Supplemental Policy on the Submission of Audited Financial Statements Duly Stamped "Received" by the BIR

February 7, 2013 CDA MEMORANDUM CIRCULAR NO. 008-13 TO : All Concerned SUBJECT : Supplemental Policy on the Submission of Audited Financial Statements Duly Stamped "Received" by the BIR Pursuant to Section 2 (4), Rule 8 of Rules and Regulations Implementing Certain Provisions of R.A. 9520 Article 53 of R.A. 9520 provides that: "1. Every cooperative shall draw up regular reports of its program of activities, including those in pursuance of their socio-civic undertakings, showing their progress and achievements at the end of every fiscal year. . . . xxx xxx xxx." In relation thereto, Section 2 (4), Rule 8 of the Rules and Regulations Implementing Certain Provisions of RA 9520 requires that the Audited Financial Statements be duly stamped "Received" by the BIR before submission to the CDA. However, some cooperatives experience difficulty in complying with the above mentioned requirements, thus seeking leniency. In consideration thereof, the Authority hereby resolved to accept provisionally Audited Financial Statements which do not bear the stamp "Received" provided that the cooperative shall show proof within thirty (30) days from the date of submission to the Authority that it has submitted the said Audited Financial Statements to the BIR. Nevertheless, when a cooperative fails to submit proof that it has submitted the same to the BIR within the period prescribed above, it shall be construed that the cooperative has not submitted its Audited Financial Statements and the provisions of Sections 4, 6 and 7 of Rule 8 of the Rules and Regulations Implementing Certain Provisions of R.A. 9520 shall apply. CScTDE Compliance with both payment of the corresponding monetary penalty and submission of the Audited Financial Statement duly stamped received by the BIR shall constitute an additional requirement for the issuance of Certificate of Good Standing for the succeeding year. For this purpose, Section 8 (b) of Memorandum Circular No. 2011-16, series of 2011, is hereby modified accordingly. For information and guidance. APPROVED per CDA Board Resolution No. 048, s-2013 dated February 7, 2013 , Quezon City, Philippines. For the Board of Administrators By: (SGD.) EMMANUEL M. SANTIAGUEL, Ph.D. Chairman ATTACHMENT EXCERPTS FROM THE MINUTES OF SPECIAL MEETING OF THE CDA BOARD OF ADMINISTRATORS HELD ON FEBRUARY 7, 2013 Makati Palace Hotel, Makati City PRESENT: Hon. Emmanuel M. Santiaguel, Ph.D. - Chairman/Presiding Officer Hon. Nelon B. Alindogan - Administrator Hon. Mercedes D. Castillo - Administrator Hon. Eulogio T. Castillo, Ph.D. - Administrator ALSO PRESENT: Atty. Niel A. Santillan - Executive Director RESOLUTION NO. 048, s-2013 Upon motion of Adm. Eulogio T. Castillo duly seconded by Adm. Mercedes D. Castillo, be it RESOLVED as it is hereby RESOLVED to approve the Memo Circular on Supplemental Policy on the Submission of Audited Financial Statements Duly Stamped "Received" by the BIR pursuant to Section 2 (4), Rule 8 of Rules and Regulations Implementing Certain Provisions of R.A. 9520 . HaAISC APPROVED. xxx xxx xxx This is to certify that the foregoing is true and correct from the minutes of the CDA Board of Administrators' Special Meeting. (SGD.) MARY GRACE I. CINCO Acting Board Secretary IV ATTESTED: (SGD.) EMMANUEL M. SANTIAGUEL, Ph.D. Chairman