18 Questions
What is the mandatory percentage of net surplus that cooperatives must allocate to the Community Development Fund (CDF)?
At least 3% of the net surplus
What is the consequence for willful violations of the CDF utilization guidelines?
Dissolution of the cooperative
What is the timeline for utilizing unexpended CDF balances when the remaining balance is above 10,000,000?
Within 10 years
What is the requirement for reporting CDF utilization and social development activities?
Inclusion in the Social Audit Report
What is the condition for the circular to take effect?
Both approval by the CDA Board of Administrators and filing with the Office of National Administrative Register
What is the purpose of the CDF?
For community development and social development activities
What is the minimum number of hours of training required for Cooperative External Auditors for both initial accreditation and renewal?
24 hours
What is the purpose of the Certificate of Attendance to training in the CDA accreditation process?
To verify the completion of the minimum 24 hours of training
What is the minimum payment required for the issuance of a Certificate of Compliance (COC)?
One hundred pesos (P 100.00)
What document is required from the signing partners of a Partnership/Auditing Firm in addition to their Profile?
PTR of individual signing partner/s
Through which of the following means can a cooperative submit its Annual Tax Incentive Reports?
Personally, through registered mail, or through email
What is the effect of the extended reporting period on the preparation of financial statements?
It prolongs the timeline for gathering relevant financial information
What is the primary purpose of the CDA accreditation process?
To ensure the quality of audit services provided to cooperatives
Where can the original copy of the Certificate of Compliance (COC) be claimed?
At the CDA Office
What is the requirement for CPAs seeking certification renewal?
Completion of 24 hours of training
What is the role of the PRC BOA in the CDA accreditation process?
To issue certificates of accreditation to auditing firms
What is the format required for the soft copy of the Annual Tax Incentive Reports?
Excel format
How can payment for the Certificate of Compliance (COC) fee be made?
Through either Landbank or the Link.biz portal
This quiz covers the management and administration of the Cooperative Development Fund (CDF) by existing foundations, including reporting requirements and utilization.
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