FY 2009 Audit – MISSA sets unprecedented records

The Administration’s external auditors have once again commended MISSA for its quest to remain one of the country’s leading government agencies in terms of accountability and good governance.

• MISSA becomes the only RMI government agency to earn an unprecedented “no finding” or clean audit for 8 consecutive years since 2002;
• Audit field work was completed by auditors just 43 days after the close of the fiscal year; final audit report dated November 12, 2009 was the earliest in any fiscal year in RMI history;
• The MISSA audit was the earliest audit to be completed for a government agency for FY 2009 within the entire Pacific region comprised of 13 APIPA member countries; and
• The first time that a fiscal year audit has been included in the following January Auditor General’s (AG) semi-annual report to the Nitijela (all the audits aside from MISSA’s in the AG’s report in January 2010 are for FYs 2007 & 2008 audits.) Read more…

Sheryl Profeta is MISSA's new CFO

MISSA has promoted Mary Sheryl Jane Profeta to the post of Deputy Administrator (for Corporate Services Division) & CFO effective November 21, 2009. Sheryl replaced Ave Gimao Jr. who returned permanently to the Philippines in November last year.

Sheryl is a Certified Public Accountant (CPA) and held various supervisory and managerial posts in finance, accounting and audit for about fifteen years in the Philippines. She has a bachelor’s degree in Accounting (cum laude) and earned several MBA units from one of the universities in the Philippines.

Sheryl joined MISSA in December 2006 as Finance Manager and consistently maintained MISSA’s strong internal controls over financial recording and reporting. Read more…

MISSA's cash position declines as 2009 ends

As of December 31, 2009, MISSA’s cash in bank totaled $694 thousand, or $123 thousand less than what the Administration had a year ago and $931 thousand short of MISSA’s cash as of December 31, 2007.

It is noteworthy to mention that in FY 2007, MISSA was able to invest another $300 thousand from its cash surplus.

From FY 2002 through 2006, the Administration had positive cash flows that enabled MISSA to generate cash surpluses which were subsequently invested. During this period, MISSA was able to inject $300 to $500 thousand every year to its investments. No additional cash investments were made in FYs 2008 and 2009 as cash collections and investment income were just enough to sustain MISSA’s benefit payments and administrative expenses. Read more…

MISSA increases annual Health Fund collection fee for MOH

Effective October 1, 2009, the Administration will receive an additional $60 thousand a year from the Ministry of Health (MOH). This is the result of an initiative by the MISSA Administrator, who met with representatives of MOH last December 2009.

Prior to her meeting with the MOH officials, the MISSA Administrator sent Health Secretary Justina Langidrik a formal request for MOH to increase its administrative fee of 3.5% (for the first $4 million Health Fund annual collections or a maximum of $140 thousand a year) to a fixed collection fee of $300 thousand per annum. This is in line with the Administration’s goal to supplement its tax collections with other sources of revenue to mitigate the impact of a huge cash deficit the Administration is anticipating in the coming fiscal year. Read more…

MISSA receives $99,252 FSTF Funding

The 231 Marshallese currently receiving benefits from the Prior Service Trust Fund (PSTF) are assured of continuous benefits until the end of July 2010 as $99,252 additional funding was received by the Administration from PSTF’s office in Saipan in November last year.

The money is part of the $500,000 additional funding that was approved by the Office of the Insular Affairs, US Department of Interior in early 20-09. The additional funding will be divided on a pro-rata basis among the four former members of the Trust Territory - the Commonwealth of the Northern Mariana Islands, Republic of Palau, Federated States of Micronesia and the Republic of the Marshall Islands.  Read more…

Competent people-the key to MISSA's top notch performance in the past decade

Over the past decade, the public has seen the remarkable transformation of an organization that has gone through serious financial distress in the past, and the figures speak for themselves:

• Contributions grew almost two-folds, from $6.5 million in FY 1999 to $12.6 million in FY 2009;
• Benefits paid increased from $7.4 million in FY 1999 to $13.6 million in FY 2009
• Our net assets are up by 87.24% from FY 1999 ($35.0 million), now valued at $65.5 million as of December 31, 2009;
• MISSA’s funded accrued actuarial liability rose almost two-folds, from 15% in 1999 to 29.5% in 2006, and 28% in 2008;
• Offshore investment gains since a new investment advisor and custodian were hired in late 2002 totaled $21.8 million, with an annual average net internal rate of return of 8.9%;

Monthly benefit payments averaging $1.1 million are consistently made on time and continuously been enjoyed by about 3,775 beneficiaries. Read more…