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Remittance to the Treasury of excess BAC funds

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Remittance to the Treasury of excess BAC funds

Post by bsamg on Wed Jul 30, 2014 10:48 pm

Is the COA Auditor's instruction to remit to the Treasury the unexpended amount of BAC funds (bid doc fees, forfeited bid security, sales of copies of minutes, etc) at the end of the year proper?

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Re: Remittance to the Treasury of excess BAC funds

Post by bsamg on Wed Aug 06, 2014 10:28 am

No response yet. I wonder if any agencies have had a similar experience in the past?

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Re: Remittance to the Treasury of excess BAC funds

Post by regina avelino on Wed Aug 06, 2014 10:38 am

Please refer to Budget Circular No. 2004-5A

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Re: Remittance to the Treasury of excess BAC funds

Post by bsamg on Wed Aug 06, 2014 11:03 am

Thank you for your response Ms. Regina. The circular is indeed relevant. However, it seems the directive covers only NGAs (I guess because their funds are from GAA?). In the case of GOCCs and LGU (because their funds are internally generated or are sourced from IRA?) the excess becomes part of the corporate fund. In the case of SUCs, should not the situation of GOCCs and LGUs be the applicable case as a big chunk of their funds are also internally generated?

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Re: Remittance to the Treasury of excess BAC funds

Post by regina avelino on Fri Aug 22, 2014 3:04 pm

In my opinion, any excess should form part of the fund of the SUC, just like with that of the GOCC and LGU though you were right that this was not explicitly provided in the said circular.

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