Types and Categories of Cooperatives
Cooperative Definition Keywords
Its primary purpose is to provide a wide range of financial services to Wide range of financial services to
Cooperative Bank
cooperatives and their members. cooperatives and members
Promotesand undertakes savings and lending services among its Savingsand lending services among its
Credit Cooperative members. members.
Its primary purpose of engaging in savings and credit services and |Savings and credit services and other
Financial Service Cooperative other financial services. financial services
Its primary purpose is to procure and distribute commodities to
Consumers Cooperative members and non-members.
Commodities
Undertakes joint production whether agricultural or industrial. It is
formed to undetake the production and processing of raw materials or Raw
Producers Cooperative materials or goods
goods produced by its members into finished or processed products
for sale by the cooperative to its members and non-members.
Engages in the supply of production inputs to members and markets
Marketing Cooperative
their products.
|Supplyof production inputs
Engages in medical and dental care, hospitalization, transportation, HELP HIM CT - Hospitalization, Electric,
Service Cooperative insurance, housing, labor, electric light and power, communication, Labor, Professional, Housing, Insurance,
professional and other services. Medical, Communication,Transportation
Organized to assist or provide access to housing for the benefit of its
Housing Cooperative regular members who actively participate in the savings program for Access to housing
|housing.
Its primary purpose is undertaking power generations, utilizing
Power generations and renewable energy
Electric Cooperative renewable energy sources, including hybrid systems, acquisition and sources
operation of subtransmission or distribution to its household members.
Organized to own,operate, and manage water systems for the
Water Service Cooperative provision and distribution of potable water for its members and their Water systems
households.
Its primary purpose of providing medical, dental, and other health
Health Services Cooperative Medical and dental services
services.
Engaged in the business of insuring life and poverty of cooperatives
Insurance Cooperative Insuring life and poverty
and their members.
Includes land and sea transportation, limited to small vessels, as
Transport Cooperative defined or classified under the Philippine maritime laws, organized |Landand sea transportation
under the provisions of the Cooperative Code.
Its primary purpose of owning and operating licensed educational
Education Cooperative Licensed educational institutions
institutions notwithstanding the provisions of RA. 9155.
Organized by workers, including the self-employed, who are at same
time the members and owners of the enterprise. Its purpose is to
Workers Cooperative Employment and business opportunities
provide employment and business opportunities to its members and
manage it in accordance with cooperative principles.
Primary cooperative which or whose members are involved/engaged
|in raising/culture of plants, animals, fungi, and other living organism Raising of plants, animals, fungi, and other
Agriculture Cooperative
for productive and economic purpose and in related activities that living organism
lead to the reduction or cost and/or value addition of outputs.
Primary cooperative which promotes and advocates cooperativism
among its members and the public through socially-oriented projects, Advocates cooperativisim through socially
Advocacy Cooperative
education and training, research and communication, and other oriented projects
similar activities to reach out to its intended beneficiaries.
Organized by marginal farmers majority of which are agrarian reform
beneficiaries for the purpose of developing an appropriate system of System of land tenure, land development,
Agrarian Reform Cooperative
land tenure, land development, land consolidation or land land consolidation or land management
management in areas covered by agrarian reform.
Organized by marginal fishermen in localities whose products are
Fishermen Cooperative Fresh or processed products
marketed either as fresh or processed products.
Whose members are engaged in the production of fresh milk which
Fresh milk
Dairy Cooperative
may be processed and/or marketed as dairy products.
Combines 2or more of the business activities of these different types
2or more business activities
Multipurpose Cooperative
|of cooperatives.
Organized by minors and must be affiliated with a registered
Laboratory Cooperative Minors
cooperative
Primary Cooperative The members are natural persons Natural Persons
Secondary Cooperative The members are Primary Cooperatives Primary Members
Tertiary Cooperative The members are Secondary Cooperatives |Secondary Members
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Powers of aCooperative
Voting Requirements
Vote from Board of Directors Vote from Members Right to
Powers of the Cooperative Withdraw
|Amendmentof bylaws NONE YES
2/3of Members
|Amendment of Articles of Cooperation NONE YES
Merger or Consolidation NONE YES
Division NONE NO
contracts with
Ratification of self-dealing directors,
NONE NO
officers, or committee members
3/4 of Members,
Ratification of a director's act of disloyalty NONE PRESENT AND CONSTITUTING A QUORUM NO
Delegationof the delegable powers of the general NONE NO
assembly
Removal of an elected officer upon recommendation of the NONE NO
Board of Directors
Granting the directors any compensation other than per NONE NO
diems Majorityof Members
Filling up a vacancy due to expiration of term or
NONE NO
resignation in the Board of Directors
Majority of Members,
up avacancy, other than by expiration
Filling of term, in PRESENT AND CONSTITUTING A QUORUM
the Board of Directors, and if BOD DOES NOT COnstitute a NONE NO
Majority
Filling upavacancy, other than by expiration of term, in
the Board of Directors, if BOD is STILL constituting a Majorityof the REMAINING directors NONE NO
Majority
Filling upaa vacancy in the committees NONE NJA
Recommending to the generalassembly the removal of an BOD
Majority of
NONE N/A
elected officer PRESENTAND CONSTITUTING A QUORUM
|Allocation of interest on share capital NONE NJA
Delegation of powers to an executivecommittee NONE NJA
Removalof a member with a cause NONE NJA
Placing an elected officer under preventive suspension
Majority of BOD NONE NJA
pending the resolution of the investigation on his removal
Calling of Special Meeting of General Assembly NONE N/A
Special Meeting for Board of Directors NONE NJA
BOD
Majority of Majorityof Members, NO
Deferment of payment of interest on share capital PRESENTAND CONSTITUTING A QUORUM PRESENT AND CONSTITUTING A QUORUM
Voluntarydissolution where creditors are affected 3/4 of Members, NO
Majority of BOD PRESENT AND CONSTITUTING A QUORUM
Voluntarydissolution where no creditors are affected NO
BOD BoD Quorum Electric Cooperatives @trialbalanz
ALL Board of Directors Majority 5% of all the members entitled to vote
Cooperative Banks
Members Members Quorum
25% members to vote
1/2+ 1 of the number of voting shares of all
ALL Members WITH Voting Rights of entitled
members in good standing
Summary of Days Law on Cooperatives
Relevant
5 days In case of voluntary dissolution where creditors are affected, period to file objection.
From expiration of prescribed period-CDA shall send written notice stating non-compliance
15days induding fines and penalties in case cooperative fails to make, publish, and file required
reports.
From receipt of notice of termination of membership
From receipt of appeal-Committee shal decide on
- Appeal on membership
termination. Inaction- deemed approved.
termination.
30 days Prior to meeting -
Notice of meeting to be sent in case voluntary dissolution where no
of
creditors are affected
In case of voluntary dissolution where creditors are affected and petition is suffiient in form
30-60 days and substance, CDA shall issue an order and fix a date.
From date of filing -In case of inaction, application for registration deemed approved.
60days
Notice to BODin case withdrawal fora valid reason.
of
90 days
From the filing -
From receipt of denial- Appeal to the Office of the President in case of denial.
In case of inaction from the Office the President, deemed approved
of
After close of each fiscal year - in case date of regular meeting is not fixed.
From approval In case of newly approved cooperative, special general meeting shall be
called.
120 days From end of calendar year-Required repots shall be filed to CDA.
Philippine Standards on Auditing (PSAs)
Source: Auditing and Assurance Standards Council (aasc.org.ph)
STANDARD NAME KEYWORDS
PSA 120 Framework of Philippine Standards on Auditing Framework
Overall Objectives of the Independent Auditor and the Conduct of an
PSA 200 Overall Objectives
Audit in Accordance with International Standards on Auditing
PSA 210 |Agreeingthe Terms of Audit Engagements Terms of Audit Engagement
PSA 220 Quality Control for Audits of Historical Financial Statements Quality Control
PSA 230 Audit Documentation Documentation
PSA 240 The Auditor's Responsibility to Consider Fraud in an Audit of Financial
Fraud
Statements
PSA 250 Consideration
Statements
of Laws and Regulations in an Audit of Financial
|Laws and Regulations
PSA 260 Communication with Those Charged with Governance Those Charged with Governance
|CommunicatingDeficiencies in Internal Control to Those Charged with
PSA 265 Deficiencies in Internal Control
Governance and Management
PSA 300 Planning an Audit of Financial Statements Planning an Audit
Identifving and Assessing the Risks of Material Misstatement Bisks of Material
PSA 315 througn Misstatement
|Understanding the Entity and Its Environment
PSA 320 Materiality in Planning and Performing an Audit Materiality
PSA 33O |TheAuditor's Responses to Assessed Risks |Responses to Risks
PSA 402 |AuditConsiderations Relating to Entities Using Service Organizations Audit Considerations
PSA 500 Audit Evidence Audit Evidence
Addiditional Consideration for
PSA 501 |AuditEvidence - Additional Considerations on Specific Items Evidence
PSA 505 External Confirmations External Confirmations
PSA 510 Initial Audit Engagements-Opening Balances Opening Balances
PSA 520 |Analytical Procedures |Analytical Procedures
PSA 53O |AuditSampling Audit Sampling
PSA 540 |Auditing Accounting Estimates, Including Fair Value Accounting
|Accounting Estimates
Estimates, and Related Disclosures
PSA 550 Related Parties Related Parties
PSA 560 Subsequent Events |Subsequent Events
PSA 57O Going Concern |Going Concern
PSA 580 |Written Representations Written Representations
PSA 600 Special Considerations - Audits of Group Financial Statements Special Considerations: Audits of
(Including the Work of Component Auditors) |Group FS
PSA 610 Using the Work of Internal Auditors Work of Internal Auditors
PSA 620 Using the Work of an Expert Work of an Expert
PSA 700 |TheIndependent Auditor's Report on a Complete Set of General
|Auditor'sReport
Purpose Financial Statements
PSA 705 Modifications to the Opinion in the Independent Auditor's Report Modifications to the Opinion
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
PSA 706 Emphasis of Matter Paragraph
|Independent Auditor's Report
PSA 71O Comparative Information
Financial Statements
- Corresponding Figures and Comparative
|Comparative Information
PSA 720 The Auditor's Responsibilities Relating to Other Information in Responsibilities to Other
Documents Containing Audited Financial Statements Information in Documents
Special Considerations - Auditsof Financial Statements Prepared in Special Considerations: Audits of FS
PSA 800
|Accordance with Special Purpose Frameworks - Special Purpose Frameworks
PSA 805 Special Considerations - Audits of Single Financial Statements and |SpecialConsiderations: Audits of
Specific Elements, Accounts or Items of a Financial Statement Single FS
PSA 810 Engagements to Report on SummaryFinancial Statements Report on Summary FS
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