MSA Mid-Year Audit Report

KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY

MEDICAL STUDENTS’ ASSOCIATION - MID-YEAR AUDIT REPORT
2011/2012 ADMINISTRATIVE YEAR

INTRODUCTION

This is a mid-year audit report of the income and expenditure of the association’s officers from February to 30^th September, 2011.

The report was done in accordance with Article XI b) - I of the MSA constitution which states that the audit committee shall submit directly to the General Assembly for approval, a mid-year audit report.

However, not all committees’ financial assessments could be made by virtue of the fact that such committees organize their activities after the time frame stated in the first paragraph of this report. These committees are:

- Projects and Dinner Planning Committee

- Carols Service Committee

A financial assessment was not done for the investment account for the following reasons:

- The investment account operates on 4% of the total annual dues, at least 5% of all monies raised
during the administrative year and any other monies which the executive committee agrees should
go into the account; in accordance with article X- 2c). In view of this, the audit committee deems is
fit that a full financial assessment and auditing of the investment account should be done in the
end of year report and not this mid-year report.

Therefore, all officers should take note of this and be able to give a full account of all monies they raise so that 5% will be given to the investment committee.

OBJECTIVES

1) To provide an audit report to the General Assembly on the credibility of financial statements submitted by the officers of the association.

2) To detect any inconsistencies in all financial statements provided to the audit committee

3) To give the General Assembly a medium to make its own assessment of the financial situation of the association

METHODS

The following methods were employed in the compilation of this audit report:

- Observation

- Analysis

- Examination

- Interviewing

- Computation

SUMMARY

On the whole, most officers presented their reports by the deadline given them by the audit committee
and the committee is impressed. However, there are a few who gave the committee a hard time before

VICE PRESIDENT

Projected budget: GH?2746.50

Actual money received from treasurer: GH?962.40
Total expenditure: GH?949.50

Money remaining: GH?12.90

Money given to students who were bereaved 150.00

Money given to students who had babies 60.00

Refreshment and transportation for committee meetings 43.00

Get-well card for a student who was sick 2.50

Transportation 248.00

Printing and photocopying 10.40

Purchase of pack of envelopes 3.00

purchase of thumb pins to paste posters 3.60

Internet Cost(Results for HB1 students) 9.00

Phone credit 70.00

TREASURER

MONIES RECEIVED GHC

FUNDRAISING -1212.5

JO-MINT ASSOCIATES LIMITED -500

ASHANTI REGIONAL CO-ORDINATING COUNCIL -400

ASHANTI REGIONAL DIRECTORATE -200

DR. MICHAEL AGYEKUM-ADDO -120

CONTRIBUTIONS BY EXECUTIVES -50

1% OF EXCHANGE MONEY RECEIVED -13
FROM GABRIELLE OBENG KORANTENG

DUES (2nd year to 5th years) -25,114

TOTAL - 27,609.50

INCOME-EXPENDITURE

GH 27, 609.50 - GH 16, 889.90= GH 10,719.60 Money remaining GH 10,719.60

Breakdown of expenditure

EXPENDITURE AMOUNT(GH?)

Website committee Cloud credit 25

Sports and Refreshment of pre-clinical students 150

committee
Organization of pre-clinical students 130.5

Football for MSA congress team 60

from training and the purchase of water

SUBTOTAL= 590.5

Preparation of seminar (with CEO of 150

KAMA)venue

Refreshment at seminar 90

Transportation of guest speaker 10

SUBTOTAL=

600

Executive meetings Transportation 44

Refreshment 22

SUBTOTAL= 66

Administration

Health committee

Carols service

committee

Welfare committee

President

Treasurer

Transportation of MSA printer to UST 5

campus

Printing and phone credit 12

Senate handing over 63

MSA General secretary(administrative 200

work)

SUBTOTAL=

280

Health outreach at republic hall week 45

Miniclinics (6th and 7th March) 1228

T-shirts for health week 7000

Refreshments for health walk(1st 1500

October)

Organization of health walk 1000

SUBTOTAL=

10,773

deposit for venue 300

Birthday cards, funerals, deliveries, 962.40

transportation, call credit, envelopes,

printing, and refreshment of committee

meetings.

Letters to transport office and fax to 20

director of ports and harbor

Fax and letters to COCOBOD and 10

follow up

Refreshment at handing over and 40

delivery of letters to lecturers

Donation to bereaved student 40

Payment of oath swearing ,interior 2,474

decor of SMS, library, notice boards,

meet the school programmes ,deposit

for Paa Joe stadium SUBTOTAL=

2,584

Transportation 194

Printing of receipt books(40 copies) 100

Phone credit 10

Printing of sponsorship coupons 350

SUBTOTAL=

654

GRAND TOTAL OF MONIES USED= GH? 16,889.9

HEALTH OFFICER

Independence Day Mini Clinic

Budget

EXPENDITURE Amount(GH?)

Food 420

Drinks 150

Transportation 140

Canopies, chairs and tables 70

Allowance for final years 150

Glucometer Strips 70

Miscellaneous 150

TOTAL = GH ?1150

Total Income = GH? 1423

Source Amount(GH?)

MSA 750

Ashanti Regional Coordinating Council 400

Ashanti Regional Health Directorate 200

Chopsticks and Royal Park 73

EXPENDITURE

Reason Amount

Food 401.5

Drinks 160

Transportation 240.45

Canopies, chairs and tables 112

Allowance for final years 170

Miscellaneous* 216.2

TOTAL = GH? 1300.15

Difference = GH? 1423 - 1300.15 = 122.85

*MISCELLANEOUS

Credit 104

Water 8

Refreshment for one MSA member 6

Polythene bags and ice 2.2

Pens 5

Transport from in-service training 5

Cleaning of compound 5

Refreshment for in-service training 31.5

Height apparatus (2 pieces) 8

Car tyre repair 5

Refreshment for committee meeting 10

Paper and envelopes 10.5

Transport to owners 5

Vitamin C 9

Thread 2

TOTAL = GH? 216.2

Health Week and Administrative Costs

Total Income = GH ?12601

Source Amount(GH?)

Medilab Diagnostic Services 500

Palb Pharmaceuticals 2400

Asumura church 50

Akim Tafo festival 50

Adanwomase Assemblies of God church 75

Hiring of equipment 26

MSA Treasurer 9500

Expenditure

Reason Amount

Letters to districts 163

Credit 270

Printing and Stationary 116.5

Transportation 230.7

Refreshment 14.4

TOTAL = GH ?794.6

Difference = GH ?12601 - GH ?794.6 = GH ?11806.4

Net amount remaining with health officer = GH ?11806.4 + GH ?122.85 = GH ?11,929.25

EXCHANGE OFFICER

Income

SOURCE AMOUNT (GH?)

MSA President 40

Former Exchange Officer 150

Former Exchange Officer 250

MSA President 230

SSNIT (Sponsorship money for August 1141.5

meeting)

Bilateral Fees 7750

TOTAL = GH? 9561.50

Expenditure

Reason Amount(GH?)

Communication 240

Transportation 196

Transportation of Exchange students 1285

Hosting 1035

Ticket for August meeting 1800

Visa Application Fee 201.2

Registration for August meeting 235

Estille 1770

Drinks for welcome party 220

Incidentals* 560.5

TOTAL = GH? 7542.7

Difference = GH? 9561.50 - GH? 7542.70 = GH? 2018.8
Net amount remaining with exchange officer = GH? 2018.8

*Incidentals

Reason Amount(GH?)

Cutting of secretariat key 5

Tip to carpenter 2

Birthday cake for exchange student 40

Health insurance for August meeting 36

Introductory letter for Visa Application 5

Pillows for exchange students 50

Provisions for Food and Drinks party 60

Envelops and printing of sponsorship letters 232.5

Payment for cleaning 30

MSA President 30

Purse String bracelets for August meeting 70

TOTAL = GH? 560.5

GENERAL SECRETARY

Total income: GH?277

EXPENDITURE AMOUNT (GH?)

LAST SEMESTER:

Transportation of delegates 8

Transportation of printer by president 5

Purchase of receipt book 5

Printing 2

Call credit 25

Changing of lock 15

DURING THE VACATION:

Transportation to PPAG 4

Transportation to Melcom and printing 4

Follow-up on Melcom 6

Printing of proposal 10

Call credit (project committee follow-up) 25

Transportation 3

Transportation(Accra-Kumasi-Accra) 50

THIS SEMESTER

Cleaning of secretariat 6

Purchase of broom and collector 10

Printer cable 5

Writable CDs 2

Transportation of printer from KATH 15

Money given to coordinator 15

Transportation of food for Cape Coast trip 5

Money to president for movie night 40

Stationery 33.9

Call credit 50

TOTAL 347.9

Net amount = GH? (277-347.9) = -GH?70.9

An amount of GH?70.9 is to be re-imbursed to the General Secretary

ORGANIZING SECRETARY

Total income: GH? 568

From MSA President: - GH?446 for organization of Meeting the School on 26/08/11
- GH?110 for organization of GA on 09/09/11

- GH?12 for changing secretariat lock

EXPENDITURE AMOUNT (GH?)

Purchase of call credit during the vacation 10

Purchase of call credit this semester till 20

30/09/11

MEETING THE SCHOOL on the 26/08/11:

Drinks (10 crates) 135

250 pieces of pie 125

Kenkey 150

Transport 20

Bottled water 6

Sachet water 10

GENERAL ASSEMBLY: Driver’s allowance 30

Fuel 30

Drinks 38

Bottled water 12

Changing of secretariat key lock 12

TOTAL 598

NET AMOUNT = GH? (568-598) = -GH?30

Therefore an amount of GH? 30.00 is to be re-imbursed to the organizing secretary

PRECLINCAL COORDINATOR

Total income = GH?15.00

EXPENDITURE AMOUNT (GH?)

Purchase of call credit last semester 20

Transportation for errands last semester 10

Errands for organization of orientation for 15

veterinary students

TOTAL 45

Net amount = GH? (15-45) = - GH?30

An amount of GH?30.00 is to be re-imbursed to the preclinical coordinator

SPORTS AND ENTERTAINMENT COMMITTEE

Total income from Treasurer = GH? 130.5
For the organization of Preclinical Gala

EXPENDITURE AMOUNT (GH?)

Refreshment 50.5

Payment of Referees 45

Transportation and purchase of phone credit 25

Purchase of whistle and cards 10

TOTAL 130.5

EDUCATION COMMITTEE

TRATECH: This year’s TRATECH was organized by the then acting chairperson who handed over the committee’s duties to the current chairperson. As such, the current chairperson could not present a report on the finances concerning TRATECH. Therefore an audit report will be done for the finances concerning TRATECH in the end of year audit.

Total income: GH? 940

MSA: - GH? 150 (As income for committee)

-GH? 500 (As income for What Do You Know Quiz in Accra) FGMSA: - GH? 290

EXPENDITURE AMOUNT (GH?)

Transportation to KNUST for committee 70

meetings

Refreshment during meetings 30

EXPENDITURE ON TRIP TO ACCRA

FOR WHAT DO YOU KNOW QUIZ

Refreshment for preparatory meeting 40

Feeding costs 143

Transportation to Accra 520

Miscellaneous expenses on feeding and 20

purchase of call credit

TOTAL 823

Amount left (GH?) = 940-823 = 117

GH?107.0 as remainder from income for the trip to Accra and GH?10.0 as remainder from income for committee Net amount handed over to MSA president = GH? 110.0

Net amount remaining with committee chairperson = GH? 10.0

EDITORIAL COMMITTEE

Total income from fundraising = GH?500.00

EXPENDITURE AMOUNT (GH?)

Refreshment during meetings 15.5

Purchase of call credit 15

Printing costs 3.6

Dispatch of proposals 9

TOTAL 43.1

Total amount remaining with committee = 456.90

WEBSITE COMMITTEE

Total income from Treasurer = GH?40.00

EXPENDITURE AMOUNT (GH?)

Purchase of internet time 25

Purchase of call credit 15

TOTAL 40

ELECTORAL COMMISSION

This is an audit report for the former electoral commission
Total income: GH?1010.00

- Former MSA President = GH? 210.00
-Former Exchange Officer = GH? 800.00

EXPENDITURE AMOUNT (GH?)

PRINTING:-Results of Class Elections 1.00

-Electoral calendar 3.00

-Letters of approval to Senate 1.00

-Appointment letters for class ECs 1.50

-Budget & proposal for MSA executives 0.50

-Ballot papers for elections 510.00

Photocopying 22.90

Purchase of A4 paper and brown envelopes 7.00

Purchase of ballot boxes 12.00

Refill ink for MSA printer 15.00

TRANSPORTATION:-EC meetings 23.00

-SMS bus for vetting and manifesto 190.00

-EC errands during elections 29.00

Refreshment 68.20

Purchase of call credit 30.00

Purchase of stationery 3.00

Use of SMS LT for manifesto reading 5.00

TOTAL 922.10

Total amount remaining = 1010.00-922.10 = GH? 87.9

Net amount handed over to former president = GH? 88.00

FORMER HEALTH OFFICER

According to the audit report from the 2010/2011 administrative year, the health officer was to be re -imbursed with an amount of GH?1228.50.

However, she was unable to account for GH?1000.00 given her by the treasurer and after going through her financial
report again, she realized the GH?1228.50 owed her by the association is actually GH?228.50, such that the extra
GH?1000.00 accounts for the missing GH?1000.00 she couldn’t account for. Therefore, the association owed her
GH?228.50.

She was also to account for an amount of GH?1200.00 which was to be received from the Offinso Municipal Assembly as donations towards the health week. This money was received after the 2010/2011 audit report. So the following is a breakdown of that income:

-GH?400 given to Miss Anorkor Lartey as money owed her by MSA (as directed by the President) -GH?400 given to Miss Amo-Aidoo for printing of certificates

-GH?228.5 as reimbursement for money owed to the health officer by the association, as per the previous audit report -GH?171.5 as Miscellaneous expenses during and after the health week.

BANK STATEMENT

The bank statement presented to the audit committee for the exchange accounted was dated from the 21 ^st of February to
the 31^st of August, 2011. The treasurer was unable to provide a bank statement of the association’s account for

September. As such, the audit committee cannot provide a closing balance for the month of September.

GCB STATEMENT FROM 21/02/11 TO 31/03/11

Opening balance = GH?930.91

Total amount paid into account (Cr Amount) = GH?10,597.16 Total amount taken out of account (Dr Amount) = GH?960.00 Cr Count = 6.00

Dr Count = 5.00

Closing balance = GH?9,637.16

GCB STATEMENT FROM 01/04/11 TO 18/05/11
Opening balance = GH?9,637.16

Total amount paid into account (Cr Amount) = GH?43,387.16 Total amount taken out of account (Dr Amount) = GH?0.00 Cr Count = 16.00

Dr Count = 0.00

Closing balance = GH?43,387.16

GCB STATEMENT FROM 20/05/11 TO 09/08/11
Opening balance = GH?43,387.16

Total amount paid into account (Cr Amount) = GH?77,902

Total amount taken out of account (Dr Amount) = GH?68,031.51 Cr Count = 32.00

Dr Count = 36.00

Closing balance = GH?9,870.50

GCB STATEMENT FROM 01/08/11 TO 30/08/11
Opening balance = GH?4,393.25

Total amount paid into account (Cr Amount) = GH?12,220.50

Total amount taken out of account (Dr Amount) = GH?10,183.00 Cr Count = 6.00

Dr Count = 4.00

Closing balance = GH?2,037.50