Cooperative Development Fund (CDF) Management

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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?

Inclusion in the Social Audit Report (C) Signup and view all the answers

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 (A) Signup and view all the answers

What is the purpose of the CDF?

For community development and social development activities (A) 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?

24 hours (C) Signup and view all the answers

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 (D) Signup and view all the answers

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

One hundred pesos (P 100.00) (A) Signup and view all the answers

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

PTR of individual signing partner/s (C) Signup and view all the answers

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

Personally, through registered mail, or through email (A) Signup and view all the answers

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

It prolongs the timeline for gathering relevant financial information (C) Signup and view all the answers

What is the primary purpose of the CDA accreditation process?

To ensure the quality of audit services provided to cooperatives (D) Signup and view all the answers

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

At the CDA Office (C) Signup and view all the answers

What is the requirement for CPAs seeking certification renewal?

Completion of 24 hours of training (A) Signup and view all the answers

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

To issue certificates of accreditation to auditing firms (B) Signup and view all the answers

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

Excel format (A) Signup and view all the answers

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

Through either Landbank or the Link.biz portal (B) Signup and view all the answers