I. Title: A Draft Policy On cash counting and safe keeping of money of CSMPC
1. To cash count and safe-keep of money for security reasons; 2. To provide goods and services to its members to enable them to attain increased income, savings, investments, productivity and purchasing power, and promote among themselves equitable and distribution of net surplus through maximum utilization of economies of scale, cost-sharing and risk-sharing (Article 7 (a) Objectives and Goals of a Cooperative); 3. To provide optimum social and economic benefits to its members (Article 7 (b) of R. A. 9520) (Article 7 (b) Objectives And Goals of Cooperatives); 4. To ensure that all cash collections are deposited in accordance with the policies set by the Board of Directors (Article V, Section 7 (3) (a) of the Cooperative Bylaws); 5. To ensure that the Treasurer shall have the custody of all funds, securities, and documentations relating to all assets, liabilities, income and expenditures and such other functions as may be prescribed in the Bylaws or authorized by the General Assembly (Article V, Section 7 (3) (b-f) of the Cooperative Bylaws);
A. Definition of Terms:
1. Cash Counting and Safe Keeping Form refers to the form wherein amounts of money shall be registered on it and shall be prepared by the cashier; 2. Sales Transaction refers to the amount of money received by the cashier; 3. Manager shall refer to the Chief Executive Officer of the entire operations of the cooperative (Article V, Section 14 of the Cooperative Bylaws); 4. Treasurer refers to the surety bonded person of the cooperative who is in-charge of all cash collections and disbursements’ transactions.
B. IMPLEMENTING Guidelines and Procedures:
1. The cashier shall count the money he/she receives from sales transactions of the day; 2. The manager or the treasurer shall re-count or double check such denominations or amount declared by the cashier; 3. Correct amount shall be recorded in the Cash Counting and Safe Keeping Form (CCSKF) which shall be prepared by the cashier; 4. Before the money shall be personally forwarded to the treasurer or deposited in the Cashier’s Vault, a witness other than the manager or treasurer shall only sign said form just to witness that there’s an official undertaking executed between the cashier and the treasurer or even in the safe keeping of money into the Cashier’s Vault; 5. Then, the manager shall sign the form after double checking the stated amount; 6. Right after the manager counter-signs the CCSKF, the money shall be safe-kept into the Cashier’s Vault and shall be sealed by a packaging tape which would be signed by the cashier and the manager. Only the cashier is allowed to open and close said vault. 7. When the manager and the treasurer are not around during the cash counting, the Sales Staff is authorized to re-count the money and shall also sign in an envelope sealed with a packaging tape before the money is kept inside the Cashier’s Vault; 8. When the treasurer and the manager are present during the cash counting, the manager would sign the CCSKF considering that he/she is the Chief Executive Officer (CEO) in the operation who supervises its systems and procedures and the money shall be forwarded to the treasurer. Upon receiving the money, the treasurer shall recount it and sign the form right away. The money shall be sealed by a packaging tape which is signed by the treasurer and the manager. And the money shall be safe-kept inside the Treasurer’s Vault. Only the treasurer is allowed to open and close the vault; 9. However, the metal vault shall be opened by the manager provided that a witness is present who is authorized by the cashier or the treasurer. 10. If the cashier is absent or on leave, the treasurer can cash count the money deposited inside the Cashier’s Vault, provided, that the manager is present during the cash counting. The manager shall re-count the money before he/she turns over the money to the treasurer’s custody. Both of them shall sign in the CCSKF indicating the date and time and shall be marked “Received by the Treasurer.” If ever the stated amount would not coincide to the current cash counting, such concern shall be immediately reported to the Chairman of the Board of Directors (BOD). The BOD shall create a five (5) panel investigation team to address said concern; 11. Remarks such as “Deposited in the Vault”, and “Received by the Treasurer” shall only be marked in the CCSKF; 12. When the treasurer personally receives the money, he/she signs the CCSKF and a cash remark: “Received by the Treasurer” shall be finally marked; 13. When the treasurer is not around during the cash counting, stated amount of the day of CCSKF shall be marked “Deposited in the Vault”; 14. Cash counting shall either be made once, or twice a day or even more, provided however to the following conditions: 14.a When there’s an emergency referring to natural calamity; 14.b If there’s a man versus Sales Staff/Cashier Conflict that threatens a life of a concerned party; 14.c When Cashier 1 asks Cashier 2 to replace him/her due to health reasons; 14.d If there’s an untoward incident with reasonable cause; 15. Any unexpected variance of deficit of such cash counting and safe-keeping of money will be charged against the liable person if proven by a reasonable cause of such negligence; 16. CCSKF shall be produced in three (3) copies; one (1) form shall be copy-furnished to the manager, and another one (1) shall be copy-furnished to the treasurer. The manager shall bring the form to the BOD regular monthly meeting for reporting.
C. Penalty of Violation:
Anybody who violates this policy shall be liable for Written Reprimand in the first offense; Oral Reprimand in the Second Offense; and Suspension from Work in one regular working day without pay in the Third Offense. Beyond these violations stated is subject for Involuntary Termination as stipulated in Article III, Section 9 (c) (ii) and (iii) that state … When he/she has continuously failed to comply with his/her obligations and when he/she has violated any provision of this By-laws and the rules promulgated by the cooperative as provided by Republic Act 9520.
IV. Separability Clause:
Should any part of this policy is found inconsistent with existing laws, rules, and regulations, the remaining guidelines and procedures hereof shall remain in full force and effect.
The General Manager shall oversee the overall day to day business operations of the cooperative by providing general direction, supervision, management and administrative control over all the operating departments subject to such limitations as may be set forth by the Board of Directors or the General/Representative Assembly (Rule 7, Section 4.9).
This policy shall take effect fifteen (15) days following the approval of the Board of Directors and posting of this policy in three (3) public areas where the cooperative operates.
Article 7 (a) Objectives and Goals of a Cooperative Article 7 (b) of R. A. 9520) (Article 7 (b) Objectives And Goals of Cooperatives Article V, Section 7 (3) (a) of the Cooperative Bylaws Article V, Section 7 (3) (b-f) of the Cooperative Bylaws Article III, Section 9 (c) (ii) and (iii) Rule 7, Section 4.9 Republic Act 9520
Approved and adopted per Board Resolution No. __, s. 2014 dated __________, 2014.