COA's 2009 Consolidated Audited Annual Report discloses problems with the undisclosed earnings of U.P. Diliman's University Hotel

(Photo by: Chanda Shahani)

The UH, as a special project under the UP System Administration, continues to operate as a separate and distinct entity since 1983 and the results of its financial position and operations, which reflected a gross income of PhP 30.46 million in 2009, remained undisclosed or unreported in the System’s books of accounts thus, affecting the fair presentation of the University System’s consolidated financial statements.

Formerly known as the Philippine Center for Economic Development (PCED) Hostel, the University Hotel was donated to the University of the Philippines (UP).

The Deed of Donation was executed between the PCED and the U.P. through its former President, Senator Edgardo J. Angara on June 10,1983. It involved the conveyance of assets worth PhP 14.6 million including the Hostel building valued then at PhP 10.99 million, but incorporating some conditions, that include among others,”that the Donee assumes any and all the liabilities of the PCED Hostel as shown in the balance sheet, including certain contingent liabilities…”

Read the rest here: BREAKING NEWS: COA Releases 2009 Audit Report on the University of the Philippines System