Section 21Sec./Art. 21

Accounting and Reporting of UniFAST StuFAP Funds. A separate book of accounts shall be kept by each implementing agency for the UniFAST StuFAP Funds. It shall follow standard government rules and regulations for accounting. Implementing agencies of the StuFAP Funds, however, may adopt additional measures to ensure its safety, particularly in authorizing payments and processing of disbursements from the funds: Provided, That such additional measures shall facilitate a convenient and efficient means of delivering financial assistance to the Beneficiaries.

A mid-year and annual report shall be prepared by all implementing agencies. The report shall have two (2) parts: a financial statement and a report of operations showing the accomplishments of the fund. These reports shall be submitted to Congress and the Department of Budget and Management to inform and aid in decision making and shall be made available to other interested parties for valid and acceptable reasons. The fist of Beneficiaries and the amount of financial assistance received shall be made available upon request.