Nfjpiar3 1314 IRR No. 5 Inventory Management

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS
THE ORGANIZATION OF ACCOUNTANCY STUDENTS IN CENTRAL LUZON Federation Year 2013 2014 R3: Reaching Greater Heights Celebrating Three Decades of Unifying and Empowering the JPIAn Spirit
REGION III COUNCIL
IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF INVENTORY MANAGEMENT
REVISION HISTORY: Version No. 1 2 Date 5/22/2012 5/26/2013 Revised By Pauline Yehn Sebastian John Kendrick H. Pajarin Approved By Matthew U. Gopez Zheena E. Ocampo Noted By Conrad Allan M. Alviz Conrad Allan M. Alviz Details Initial Issue Annual Update
Implementing Rules and Regulations on Inventory Management National Federation of Junior Philippine Institute of Accountants Region III Council
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REGION III COUNCIL
TABLE OF CONTENTS
OBJECTIVES................................................................................................................................................................................................................................ 33 DEFINITION OF TERMS ....................................................................................................................................................................................................... 33 PURCHASING ............................................................................................................................................................................................................................. 33 USAGE............................................................................................................................................................................................................................................ 44 ASSIGNMENT OF COUNCILS PROPERTIES............................................................................................................................................................... 55 INVENTORY PROCEDURE................................................................................................................................................................................................... 77 ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS .................................................................................................... 77 AMENDMENTS OR REVISIONS ........................................................................................................................................................................................ 77 SEPARABILITY CLAUSE ....................................................................................................................................................................................................... 88 REPEALING CLAUSE .............................................................................................................................................................................................................. 88 EFFECTIVITY ............................................................................................................................................................................................................................. 88 OBJECTIVES ....................................................................................................................................................................... 3 DEFINITION OF TERMS..................................................................................................................................................... 3 PURCHASE .......................................................................................................................................................................... 3 USAGE ................................................................................................................................................................................. 4 ASSIGNMENT OF COUNCILS PROPERTIES................................................................................................................... 5 INVENTORY PROCEDURE ................................................................................................................................................ 6 ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS ................................................................... 7 AMENDMENTS OR REVISIONS ........................................................................................................................................ 7 SEPARABILITY CLAUSE ................................................................................................................................................... 7 REPEALING CLAUSE ......................................................................................................................................................... 8 EFFECTIVITY ...................................................................................................................................................................... 8
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REGION III COUNCIL
OBJECTIVES
To govern the proper usage of the C ouncils properties. To manage the usage of the Councils consumables in order to avoid misuse. To define the responsibilities of the officers to the Councils properties. To define the process of monitoring the inventory. To govern the assignment of properties to certain officers for proper handling purposes. To impose sanctions on any violations from this regulation.
Formatted: Justified
DEFINITION OF TERMS
Council shall pertain to the NFJPIA-Region III Council Officers shall pertain to the incumbent Regional Executive Officers Consumables shall pertain to something that is capable of being consumed; that may be destroyed, dissipated, wasted, or spent. (e.g., papers, paper clips, illustration boards, ink, etc.) Equipment shall pertain to those things used in operation or activity which is considered fixed (e.g., computer, printer, scanner etc.) Office Supplies shall pertain to those things which are smaller than equipments but arent consumables (e.g. , puncher, scissors, dry seal, rulers, etc.) Property shall pertain to all properties of the Council in general.
PURCHASING
A. Purchasing of office supplies, consumables and equipment which should be considered material shall only be done after the approval of the President and Regional Vice President for Finance. Request for reimbursement on advance purchase, using the officers own money, done without approval shall be void and willshall not be recognized even if evidenced by an official receipt. Advance purchase of office supplies and consumables which are considered immaterial shall only be reimbursed if purchase of such is proven to be necessary. Purchases having the amount of Php 300.00 and above should be considered material. This materiality basis should hold true with respect to all IRRs on Purchases alone. The purchase of office supplies, which shall be needed and used throughout the federation year, shall be a onetimedone in bulk event before the first major activity of the Ccouncil is rendered. The purchase of consumables needed for the rendering of activities shall be allowed any time as long as: E. P: 1. A proper budget, with a statement justifying the reason of the purchase, is submitted beforehand to the Regional Vice President- of Finance.
Comment [CMA1]: I dont understand. What do you mean by this?
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B. C. D. E.
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REGION III COUNCIL
1.2. The budget is approved by the Regional President and Regional Vice President for -Finance. 2.3. All the receipts pertaining to such purchase shall be surrendered to the Regional Vice President for Finance VP-Finance in the next meeting. F. G. H. The purchase of an equipment should only be allowed after a Board Resolution for such matter is made, meaning, the purchase of such equipment shall be first justified to all Regional Executive Officers. If the need arises to purchase additional office supplies, due to damage or lack of in the previous purchase, it shall be granted provided that it is supported with justifiable reason or the need is apparent to the situation. Future purchases collaborated with contracts should only be binding if a Board Resolution with regards to that matter is released bearing the signature of all the Regional Executive Officers. If none of the officers have disapproved within two days after the release of such Resolution, such Resolution shall take effect. Contract entered into, in the name of the councilCouncil, without undergoing the proper proceedings stated above, shall nevertheless be void and not binding with respect to the councilCouncil. Moreover, the parties involved shall be accused of defrauding the councilCouncil, thus subject to the punishment provided in this IRR. All properties shall be properly recorded by the Regional Vice President for Finance VP-Finance in a separate form intended solely for inventory purposes, the duplicate of such should be given to the Regional Secretary General and/or the assigned officer. The form shall include the following: Date of Purchase Name of Assignee/Position Name of the Object Description (Specific specific brand, model, etc.) Quantity Ppurchased Purchase Price Purpose of Ppurchase (as specific as possible) Signature of Regional Vice President -Finance Signature of Assignee
I.
J.
USAGE
A. B. C. D. Properties belonging to the council Council should be used solely for the events and activities rendered by the Ccouncil and shall be highly prohibited from personal use. The Workcom or RStancom and the Regional Executive Officer heading the event shall be jointly liable for damage and loss of properties while rendering events and activities. Usage of consumables should be on a First In First Out (FIFO) basis. Any equipment belonging to the council shall not, in any case, be lent to outside parties. Outside parties shall pertain to non-JPIA parties.
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REGION III COUNCIL
E.
Local chapters Chapters intending to borrow any equipment of the council shall be allowed given that: 1. At least one Regional Executive Officer is present to supervise the use of such equipment. 2. The use of the equipment should solely be for the purpose of rendering a task directly relative to the organization JPIA. 3. All Regional Executive Officers agree to let the Local Chapter borrow the equipment. The Local Chapter is required to exercise utmost diligence and due care for such properties. The Local Chapter shall be liable for the damage or loss of borrowed equipment. The Local Chapter shall be required to replace the damaged or loss equipment plus a fine of Php 200.00. If it is proven that the Regional Executive Officer assigned to supervise the borrowed equipment is at fault for the damage or loss of equipment then he/she shall be required to replace the damaged or loss equipment plus a fine of Php 200.00. A log book for equipment shall be kept by the Regional Secretary General. All equipment may only be released after recording such release in the log book. The log book shall include the following: Date Released Name of Equipment Name of Borrower Purpose for Borrowing Signature of Borrower Condition Before Release Date Returned Signature of Secretary General
F. G. H.
I.
ASSIGNMENT OF COUNCILS PROPERTIES

A. B. C. D. Generally, all supplies, consumables and equipments shall be under the supervision of the Regional Secretary General, unless it is specifically assigned to any other officer for a certain purpose. The Regional Secretary General and/or the assigned officer is required to exercise utmost diligence and due care for such properties. Generally, in case of material damages on any of the Ccouncils property under supervision, the liability shall be assumed by the Regional Secretary General and/or the assigned officer. For the exception to the above rule, the liability shall be assumed by the Ccouncil if the damages were caused by a fortuitous event. Provided that a formal document stating such fact is made thereafter by the Regional Secretary General and/or assigned officer and is communicated to all the other Regional Officers within five days after the damage occurs or had been discovered. The document shall serve as the protection of the Regional Secretary General and/or the assigned officer from being accused of gross negligence.
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REGION III COUNCIL
E. F.
Punishment shall be imposed, if proven as such, to the neglecting officer. He/ She willshall be required to replace the damaged property/ies plus a fine of Php 200.00. Every property under the supervision of an officer shall be supported by the form provided by the Regional Vice President for- Finance and such form shall be presented whenever the Regional Vice President- for Audit shawill conduct an inventory of the Coun cils properties. In case of requisition of consumables, it may be done at any time provided that a proper Rrequisition Fform shall be filled out by any officer who willshall need such materials. The form shall include the following: Date of Request Requesting Name of Officer who requested Name of Assignee Name of the oObject Description Quantity Reason for Rrequest (specific) Signature of Assignee Signature of Officer In case of request for re-assignment of oOffice sSupplies and eEquipments, a Rrequisition Fform should be filled out, containing the following details: Date of Request Requesting Officer Name of Officer Name of Assignee Name of the Object Description Quantity Reason for request (specific) Signature of Assignee Signature of Officer Such re-assignment shall be communicated with the Regional Vice President for Audit VP-Audit as soon as it actually occurred. The newly assigned officer should now be recognized as the assignee of the equipment in the records of the Regional Vice President for AuditVP-Audit.
G.
H.
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I. J.
A stock card shall be kept by the Regional Secretary General and/or the assigned officer for consumables assigned to them. The Regional Secretary General and/or the assigned officer have the responsibility to keep all necessary records pertaining to the properties they supervise.
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REGION III COUNCIL
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INVENTORY PROCEDURE
A. Inventory of the Councils properties should be rendered five days after every major event. It should be done by the Regional Vice President for AuditVP-Audit, assisted by the RStancom on Audit and Evaluation Assistance and in the presence of the assigned officer for such property. A variance amounting to Php 50.00 or less for consumables between the actual count and the expected on-hand (based on records) may be toleratedis considered immaterial. Any excess shall be a clear ground for further inspection. Equipments and/or oOffice sSupplies which, in the Regional Vice President for AuditVP-Audits opinion, isare no longer in its expected condition should be a ground for further inspection. Any officer who had been proven to defraud or have attempted to defraud the Ccouncil with respect to its properties shall be evaluated by the Regional Executive Officers and determine if subject for impeachmentimpeached from his/ her position.
B.
C. D.
ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

A. B. It shall be the primary duty of the Regional Vice President for Audit and the Council to effectively enforce the provisions of this Implementing Rules and Regulations. The Council also has the sole right to interpret the contents of this Implementing Rules & Regulations and their decision willshall be binding and irrevocable. The Regional Adviser or his duly designated representative shall act as legal adviser to the Regional Vice President for Audit and the Council and shall render legal assistance as may be necessary in carrying out the provisions of this Implementing Rules and Regulations.
AMENDMENTS OR REVISIONS
A. B. C. D. The Council shall be vested with the exclusive power to revise and amend the Implementing Rules and Regulations. Any amendments to or revisions to this Implementing Rules and Regulations may be proposed by any member of any local chapter upon a written request of such member, stating the reasons thereto. Any request for amendments and revisions as well as proposed amendments must initially be reviewed by the Regional Vice President for Audit then to be forwarded to the Regional Executive Officers for discussion, editing and final approval and to be noted by the Regional Adviser. The Regional Executive Officers shall have the right to debunk any proposed revisions and amendments, submitted to them by the Regional Vice President for Audit, which are deemed unnecessary. The final decision on any inclusions and exclusions to this Implementing Rules and Regulations must be determined by a majority vote of all Regional Executive Officers in which the Regional Vice President for Audit is included. Amendments to particular provisions in this Implementing Rules and Regulations shall be allowed provided that such amendments willshall be communicated to stakeholders at least two weeks before it could take effect.
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E.
REGION III COUNCIL
SEPARABILITY CLAUSE
If any clause, provision, paragraph or part of this Implementing Rules and Regulations shall be declared unconstitutional or invalid, such judgment shall not affect, invalidate, or impair any other part hereof, but shall be merely confined to the clause, provision, paragraph or part directly involved in the controversy in which such judgment has been rendered.
REPEALING CLAUSE
Any rule and regulation or resolution or part/s thereof inconsistent with the provisions of this Implementing Rules and Regulations are hereby repealed or modified accordingly.
EFFECTIVITY
This Implementing Rules and Regulations shall take effect immediately after its presentation and approval from the Assembly. Prepared by: ___________________________________ John Kendrick H. Pajarin VICE PRESIDENT FOR AUDIT Colegio de San Juan de Letran - Bataan Approved by: ___________________________________ Zheena E. Ocampo PRESIDENT Systems Plus College Foundation ___________________________________ Francis Xavier W. Ferrer VICE PRESIDENT FOR ACADEMICS Systems Plus College Foundation
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REGION III COUNCIL
___________________________________ Emil Julius T. David VICE PRESIDENT FOR NON ACADEMICS Holy Angel University
___________________________________ Leila Victoria R. Antonio VICE PRESIDENT FOR FINANCE Wesleyan University - Philippines
___________________________________ Enrico C. Rivera VICE PRESIDENT FOR MEMBERSHIP Tarlac State University
___________________________________ Adrianne B. Harve VICE PRESIDENT FOR COMMUNICATIONS University of the Assumption
___________________________________ Jane T. Villanueva VICE PRESIDENT FOR MEDIA Wesleyan University - Philippines Noted by: ___________________________________ Conrad Allan M. Alviz, CPA, CISA ADVISER SGV & Co.
___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University
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NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF INVENTORY MANAGEMENT

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Comment [CMA1]: I dont understand. What do you mean by this?

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

ASSIGNMENT OF COUNCILS PROPERTIES

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

Formatted: Font: 12 pt, Not All caps

ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

NATIONAL FEDERATION OF JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS

REGION III COUNCIL

___________________________________ Roy James S. Enrile SECRETARY GENERAL Baliuag University

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