U.P. Beta Sigma Fraternity of Southern California

Date: Thu, 1 Sep 2011 15:32:31 -0700
Subject: {U.P. Beta Sigma Fraternity BOD} LIFT HIGH, OUR COFFERS KEEPERS!
From: gp.tatang@gmail.com
To: up-beta-sigma-fraternity-bod@googlegroups.com

Dear Members of UPBSFI, Inc.,

On behalf the outgoing Board of Directors, particularly of our ‘coffers-keepers’ – Edsel Arceo, Raffy Hidalgo, Jayrome Rala and Gene Samson -- it is with a deep sense of pride and humility that we are turning over for audit our UPBSFI, Inc. fund balances in the following amounts, as follows:

UPBSFI, Inc. – US Treasury managed by Edsel >>>>>> U$D 9,326.07
UPBSFI, Inc. – Philippine Treasury by Raffy >>>>>>>> PhP 94,376.99
UPBSFI, Inc. – Mindanao Special Fund by Jayrome >>> PhP 16,000.00

The details are found in the attached files, specifically: PDF files for USD showing the End of December 2010 and end of August 2011; Philippine Treasury in Excel format; and Mindanao Special Fund in Word format. (Please see Attachments below).

Regarding the US Treasury, the total amount shown above includes a “Restricted Fund” of $4,936.07, the reasons being that (a) These are payments for future years; or (b) These are donations by individual donor brods meant for special UPBSFI projects. The two PDF files (2010 and 2011) is partly to show that while we spent so much for resident projects in 2010, and yet there were no draw downs in 2011. That being the case, the new Board may consider spending for resident projects because the opening of the semester (November) is the best time to recruit new applicants.

With regards to these statements, please take time to read the ‘PASS THROUGH’ funds. These are donations of brods are were made through UPBSFI, Inc. Without these individual donations, pure reliance on our membership dues would not have made it possible to do so much as an institution.

On the Philippine Treasury managed by Raffy, the intention has always been that these monies will be spent for Philippine-based projects. These do not get into the US Treasury of Edsel, although the periodic membership dues payments reported at the website include all the brods paying their dues.

On the UP Mindanao Special Fund, the current arrangement is that the UPMin brods remit their payments to the UPMin Treasurer and that such remittances be spent for UPMin projects of their own choosing, with the understanding that such projects are in pursuance of our Mission and Vision with the usual transparency that is practiced in UPBSFI, Inc.

The outgoing Board and our COFFERS KEEPERS have properly kept and used our finances under a tight management and control system called F.R.A.T. meaning:

F - Financial

R - Responsibility

A - Accountability, and

T - Trustworthiness/Transparency

Thank you for giving us the opportunity to be of service to all of you.

As ever your servant,
Willie "Tatang" Vergara