FINANCE officials of micro-cooperatives in Cebu attended a free bookkeeping workshop sponsored by Capitol yesterday.
There were 150 attendees in the seminar. They were taught basic accounting principles to help them make a financial report required by the Cooperative Development Authority (CDA) for registration, said Hererardo Oraño, the workshop’s speaker.
Republic Act 9520, or the Philippine Cooperative Code, says that every cooperative shall draw up regular reports of its program of activities, including their socio-civic undertakings.
They are also required to report about their progress and achievements at the end of every fiscal year.
The reports shall be filed with the CDA within 120 days from the end of the calendar year. Failure to do so means fines and penalties, including revocation of authority of the cooperative to operate.
Micro-cooperatives are those with less than P3 million in assets, said Oraño.
Yesterday’s bookkeeping seminar was in celebration of the Cooperative Consciousness Week, as provided for in an ordinance by Provincial Board Member Jude Thaddeus Durano Sybico.
The ordinance designated the last week of October as Cooperative Week.
Through the help of Sybico, the Cebu Provincial Association of Accredited Cooperatives (CPAAC) and the National Confederation of Cooperatives (NATCCO), Capitol sponsored the workshop for cooperatives who cannot afford to send their finance officers to training.
Atty. Herculene Raymund Rizon, Capitol consultant on cooperatives, said that some of those who attended the seminar were officers from newly organized cooperatives.
Buddy Berdin, a staff member of Sybico, said 90 micro-cooperatives attended the seminar.
Aside from bookkeeping, the attendees also discussed cooperative-related projects of government agencies like DOLE, DTI, DA and DSWD.
Published in the Sun.Star Cebu newspaper on October 31, 2016.
Latest issues of SunStar Cebu also available on your mobile phones, laptops, and tablets. Subscribe to our digital editions at epaper.sunstar.com.ph and get a free seven-day trial.