Donated Buildings Still Recorded in Books
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency gave away some buildings but still counts them as its own assets, which overstates its property value.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"The confirmation replies received from the DO of Region III regarding the Buildings and other structures accounts under the PPMO book disclosed that P2.894 million of these assets relate to the construction and renovation costs of administrative buildings and staff houses located at three resettlement sites, which have already been donated through the execution of DOTAs and Memoranda of Agreement, while P3.480 million have been identified as non-existent assets due to the absence of documentation verifying their existence."