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What type of cooperative combines two or more business activities from different types of cooperatives?
What type of cooperative combines two or more business activities from different types of cooperatives?
Which type of cooperative focuses on promoting and advocating for cooperativism?
Which type of cooperative focuses on promoting and advocating for cooperativism?
What type of cooperative is primarily organized by marginal farmers and agrarian reform beneficiaries?
What type of cooperative is primarily organized by marginal farmers and agrarian reform beneficiaries?
Which type of cooperative is responsible for owning, operating, and managing water systems?
Which type of cooperative is responsible for owning, operating, and managing water systems?
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How is a Housing Cooperative characterized in terms of member ownership?
How is a Housing Cooperative characterized in terms of member ownership?
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Which type of cooperative has members that are exclusively natural persons?
Which type of cooperative has members that are exclusively natural persons?
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What represents the interests of all types of cooperatives at various administrative levels?
What represents the interests of all types of cooperatives at various administrative levels?
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What are the types of membership typically found in a cooperative?
What are the types of membership typically found in a cooperative?
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What is the timeframe within which the CDA must send a written notice of non-compliance to a cooperative?
What is the timeframe within which the CDA must send a written notice of non-compliance to a cooperative?
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Who conducts the financial audit of a cooperative?
Who conducts the financial audit of a cooperative?
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Which organization accredits the independent social auditor conducting the social audit?
Which organization accredits the independent social auditor conducting the social audit?
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What must the board of directors do after receiving the audit report?
What must the board of directors do after receiving the audit report?
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What is a requirement for the external auditor in terms of their relationship with the cooperative?
What is a requirement for the external auditor in terms of their relationship with the cooperative?
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What is stated about the auditor's liability regarding defamation?
What is stated about the auditor's liability regarding defamation?
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Who is responsible for promulgating the rules and standards for the social audit of cooperatives?
Who is responsible for promulgating the rules and standards for the social audit of cooperatives?
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What type of report must be submitted to the board of directors following the audits?
What type of report must be submitted to the board of directors following the audits?
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What is the penalty if a cooperative sells tax-exempt imported goods within five years?
What is the penalty if a cooperative sells tax-exempt imported goods within five years?
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Which of the following is exempt from income tax once registered with the CDA?
Which of the following is exempt from income tax once registered with the CDA?
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What must be certified by the Department of Trade and Industry (DTI) for cooperatives to import equipment tax-free?
What must be certified by the Department of Trade and Industry (DTI) for cooperatives to import equipment tax-free?
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What rate of tax is applied to a cooperative's accumulated reserves over Ten million pesos?
What rate of tax is applied to a cooperative's accumulated reserves over Ten million pesos?
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What type of donations can cooperatives make that are tax-deductible?
What type of donations can cooperatives make that are tax-deductible?
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Which of the following transactions is subject to Value-Added Tax (VAT) for cooperatives?
Which of the following transactions is subject to Value-Added Tax (VAT) for cooperatives?
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Which of the following statements about the transfer of beneficial ownership of imported goods is true?
Which of the following statements about the transfer of beneficial ownership of imported goods is true?
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What is the condition for cooperatives regarding the tax treatment of interest received by individual members?
What is the condition for cooperatives regarding the tax treatment of interest received by individual members?
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How many years must an associate continue to patronize the cooperative to be considered a regular member?
How many years must an associate continue to patronize the cooperative to be considered a regular member?
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What type of cooperative is organized by minors?
What type of cooperative is organized by minors?
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Which power of the General Assembly (GA) can be delegated?
Which power of the General Assembly (GA) can be delegated?
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What fraction of members is required to delegate some of the GA's powers?
What fraction of members is required to delegate some of the GA's powers?
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If not fixed, when must the annual regular meeting of the GA be held after the close of the fiscal year?
If not fixed, when must the annual regular meeting of the GA be held after the close of the fiscal year?
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How many days prior to the meeting must notice for a special meeting of the GA be sent to members entitled to vote?
How many days prior to the meeting must notice for a special meeting of the GA be sent to members entitled to vote?
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Which action is NOT a power of the General Assembly?
Which action is NOT a power of the General Assembly?
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What is the minimum percentage of votes required for the GA to approve amendments?
What is the minimum percentage of votes required for the GA to approve amendments?
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What must a government employee do to attend cooperative meetings during official time?
What must a government employee do to attend cooperative meetings during official time?
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What is required for a member to withdraw from a cooperative?
What is required for a member to withdraw from a cooperative?
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Under what condition can a withdrawing member expect a refund of their contributions?
Under what condition can a withdrawing member expect a refund of their contributions?
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Which of the following is NOT a valid ground for termination of membership in a cooperative?
Which of the following is NOT a valid ground for termination of membership in a cooperative?
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Who may assume the responsibilities of an agrarian reform beneficiary-member upon their death or insanity?
Who may assume the responsibilities of an agrarian reform beneficiary-member upon their death or insanity?
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What authority has the power to terminate a member's membership in a cooperative?
What authority has the power to terminate a member's membership in a cooperative?
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What is the potential impact on a cooperative if membership refunds are made?
What is the potential impact on a cooperative if membership refunds are made?
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Which situation would NOT be considered a valid reason for the termination of membership?
Which situation would NOT be considered a valid reason for the termination of membership?
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Study Notes
Cooperative Employee Attendance
- Government employees can utilize official time to attend cooperative meetings and training activities.
- Attendance is permitted if it does not disrupt office operations.
Termination of Membership
- Members may withdraw for valid reasons with a 60-day notice and are eligible for a refund of share capital unless it jeopardizes cooperative assets.
- Membership can end due to death, insanity, or conditions like insolvency in secondary or tertiary cooperatives.
- Next-of-kin can continue as members for agrarian reform beneficiaries upon the original member's death or insanity.
- The board of directors can also terminate membership by majority vote for specific reasons, including non-compliance with reporting requirements.
Annual Audit Requirements
- Cooperatives undergo mandatory annual financial, performance, and social audits.
- Financial audits require external auditors who are independent and accredited.
- Social audits must be conducted by auditors accredited by the Cooperative Development Authority (CDA).
- Audit reports detailing findings and recommendations are submitted to the board.
Audit Report Protocol
- Auditors present financial audit reports adhering to accepted auditing standards to the board and audit committee.
- Full audit reports must be shared with members at the next general assembly meeting.
Liability and Tax Exemptions
- Auditors are not liable for defamation if they act in good faith in their duties.
- Cooperatives enjoy exemptions from import duties for machinery not locally available, validated by the Department of Trade and Industry (DTI).
- Tax-free imports must not be resold or transferred for five years or incur penalties.
Tax Responsibilities
- Cooperatives with over P10 million in reserves must pay full rates on:
- Income Tax for allocated interest on capital (though not personally received by members).
- Value-Added Tax on transactions with non-members.
- Contributions to charitable and social projects can qualify for tax deductions.
Cooperative Types and Definitions
- Multipurpose Cooperatives engage in various business activities.
- Social Cooperatives promote cooperativism, while Agrarian Reform Cooperatives serve marginal farmers.
- Water Service Cooperatives manage water systems for potable supply.
Membership and Governance
- Housing Cooperatives are co-owned and controlled by their members.
- Membership types include primary, secondary, and tertiary based on member profile.
- Federations and cooperative unions represent diverse cooperative interests at different levels.
- Membership can be classified as regular or associate, with specifics on transitioning from associate to regular membership after two years of patronage.
General Assembly Powers
- The General Assembly has powers such as approving contracts, determining amendments, and electing or removing board members.
- It can delegate some powers to smaller cooperative bodies by a two-thirds majority vote.
- The regular annual meeting must occur within sixty days after the fiscal year-end.
Meeting Notifications
- Written notice for special meetings must be sent at least ten days prior to the meeting for members entitled to vote.
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Description
Explore the regulations governing government employees' participation in cooperative activities. This quiz covers attendance at meetings, seminars, and other official events related to cooperatives. Test your knowledge on the rights and duties of officials in cooperative settings.
