The enactment of Republic Act 8292, also known as the Higher Education Modernization Act of 1997, authorized SUCs to use its income from tuition fees, other school charges, and generate income and become self-sufficient, as a response to the national government’s move withdrawing the capital outlay (CO) and to gradually withdraw its maintenance and other operating expenses (MOOE).The Commission on Audit (COA) then issued Circular No. 2000-02 to provide accounting guidelines and procedures in the use of income of SUCs pursuant to RA 8292.
Ultimately, SUCs are to operate as a corporate entity, optimally managing their fiscal resources, maximize income and operate efficiently at least possible cost without sacrificing its ability to provide quality education and attaining its goals and objectives.
Prof. Jenny C. Calabio
Tel: (033) 320-0870 to 78 loc 1704
HOMETEL: loc 1701
Direct Line: (033) 330-1172