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Introduction
(A1) A credit union is a financial cooperative owned and democratically controlled by its
members. It is operated for the purpose of maximizing the economic benefit of its
members by providing financial services at competitive and fair rates. It is created for and
by its members who are its depositors, borrowers, and stakeholders. Like a bank, a credit
union offers many banking services, such as consumer and commercial loans, which
usually have lower interest rates than that of the market; time deposits, which usually
have higher rates than that of the market; credit cards, and guaranties.
Occidental, is surrounded and bounded by Mt. Malindang on the north, Ozamis City on
the east, Panguil bay on the south, and the Municipality of Bonifacio on the west. The
citys commerce and industry is basically agricultural since more than 60 percent of the
kand is devoted to farming. Main products from Tangub city are mostly coconut, corn,
and banana however, fishing is also another source of livelihood of the people residing in
the city. Tangub City is not completely a rural area, it also has other occupations aside
from farming such professions as professional practice, handicraft, blue collar jobs,
barangay with the greatest population situated at the Southwest district of Tangub City.
A3
Membership
Ateneo Credit Cooperative shall have regular membership only. A regular member is one
who has complied with all the membership requirements and entitled to all the rights and
privileges of membership.
Qualifications
The membership of this Cooperative is open to all bonafide students of Xavier University
Ateneo de Cagayan. These are students, who can make use of its services, are in
agreement with its purposes and its by-laws. Members who have retired may opt to
employees of other Atenean schools that formally signified to be associated with the
Xavier University as approved by the Board of Directors and the General Assembly. The
savings and loaning services and other allied services relative thereto;
d. Pay the required membership fee; and e. Pay the required initial minimum share
same area.
Application of membership
The application for membership shall be made in writing on a form provided for the
purpose and shall be presented to the Board of Directors for action, within thirty days
from the date of filling. No application for membership shall be given due course if not
accompanied with a membership fee of One hundred Pesos (P 100.00), which shall be
refunded to the applicant in case of rejection. The membership fee may be adjusted by the
pay the value of at least ONE (1) share upon approval of his membership. However, no
member shall own or hold more than ten percent (10%) of the total subscribed share
capital of the Cooperative. The Board of Directors shall issue membership certificate and
subscription agreement with such terms and conditions as may be deemed equitable.
Duties and Responsibilities of a Member
Every member shall have the following duties:
a. Pay the installment of his share capital subscription as it falls due and to
Cooperative;
b. Patronize the Cooperatives businesses and services;
c. Participate in the membership education programs;
d. Attend and participate in the deliberation of all matters taken during general
assembly meetings;
e. Observe and obey all lawful orders, decisions, rules and regulations adopted by
the welfare of its members and the cooperative movement in general. The Board
may determine additional duties that may qualify members of good standing
Member entitled to vote
Any regular member who meets the following conditions is a member entitled to vote:
a. Paid the membership fee and the value of at least ONE HUNDRED (25) shares;
b. Not delinquent in the payment of his share capital subscriptions and other
accounts or obligations;
c. Not violated any provision of this By-laws, the terms and conditions of the
Directors; and
e. Participates in the affairs of the Cooperative and patronize its businesses. Failure
of the member to meet any of the above qualifications shall mean loss of right to
vote.
Right of a regular member to vote
A member entitled to vote shall have the following rights:
a. Participate and vote on all matters deliberated upon during general assembly
meetings;
b. Seek any elective or appointive position, subject to the provisions Sec. 2A of this
cooperative; and
f. Such other rights and privileges as may be provided by the General Assembly.
(A4) The government of Tangub city plans to improve infrastructures, for efficient
delivery of farm products and also to spur economic development, with this, the Local
Government Unit of Tangub exerted its effort to improve and maintain concrete barangay
roads such as the rehabilitation of the damages paved arterial road along Ozamis-
Pagadian road and the concreting of the farm to market road of Barangay VII in Tangub
city. Aside from improving infrastructures, the government of Tangub city also plans to
protect, conserve and sustainably manage the remaining forest of the city resulting to the
government of the city to establish plantation of industrial trees to its communal forest
thus the project, Salimpuno Reforstation Project A 10 Hectares Project. The city
government of Tangub city also plans to maintain and sustain the existing cultural
tourism activities of the city then resulting to local city officials gearing towards the
promotion of existing tourism programs such as the Mindanao Association of Museums
International Conference.
B. Rationale for organizing a cooperative
cooperative to be put up in Brgy. Guinabot, Tangub City, Misamis Occidental and named
it Ateneo Credit Cooperative (ACCO). The group decided to place the credit cooperative
in Tangub City after founding out in the times of their research that the place was
dominated by agricultural land, in fact it was 60% of their land are devoted for farming.
Their main products are coconut, corn and banana; fishing is another source of livelihood
of the people living in the City. These kind of community best suits to have a Credit
Cooperative created just around the area or with in the circumference of the City. As a
part of the research, the group found out also that financial services and institutions are
quite far from the City, they have to travel a kilometer or 2 hours just to reach the
The research and surveys help the group to conclude and to put up ACCO. So, Ateneo
Credit Cooperative is created to help the people in Tangub City to have easy access and
convenient credit cooperative that could help them for their startup businesses and could
help alleviate the peoples socio-economic status in the City. ACCO also aims to help and
become part for the development and progress for the people and to the City. This is how
customers may also take part of voting for the board of directors, take part in
be a resident of the city and after application these members can and will
enjoy the same services as banks without any hassle in terms of checking,
productive loan that help lift their lives from poverty to a good status.
Fewer Complications
Less worries and hassle, ACCO offers checking and savings account with
travel first, in which it takes more time for them, just to reach the cooperatives in the
other City. By that, there are only a few sources of funds available and only limited
opportunities for the people to grow. Also, farmers are not capable to be self-sufficient in
cooperative, individuals are better able to acquire inputs, production services, and
marketing for their produce. This helps enhance the development of small-scale farmers
cooperative. The management of Ateneo Credit Cooperative hopes that our members will
continue to patronize the services offered and at the same time convince other people
especially the farmers to be part of the Ateneo Credit Cooperative family. The following
are the existing programs or services that would cater the needs and problems of the
cooperative.
To improve our services, we are opening from Mondays to Saturdays so that those
mobile money where business transaction like deposits and payments can be done
this would benefit the use of premiums and excellent services. This is beneficial
benefited from this joint venture and even our members will have a full access
mountains far away from the city, and that it has the most population out of all the
barangays in the city, the proposed credit union will be able to succeed in its business
operations serving the needs of the farmers, the haciendas, and the people who are
residents of Brgy. Guinabot. The proposed cooperative will be able to help the people in
Brgy. Guinabot reach an easy access of funds since the cooperative will be situated within
the Barangay, this proposed cooperative will also help them avail of the services offered
in banks and other cooperatives without giving so much effort to go down town to be able
to deposit, loan, or avail of such services and needs that are available in ACCO anyways.
D4 D5 The following office equipments are required for business:
Tables
Chairs
Calculator
Filing Cabinet
CCTV for security
Computer
These items will be obtained through cash purchases and may also be obtained through
understand what a cooperative is, teach the value of thrift and saving mobilization; to
inspire cooperative values, principles, discipline, and leadership skills; and promote
awareness and sustainable development. Training is also necessary to know the strengths,
weaknesses and personalities of each member. By special training, members can do their
assembly to manage the cooperative. By special training, members can build a good
external sources.
a. Deposits of member:
The Cooperative will receive contributions and deposits from a member to
and private.
E. Financial Aspects
Projected Expenditures
E1 The start-up money will be funded by the contribution of each member. Per share is
Php 10.00 and each member will subscribed 100 shares which will be equal to Php
a. Share capital;
b. Deposits;
c. Capital reserve;
d. Loan Capital;
SHARE CAPITAL
The term share shall refer to a unit of capital, the value of which is TEN PESOS
each member upon the full payment of the subscription, and for subsequent shares
as they are paid for. The certificate shall contain the shareholders name, the
number of shares owned, the par value and duly signed by the President and the
Secretary, and bearing the official seal of the cooperative. All issues and transfers
membership. Interest may be paid only on the paid-up capital at the rate
prescribed by the CDA and such interest may be in cash, or credited towards
capital build-up of the cooperative at least TEN PESOS (P10.00) of his monthly
of One Hundred (100) Shares with a total value of One Thousand Pesos (P1,
000.00).
DEPOSITS
SAVINGS DEPOSITS Any member, in addition to his share capital investment,
may open a savings deposit, the rate of interest of which shall be determined by
average monthly balance outstanding during the period. The interest shall be paid
time that the office of the Ateneo Credit Cooperative is open for business, but no
member shall be allowed to withdraw there from more than two times a year,
except on meritorious cases and upon approval of the Credit Committee and the
Board whenever conditions warrant it. The Credit Committee may require at least
sixty (60) days notice in writing of the depositors intention to make withdrawal.
Service fees for the 4th and 5th withdrawals are P4 and P5
respectively.
The minimum limits set for the fourth and fifth withdrawals are:
CAPITAL RESERVE
A minimum balance of P100 will be required of all savings deposits. Savings
approval of the General Assembly may borrow money from any source at the best
terms and conditions available and in such amount that may be needed.
FIRST LOAN. The following requirements are a MUST before a new member
plus 75% of monthly allowance, subject to the share capital, savings deposit, and
co-maker requirements.
The limits of loanable amount for regular loan for members whose
membership in the cooperative ranges from one (1) to ten (10) years
standing and are permanent student of the school for at least 1 year.
allowed to be co-makers.
payments will be charged to savings deposits. A member who incurs two (2)
deficiencies will be allowed to borrow up to 150% only of his share capital and
savings deposit, upon renewal of his loan. A member who incurs three (3) or more
deficiencies will be allowed to borrow up to 100% only of his share capital and
amount of Two Hundred Fifty (P250) Pesos for emergency purposes. The loan
may be paid in one time lump-sum payment after a period of six months or in
installment basis not to exceed one year. If the emergency loan is not paid upon
maturity date, the delinquent member can borrow only Two Hundred when he/she
renews his/her emergency loan. A member who fails to pay his/her emergency
emergency loan
Third Time Php20,000 which can be availed in three
months
oncea member pays on time, the maximum loanable amount can be availed
UNSECURED LOANS. In addition to the regular loan, the following are the
Travel loan of P700 for Field Trips, P300 for local tours, and
The maximum loanable amount for unsecured loan is set at Php700 for
members with Php500 share capital. All types of unsecured loans can be
For members with less than Php500 share capital, the maximum loanable
for unsecured loan is set at Php500. All types of unsecured loans can be
If 60% of the unsecured loan is already paid then the loan is eligible for
renewal and the member can apply for another unsecured loan.
A member who incurs deficiency in the payment of his/her unsecured loan
will only be allowed to borrow another unsecured loan three months after
higher than the regular interest if paid in one time lump sum. So the interest for
unsecured loan and the rate will depend on the term of the loan as follows:
even before the loan is fully paid provided 60% of the loan has been paid. The
balance of the loan, which is 40%, will be deducted from the proceeds of the new
loan. An interest rebate will be computed on the balance of the loan. The interest
rebate will be determined based on the number of the months still remaining
unpaid.
annual patronage refund and dividends on their share capital and interest on their
savings deposits.
Emergency loans that are three (3) months overdue will be automatically
Ateneo Credit Cooperative members with permanent and with at least (3)
Capitalization
The Ateneo Credit Cooperative ACCO is form of fifteen members that each member
will contribute Php1, 000.00 with a total of Php 15,000.00 for the Initial paid-up
share capital, may open a Savings and the interest rate is determined by the
Board of Directors at the beginning of the calendar year. At the end of the
the maximum service to its member. The Following Capital Building Schemes
and share capital. The more the members add for their share capital,
the more ticket they can have. And this scheme will be held during
General Assembly and the prizes will also be given. After all, the
cooperative.
3. Authorized Retention from loans - In this scheme the staff shall deduct
a percentage from every loan granted and adds the deducted amount to
exceeding five (5) years and with a rate of interest consistent with the
not in the legal age and not able to enter contracts. and also,
General
Assembly
Mediation
Education Ethics
Functions and Secretary Treasurer
Committee Committee
Conciliation
General Assembly
The General Assembly is composed of members in good standing and are eligible to
General
Manager
participate in the electoral process. The General Assembly is the highest policy-making
body of the Cooperative. It has the power to elect and to remove for just cause the
Administratio
Operation
n
directors, officers and committee members; to hear and pass upon reports of the Board of
Directors, officers and committees; to make final decisions regarding any drastic change
in the financial policies subject to legal restrictions; to determine the amendments in the
all matters vitally and directly affecting the Cooperative; to approve the development
plans of the Cooperative, and to exercise all powers expressly provided by law and the
Board of Directors
The Board of Directors, as a body and not acting in their individual capacity, exercises
general supervision and control over the affairs of the Cooperative and its prescribed
policies consistent with the law, the By-Laws, resolutions of the General Assembly for
the management of its business and the guidance of its members, officers and employees.
The Board of Directors shall also be responsible for the strategic planning, direction-
The Education and Training Committee is responsible in planning and implementing the
employees, officers, members, and prospective members of the Cooperative. The Vice-
Chairman of the Board of Directors shall also serve as Chairman of the Education and
Training Committee.
Audit and Supervisory Committee
The Audit & Supervisory Committee, elected by the General Assembly, shall provide
internal audit services, maintain a complete record of its examination and inventory, and
submit quarterly reports to the Board and an audited annual financial report to the
General Assembly. The Committee is also responsible for the internal control and the
Credit Committe
The members of the Credit Committee are appointed by the Board in compliance with
R.A. 9520 , Article. 43, Chapter IV of the Philippine Cooperative Code of 2008. The
Credit Committee is responsible for the credit management of the Cooperative. The
Committee shall process, investigate, evaluate and act upon loan applications and
withdrawal of share capital, except when the applicant is a member of the Committee, in
which case, the Board will act upon his/her loan applications and withdrawal of share
capital. The Committee shall exercise general supervision of credit including collection
of loans.
Election Committee
The Election Committee, elected by the General Assembly, shall promulgate rules and
the conduct of election and the canvassing of votes, certify in writing the election returns,
submit the same to the presiding officer, and proclaim the winning candidates. The
Committee shall also act on cases arising from election protest, proceedings and any
violation thereof.
the Board in compliance with R.A. 9520 , Article. 43, Chapter IV of the Philippine
Cooperative Code of 2008 to conduct hearings on complaints and grievances filed against
any member, officer, committee member or management staff of the Cooperative. In the
conduct of its operation , the Committee shall observe due process as provided for by law
and is mandated to submit findings and/or recommendations on cases handled within the
prescribed period.
Management Staff
The Management Staff performs all the phases of operations of the Cooperative, both
administrative and finance, in accordance with the law and the By-Laws, and the rules
and regulations, policies and procedures, systems and control as established by the Board.
General Manager
The general manager oversees the over-all day-to-day business operations of the
control over all the operating departments subject to such limitations as may be set forth
Treasurer
The treasurer shall ensure that all cash collections are deposited in accordance with the
policies set by the BOD; have custody of all funds, securities, documentations relating to
all assets, liabilities, income and expenditures; monitor and review the financial
management operations of the cooperative, subject to such limitations and control as may
be prescribed by BOD; maintain full and complete records of cash transactions; maintain
a petty cash fund and daily cash position report and perform such other functions as may
Secretary
The Secretary shall keep an updated and complete registry of all members record, prepare
and maintain records of all minutes of the BOD and GA; ensure that necessary BODs
actions and decisions are transmitted to the management for compliance and
implementation; issue and clarify the list of members who are in good standing and
entitled to vote as determined by the BOD ; prepare and issue share certificates, keep
copy of the treasurers report and other reports, keep and maintain the share & transfer
book; serve as custodian of the cooperative seal; and perform such other functions as may
F2 The General Manager will be on the top of the day-to-day management operations of
the Cooperative together with Treasurer and Secretary. Any member of the Board of
Directors shall not hold any other position directly involved in the day to day operation of
the cooperative.
addition to their wages or salaries. The benefits provided by the cooperative are health,
dental, life insurance, disability income protection, sick leave, vacation (paid and non-
paid), social security, profit sharing, and other specialized benefits. Employee benefits
can improve the relationship between employee and employer and lowers staff turnover.
F4 All members of the cooperative will serve as its employees. Each position will be
elected during the General Assembly which all of the members are given the right to vote.
PROJECT SUMMARY
Location
The location of the cooperative will be located at Tangub City, Misamis Occidental specifically
in Ramylu Drive Magsaysay Building in Barangay Guinabot. This was the chosen location
because it has two storeys building, spacious and convenient for everyday transactions. The first
storey was used as the office and the second storey is used as function room for the cooperatives
meeting and conferences.
RESEARCH METHODOLOGY
Data Gathering
The proponents have used the Descriptive Research Method wherein the study is focused on
present situations. It involves the recording, description, analysis and the presentation of the
present system, composition or processes of phenomena.
Under the Descriptive Research Method, the technique used is the Survey Method, which is
otherwise known as normative survey. The results and findings of the study should always be
compared with the standards. With the survey method, researchers are able
to statisticallystudy the specific areas where the proponents must concentrate. Findings regarding
the common practices being done and the methods which are commonly adopted by the
employees are obtained with the use of the survey method.
After a series of thoughts and suggestions, the proponents came up with the idea to create the
Ateneo Credit Cooperative from which the exclusive members are the farmers, the farm owners,
and the residents of Barangay Guinabot, Tangub City. The proposed cooperative aims to help
assist the farmers, the farm owners and the residents on their financial and economic needs.
Market Feasibility
Based on the market study of cooperative, the target market which is the farmers, farm owners,
and residents of Brgy. Guinabot is the main factor to be considered in market feasibility. Based
on the conducted research of the proponents, there is a high demand of farmers that are willing to
join the cooperative, which meant that is good to build a credit cooperative. The survey results
(hypothesis) showed that 80% respondents are willing to join. The computed percentage of the
target market was just enough for the cooperative to legalize the organization in the Cooperative
Development Authority. Aside from the factors mentioned above, the proponents also discovered
that they could offer different types of loans to satisfy the financial and economic needs of their
members compared to the other financial institutions.
Technical Feasibility
The technical aspect is mainly about how the cooperative would be operated, where the
cooperative be operated, and what are the requirements before starting a cooperative. The
advocates mentioned the process and procedures clearly of the registration of the cooperative, the
application and termination of membership, a process of involuntary termination, the procedure
of voting, the application for loan, the loan policy, and the division of net surplus. Under this
aspect, the advocates also considered the supplies, equipment, and furniture and fixtures along
with their suppliers, frequency of orders, and prices. The advocates identified as well the location
of the office and the design of the layout to suit the day-to-day transactions of the cooperative.
Moreover, it is technically feasible based from mechanism and policies that have been perceived
by the advocates.
Financial Feasibility
Management Feasibility
The type of proposed business organization is Cooperative. The cooperative will be managed by
the officers elected by the General Assembly such as Credit Committee, Supervisory or Audit
Committee, Election Committee, Education and Training Committee, Mediation and
Conciliation Committee, Ethics Committee, and members from the Board of Directors, Chief
Executive Officer, Secretary and Treasurer. The functions and responsibilities of directors,
officers and committee members, as well as their training requirements, shall be in accordance
with the rules and regulations issued by the Authority according to the Philippine Cooperative
Code of 2008 (Republic Act No. 9520). Committee shall also refer to any organization entrusted
with specific functions and responsibilities under the bylaws or resolution of the general
assembly or the board of directors. The general conduct of the affairs of the cooperative,
including the powers and duties of the general assembly, the board of directors, committees and
the officers, their qualifications and disqualification, and job specifications are also needed when
electing or appointing officers.
SEPT
MAR
MAY
NOV
AUG
OCT
DEC
APR
JAN
FEB
JAN
ACTIVITIES
The table above shows the establishing of the structure for the lending business, guiding in
entering every phase of the operation. In creating this timetable, it helps the management to
determine if the project is on track to meet the designated delivery date. Understanding the
components that go into the timetable allows the business to develop the project accurately for
fewer adjustments once the project begins.