2.3 Working Capital 3.0 Management letter 3.1 Fully Depreciated Assets  3.2  Policy for Long Outstanding Receivable Balances  The Income comprised the following:  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.  The following were some of the matters raised by the auditors  and the management responses thereto:  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.  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.  168  2018 2017 Amount Amount Revenue Item  (P’million)  %  (P’million) %  Government Grant  168.60  73.9  112.80  67.3  Tuition Fees & Other Student Income 55.27  24  49.37  29.5  Finance Income  0.15  0.1  0.15  0.1  Other Income  4.04   2  5.26 3.1  228.06 100   167.58 100.0 