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Saturday, September 03, 2005
Ask coops to pay P1.3M loans: COA
By Minerva B. Gerodias
Sun.Star Staff Reporter
Pinamungajan’s failure to collect payment for loans granted to local organizations and its failure to settle disallowed disbursements were among the violations the Commission on Audit (COA) pointed out in its 2004 report.
The annual audit report showed that the southwestern town has a disallowed disbursement in 2003 that amounted to P1.1 million.
But by the end of 2004, the town was only able to collect P324,971 or 29 percent of the total disallowed amount, leaving a balance of more than P784,000.
Auditors also pointed out that the town granted a P1-million loan to the Lamac Multi-Purpose Cooperative, through a trust fund created for the purpose, and P300,000 from the general funds to provide additional capital for the Pinamungajan Multi-Purpose Cooperative.
But records show there was no entry for loan repayment with the municipality. This means that town officials did not collect the money due.
COA told the town officials to “institute collections to restore the municipality’s funds” and use these for other “priority purposes.”
Mayor Jeffrey Yapha explained that the P1-million loan was from the Office of the President, for entrepreneurship projects.
He admitted the town has yet to start collecting payments from the cooperatives.
Yapha declined to explain further, saying his accountant will be the best person to discuss the matter. The municipal accountant could not be reached for comment yesterday.
The account for “Public Infrastructure and Government Equity” was also overstated by more than P800,000, said the COA report, because of the municipal accountant’s failure to transfer public infrastructure accounts to the Registry of Public Infrastructure.
The accounting office also failed to conduct a physical inventory of the stocked items.
(September 3, 2005 issue)
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