Maintenance and Other Operating Expenses

Sub-Major Account Group 2021 2020


Awards/Rewards and Prizes 1,246,499.99 92,433.01
Communication Expenses 16,558,066.66 13,018,866.13
Confidential, Intelligence and Extraordinary Expenses 180,000.00 180,000.00
General Services 110,680,460.24 104,933,409.55
Other Maintenance and Operating Expenses 47,045,717.20 56,997,904.65
Professional Services 80,794,978.24 57,655,882.64
Repairs and Maintenance 17,572,885.52 10,504,254.78
Supplies and Materials Expenses 235,618,341.89 301,284,505.34
Survey, Research, Exploration and Development
Expenses 877,225.00 0.00
Taxes, Insurance, Premiums and Other Fees 5,035,295.62 4,221,122.63
Training and Scholarship 9,557,488.52 6,457,563.99
Traveling Expenses 863,259.22 3,664,694.84
Utility Expenses 49,894,580.31 56,688,524.72
Grand Total 575,924,798.41 615,699,162.28

45
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

25.1 Traveling Expenses

Account Code Account Title 2021 2020


50201010-00 Traveling Expenses - Local 840,069.22 3,664,694.84
50201020-00 Traveling Expenses - Foreign 23,190.00 0.00
Grand Total 863,259.22 3,664,694.84

25.2 Training and Scholarship Expenses

Account Code Account Title 2021 2020


50202010-00 Training Expenses 8,438,720.45 5,550,966.98
50202020-00 Scholarship Grants/Expenses 1,118,768.07 906,597.01
Grand Total 9,557,488.52 6,457,563.99

25.3 Supplies and Materials Expenses

Account Code Account Title 2021 2020


50203010-00 Office Supplies Expenses 17,939,714.82 23,808,450.93
50203020-00 Accountable Forms Expenses 2,456,448.60 2,158,622.40
50203030-00 Non-Accountable Forms Expenses 161,147.20 0.00
50203040-00 Animal/Zoological Supplies Expenses 1,867,847.00 1,195,032.50
50203050-00 Food Supplies Expenses 8,846,224.44 8,524,825.48
50203070-00 Drugs and Medicines Expenses 30,775,892.47 19,036,894.37
50203080-00 Medical, Dental and Laboratory Supplies Expenses 135,546,617.40 184,619,413.36
50203090-00 Fuel, Oil and Lubricants Expenses 2,641,502.06 2,299,098.70
50203100-00 Agricultural and Marine Supplies Expenses 362,088.00 418,635.00
50203110-00 Textbooks and Instructional Materials Expenses 1,750,936.00 3,120,010.34
50203990-00 Other Supplies and Materials Expenses 26,518,176.26 20,320,921.32
50203210-00 Semi-Expendable Machinery and Equipment Expenses 362,125.00 28,789,082.00
50203220-00 Semi-Expendable Furniture, Fixtures and Books Expenses 6,005,022.64 5,602,725.69
50203220-01 Semi Expendable Furniture and Fixture Expenses 57,760.00 0.00
Semi Expendable Information and Communications Technology
50203210-03 Equipment Expenses 208,150.00 356,967.00
50203210-10 Semi Expendable Medical Equipment Expenses 0.00 600,026.25
50203210-99 Semi Expendable Other Machinery and Equipment Expenses 118,690.00 0.00
50203220-02 Semi Expendable Books Expenses 0.00 433,800.00
Grand Total 235,618,341.89 301,284,505.34

25.4 Utility Expenses

Account Code Account Title 2021 2020


50204010-00 Water Expenses 10,938,038.68 9,746,993.47
50204020-00 Electricity Expenses 38,956,541.63 46,941,531.25
Grand Total 49,894,580.31 56,688,524.72

46
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
25.5 Communication Expenses

Account Code Account Title 2021 2020


50205010-00 Postage and Courier Services 5,519,124.38 5,284,660.85
50205020-00 Telephone Expenses 3,073,029.88 3,181,412.05
50205030-00 Internet Subscription Expenses 7,876,033.75 4,456,170.23
50205040-00 Cable, Satellite, Telegraph and Radio Expenses 89,878.65 96,623.00
Grand Total 16,558,066.66 13,018,866.13

25.6 Awards/Rewards and Prizes

Account Code Account Title 2021 2020


50206010-00 Awards/Rewards Expenses 1,246,499.99 92,433.01
50206020-00 Prizes 0.00 0.00
Grand Total 1,246,499.99 92,433.01

25.7 Survey, Research, Exploration and Development Expenses

Account Code Account Title 2021 2020


50207010-00 Survey Expenses 877,225.00 0.00
Grand Total 877,225.00 0.00

25.8 Demolition/Relocation and Desilting/Dredging Expenses

The University has not incurred Demolition/Relocation and Desilting/Dredging Expenses for the
reporting period.

25.9 Generation, Transmission and Distribution Expenses

The West Visayas State University has no Generation, Transmission and Distribution Expense for
the reporting period.

25.10 Confidential, Intelligence and Extraordinary Expenses

Account Code Account Title 2021 2020


50210030-00 Extraordinary and Miscellaneous Expenses 180,000.00 180,000.00
Grand Total 180,000.00 180,000.00

25.11 Professional Services

Account Code Account Title 2021 2020


50211010-00 Legal Services 545,982.00 433,067.00
50211020-00 Auditing Services 50,179.17 76,467.23
50211030-00 Consultancy Services 4,287,964.00 1,213,500.00
50211990-00 Other Professional Services 75,910,853.07 55,932,848.41
Grand Total 80,794,978.24 57,655,882.64

47
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

25.12 Repairs and Maintenance

Account Code Account Title 2021 2020


50213010-00 Repairs and Maintenance - Investment Property 0.00 0.00
50213020-00 Repairs and Maintenance - Land Improvements 0.00 0.00
50213030-00 Repairs and Maintenance - Infrastructure Assets 0.00 0.00
50213040-00 Repairs and Maintenance - Buildings and Other Structures 1,387,752.43 4,087,828.11
50213050-00 Repairs and Maintenance - Machinery and Equipment 14,618,300.64 5,435,952.21
50213060-00 Repairs and Maintenance - Transportation Equipment 968,717.86 934,444.46
50213070-00 Repairs and Maintenance - Furniture and Fixtures 249,550.00 6,000.00
50213990-00 Repairs and Maintenance - Other Property, Plant and Equipment 348,564.59 40,030.00
Grand Total 17,572,885.52 10,504,254.78

25.13 Taxes, Insurance Premiums and Other Fees

Account Code Account Title 2021 2020


50215010-00 Taxes, Duties and Licenses 272,179.12 194,549.63
50215020-00 Fidelity Bond Premiums 812,687.25 606,627.00
50215030-00 Insurance Expenses 3,950,429.25 3,419,946.00
Grand Total 5,035,295.62 4,221,122.63

25.14 Labor and Wages

The University has not incurred labor and wages expenses in 2021.

25.15 General Services

Account Code Account Title 2021 2020


50212010-00 Environment/Sanitary Services 3,904,968.02 198,273.30
50212020-00 Janitorial Services 10,095,902.87 11,689,958.37
50212030-00 Security Services 14,521,677.12 13,494,082.29
50212990-00 Other General Services 82,141,462.23 79,523,201.59
50212040-00 General Services 16,450.00 27,894.00
Grand Total 110,680,460.24 104,933,409.55

48
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
25.16 Other Maintenance and Operating Expenses

Account Code Account Title 2021 2020


50299010-00 Advertising Expenses 723,520.00 118,564.00
50299020-00 Printing and Publication Expenses 5,912,681.84 32,441,763.53
50299030-00 Representation Expenses 2,712,938.65 2,377,390.52
50299040-00 Transportation and Delivery Expenses 30,574.00 34,817.00
50299050-00 Rent/Lease Expenses 3,789,810.00 1,213,531.00
50299060-00 Membership Dues and Contributions to Organizations 474,430.00 270,573.07
50299070-00 Subscription Expenses 12,135,163.22 2,376,899.41
50299990-00 Other Maintenance and Operating Expenses 21,266,599.49 18,164,366.12
Grand Total 47,045,717.20 56,997,904.65

26. Financial Expenses

Account Code Account Title 2021 2020


50301040-00 Bank Charges 8,390.53 26,794.48
50299220-00 Bank Transaction Fee 9,747.18 2,030.00
Grand Total 18,137.71 28,824.48

27. Non-Cash Expenses

27.1. Depreciation

Account Code Account Title 2021 2020


50501010-00 Depreciation - Investment Property 0.00 0.00
50501020-00 Depreciation - Land Improvements 968,307.75 960,837.90
50501030-00 Depreciation - Infrastructure Assets 2,649,316.24 1,883,980.77
50501040-00 Depreciation - Buildings and Other Structures 32,529,200.54 23,002,983.52
50501040-99 Depreciation - Buildings and Other Structures - Other Structures 276,484.03 0.00
50501050-00 Depreciation - Machinery and Equipment 34,160,697.71 57,566,120.80
50501050-02 Depreciation - Machinery and Equipment -Office Equipment 690,290.88 50,086.80
50501050-03 Depreciation - Machinery and Equipment - ICT Equipment 1,587,552.91 83,320.60
50501050-07 Depreciation - Machinery and Equipment - Communication Equipment 19,072.80 0.00
50501050-11 Depreciation - Machinery and Equipment - Medical Equipment 21,331,941.65 24,938.27
Depreciation - Machinery and Equipment - Other Machinery and
50501050-99 Equipment 5,449,613.79 20,189.44
50501060-00 Depreciation - Transportation Equipment 3,308,003.19 2,541,521.82
50501060-01 Depreciation - Transportation Equipment - Motor Vehicles 59,142.86 1,501,678.57
50501070-00 Depreciation - Furniture, Fixtures and Books 3,302,087.82 2,972,806.55
50501070-01 Depreciation - Furniture, Fixtures and Books - Furniture and Fixtures 578,033.52 480,955.95
50501080-00 Depreciation - Leased Assets 0.00 0.00
50501090-00 Depreciation - Leased Assets Improvements 0.00 0.00
50501100-00 Depreciation - Heritage Assets 0.00 0.00
50501110-00 Depreciation - Service Concession Asset 0.00 0.00
50501990-00 Depreciation - Other Property, Plant and Equipment 1,247,850.14 464,554.04

49
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
Account Code Account Title 2021 2020
50501040-01 Depreciation - Buildings and Other Structures - Buildings 163,368.15 55,136.59
50501040-02 Depreciation - Buildings and Other Structures- School Buildings 484,565.33 0.00
50501050-01 Depreciation - Machinery and Equipment - Machinery 0.00 0.00
50501030-05 Depreciation - Infrastructure Assets - Power Supply Systems 290,655.89 47,445.06
Depreciation - Machinery and Equipment - Construction and Heavy
50501050-08 Equipment 25,410.00 0.00
Grand Total 109,121,595.20 91,656,556.68

27.2. Amortization

Account Code Account Title 2021 2020


50502010-00 Amortization - Intangible Assets 383,011.50 390,707.50
Grand Total 383,011.50 390,707.50

27.3. Impairment Loss

Account Code Account Title 2021 2020


50503020-00 Impairment Loss - Loans and Receivables 3,505,427.11 2,400,156.48
50503090-00 Impairment Loss - Property, Plant and Equipment 0.00 81,247.84
50503990-00 Impairment Loss - Other Assets 0.00 1,333,218.80
Grand Total 3,505,427.11 3,814,623.12

27.4. Losses

Account Code Account Title 2021 2020


50504050-00 Loss on Sale of Biological Assets 20,420.00 0.00
Grand Total 20,420.00 0.00

28. Net Financial Assistance/Subsidy

Account Code Account Title 2021 2020


40301010-00 Subsidy from National Government 1,512,254,395.51 1,329,521,624.19
40301020-00 Subsidy from Other National Government Agencies 1,025,168,369.00 852,602,855.00
50214020-00 Assistance to Other National Government Agencies (1,025,168,369.00) (852,602,855.00)
Grand Total 1,512,254,395.51 1,329,521,624.19

50
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021
29. Non-Operating Income, Gain or Losses

29.1. Non-Operating Income/Gain

Non-operating income was earned from auction sale of unserviceable property and liquidated
damages charged against suppliers and contractors with late deliveries/accomplishment.

Account Code Account Title 2021 2020


40601020-00 Sale of Unserviceable Property 624,745.00 200.00
40699990-00 Miscellaneous Income 2,511,482.54 3,259,674.02
Grand Total 3,136,227.54 3,259,874.02

29.2. Non-Operating Losses

Loss of assets from sale of unserviceable property and from changes in fair value of assets was
also recognized for the period.

Account Code Account Title 2021 2020


50504040-00 Loss on Sale of Property, Plant and Equipment 54,612.01 0.00
50504090-00 Loss of Assets 0.00 12,219.09
Loss from Changes in Fair Value Less Costs to Sell of
50504140-00 Biological Assets Due to Price Change 74,200.00 0.00
Loss from Changes in Fair Value Less Costs to Sell of
50504130-00 Biological Assets Due to Physical Change 100,680.00 219,319.00
Grand Total 229,492.01 231,538.09

30. Reconciliation of Net Cash Flows from Operating Activities to Surplus/ (Deficit)

Particulars 2021 2020


Surplus/(Deficit) for the period Total 203,585,789.06 128,889,473.34
Non-Cash movements: (96,429,890.01) 179,301,426.37
Depreciation 109,121,595.20 91,656,556.68
Amortization 383,011.50 390,707.50
Increase in Impairment Losses 3,505,427.11 3,814,623.12
Increase in Payables (181,570,838.80) 67,647,667.78
Increase in borrowings 0.00 0.00
Gains/losses on sale of property, plant and equipment 20,420.00 0.00
Gains/losses on sale of investments 0.00 0.00
Increase in other Current Assets (7,724,911.65) (13,809,548.43)
Increase in investments due to revaluation 0.00 0.00
Increase in receivables (20,394,085.38) 29,448,233.72
Gain from changes in FV of biological assets 229,492.01 156,186.00
Gain on initial recognition of biological assets 0.00 (3,000.00)
Net Cash Flows from Operating Activities 107,155,899.05 308,190,899.71

51
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

31. Related party transactions

The West Visayas State University has no related party transactions.

31.1 Key Management’s interest

The University key management personnel has no interest in the University.

31.2 Terms and Conditions of transactions with related parties

No terms and conditions of transactions with related parties has been made in the absence of
third-party transactions.

31.3 Key Management Personnel

The key management personnel of the West Visayas State University are the SUC President, the
Vice Presidents and the members of the governing body. The governing body consists of
members provided for in Section 3 of R.A. 8292 namely:

1. The Chairman of the Commission on Higher Education (CHED) as Chairman;

2. The President of the chartered SUC as Vice Chairman;

3. The Chairman of the Committee on Education of the Senate, Congress of the Philippines,
as member;

4. The Chairman of the Committee on Higher and Technical Education of the House of
Representatives, Congress of the Philippines, as member;

5. The Regional Director of the National Economic Development Authority (NEDA) of the
particular region where the chartered SUC is located;

6. Regional Director of the Department of Science and Technology (DOST) in case of science
and technological colleges;

7. Regional Director of the Department of Agriculture

8. The President/Chair/Head of the duly recognized Faculty Association (FA) of the chartered
SUC or the Federation President/Federation Chair/Federation Head thereof, as member;

9. The President of the supreme student council or the student representative elected by the
student council who shall be known as the Student Regent (SR) or Student Trustee (ST):
provided, that in the absence of a student council president or student representative
elected by the student council, the university or college shall schedule one (1) week for
the campaign and election of a student representative as member;

52
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

10. The President of the alumni association or the Federation of Alumni Association in SUCs
with multi- campuses preferably from tertiary programs as member;

11. Two (2) prominent citizens representing the private sector who have distinguished
themselves in their professions or fields of specialization chosen from among a list of at
least five (5) persons qualified in the city or the province where the school is located, as
recommended by the search committee constituted by the President in consultation with
the Chairman of the CHED based on the normal standards and qualifications for the
position as members;

12. The Regional Director of the Department of Science and Technology (DOST) in case of
science and technological colleges;

31.4 Key Management Personnel Compensation

The aggregate remuneration of members of the governing body and key management personnel
are as follows:

TYPE Pay type Grand Total


Key University Personnel Salaries and Other Benefits 4,943,316.02
Governing Board BOR Per Diem 142,500.00
Salaries and Other Benefits 2,925,915.06
Grand Total 8,011,731.08

Members of the governing board other than SUC President and the President of the Faculty
Association receives per diems only defined under DBM Circular No. 2003-6 for every attendance
in a board meeting where there is a quorum.

The SUC President and the President of the Faculty Association also receive meeting per diems
for every attendance in a board meeting where there is a quorum. In addition, they also receive
salaries; other personnel benefits and personnel benefit contributions as organic employees of the
West Visayas State University. Included also in the table are the salaries, other personnel benefits
and personnel benefit contributions of the senior management group consisting of the agency’s
four (4) Vice Presidents. The composition of the key management personnel reported in 2021
who are the members of the governing board and four (4) Vice Presidents were made consistent
with the quarterly Report on Salaries and allowances (ROSA) including Extraordinary and
Miscellaneous Expenses (EMEs) submitted also to the Commission on Audit (COA).

31.5 Remuneration and Compensation Provided to Close Family Members of Key


Management Personnel

TYPE Pay type Grand Total


Close Family Members of Key Management
Personnel Salaries and Other Benefits 4,141,753.06
Grand Total 4,141,753.06

53
West Visayas State University
(Formerly Iloilo Normal School)
Luna St., La Paz, Iloilo City 5000
Iloilo, Philippines
* Trunkline: (063) (033) 320-0870 loc 1102 * Telefax No.: (033) 320-0879
* Website: www.wvsu.edu.ph * Email Address: president@wvsu.edu.ph Acc. No.: M2700903PM

PHI-18939-2-QM
Notes to Financial Statements
For the year ended December 31, 2021

During the reporting period, total remuneration and compensation of P4,141,753.06 was provided
by the University to an employee who is a close family member of key management personnel
defined above up to 2nd degree of consanguinity and affinity.

32. Service concession arrangement

During the current reporting period, the West Visayas State University has not entered into a
service concession arrangement.

54

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