Coop certification deadline Feb. 28

Requirements for the issuance of the certificates of operation to registered cooperatives, federations, and unions should be submitted on or before the end of February this year, the Cooperative Development Authority said recently.

The CDA issued this reminder in view of the agency's Memorandum Circular 2005-01, which amended the one issued in 2001, and set a new period for cooperatives to get this certificate, and maintain their good standing.

Cletus Villamor, CDA 7's designated information officer, reminded that the new memorandum requires all cooperatives to follow the calendar year and not their respective fiscal year to obtain the documents.

There are at least 3,000 registered cooperatives in Central Visayas. Villamor said each of these shall now apply for the CO within 60 days after the end of the calendar year, not of the fiscal year as stated in their respective by-laws.

Fiscal year is the 12-month accounting period of the financial status of a particular entity, and this has resulted to different deadline among cooperatives in getting the CO. Following the calendar year, however, would mean all these entities should follow a common deadline.

Villamor said cooperatives that fail to comply with the requirements by February 28, this year would be penalized. Without the CO and the certificate of good standing are grounds for the cancellation of the cooperatives' registration with the CDA.

The requirements for the issuance of the CO are a duly accomplished annual report, audited financial statement, information sheet, and payment of the certification fee. - Ferliza C. Contratista