Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Exploration of Financial Management Operation of Political and Non-Political Student Organization:a Basis for Propose Policy Development

Version 1 : Received: 11 December 2020 / Approved: 13 December 2020 / Online: 13 December 2020 (21:36:22 CET)

How to cite: DIAZ, R.; De Leon, C.; Vitug, E.; Linsangan, L. Exploration of Financial Management Operation of Political and Non-Political Student Organization:a Basis for Propose Policy Development. Preprints 2020, 2020120303 (doi: 10.20944/preprints202012.0303.v1). DIAZ, R.; De Leon, C.; Vitug, E.; Linsangan, L. Exploration of Financial Management Operation of Political and Non-Political Student Organization:a Basis for Propose Policy Development. Preprints 2020, 2020120303 (doi: 10.20944/preprints202012.0303.v1).

Abstract

: A strong financialtransaction is an important factor in organizational triumph and sustainability, and it is elucidated in the revised student handbook of the University that can be found on page 96 rules 1 to 5. This study assessed the registered students organizations' profile in terms of its type, registration, years of establishment, functions, and designations of student leaders and advisers. The financial practices or internal control system manages their organizational finances and the problems encountered by the student organizations and eventually proposed a manual of operation for students and youth organization's internal control system. This research used the descriptive design with the aid of questionnaire; data gathering through quota sampling from 57 student leaders and advisers of different student organizations of NEUST. Findings showed that most organizations had their constitution and by-laws but kept only as files and renewal requirements. Some provisions were not known to the officers, mostly were registered more than five years in operation; however, in terms of functions of officers and advisers, the results showed that some functions were not done by the officers who supposed to do it like the auditors who serve as treasurers also, the PRO as the record keeper and the presidents who handled finances and collections and as well as disbursements of funds. Generally, the organizations' financial activities were deemed to be "good", especially budgeting and cash receipt, due to the implementation of "no collection and no tuition fee policy". The researchers concluded that the absence of the proper internal control systems and manual of operation and lack of proper transfer of financial records from the previous sets of officers were the serious problems that should be addressed. Moreover, the student organizations' internal control system could still be improved if there is proper training and supervision in accounting operation.

Subject Areas

transparency; accounting; internal control system; financial management; disbursement; a student organization

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