Minutes of Accounting Staff Meeting: Changes in Organization Job Description due to Outsourcing

FYI

---------- Forwarded message ---------
From: Don Aboga <dvaboga2006@yahoo.com>
Date: Wed, Feb 20, 2019 at 10:47 AM
Subject: MINUTES OF THE STAFF MEETING
To: Jorge Saguinsin <holygardens.groupnew@gmail.com>
Cc: Madel <madz2424@yahoo.com>, Madel HGMP <hgmpmrs@gmail.com>

Sir:

Based on our meeting yesterday, here are the functions of each remaining employees at the Head Office.

First, since Cherrie is scheduled to resign, her function as Accounts Payable Clerk will be handled by Alysha.  However, we have agreed that she will focus on finishing the JV sharing for SAN CARLOS for the months of AUGUST AND SEPTEMBER 2018.  She has already started filing the abstract for that months and will start validation against the official receipts issued.  However, all transactions from OCT-DEC. 2018 will be handled by our group (OUTSOURCE GROUP) specifically, the JV Sharing.

Alysha - upon assuming the function of Cherrie as AP, will handle the preparation of Check Voucher for the following payable, including the JV sharing for LA UNION and OTON (up to JAN. 2019 only since the outsource group will be doing all JV sharing for all JV partners.

• JV sharing for LA UNION for the period of JAN. 2019 (for check preparation)
• JV sharing for OTON for the period of DEC. 2018 and JAN. 2019 (no action yet)
• Payroll for all employees -  CV preparation and handling of approval of checks prepared
• Remittance of Mandatory Contribution for all SBUs, includes filing for BPI and Majorem
• BIR paymenets - CV preparation and approval of checks prepared
• Utility payments - CV preparation and approval of checks
• SBU request of funds
• SBU request for supplies and materials and other incidental expense

Joanne - handles all check preparation for all CV prepared by Alysha, including her finalizing the JV sharing for Calapan for the month of JAN. 2019 (for check preparation).  Also, she will still be handling all functions for Destiny Plans, which is a monthly preparation of FS, BIR payments Compliance Report, SEC, and IC.  Moreover, she will be doing the computation  of all BIR remittances for all SBU, Majorem and BPI.  Doing the price list (once a year or as needed) will still be her duty, until the Outsource group handles it.  I have also requested her to have a master list of all office furniture and fixtures, equipment, and company assets for BPI and Majorem.

Glize - will handle all inventory of lots for sale (need to reconcile with all the SBUs to come up with a reliable list).  She will also handles all request for title releases.  Aside from her regular duties, she will handle all communications, memorandum and coordination will all SBU.  Practically, she will be our Customer and Head Office Relation Officer (since Joanne seems to be ineffective coordinating with the SBUs)

Further,  since the head office needs to close all cash advance requests and liquidation, we have agreed that they need to submit a list of all pending requests for us to set a timeline to fully accomplish it.  We have agreed that since Cherrie is loaded with all these requests, Joanne and Alysha will pitch-in to validate all request.  As agreed, the main focus of Cherrie is to finish the JV sharing for San Carlos.

Until the Outsource Group have completed the programming, all other functions will be handled by the three (four including Cherrie) employees, particularly the preparation of SOA.

For your information.

Regards,

Don

--

Numbered Chart of Accounts for Majorem Lending Investors Inc.

PAGSASANAY SA TAGUMPAY

December 8, 2017


December 5, 2017

We are on the way to making the final draft of the numbered Chart of Accounts Majorem Lending. Check for vertical and horizontal logic and internal consistency.

1.  Start revising your CRB and CDB  (with respective trial balance to conform to this)

2. Start using numbered accounts as you do your CV and other reports

1. Prefix for business groupings.

    01    Holy Gardens Group:

           011      La Union

           012      Pangasinan

           013     Calamba

           014      Calapan

           015      Oton

           016      HAMP

           017    Malasiqui

    02    Bereavement Providers Inc

    03   Majorem Lending Investors Inc

    04   Destiny Financial Plans Inc

    05   Chapel Memorial Care Crematorium  and Services

    06   Columbary

2.  Chart of Accounts and Number

Account Number

Description

Account Type

1000

Cash

Asset

1010

Checking Account

Asset

1011

Savings Account

Asset

1012

Time Deposits

Asset

1060

Petty Cash Fund

Asset

1100

ICR - Other Debt Instruments

Asset

1210

Loan Installment Contract Receivable - Retail

Asset

1230

Business Loans (Non-HGMP)

Asset

1250

Corporate Loan

Asset

1251

Allowance for Doubtful Account

Asset

1310

Real Estate Held for Sale

Asset

(Owned and Acquired)

1420

Office Supplies

Asset

1530

 Prepaid Insurance

Asset

Property, Plant, and Equipment (account numbers 1700 - 1899)

1700

Land

1710

Buildings

        

1720

Leasehold Improvement

1730

Office Equipment

        

1732

Office Furniture

1780

Vehicles

1810

Accumulated Depreciation - Buildings

1811

Accumulated Depreciation - Leasehold

1830

Accumulated Depreciation - Equipment

1880

Accumulated Depreciation - Vehicles

Current Liabilities (account numbers 2003 - 2499)

2013

Notes Payable - PN

Liability

2023

Notes Payable - Various

Liability

2050

IF

Liability

2051

Insurance Fund Held - CAPF

Liability

2052

TVA

Liability

2053

ME

Liability

2054

PMS/PIS Funds Payable

Liability

20541

Insurance Fund Held

Liability

20542

Trust Fund Contribution

Liability

20543

Liquidity

Liability

20544

Principal

Liability

20545

VAT

Liability

20546

General Admin

Liability

20547

ME

Liability

20548

Commission

Liability

2100

Accounts Payable - Trade

Liability

2210

Salaries Payable

Liability

2111

Contributions and Remittances

Liability

21111

SSS Payable

Liability

21112

HDMF Payable

Liability

21113

Philhealth Payable

Liability

21114

Withholding Taxes Payable - Employees

Liability

21115

Withholding Taxes Payable - Others

Liability

2250

Taxes Payable

Liability

22501

VAT Payable

Liability

22502

Income Tax Payable

Liability

22503

Penalties

Liability

22504

Mayors Permit - Business Tax Payable

Liability

22505

RET - Tax Payable

Liability

22506

Doc Sci Payable

Liability

2310

Accrued Interest Payable

Liability

                   

2450

Unearned Revenues - Deferred Income

Liability

Long-term Liabilities (account numbers 2500 - 2699)

2510

Mortgage Loan Payable

Liability

2560

Bonds Payable

Liability

2565

Discount on Bonds Payable

Liability

Stockholders' Equity (account numbers 2700 - 2999)

2710

Common Stock, No Par

Equity

2750

Retained Earnings

Equity

2950

Treasury Stock

Equity

Operating Revenues  account numbers 3000 - 3999)

3150

Processing Fee

Income

3300

Interest

Income

3350

Penalties

Income

3400

Other Income

Income

3401

Income from Insurance Fund Held

Income

3402

Income from Trust Funds Held

Income

Cost of Goods Sold (account numbers 4000 - 4999)

4150

Interest Expense

Marketing Expenses (account numbers 5000 - 5199)

5010

Marketing Staff . Salaries

Expenses

5015

Marketing Staff. Payroll Taxes

Expenses

(SSS, HDMF, Philhealth Employees Contribution)

                       

5020

Marketing Staff - Supplies

Expenses

5060

Marketing Staff - Telephone

Expenses

5070

Commission

Expenses

5080

Transportation Allowance Expense

Expenses

5090

Promo Items

Expenses

5110

Prizes / Awards

Expenses

5120

Discounts

Expenses

5130

Gifts / Representation

Expenses

5140

Other Customer Service Expenses

Expenses

5150

Ads and Events

Expenses

Gen Admin            (account numbers 5900 - 5999)

5910

Staff Salaries

Expenses

5911

Allowances

Expenses

5915

Staff Payroll Taxes - SSS, PHIC, HDMF er

Expenses

5920

Wages - Contractual

Expenses

5930

Supplies

Expenses

5940

Rental

Expenses

5950

Communications & Postage

Expenses

5960

Repairs and Maintenance

Expenses

5970

Security

Expenses

5980

Local Taxes and Permits

Expenses

5990

Depreciation Expense

Expenses

5999

Management Fee

Expenses

Others (account numbers 9000 - 9999)

9180

Gain on Sale of Assets    

Non recurring Income

9610

Loss on Sale of Assets  

Non recurring Income

      

Significant accounting policies and definition

1. Loans  retail  loans granted to small borrowers, mostly Holy Gardens customers, not more than P100,000 and 50% of market value of the plots (current selling price of the plots)

2.  Business loans that are granted to non Holy Gardens customer fully secured by Real Estate mortgage

3.  Corporate loans are loans granted to members of Holy Gardens  group, that match and do not exceed funds that are in custody of Majorem Lending

4. Interest rate for loans and PN are set monthly in accordance with following parameterss

    1.  T bill rates 90 days +  3% for PN

         T bill rates 90 days +  3%   + 5% =   Prime rate for those with PN and funds held by MLII

    2.   Amount

    3.  Maturity

    4. Competition rates

        A matrix is set for this

5. No accrual is made for Loans Receivable

6. However, we book/credit interest income on PN and other special accounts held

   Interest is 50% of  the midrange highest rate say 4%  x 50%   =   2%

   The following are interest bearing account

            Memorial Care

            Interment Fee

            Trust Fund contribution

7.  Interest is computed quarterly by AA based on lowest monthly balance.

8. Sources of revenue:

       1.  Processing fee which is 2% of total

       2.  Interest on the loans which is straight financing (add on)

       3.   5% of the total TFC held based on the principal only

      4.  1.7% of  insurance fund held, or those collected from non insureable

      The rest of income of PIS, PMS:

      balance of collection fee  interest on the balance goes to GA of the funds

  9. The trust fund held may be allowed to invest in:

      1.  5 year  T bonds  at 4.2% coupon rate

      2.  Investment in 5 years to pay plots at 0 interest

Revised Numbered Chart of Accounts for Bereavement Providers Inc

PAGSASANAY SA TAGUMPAY

December 8, 2017
Here is the revised numbered chart  of accounts for Bereavement Providers Inc.

Proposed Chart of Accounts for Bereavement Providers

We are all accountable

1. Prefix for business groupings.

    0l    Holy Gardens Group:

           011      La Union

           012      Pangasinan

           013     Calamba

           014      Calapan

            015      Oton

            016      HAMP

            017    Malasiqui

    02    Bereavement Providers Inc

    03   Majorem Lending Investors Inc

    04   Destiny Financial Plans Inc

    05   Chapel Memorial Care Crematorium  and Services

    06   Columbary

2.  Chart of Accounts and Number 

     Prefix 03

      Current Assets (account numbers 1000 - 1699)

      

       Account Number                       Description                                    Type

         1000                                    Cash                                               Asset

         1010                                    Checking  Account                          Asset

         1060                                    Petty Cash Fund                              Asset

         1200                                 Accounts Receivable                            Asset

                                                      

                    12001                                  Advances to Employees

                    12002                                  Advances to Officers

                    12003                                  Advances to Affiliates

                    12004                                  Shortages

                    12005                                  Management Fee Receivable

                    12006                                  Trade Receivable

                     

        1250                                   Allowance for                                  Contra account

                                                    Doubtful Account

        1310                                    Real Estate Held for Sale                 Asset

        1410                                    Materials Inventory                         Asset

        1420                                    Office Supplies                               Asset

        1530                                    Prepaid Insurance                           Asset

Property, Plant, and Equipment (account numbers 1700 - 1899)

        1700                                 Land                                               Asset

        1710                                 Buildings                                          Asset

        

        1720                                 Leasehold Improvement                  Asset

   
         1730                                 Office     Equipment                       Asset

     
         1731                                 Interment  Equipment

        1732                                  Office Furniture

        1780                                  Vehicles                                        Asset

        1810                                Accumulated Depreciation - Buildings

   
        1811                                Accumulated Depreciation    - Leasehold

        1830                                Accumulated Depreciation - Equipment

        1880                                Accumulated Depreciation - Vehicles

        1900                                Investment in Affiliates

Current Liabilities (account numbers 2003 - 2499)

       2013                 Notes Payable - Credit Line #1                        Liability

       2023                 Notes Payable - Credit Line #2                        Liability

       2100               Accounts Payable  (Trade)                                Liability

       2210               Wages Payable                                                Liability

      2250                 Taxes Payable                                               Liability

                   22501                 VAT payable

                   22502                  Income Tax Payable

                   22503                  Penalties Payable

                   22504                   Mayors permit  (Business

                                                Tax Payable)

                   22505                   RET Payable

                   22506                   Doc Sci Stamps Payable

        2310              Interest Payable                                               Liability        

        2450             Unearned Revenues                                           Liability

                             Deferred Income      

        2500            Funds Payable                                                   Liability

       

Long-term Liabilities (account numbers 2500 - 2699)

       2510            Mortgage Loan Payable                                       Liability

       2560            Bonds Payable                                                   Liability

        2565           Discount on Bonds Payable

Stockholders' Equity (account numbers 2700 - 2999)

        2710          Common Stock, No Par                                       Equity

        2750          Retained Earnings                                               Equity

        2950        Treasury Stock                                                     Equity

Operating Revenues  account numbers 3000 - 3999)

         

         3150        Management Fees                                              Income

         3250       Promo Items Sold                                                Income

         3300       Training Fees                                                      Income

         3350        Processing and Transfer Fee                               Income

         3400       Commission Income from Repeat Sales                Income

Cost of Goods Sold (account numbers 4000 - 4999)

       4150            COGS -        Management  Fee                         Cost

              

       4250           COGS -         Promo Items                                 Cost

       4300           COGS -         Training  Fees                               Cost

       4350            COGS          Processing Fee                            Cost

                                                    

Gen Admin            (account numbers 5900 - 5999)

    5910           Staff Salaries                                                      Expenses

    5911           Allowances                                                         Expenses

    5920           Wages (Contractuals)                                          Expenses

   

    5915           Staff . Payroll Taxes                                             Expenses

                      (SSS Philhealth, HDMF)

   5930          . Supplies                                                            Expenses

   5940            Rental                                                                Expenses

   5950            Payroll Dept. Telephone                                       Expenses

                       Internet

   5960            Repairs and Maintenance                                    Expenses

  5970             Security                                                             Expenses

  5990              Local Taxes and Permits                                    Expenses

Significant accounting policies

1. Bereavement Providers Inc is a management company for the Holy Gardens Group:   memorial parks, CMCCS, Majorem Lending, Destiny Financials  It provides basic services to group like HR, accounting, financial management and system, (controls)  audit, record keeping and the like.

     It derives its income/revenues from management fee charged to Single Business unit, based on % of total revenues of BPI's total operating costs. More can be assessed to SBUs in case of deficiency.

    Audit accounting legal fees are charged at cost pro rata

2.   Other sources of revenues:

     1. Trading income -   If it is economical to buy in bulk materials that are  Class A  (small cost, large volume) and C:  small quantity big  price BPI orders this and sells this for at least 30% mark up)

     2. Training  fees  -   Are fees charged for orientation, and/or reimbursement for expenses that cover:   food, lodging, travel, transportation and others.   This is charged at cost +vat

        This also includes ppt training materials which is charged minimally at P2,000 each per SBU. The ppt are intellectual property/rights of BPI and shall not be downloaded in individual storage devices of individuals:  employees or third  parties without just compensation nor written consent of BPI

    3. Processing and transfer fees   These are fees charged to customers of SBUs

       Processing fee charged for normal issuance of CO/DOS of fully paid plots.  This covers documents cost, notarial, pouching costs, cover/container of documents, hand outs tips -   Estate Planning, Health tips, and promo items.   As of of 2017 this is P600.00/documents

      Transfer fee - this charged for special transaction

      1.  Issuance of new docs for lost documents (after executing affidavit of loss and affidavit of publication)

      2. Transfer (from living person to another  living person)  covers also exchanges)

      3.  Assignment (from a living person for use by a deceased)

      4.  Adjudication from a deceased to the heirs

      5.  ARU is shared 50% 50% between SBU and BPI;    CCRMA reflects the assignment of the plot to third parties