Preparation of Tabulated Statements for Reports
- The Insular Treasurer is tasked to prepare tabulated statements on the Treasury books for all legally required reports.
- These statements must detail all sources of revenue received and purposes for which funds were disbursed.
- The tabulated statements include three columns of figures:
- Amounts in insular money actually received or disbursed.
- Amounts in United States money actually received or disbursed.
- Aggregate amounts of money received or disbursed stated in United States currency, calculated as prescribed.
Method of Converting Insular Money to United States Currency
- The aggregate amounts in the third column shall be calculated by converting insular money in the first column into United States money using a conversion ratio established quarterly by order of the Military Governor.
- The converted amounts are then added to the corresponding United States money amounts in the second column.
- For the quarter from October 1, 1900, to January 1, 1901, the ratio is fixed at two dollars of insular money for one dollar of United States money.
Inclusion of Tabulated Statements in All Treasurer Reports
- Every report issued by the Treasurer must include transcripts of the prescribed tabulated statements.
- These transcripts show the distinct amounts of receipts and disbursements in United States currency for clarity and uniformity.
Handling of Quarterly Balances and Currency Conversion
- The balance of United States money shown at the close of each quarter (third column) is to be carried forward into the next quarter's accounts.
- For reporting purposes, this carried-forward balance shall be converted to the current quarter’s United States currency value using the established conversion ratio, especially if the ratio differs from the prior quarter.
Basis for Accounting and Auditing
- The Treasurer is required to account for actual money received and disbursed in the respective currencies involved.
- Audits of accounts shall be performed based on the actual kinds and amounts of currency received and disbursed, without regard to their reduced equivalents in United States money.
Effectivity of the Act
- The provisions of this Act shall take effect immediately upon its passage on October 3, 1900.