School Year 2006-2007 was another challenging year for Far Eastern University but the year's financial results were remarkable, enabling us to pay cash dividends in July 2006 and January 2007. The 50% stock dividend declared in March 2006 was approved by the Securities and Exchange Commission and distributed on October 2, 2006.
FEU students and alumni were consistent in bringing honors to the University. We emerged winners in several competitions locally and abroad. In the government examinations, we placed 7th in the Architecture Licensure Examinations, 7th in the Nursing Licensure Examinations and 5th in the Law Bar Examinations. Our graduates' passing rates are above the national passing averages.
The first placer in the government examinations in Civil Engineering was a graduate of our sister school, the FEU East Asia College. The College continues to be a Center of Development for Excellence in Information Technology Education. Its graduates of Electronics Communications Engineering likewise did very well in the government examinations.
In sports, we had another banner year. FEU garnered its biggest haul of championships since it joined UAAP in 1939, having notched eight championships, five runner ups and two second runner ups. Moreover, many of our athletes and coaches were chosen to represent the Philippines in several competitions abroad.
We continue to invest in the improvement of school facilities. We take utmost pride in our nursing virtual laboratory, the first in the country. Our electrical installations were upgraded and more new air conditioning units were installed in classrooms and offices. The E-Library was expanded with the addition of computer laboratories. The grounds and gardens were improved further. The whole campus remains the benchmark of many other institutions in terms of cleanliness and orderliness.
Management's relations with labor unions continue to be friendly and harmonious. Salary increases were granted at rates higher than the inflation rate. Exemplary performance was recognized through merit increases and teaching performance awards. Faculty development, seminars and in-service trainings were provided to the faculty and non-academic staff. In general, we note a high morale among our academic and non-academic personnel.
The values initiative program launched by FEU was well received. The virtues of Fortitude, Excellence and Uprightness were highlighted as the University's core values.
On behalf of the Board of Trustees, I wish to acknowledge the valuable support of the officers, the administrative staff, the faculty, employees, students and the alumni. To you, our stockholders, goes our deep appreciation for your trust and confidence in our leadership. We look forward to a more challenging year as we celebrate FEU's 80th anniversary next year. With your support, we are confident that we can continue to lead FEU to the fulfillment of our Founder's vision.
LOURDES R. MONTINOLA
Chair
Board of Trustees
FAR EASTERN UNIVERSITY, INC.
PARENT COMPANY BALANCE SHEETS
March 31
2005
(As Restated -
2007
2006
Notes 2 and 20)
ASSETS
Current Assets
Cash and cash equivalents (Notes 4 and 12)
P875,927,694
P845,623,499
P508,435,324
Available for sale investments - net (Notes 2, 3 and 5)
816,893,531
339,046,891
363,095,497
Receivables - net (Notes 3 and 6)
139,281,422
166,980,803
125,140,749
Other current asset
7,567,803
6,180,140
7,814,883
Total Current Assets
1,839,670,450
1,357,831,333
1,004,486,453
Noncurrent Assets
Deferred tax assets - net (Notes 3 and 15)
5,625,420
4,389,761
2,700,501
Investments and advances - net (Notes 3, 7 and 8)
153,941,889
153,941,889
156,280,819
Investment property - net (Notes 3 and 9)
153,675,589
163,713,760
173,751,931
Property and equipment - net (Notes 3 and 10)
534,117,133
565,634,619
394,087,005
Other assets (Note 2)
35,106,724
14,967,205
16,660,925
Total Noncurrent Assets
882,466,755
902,647,234
743,481,181
P2,722,137,205
P2,260,478,567
P1,747,967,634
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and other current liabilities (Note 11)
235,216,134
P234,018,900
P175,487,090
Deferred income
-
27,347,214
Income tax payable
39,978,593
37,802,912
26,171,006
Total Current Liabilities
275,194,727
271,821,812
229,005,310
Noncurrent Liability
Trust funds (Note 12)
104,781,284
85,822,679
67,395,049
Total Liabilities
379,976,011
357,644,491
296,400,359
Stockholders' Equity
Capital stock
704,369,900
470,847,300
470,847,300
Net unrealized loss on available for sale investments (Notes 3 and 5)
5,461,069
(5,536,147)
-
Appropriated retained earnings (Note 17)
697,161,414
697,161,414
437,161,414
Unappropriated retained earnings (Notes 2, 16 and 20)
