DCCCO MULTIPURPOSE COOPERATIVE

1 SUMMARY OF THE MINUTES OF THE ACCOUNTING OFFICER’S MEETING

2 DCCCO Hotel, Upper Luke Wright Street, Dumaguete City
3 May 27, 2023
4
5 Opening Prayer: Fresha Mae G. Aso
6 Time Started: 10:45 AM
7
8 Present: Sheree Mae I. Javier Accounting Manager
9
10 Accounting Officers:
11 Sharmaine Joy M. Molijon Dumaguete Branch
12 Geralane G. Rosales Bais Branch (Outgoing)
13 Mary Mae L. Maraña Bais Branch (Incoming)
14 Eden May J. Andulana Bayawan Branch
15 Fresha Mae G. Aso Siquijor Branch
16 Daryl Kim P. Crisostomo San Carlos Branch
17 Kris Leojann P. Bacane Sibulan Branch
18 Genesis C. Aleo Carcar Branch
19 Ria Jane Favor Head Office
20
21 Absent: Jinky C. Oril Guihulngan Branch
22
23 Closing Prayer: Fresha Mae G. Aso
24 Time Ended: 5:27 PM
25

27 I. Call to Order/Prayer
28
29 The meeting was called to order by Accounting Manager Sheree Mae I. Javier
30 at 10:45 AM. An opening prayer was led by Accounting Officer Aso.

32 II. Roll Call

33
34 Upon the direction of Accounting Manager Javier, only Accounting Officer Oril
35 is absent, with the number, declared the presence of quorum in the meeting.
36
37 III. Presentation and Approval of the Agenda
38
39 Upon the motion of Accounting Officer Aso, duly seconded by Accounting
40 Officer Aleo, the agenda of the meeting was approved and presented.
41
 DCCCO MULTIPURPOSE COOPERATIVE

1 1) Call to Order
2 2) Opening Prayer: Jinky C. Oril
3 3) Presentation and Approval of Agenda
4 4) Reading, Correction and Approval of the previous minutes
5 5) Matters Arising from the Minutes
6 6) Business on Hand:
7 4.2. BOD Meeting Highlights
8 4.3. Discussion of New Policies/Procedures
9 4.4. Levelling-off/Branch Concerns
10 4.5. Other Matters
11 7) Adjournment
12 8) Closing Prayer: Fresha Mae G. Aso

14 III. Reading and Approval of Minutes

15
16 Accounting Officer Andulana moved to dispense the reading of the previous
17 minutes of meeting dated March 29, 2023 and was duly seconded by Accounting
18 Officer Favor.

20 IV. Corrections to the minutes of Monthly Staff Meeting dated March 29, 2023:
21
22  Page 1, Line 21: Changed from “Mae” to “May”.

24 V. Business Arising on the Previous Minutes

25
26  DIAS will probably be up this May 30, 2023.
27
28  Most audit findings are procedural deviations.
29
30  Memos related to audit findings are already reported to the BOD.
31
32  Partial liquidation of cash advances is not allowed.
33
34  Computation of premium for property insurance should be based on the
35 acquisition cost plus improvements.
36
37  In variance report, there should be a note if there has been a
38 supplemental budget approved by the BOD.
39
40  Reminder of printing of 2022 Looseleaf.
41
 DCCCO MULTIPURPOSE COOPERATIVE

1  Agreement was made to stop allowing of partial withdrawal of time

2 deposits made thru interbranch withdrawal due to difficulties of filing and
3 monitoring of TD Certificates.
4
5  Accounting Manager Javier will ask for clarifications from the ManCom if
6 OIC-BM is allowed to approve waiving of penalties for retention of MIGS
7 status.
8
9  Deadline for posting of Patronage Refund for Interest - RA11469 payments
10 is on September 30, 2023.
11
12  New procedure in recording of ATM transactions (for uniformity):
13
14 Main Office/Branches
15
16 1. Acquirer Withdrawals
17
18 (i) Finance – to be executed thru In/out transactions by the Cash
19 Officer.
20
21 Due from Nationlink (Branch) xxx
22 COH – ATM xxx
23
24 (ii) Accounting – to be executed weekly and send corresponding JV to
25 HO.
26
27 Due from HO (ATM) xxx
28 Due from Nationlink (Branch) xxx
29
30 2. On-us Withdrawals thru ATM
31
32 (i) Finance – to be executed thru In/out transactions by the Cash
33 Officer.
34
35 Due from Savings MyPitaka xxx
36 COH – ATM xxx
37
38 (ii) Accounting – to be executed weekly and send corresponding JV to
39 HO.
40
 DCCCO MULTIPURPOSE COOPERATIVE

1 Due from HO (ATM) xxx

2 Due from Savings MyPitaka xxx
3
4 3. On-us Withdrawals thru Over-the-counter transaction
5
6 (i) Finance – In-house Teller/Cash Officer will execute a debit
7 transaction in member’s ATM account thru MyPitaka system.
8
9 (ii) Accounting – to execute disbursement thru cash voucher for
10 replenishment of the debit transaction made on the ATM account
11 of the member.
12
13 Due from Savings MyPitaka xxx
14 Vouchers Payable xxx
15
16 (iii) Accounting – to be executed weekly and send corresponding JV to
17 HO.
18
19 Due from HO (ATM) xxx
20 Due from Savings MyPitaka xxx
21
22 4. On-us Deposits
23
24 (i) Finance – to be executed by the In-house Teller. Official receipt
25 shall be sent to HO at the end of the day or on the following
26 morning.
27
28 COH – Teller xxx
29 Due to HO (ATM) xxx
30
31 Head Office
32
33 1. Acquirer Withdrawals
34
35 Due from Nationlink xxx
36 Due to Branches (ATM) xxx
37
38 2. On-us Withdrawals thru ATM
39 Due from Savings MyPitaka xxx
40 Due to Branches (ATM) xxx
 DCCCO MULTIPURPOSE COOPERATIVE
1
2 3. On-us Withdrawals thru Over-the-counter transactions
3
4 Due from Savings MyPitaka xxx
5 Due to Branches (ATM) xxx
6
7 4. On-us Deposits
8
9 Due from Branches (ATM) xxx
10 Due to Savings MyPitaka (Branches) xxx
11
12  There still have reconciliations to be made between the ATM center and
13 the branches.
14
15  Sending of Due from/to ATM transactions should be done weekly.
16
17  Collection of payments from accounts with MOA – payments from
18 members in DENR made some complaints due to delay on pick up of the
19 payments. Receipt for the payment is not also sent immediately for
20 recording to Bais branch.
21
22 VI. Business on hand
23
24 A. Special BOD Meeting dated May 2, 2023 (Highlights)
25
26 BOD Resolution No. 346, series 2023
27 Approving Authority for Loan Restructuring
Loan Restructuring
Level of restructuring Approver
1st CMO
2nd BM
3rd CM
4th and more MCC
28

29 Discussion: A query if OIC-BM can approve loans for restructuring in the

30 absence of the branch manager. Accounting Manager Javier responded that
31 she will refer this concern to the ManCom.
32
 DCCCO MULTIPURPOSE COOPERATIVE

1 B. Special BOD Meeting dated May 8, 2023 (Highlights)

2 Members with Time Deposits with aggregate balances exceeding
3 Php10,000,000.00.
4
Aggregate Current
Time Deposit Outstanding
Name of Member
(at the time of Aggregate
audit) Time Deposit
Flores, Jerry Y. 10,000,204.83 10,000,204.00
Infante, Justin Joyce
12,853,706.50 13,000,000.00
E.
Ong, Rosario L. 49,838,329.83 500,000.00
Ong, Wilmer 100,415,277.3
3,000,000.00
Rodney L. 9
Velez, Julieta C. 10,661,698.93 9,161,735.00
Yang, Lynn O. 14,215,633.09 14,500,000.00
5
6 As of October 25, 2022, the total Time Deposits of Dumaguete Branch
7 amounts to Php2,687,712,135.16.
8
9 Maximum Placement: Ten Million Pesos (₱10,000,000.00)
10 single deposit or aggregate amount
11
12 The limit to the acceptance of Time Deposit is due to the excess liquidity that
13 the Cooperative is experiencing during this time of pandemic.
14
15
16 Discussion: No accepting time deposit placements with over 10m in aggregate
17 amount beyond October 25, 2022. Existing time deposits over 10m should be
18 continuously rolled-over, however, if the member made a withdrawal, the
19 amount withdrawn cannot be placed back if its aggregate balance would
20 exceed 10m.
21
22 Time deposit access should be transferred to Cash Division. Some branches
23 still have it on the Accounting Division due to the lack of staff in the Cash
24 Division. Accounting Manager Javier will refer this request for additional staff
25 to FTM Arbas.
26
 DCCCO MULTIPURPOSE COOPERATIVE

1 C. Presentation of the Updated Travel Policy (BOD Res. No. 107, s. 2023)
2
3 D. Presentation of IRR – GCash Disbursement
4
5 Discussion: In some branch’ practices, loan proceeds that are to be credited to
6 MyPitaka accounts are first credited to their regular savings account and the
7 same is withdrawn from this account before it will be credited to member’s
8 MyPitaka account.
9 New procedure for crediting of loan proceeds to MyPitaka account to be
10 proposed to the ManCom:
11
12 1. Main Office/Branch
13
14 (i) Loans – to be executed by the LPS. A copy of the loan voucher and
15 Authority to Credit Loan Proceeds (ACLP) form should be provided to the
16 In-house Teller and the same shall be sent to HO.
17
18 Loan xxx
19 Due to HO (ATM) xxx
20
21 (ii)Finance – In-house Teller will execute a credit transaction to member’s
22 MyPitaka account. Documents provided by the LPS shall be attached to the
23 ATM deposit slip.
24
25 2. Head Office – will refer to documents sent by the branch’ LPS.
26
27 Due from Branches (ATM) xxx
28 Due to Savings MyPitaka xxx
29
30 VII. Branch Concerns:
31
32 a. Bayawan Branch
33  Should ATM overages be reclassified to Miscellaneous Income same as Cash
34 Overages after 3 months?
35
36 Response: To be referred to FTM Arbas. These overages should be lodged to
37 ATM Overage account.
38
39  Was there an SL account for Other Payables?
 DCCCO MULTIPURPOSE COOPERATIVE
1
2 Response: none
3
4  There are still unclaimed/untraced POS transactions. These transactions
5 remain untraced for more than a year.
6
7 Response: These POS transactions should be traced and should not be
8 reclassified as income.
9
10  There are differences noted between the generated interest in Interest
11 Register from the actual amount credited to member’s account.
12
13 Response: Only follow the actual amount that was posted to member’s
14 account.
15
16 b. Main Office
17
18  Clarification with regard to the entry for transfer of membership,
19 specifically, in the outstanding A/R – Annual Dues of the member.
20
21 Response: Outstanding A/R – Annual Dues of the members should be
22 earned by the originating branch. Entry:
23
24 From:
25 Savings Account xxx
26 Share Capital xxx
27 Damayan Fund xxx
28 Annual Dues xxx
29 Due from Receiving Branch xxx
30 Loan xxx
31 A/R – Annual Dues/Damayan xxx
32 Due to Receiving Branch xxx
33
34 To:
35 Savings Account xxx
36 Share Capital xxx
37 Damayan Fund xxx
38 Due from Receiving Branch xxx
39 Loan xxx
40 A/R – Annual Dues/Damayan xxx
 DCCCO MULTIPURPOSE COOPERATIVE

1 Due to Receiving Branch xxx

2
3  Suggestion to include automatic deduction from savings of A/R – Annual
4 Dues.
5
6  Reminder for Interbranch transactions cut-off should be until 4:00 PM.
7
8  Members with Income BDR accounts should be reactivated in order for
9 these accounts to appear in the teller’s transaction window when they are
10 payments.
11
12 c. Sibulan
13
14  Clarification of meals budget during regular branch meeting.
15
16 Response: Only 200.00 not 350.00.
17
18 d. Siquijor
19
20  Identification of documents for shredding
21
22 Response: Should endorse and report the list of documents for shredding
23 to the Records Custodian.
24
25  Scanning of documents
26
27 Response: To start scanning already because some branches have
28 reported some lost documents. This is to secure copies in cases like these
29 may happen.
30
31  Procedure for the disposal of FFE
32
33 Response: To send disposal form to the internal audit to be inspected,
34 reported and be approved by the BOD.
35
36 e. San Carlos
37
38  Entry for the laptop given to BM Balbon.
39
 DCCCO MULTIPURPOSE COOPERATIVE

1 Response: To make a reverse entry and charge to expense the remaining

2 amount.
3
4 As no other matters were discussed, the meeting adjourned at 5:27 PM.
5
6 Prepared by:
7
8 DARYL KIM P.
9 CRISOSTOMO
10
11 Attested by:
12
13 SHEREE MAE I. JAVIER
14 Accounting Manager