Policy Research Helping Provide Affordable Rice to Filipinos

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ANNEX ISTATEMENT OF CASH FLOWSFor the year ended December 31, 2004With Comparative Figures for 20032004 Annual ReportCash Flow from Operating Activities2004 2003Cash Inflows:Receipt of Subsidy for Operations P 15,000,000 P 15,000,000Collection of Income/Revenues 1,521,987 3,835,420Collection of Receivables 2,346,667 3,738,140Collection of Interest Income - PIDS Proper 29,013,103 28,260,018Collection of Interest Income - PIDS Projects 228,241 253,362Receipt of refunds of cash advances and overpayments of expenses 727,828688,413Receipts of guaranty deposits 82,391 30,767Receipts of Project Fund 17,425,644 11,216,866Total Cash Inflows 66,345,861 63,022,986Cash Outflows:Cash payment for operating expenses 36,389,100 39,761,309Cash payment for project expenses 12,710,261 12,891,171Cash payment for payables incurred in operations 1,319,538 2,439,155Cash purchases of inventories 715,160 875,589Granting of cash advances/petty cash fund 495,525 1,276,218Advances to employees/projects 3,483,390 5,132,163Remittance of withholding taxes 189,475 34,080Refund of Performance/Bidders/Bail Bonds Payable 160,163 244,076Total Cash Outflows 55,462,612 62,653,761Total Cash Provided by Operating Activities 10,883,249 369,225Cash Flow from Investing ActivitiesCash Inflow:Receipt of proceeds from sale of property and equipment - 50,000Subsidy for Endowment Fund 7,300,000 7,300,000Proceeds from maturing Treasury bills PASCN 6,587,701 12,323,253Proceeds from maturing Treasury bills & Other Securities 159,262,731 151,033,944Proceeds from maturing Treasury bonds 75,800,000 54,500,000Total Cash Inflows 248,950,432 225,207,197Cash Outflow:Purchase of Property, Plant & Equipment 4,483,062 3,354,383Roll-over of PASCN investment 4,917,283 10,321,257Reinvestment in Treasury bills & Other Securities 136,690,926 170,656,109Reinvestment in Treasury bonds 110,325,039 42,361,029Total Cash Outflows 256,416,310 226,692,778Total Cash Used by Investing Activities (7,465,878) (1,485,581)Total Cash Provided by Operating and Investing Activities 3,417,371 (1,116,356)Add: Cash Balance, January 1, 2004 27,897,928 29,014,284Cash Balance, December 31, 2004 P 31,315,299 P 27,897,928See accompanying Notes to Financial Statements (Annex J).47
Philippine Institute for Development StudiesANNEX JNOTES TO PIDS FINANCIAL STATEMENTSI. GENERAL1. Basis of ReportingThe Philippine Institute for Development Studies, isa nonstock, nonprofit government research institutioncreated under PD 1201 on September 1977. TheInstitute’s nature of operation/principal program/activities include among others:- Provide analyses of socioeconomic problems andissues to support the formulation of plans and policiesfor sustained social and economic developmentin the Philippines;- Establish a continuing channel of communicationbetween policymakers and planners, on one hand,and researchers, on the other hand;- Establish a repository for economic research informationand other related activities.The Institute’s financial statements have been preparedin accordance with the generally accepted stateaccounting principles and standards.2. Significant Accounting Policiesa. Change in Accounting TreatmentAccounts were reclassified to conform with theNew Chart of Accounts prescribed under the revisedNew Government Accounting System.b. Correction of Fundamental ErrorsFundamental errors of prior years that are materialin amount are charged directly to RetainedEarnings account, while immaterial ones arecharged to current year’s operation.c. Inventories are valued at cost using moving averagemethod. This included cost of unused suppliesand materials, books, journals and workingpaper for various research projects for resale.d. Investments are recorded at cost, interest incomepertaining thereto are recognized on accrual basis.e. Property, Plant and Equipment are carried at costless accumulated depreciation. The straight - linemethod of depreciation is used based on theirestimated useful life ranging from 3-10 years. Aresidual value computed at 10 percent ( 10%) ofthe cost of asset is set and depreciation starts onthe second month after purchase. Property, Plantand Equipment acquired from the project fundare recorded as Fixed Assets-Held in Trust.f. Liabilities are recognized at the time they are incurred.g. Income and expenses are recorded using the accrualmethod of accounting.h. Transactions in foreign currencies are recordedin Philippine peso based on the BSP rate of exchangeat the date of transactions, and at the endof the year are revalued using the rate of exchangeat balance sheet date.II. BALANCE SHEET3. CashThis account represents the cash on hand of the disbursingofficer, cash in bank and time deposits at yearend. Dollar accounts were placed on time deposits withterms of 91 days. Those with terms of 360 days wereclassified as other investments (see attached schedule).4. Accounts ReceivablesThis account is broken down as follows:2004 2003Accounts Receivable P 30,345 P 49,034Due From Officers/Employees 169,728 173,965Due From NGAs 3,507,302 54,881Due From GOCCs 22,568 3,622,756Other Receivables– Miscellaneous 492,670 494,717Total Receivables 4,222,613 4,395,353Less: Allowance for Doubtful Accounts 2,961,052 1,495,434Net Realizable Value P 1,261,561 P 2,899,919During the year, a total amount of P1,465,618 was recordedas Allowance for Doubtful Accounts to presentfairly the receivable account in the financial statements.This amount represents 50 percent of the accountdue from Glorivic Salveron and the TariffProject.5. Interest ReceivablesThis account consists of accrued interest on investmentsin Treasury Bills and Bonds in the Bureau ofTreasury and dollar time deposits with Land Bank ofthe Philippines.48
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Page 48 and 49: ANNEX GBALANCE SHEETAs of December
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Page 58 and 59: 2004 Annual ReportANNEX QPIDS PROVI
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