TANZANIA HIGHER LEARNING INSTITUTIONS SEVENTH DAY ADVENTIST STUDENTS ORGANIZATION
(THISDASO-UDOM BRANCH).
TREASURY DEPARTMENT-ANNUAL FINANCIAL STATEMENT 2011.
INDEPENDENT AUDITOR’S REPORT TO THE THISDASO MEMBERS AND MANAGEMENT
We believe that the presented financial statement is sufficient and appropriate to provide a basis for our opinion.
Opinions
(a) The financial statement gives a true and fair view of the financial position of the ORGANIZATION as at 4th December 2011.
(b) We have obtained all the information and explanations which to the best of our knowledge were necessary for Auditing purpose.
(c) Books of accounts have been kept by the organization, so far as appears from our examination of those books.
(d)The Auditor’s report is consistent with the financial statement.
Generally, in view of our responsibility to the organization, internal control policies and General Accepted Accounting principles (GAAP) in preparation of financial statement have been adhered.
................................ ..............................
MONICA SERIKALI GHAI EDWARD
Internal auditor general Assistant internal auditor
Statement of income & expenditure for the year ENDED 4th DEC 2011.
OPERATING INCOME NOTE TSHS
Subscription…………………………………2…….……… 1,108,700.00
Retreat collections………………………3…………….. 8,775,000.00
Community services …………………….4……………. 3,997,800.00
P.A System collections………………….5…………… 3,850,400.00
Choir Funds………………………………….6…………. 4,870,150.00
TOTAL OPERATING INCOME…………………………………………………….22,602,050.00
LESS: EXPENDITURES:
Sundry expenses…………………………….2………...… 493,100.00
Retreat incurred…………………………... 3 .……..….. 8,775,000.00
Community services…………….…………4…….…….. 2,739,050.00
PA system.........................................5............... 3,629,500.00
Choir..................................................6............... 2,630,000.00
TOTAL EXPENDITURES………………………………………………… 18,266,650.00
SURPLUS……………………………………… 7……………………………………. 4,335,400.00
NOTES 1 to 6 FORM PARTS OF THESE FINANCIAL STATEMENTS
Name .............................................. ………………………………................
Signature ……………………………............ ………………………………...............
TREASURER INTERNAL AUDITOR
DATE………………………………. DATE………………………….
NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 04th DEC 2011
NOTE 1: (a) BASIS OF OPERATION:
The above Financial statements have been prepared on a historical cost basis.
(b) STATEMENT OF THE ACCOUNTING PERIOD.
The stated financial statement have been prepared from the period begins 13th JAN 2011 to the year ended 4th DEC 2011. The financial statements are presented in TANZANIAN SHILLINGS (TZS).
NOTE 2: SUBSCRIPTIONS TSHS
Starting balance from the outgoing leadership……… 88,700.00
Add: Subscription received during the year:
408 members @Tshs 5000……………………… 2,040,000.00
TOTAL SUBSCRIPTION DURING THE YEAR………………………… 2,128,700.00
LESS: Amount to be transferred to zone
for 408 members@Tshs2,500
Amount sent to zone............................................. 470,000.00
Amount due by zone................................................ 550,000.00
1,020,000.00
Balance Remaining For Branch………………………………..... 1,108,700.00
Less: Sundry expenses........................................ 493,100.00
Total subscription remaining................................... 615,600.00
NOTE 3: RETREAT COLLECTIONS TSHS
Mwanza Retreat: Entrance fee for 100 members..... 4,500,000.00
Add: Fare.............................................................. 4,275,000.00
Total retreat collection......................... 8,775,000.00
Less: Amount sent to zone.............................. 8,775,000.00
NOTE 4: COMMUNITY SERVICES TSHS
Balance brought down..................................... 75,000.00
Add: Collection during the year.......... 3,922,800.00
Total collection during the year......................... 3,997,800.00
Less: Community services incurred....... 2,739,050.00
Available balance for community services... 1,258,750.00
NOTE 5: PUBLIC ADRESS (P.A) SYSTEM TSHS
Opening balance……………………………………………………… 145,900.00
Add: Collections during the year…………………….. 3,704,500.00
TOTAL COLLECTIONS DURING THE YEAR………………… 3,850,400.00
Less: Expenses incurred
Total expenses..................................................................... 3,629,500.00
AVAILABLE BALANCE FOR P.A SYSTEM……………………………… 220,900.00
NOTE 6: CHOIR FUNDS TSHS
· MLIMA SAYUNI SDA SINGERS
Starting balance ……………………………….. 300,000.00
Less: Expenses................................... 300,000.00
SOCIAL SCIENCE & HUMANITIES SDA CHOIR (SINAI UDOM)
Opening balance ........................................... 65,500.00
Add: Collections during the year……………… 2,544,600.00
Total collections in the year…........................... 2,610,100.00
Less: Expenses.................................... 1,280,000.00
Balance................................................... 1,330,100.00
· COLLEGE OF EDUCATION SDA CHOIR (EDEN UDOM).
Starting balance.............................................. 287,500.00
Add: Collection and sales........................... 1,672,550.00
TOTAL CASH INFLOWS………………………… 1,960,050.00
Less: expenses............................................ 1,050,000.00
Balance ....................................................... 910,050.00
TOTAL CHOIR FUNDS AVAILABLE.................. 2,240,150.00
NOTE 7: SURPLUS COMPONENTS TSHS
Subscription balance………………............ 615,600.00
P.A. System……………………………............. 220,900.00
Community services………………............. 1,258,750.00
Choir Funds……………………………............. 2,240,150.00
TOTAL SURPLUS COMPONENTS……… 4,335,400.0
ACHIEVEMENTS
· During our time we succeeded to implement our T-shirt project by producing T-Shirts in two phases.
· We also succeeded to collect the annual subscription, even though by small percent, almost 50% of the THISDASO members.
· We achieved to reduce the amount due by THISDASO DODOMA ZONE.
CHALLENGES AND THE WAY FORWARD
(a) CHALLENGES
· Lack of the spirit of readiness among members to give their contributions timely so as to boost the growth of THISDASO and Church as whole.
· Also some of the members are taking their contributions to the zonal treasury; this makes it difficult for us to get the exact number of members who give their contribution timely.
· We also failed to produce the THISDASO monthly financial statement in every month due to various reasons such as fixed time table of THISDASO zonal programs and Uncertainties at the University due to strikes.
(b) THE WAY FORWARD
· The T-Shirt production project is still not stable since the members are not paying their debts, the coming in leadership should set strategies to further this project.
· We are encouraging the members to contribute their annual contribution and others related timely, it can be easily done through.
{THISDASO UDOM A/C No
The Financial statement has been prepared by the treasury department who are:
| NAME | SIGNATURE |
| ALEXANDER .C. MWITA(THISDASO UDOM Treasurer) | |
| THOBIAS KAZIMOTO(Treasurer CIVE) | |
| ASUBUHI ABAYO(Treasurer CHAS) | |
| PERUS DANIEL(Treasurer CHSS) | |
| MARY MALABA(Treasurer CoEd) | |
And APPROVED by THISDASO UDOM BRANCH CHAIRPERSON
Name: WEBIRO, ANDREW R.
Signature ……………………………….
Date ……………………………
May our GREAT GOD bless and abide with you all in JESUS CHRIST NAME. AMEN.
THISDASO UDOM BRANCH.
DEPARTMENT OF TREASURY.
THE REPORT ON T-SHIRT PRODUCTION PROJECT 2011.
The T-shirts were produced in two categories which were round T-shirts and collar T-shirts.
Production process:
(a) Round T-shirts…………15 @ 6,000.00……………….… 90,000.00
(b) T-shirts with collar ….80 @ 8,000.00…………………. 640,000.00
Total production cost………………………………………… 730,000.00
(c) Transport cost…………………………………………………… 45,000.00
Total cost incurred………………………………………………………………………… 775,000.00
Selling price:
(a) Round t-shirts……….15 @ 8,000.00………………… 120,000.00
(b) T-shirt with collar .…80 @10,000.00………………… 800,000.00
Total expected sales…………………………………………………………………… 920,000.00
Expected profit:
Total expected sales……………………………………………….. 920,000.00
Total cost incurred…………………………………………………. 775,000.00
Expected profit if all t-shirts are sold is……………………………………………………….. 145,000.00
Selling process:
The T-shirts were distributed to THISDASO secretaries at CHSS and CoEd for selling activities.
Secretary in SSH received 71 T-shirts valued at ………………… 686,000.00
Secretary in Coed received 24 T-shirts valued at ……………………. 234,000.00
Amount submitted from sales:
Secretary of SSH……………………………………………………………………. 289,000.00
Secretary of CoEd………………………………………………………………….. 138,000.00
Total cash from sales…………………………………………………………… 427,000.00
NB: Source of Capital is THISDASO UDOM FUNDS.
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