Transcription of Subject : SACCOs Licensing and Reporting Guidance …
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Subject : SACCOs Licensing and Reporting Guidance …
Subject : SACCOs Licensing and Reporting Guidance Notes Date : October 2013 Scope : Savings and Credit Cooperative Societies ( SACCOs ) Table of Contents I. 2 II. Application .. 2 III. Licensing .. 2 IV. Governance .. 5 1. Meaning and Importance of Governance .. 5 2. Conditions Necessary for Effective Governance .. 6 3. Governance Structure of SACCOs .. 7 Annual General Meeting .. 7 The Board of Directors .. 8 The Principal Officer .. 9 4. Importance of Separation of Roles and Responsibilities .. 9 V. Prudential Reporting .. 10 1. Statement of Financial Position .. 10 2. Statement of Comprehensive Income .. 11 3. Capital Adequacy .. 12 4. Liquidity management .. 12 5. Risk Classification of Assets and Provisioning .. 13 6. Investments .. 15 VI.
6 Governance is a system of checks and balances between SACCO members, the Bod and the board committees, SACCO management and other stakeholders who set …
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