2.2 Financial Results 2.3  Working Capital 3.0 Management Letter 3.1  Preparation and Review of Monthly Bank Reconciliations  The main sources of income for the year were:  The Authority recorded a profit of P7.47 million before a revaluation loss on property, plant and equipment of P13.62  million in the year under review, compared to a loss of P3.60  million in the previous year. Expenditure increased by P12.66 miilion (16%) from P79.43 million  in the previous year to P92.09 million in the year under review;  while income, on the other hand, increased by P23.74 million  (31%) from P75.82 million to P99.56 million during the same period. As at 31 March 2018, the working capital position of the Authority  showed current assets of P60.61 million and current liabilities of  P41.70 million, resulting in a net current assets position of P18.91  million. The following were some of the significant matters raised by the  auditors and the management responses thereto:  The auditors noted that, as in previous years, some bank reconciliations were not performed within 10 days after the  month-end as required by the BQA Financial Policies and Procedures Manual.   Government subvention of P56.80 million which had increased from P35.98 million in the previous year.   Contribution from Human Resource Development Fund of  P31.12 million, being 10% of the Fund revenue to support  quality assurance activities.   Registration fees of P8.56 million.   Ministry of Tertiary Education, Research, Science and Technology of P2.76 million.  157 