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The Income comprised the following: 

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## 2.3 Working Capital 

The working capital position of the University as at 31 March 2018 showed total current assets of P34.25 million and total current liabilities of P61.58 million, resulting in a net current liabilities position of P18.29 million. 

Current liabilities included accrued employee benefits of P39.77 million, prepaid tuition and residence fees of P10.64 million and unutilized development and project funds of P6.16 million. 

## 3.0 Management letter 

The following were some of the matters raised by the auditors and the management responses thereto: 

## 3.1 Fully Depreciated Assets 

The auditors noted that the University did not have adequate procedures for annual review of useful lives of all fixed assets to facilitate processing necessary adjustments in line with the accounting standards. Consequently, there was a number of fixed assets that had been fully depreciated and were still in use. 

In response management stated that useful lives of all fixed assets would be reviewed on an annual basis in line with the accounting standards to make appropriate adjustments. 

## 3.2 Policy for Long Outstanding Receivable Balances 

The auditors noted that the University had not developed and implemented a formal policy for purposes of providing for long outstanding receivable balances, which could result in inconsistency or misstatement of receivable balances. 

