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BEC Petty Loan Fund

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by

Ann Krystel Sadiwa

on 10 July 2015

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Transcript of BEC Petty Loan Fund

Notes
Payment of Loan
Overdue Accounts
Endorsement for Payroll Deduction
The PLF Custodian is assigned to:

Safekeep the PLF
Ensure the proper documentation of the PLF Logbook of the borrowing member
Computes the overdue of the loans
Coordinates with the Presiding Officer, BEC Treasurer and Payroll regarding loans for salary deduction
Who can avail the PLF?
1. All regular & probationary employees are qualified to apply for BEC PLF.

2. Maximum loanable amount is
Php 1,500.00 with an interest of 2.5% per month.

3. Payment shall be in 2 equal payments every payday.

4. Employee transferred to another location must secure written clearance from his previous PLF Custodian before he is allowed to apply for a new loan.

What is the process in paying the loan?
1. The concerned employee shall be responsible in approaching their respective Custodian to pay for his loan

2. Members with outstanding loan shall not be allowed to apply for another loan

3. Unpaid loans due to resigning/separated employees shall be deducted from the concerned employee's salary (last pay)

4. Loans not paid in 2 months from due date (counted from 1st payment/due date) shall be endorsed to Payroll and collected in full (principal + interest) through salary deduction

5. Since processing will take 16-30 days, additional number of days delay/penalty shall be automatically added by the concerned Custodian to the total amount to be salary deducted

6. Overdue accounts shall be deducted in full (one time) from the concerned employee's salary. Deduction shall be based on the receipt date of the Request for Salary Deduction (RSD)
Preparation/Issuance of Check from Accounting
1. Accounting Staff prepares check payable to the BEC Treasurer corresponding to the amount deducted by Payroll

2. BEC Treasurer verifies the accuracy of the check from the RSD file received from each location and records the check replenishment in the collections logbook

3. BEC Treasurer deposits the check and withdraws the principal portion only of the check.

4. The withdrawn amount should be distributed to the concerned PLF Custodian and let him print and affix his signature on the RSD upon receipt of the principal amount of loan
PLF Logbook (exhibit 1)
etty Loan Fund
BEC
Petty Loan Fund

It refers to a loan that can be availed by all regular and probationary employees.
Who handles the PLF?
The Presiding Officer conducts monthly cash count and inspection of the PLF Logbook
The BEC Chairman (through the concerned POs) shall oversee/ensure that all PLF funds are intact and properly handled on all locations
Photocopy of monthly transactions recorded in the PLF Logbook shall be sent every 5th day of the following month to the Head Office PO
How to borrow money?
1. Member approaches the PLF Custodian and asks for a loan.
2. PLF Custodian gives the PLF Logbook to the member & requires him to fill-up the needed information.
3. Member fills up column 1, 2 & 3 of the logbook. PLF Custodian checks the accuracy of the written data.
4. Gives the money to the member and informs him of the corresponding due dates and total amount payable.
1. Member approached the Custodian and gives payment

2. Custodian gives the PLF Logbook to the member and requires him to fill up the needed information

3. Fills-up columns 4 & 5 (for 1st payment) / columns 6 & 7 (for 2nd payment) of the logbook

4. PLF Custodian receives/counts cash and checks the accuracy of the written data and safekeeps the cash received
1. PLF Custodian determines overdue accounts and ascertains the penalty based on the number of delays from due date.

2. Custodian gives the PLF Logbook to the member and requires him to fill up the needed information

3. Fills-up columns 4 & 5 (for 1st payment) / columns 6 & 7 (for 2nd payment) of the logbook

4. PLF Custodian receives/counts cash and checks the accuracy of the written data and safekeeps the cash received
1. If accounts are unpaid for 2 months, the PLF Custodian will summarize the unpaid loans on RSD (3 copies) and ask the concerned member to sign on the Signature/Conforme column and endorses RSD to PO

2. The PO checks the accuracy of the information and affixes his signature in the RSD. He then forwards 2 copies to the BEC Treasurer and returns 1 duplicate copy (for filing) to the PLF Custodian

3. BEC Treasurer checks the accuracy of the RSD and forwards it to Payroll and files the RSD - duplicate copy

4. Payroll Staff deducts the amount due from the concerned employee's salary. prepares a RCVP for the total deducted amount. Submits the RSD, RCVP to Accounting
Column headings - Information to be filled-up

1 - name and signature of the borrowing member
2 - date the loan was granted
3 - amount of loan
4 - date of 1st payment
5 - amount of 1st payment
6 - date of 2nd payment
7 - amount of 2nd payment
8 - penalty paid (for overdue loans) by member
Request for Salary Deduction (exhibit 2)
Penalty Table (exhibit 3)
Salary Deduction Computation Table
Full transcript