FSCC's result of financial operation
for the period ended December 31, 2019 showed a net surplus of P76,713.39.
The fund allocations as prescribed by the Cooperative Development Authority
(CDA) and FSCC's by-laws from its net surplus were as follows: Reserve Fund
(50%) in the amount of P38,356.70, Education & Training Fund (10%) of P7,671.34, Community
Development Fund (3%) of P2,301.40
and Optional Fund (7%) equivalent to P5,369.94 respectively.
The said financial report of FSCC also
indicated a net surplus after fund allocation of P23,014.02. However, in 2018, FSCC incurred a net loss of
P10,832.26 thereby resulting to a net surplus available for dividends and
patronage refund distribution after fund allocation and net loss in the
amount of P12,181.76.
The aforementioned dividend and
patronage refund distribution declared by the BODs resulted to a dividend
rate of 4.01% which is higher than the banks' interest rates on time deposits and patronage refund rate of 14.63%. The
highest computed dividend is P599.49 from a member’s average
monthly share capital of P52,562.50 while the patronage refund is in the
amount of P914.86 from the total Interest and Service Fee on loans
paid by the same member of P22,000.00.
However, such dividends and patronage
refunds will not be paid in cash but rather be credited to individual members'
share capital contribution for every fraction of P100.00 par value and its
excess shall be credited to their savings deposits on top of the required
minimum opening account. The BODs hope to have higher dividends and patronage
refund rates in the next FY by extending more loans to FSCC's members and
engaging in other investment opportunities as it will apply for a multi-purpose
type of cooperative in the coming months.
