The financial performance of the National Kidney Foundation suffered a sharp decline of 27 per cent, the Controller and Chief Auditor has reported.
In his Report to Parliament for the Financial Year ending 2011, Fuimaono C.G. Afele said this drop in financial performance was a year-on-year comparison.
“The financial performance of the Foundation declined when compared to the prior year,” his report reads.
“There was a decrease by 27 per cent in surplus from $1,487,754 to $1,078,144 in the current year.
“This was partly due to the reduction in Government grant received by the Foundation.
“Total income reduced by 16 per cent while total expenses reduced by 11.8 per cent.
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“Total liabilities as at the end of the financial year have decreased by 22.7 per cent while total current assets have increased by 46.8 per cent.”
Other issues identified by Fuimaono during the audit, included names of those who were not attending Board meetings were sometimes not recorded in the minutes.
“Information on attendance at meetings is important for confirmation of those entitled to sitting allowances,” he reports.
“The Foundation should take follow up actions for outstanding fees especially those relating to deceased patients.
“Fixed assets were not labelled properly during the financial year in which the assets were purchased.”
The Foundation took the time to respond, Fuimaono’s Audit reads, and it agreed with Auditor’s comments and said that absent Board members have since been noted and follow-up actions are undertaken on a monthly basis for patients with long outstanding treatment fees and all patients are required to pay upfront before commencing daily treatments to avoid accumulated debts.
The report is republished in full below:
Samoa National Kidney Foundation
Financial year: 30 June 2010
Audit opinion: Unqualified
Auditor: Audit Office
Summary of audit findings:
1. The financial performance of the Foundation declined when compared to the prior year; there was a decrease by 27% in surplus from $1,487,754 to $1,078,144 in the current year. This was partly due to the reduction in Government grant received by the Foundation. Total income reduced by 16% while total expenses reduced by 11.8%.
2. Total liabilities as at the end of the financial year have decreased by 22.7% while total current assets have increased by 46.8%
3. Other issues identified during the audit included:
o Names of those who were not attending Board meetings were sometimes not recorded in the minutes. Information on attendance at meetings is important for confirmation of those entitled to sitting allowances;
o The Foundation should take follow up actions for outstanding fees especially those relating to deceased patients;
4. Fixed assets were not labelled properly during the financial year in which the assets were purchased.
The Foundation responded as follows:
• Agreed with auditor‟s comments as per 1 and 2 above;
Other issues:
• Absentees from Board meetings have since been duly noted on minutes of Board meetings;
• Follow-up actions are undertaken on a monthly basis for patients with long outstanding treatment fees and all patients are required to pay upfront before commencing daily treatments to avoid accumulated debts;
• All new purchased fixed assets are properly labelled in the correct financial year in which they were obtained.
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