Bachelor of Science (BS) in: .. Applied mathematics with information technology B.) Department of Accounting, Business and Finance (IABF). Since the school, which is the main core of the business, is located in the University Belt, the competitors are prestigious colleges and universities within the specified area.
Legal Proceedings
The employee and faculty unions have never gone on strike in the last ten years and do not pose a strike threat in the foreseeable future. Working capital: All of the company's working capital for existing operations for the fiscal year April 1, 2009 to March 31, 2010 was generated internally.
Submission of Matters to a Vote of Security Holders
OPERATIONAL AND FINANCIAL INFORMATION
Market for Registrants Common Equity and Related Stockholders Matters DIVIDENDS DECLARED FOR THE FISCAL YEAR ENDED MARCH 31, 2011
This includes the high, low and closing prices of shares traded from April 2010 to.
Management’s Discussion and Analysis or Plan of Operation
- Test of Liquidity
- Current ratio measures the number of times that the current liabilities could be paid with the available current assets (Adequate: at least 5:1)
- Quick ratio measures the number of times that the current liabilities could be paid with the available quick assets (Adequate: at least 1:1)
- Test of Solvency
- Equity to asset ratio measures the amount of assets provided by the owner relative to the total assets of the company (Adequate: 50% or more)
- Test of Profitability
- Return on total assets measures how well management has used its assets under its control to generate income (Adequate: at least equal to the
- Return on owner’s equity measures how much was earned on the owners’
- Earnings per share measures the net income per share
- Product Standard
- Teaching performance in the University is constantly being monitored to maintain a satisfactory level of excellence. Various incentives are given to
- The Philippine Association of Colleges and Universities Commission on Accreditation (PACUCOA) has granted Certificates of Level III Re-
- Performance of FEU graduates in their respective Board Exams is generally better than the national passing rate with the following board placers
- Below is a schedule of the first semester enrollment for the past 5 years
- Below is a schedule of Entrance and Entrance Merit Scholars for the past 5 years
- The current economic condition may still affect the sales/revenues/income from operations
- There are no known events that will trigger direct or contingent financial obligation that may be material to the company. There are also no known events that would result in
- There are no material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the company with
- There are no sales of Unregistered or Exempt Securities including Recent Issuance of Securities Constituting an Exempt Transaction
- A new school site (FEU Makati Campus) was constructed and opened in June 2010 at the Makati area to offer business courses. Its educational income for the year ended
- The Board of Trustees in its meeting held on March 16, 2010, also authorized the Corporation to join and participate as a party/co-venturer with PHI Culinary Arts and
- There are no significant elements of income or loss from continuing operations
- Seasonal aspects that has material effect on financial statements
- Solvency
- Debt to Equity ratio = Total liabilities Total Stockholder's Equity
- Debt to Asset ratio = Total liabilities
- Equity to Asset ratio = Total Stockholder's Equity
- Profitability
- Return on Assets = Net Profit
- Return on Owner's Equity = Net Profit
- Earning per share = Net Profit
Debt to asset ratio measures the amount of assets provided by the creditors in relation to the total amount of assets of the company. Equity in relation to assets measures the amount of assets provided by the owner in relation to the company's total assets (sufficient: 50% or more) in relation to the company's total assets (sufficient: 50% or more).
Financial Statements
THE FAR EASTERN UNIVERSITY, INCORPORATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDING MARCH AND 2009.
DRAFT
CORPORATE INFORMATION
The University is a private, non-sectarian institution of learning comprising the following various institutes offering specific courses namely Institute of Arts and Sciences; Department of Accounting, Business and Finance; Department of Education; Department of Architecture and Fine Arts; Department of Nursing; Department of Engineering; Institute of Law; and Department of Graduate Studies. SPARC is engaged in the business of organizing, owning, operating, managing and maintaining a sports facility for the rehabilitation and improvement of sports performance in the Philippines.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The amount of the impairment loss is recognized in the income statement in the statement of comprehensive income. All changes in the carrying amount of the investment, including impairment losses, are recognized in the income statement.
SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The University’s financial statements prepared in accordance with PFRS require
Analyzes of the carrying value of the AFS investments from. d) Useful lives of investment properties and property and equipment. Analyzes of the carrying amounts of investment properties and property and equipment are presented in Notes 8 and 9 respectively.
CASH AND CASH EQUIVALENTS
The university's policy regarding the assessment of impairment of non-financial assets is discussed in more detail in explanation 2.12. In 2009, the University did not recognize a loss due to the impairment of investment properties, properties and equipment and investments in subsidiaries, associates and joint ventures.
RECEIVABLES
In 2011, the option money of P43.7 million was returned to the university as it did not proceed with the acquisition; instead, the land was acquired by FRC (see Note 17.4). In connection with the improvements made to the Crans Montana property, the university paid advances to contractors amounting to P52.0 million, which were outstanding as of March 31, 2010.
AVAILABLE-FOR-SALE INVESTMENTS
Such advances are presented in the 2010 balance sheet as part of Other current assets. The related outstanding interest is presented as part of Accrued interest under Receivables in the balance sheet (see Note 5).
INVESTMENTS IN SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE
INVESTMENT PROPERTIES
A reconciliation of the book values of the investment properties at the beginning and end of 2009 is presented below. The fair value of the investment properties is P280.2 million as of March 31, 2011 and 2010 and P386.5 million as of March 31, 2009, which were determined based on the most recent valuation performed by an independent appraiser immediately after the end of the reporting periods. .
PROPERTY AND EQUIPMENT
ACCOUNTS PAYABLE AND OTHER LIABILITIES This account consists of
TRUST FUNDS
As discussed in Note 4, the amounts of cash and cash equivalents corresponding to the outstanding balances of these funds are presented as part of Other current assets in the statements of financial position, set aside and restricted for such purposes. In 2011, the majority of the balances of the fund that were set aside for the purposes listed above were fully utilized.
EDUCATIONAL REVENUES
OPERATING EXPENSES Operating expenses consists of
FINANCE INCOME
EMPLOYEES’ HEALTH, WELFARE AND RETIREMENT FUND The University maintains a funded and contributory retirement plan, which is a
INCOME TAXES
RELATED PARTY TRANSACTIONS
The University leases certain buildings located within the Manila campus premises from FRC for a period of 10 years from July 1, 2005 to June 30, 2015. Total remuneration of the University's key executives presented as part of salaries and allowances and staff benefits under the Teaching and academic expenses (see note 13) are as follows:.
EQUITY
In 2009, the University made a turnaround of appropriations amounting to P172.1 million related to facility expansion, repairs and improvements, acquisition of laboratory equipment and purchase of equipment and improvements. In 2011, the University turned over the appropriation for expansion of facilities and purchase of equipment in the amount of P379.3 million and appropriated an amount of
EARNINGS PER SHARE
COMMITMENTS AND CONTINGENCIES
The university has also signed a lease with Crans Montana for the land where the building has been occupied by FEU Makati since its inception. However, the University has reserved a portion of its retained earnings for these contingencies (see Note 18.2).
RISK MANAGEMENT OBJECTIVES AND POLICIES
The University's exposure to credit risk on its other debtors from debtors and related parties is managed through careful account monitoring and the setting of limits. The investments are continuously monitored and voting rights arising from these equity instruments are used in the University's favour.
CATEGORIES AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
CAPITAL MANAGEMENT OBJECTIVES, POLICIES AND PROCEDURES
SUPPLEMENTARY INFORMATION REQUIRED UNDER REVENUE REGULATIONS 15-2010
The group's share in a jointly controlled company is recognized in the group's consolidated financial statements using the equity method. The group's share of the joint venture's profit is adjusted for any unrealized gains arising from.
SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The Group’s consolidated financial statements prepared in accordance with PFRS
The Group estimates the useful life of investment properties and tangible fixed assets based on the period in which the assets are expected to be available for use. The Group's policy regarding impairment assessment of non-financial assets is discussed in more detail in note 2.14.
SEGMENT INFORMATION 1 Business Segments
Analyzes of the book value of investment properties and property, plant and equipment are shown in. Below is a reconciliation of the segment information of the Group with the main financial information in the consolidated financial statements (in thousands).
CASH AND CASH EQUIVALENTS
RECEIVABLES
P43.7 million in option money returned to the University after it did not pursue the purchase; the land was bought by the FRC instead. In connection with improvements made to the Crans Montana property, the University has made advances to contractors in the amount of P52.0 million as of March 31, 2010.
AVAILABLE-FOR-SALE INVESTMENTS
Interest income earned on these loans is presented as part of the financial income account in the consolidated statements of comprehensive income (see note 16). These advances are presented as part of the other current assets account in the 2010 consolidated statement of financial position.
REAL ESTATE HELD FOR SALE
INVESTMENTS IN AN ASSOCIATE AND JOINT VENTURE This account consists of the following as of March 31
As of March 31, 2010, until the JVC registration is approved by the SEC (see Notes 1 and 2.3), the amount contributed by the University is presented as advances to the joint venture in the registration in the investment in associate and joint venture account in the consolidated statement of financial position for 2010. Shares of the associated company and JV are not listed on the stock exchange; therefore, the fair value of the shares cannot be reliably determined.
INVESTMENT PROPERTY
The book value of the property at the date of sale was P2.3 million. Receivables arising from this transaction amounting to P70.2 million and P140.0 million as at March 31, 2011 and 2010, respectively, are presented as accounts receivable under the Accounts Receivable account in the 2010 Consolidated Balance Sheet (see Note 6).
PROPERTY AND EQUIPMENT
Interest expense capitalized as part of construction in progress related to the condominium unit amounted to P0.7 million in 2011, P1.0 million in 2010 and P0.9 million in 2009.
ACCOUNTS PAYABLE AND OTHER LIABILITIES This account consists of
TRUST FUNDS
TUITION AND OTHER SCHOOL FEES
Towards the end of each financial year, the Group normally collects tuition fees from students for summer education which starts after the reporting period. Such collections of P43.9 million, zero and P75.5 million, respectively. in March and 2009 are excluded from tuition fees earned for the year and presented as part of the deferred income account in the consolidated statement of financial position.
COSTS AND OPERATING EXPENSES Costs and operating expenses consists of
FINANCE INCOME
EMPLOYEES’ HEALTH, WELFARE AND RETIREMENT FUND The Group maintains a funded and contributory retirement plan, which is a defined
Contributions to this fund are in accordance with the defined contribution set by the Pension Board which is the sum of the employees and the Group. The employees' contribution is 5% of the basic salary, while the Group's contribution is equal to 20% of the employees' basic salary.
INCOME TAXES
FRC is subject to MCIT which is calculated at 2% of gross income, as defined under the tax regulations. 9504 took effect and gave corporate taxpayers an option to claim a specific deduction or BSB equal to 40% of gross income, which is only relevant for FRC.
RELATED PARTY TRANSACTIONS
EQUITY
In 2010, the Group appropriated P1.0 billion for real estate acquisitions and investments and repurchased P300.0 million related to facility expansion. In 2011, the Group reversed facility expansion and equipment purchase appropriations for an amount of P379.3 million and set aside an amount of P557.9 million for facility expansion and acquisition and contingencies.
EARNINGS PER SHARE
COMMITMENTS AND CONTINGENCIES 1 Purchase of Condominium Unit
The management of the group and the legal advisor believe that any liabilities that could arise from the outcome of these cases will not significantly affect the financial position and results of the group's operations. There are also other possible events that may occur in the ordinary course of business and are not recognized in the consolidated financial statements of the Group.
RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group's exposure to credit risk on its other receivables from receivables and related parties is managed through careful account monitoring and the setting of limits. The Group's exposure to price risk arises from its investments in shares and debt securities, which are classified as AFS investments in the consolidated statements of financial position.
CATEGORIES AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
The level within which the financial asset or liability is classified is determined based on the lowest level of significant inputs to the fair value measurement.
CAPITAL MANAGEMENT OBJECTIVES, POLICIES AND PROCEDURES
The Group monitors capital based on the debt-to-equity ratio, which is calculated as total debt, net of deferred tax liabilities, divided by total equity. There has been no recent change in and disagreement with accountants regarding accounting and financial disclosure.
CONTROL AND COMPENSATION Item 9. Trustees and Executive Officers
Executive Compensation
Members of the corporation's Board of Directors are receiving gas allowances for regular board/special board meetings they attend. No information is available regarding all outstanding warrants or options held by members of the Board of Directors and corporate officers.
Security Ownership of Certain Beneficial Owners and Management
Certain Relationship and Related Transactions
Corporate Governance
Corporate Governance
EXHIBITS AND SCHEDULES Item 14. Exhibits and Reports on SEC Form 17-C
Nuesa was elected as an independent trustee of the corporation at the annual meeting of stockholders held on August 28, 2010; and. The business of higher education in the country is in the hands of the private sector.