Fixing our Financial Affairs at BPI, Holy Gardens and Majorem Lending

TO          Accounting Staff of Majorem Lending, BPI and SBUs

cc:          Madelene

Objectives:   

1.  To present a clearer/truthful financial status of SBUs, Majorem Lending

2.  To return the discipline of budgeting and financial restraint and control

3.  To stabilize liquidity and financial records of BPI, Majorem Lending and SBUs

Reality:

1. The book balance of the SBUs could not be established because of the large amount of float running into:  (as of October 26, 2017)

                     HGLUMP    -       1,150, 277

                     HGPMP              4,379,219

                     HGGMP              1,781,029

                     HGCMP                 373,487

                     HGOMP              3,382,660

                     MLII                    1,015,663

                     BPI                        346,652

                       

                    Total                   12,082,307

 vs.  Reported  Bank              48,301,762   

       We have might have only real book balance of P36,000,000.  The bank balance might lull us into thinking that we have plenty of money

       The TA must quickly and decisively do a bank reconciliation.  The past Chief Accountant and other junior  senior management  missed. this.  This is serious finanncial management  problem

2.   The YTD collection and the bank balances do not reconcile say in 

      La Union  

     YTD collection is   

                                         

      Bank Balance                                              11,456,987

    The other bank balance and YTD seem to be making sense;  however this discrepancy tells that there is big problem in our system and records implementation including the diligence and skill of our trusted staff.  They should understand  the business and accounting more.

3.  The MLII accounting staff, owing to their being fresh, coupled with difficulty in obeying, and following instructions have not been able to determine  the following:

    1.   For PMS and PIS   

    TF

    Insurance

    Income of MLII    

   2.  For plot sales:

         1.  MC (the  new name for PC, which is not perpetual anyway)

         2.  ME

         3.  Collection fee

         4   VAT    

         For the current Hataw, as was given to Ms JC, in the table, only the 17% com shall be given to the sellers for the first year, and ME shall be collected for  ME on the second year, payable for the next 4 years

       The yellow pad scratch was given to the accounting staff

3.  Past  ME

    As per discussion, the accounting, ICR has not be able to deduct ME from the sharing for the last two years.   

   The mistaken belief by the TA is that the MLII shall make a SOA to AP.  In the past, 2 or 3 checks are made:   2 or 1 for the partners (2 for HGGMP AUG) and another check for marketing.  

   This seems to have been neglected

   The AP and ICR promised to remedy this ASAP.  In the end, we do not have enough funds or do not know the funds that we can use from promotion, Nov 1 preparation, prizes

4.  Liquidity and FS of MLII

    Our last recourse is the liquidity of Majorem Lending which should be between 20 to 30% of total assets (that should be between 20 to 30 million.

MLII has about 1/10th of that total

5.   FS

     We have to get a junior accountant at least to gather all the documents, for a part time, ,under contract chief accountant to do the FS

    The CA we got do not believe that by the sweat of thy face shall we earn our bread. 

    OUR HR SEEM TO BE HELPLESS or incapacitated to fulfill this task! (despite close mentoring)

6.  Our FS  and financial records in completer disarray.!D

     While we have plenty of staff, our record keeping, due to many challenges  (lack of skills and knowledge) slow absorption, and sometimes pure insubordination are hampering our efforts for a turn around, and setting our FS in order

WE WISH THAT THINGS WILL IMPROVE AND EVERYBODY WORKS HARD FOR THIS.  

We expect total management support for this; including hard work and closer supervision

    

               

                    

--

PAGSASANAY SA TAGUMPAY (Training for Success)

SETTING THE STANDARDS IN INTERMENT SERVICE

Innovation creates more wealth and more customers

  Jorge U. Saguinsin

  Be a BIDDA now

  RRURAC   (Read, Reflect, Understand, Realize Act, Check)

   Please visit the following sites:

   Holy Gardens Rewards

   Patsikot/SUV Promo

   Bonus pa more sa pagtulong sa bentang todo2

Notice:   This email address is a private property of Holy Gardens Group and its contents are private and confidential.    Its contents and attachment  may not be copied nor forwarded to parties other than the ones intended to,  nor can the contents be used other than the original intent  You are advised to delete the message you received if in case it may have been wrongly sent to your good office