Cooperative Development Fund (CDF) Management
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Cooperative Development Fund (CDF) Management

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Questions and Answers

What is the mandatory percentage of net surplus that cooperatives must allocate to the Community Development Fund (CDF)?

  • A fixed amount of 3,000,000
  • 10% of the net surplus
  • Up to 5% of the net surplus
  • At least 3% of the net surplus (correct)
  • What is the consequence for willful violations of the CDF utilization guidelines?

  • Suspension of cooperative operations
  • Non-issuance of Certificates of Compliance
  • Dissolution of the cooperative (correct)
  • All of the above
  • What is the timeline for utilizing unexpended CDF balances when the remaining balance is above 10,000,000?

  • Within one (1) year
  • Within three (3) years
  • Within 10 years (correct)
  • Within five (5) years
  • What is the requirement for reporting CDF utilization and social development activities?

    <p>Inclusion in the Social Audit Report</p> Signup and view all the answers

    What is the condition for the circular to take effect?

    <p>Both approval by the CDA Board of Administrators and filing with the Office of National Administrative Register</p> Signup and view all the answers

    What is the purpose of the CDF?

    <p>For community development and social development activities</p> Signup and view all the answers

    What is the minimum number of hours of training required for Cooperative External Auditors for both initial accreditation and renewal?

    <p>24 hours</p> Signup and view all the answers

    What is the purpose of the Certificate of Attendance to training in the CDA accreditation process?

    <p>To verify the completion of the minimum 24 hours of training</p> Signup and view all the answers

    What is the minimum payment required for the issuance of a Certificate of Compliance (COC)?

    <p>One hundred pesos (P 100.00)</p> Signup and view all the answers

    What document is required from the signing partners of a Partnership/Auditing Firm in addition to their Profile?

    <p>PTR of individual signing partner/s</p> Signup and view all the answers

    Through which of the following means can a cooperative submit its Annual Tax Incentive Reports?

    <p>Personally, through registered mail, or through email</p> Signup and view all the answers

    What is the effect of the extended reporting period on the preparation of financial statements?

    <p>It prolongs the timeline for gathering relevant financial information</p> Signup and view all the answers

    What is the primary purpose of the CDA accreditation process?

    <p>To ensure the quality of audit services provided to cooperatives</p> Signup and view all the answers

    Where can the original copy of the Certificate of Compliance (COC) be claimed?

    <p>At the CDA Office</p> Signup and view all the answers

    What is the requirement for CPAs seeking certification renewal?

    <p>Completion of 24 hours of training</p> Signup and view all the answers

    What is the role of the PRC BOA in the CDA accreditation process?

    <p>To issue certificates of accreditation to auditing firms</p> Signup and view all the answers

    What is the format required for the soft copy of the Annual Tax Incentive Reports?

    <p>Excel format</p> Signup and view all the answers

    How can payment for the Certificate of Compliance (COC) fee be made?

    <p>Through either Landbank or the Link.biz portal</p> Signup and view all the answers

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