Records, Registers, and documents to be maintained by Co-Operative Society

SAKET COOPERATIVE HSG SOCIETY

May, 14, 2015.

From: Dayanand Nene, Chairman

To : Bipin Kulkarni, Secretary.

Records, Registers, and documents to be maintained by Co-Operative Society:

The Responsibility for Maintaining and Preserving the Records:

It is the responsibility of the Managing Committee to decide the person who should maintain the above records. Ideally, it should be the Treasurer.

In the absence of any specific decision of the committee, it will be the responsibility of the Secretary of the Society to keep up to date and maintain the account books, registers and other records including the files of the society.

Many records need to be maintained on permanent basis like Statutory Records, Audit Records along with Final Accounts mentioned above.

Certain records like the bill book, receipt book, vouchers are to be maintained for at least 10 years.

Before destroying the old records, necessary resolutions have to be passed in the Managing Committee meeting.

The following accounting records are required to be maintained by the Co-Operative Housing Societies as per Rule 65 of the Maharashtra Co-operative Societies Rules 1961 and bye laws No. 142 as applicable to Co-Operative Housing Societies.

Records:

·        Certificate of Registration under the Statute Bye Laws – Model or Specific

·        Certificate of Registration under Income Tax, Charity Commissioner & any other mandated statutes for this purpose.

·         Financials, and Returns with Acknowledgement of Lodgments,

·        Minute Books of All meetings – Managing Committee, Sub-Committees, and General Body.

·        Registers:

1] Register of Members – I & J Registers, Promoters, Managing Committees, 2] Register of Shares Issued, transfers, with Linkage to any Lending and Charge thereon;

3] Audit rectification register in form ‘O’ as prescribed under Rule 73 of the Maharashtra Cooperative Society’s Rules 1961,

4] Register of Power of Attorney issued, Revoked, and operating Authorities,

5] Investment register, Nomination register, Loan register (if loan is raised), 6] Mortgage Documents: Financials & Operations: System Generated Data and Records, and Back up of Systems Output for Cash book, General ledger, Personal ledger,

7] Sinking fund register, Investment register, Register of deposits made with the local authority, the electric supply committee and any other Authority,

8] Register of Fixed Assets - furniture, fixtures and office equipment, Register of library books,

9] Register of allotment of flats, Safe Deposit Vaults (with Locker Key Register),

10] Structural audit register (as and when required).

·        The society should maintain separate files for the following items:

A] Application of membership. Application for associate membership. Application for nominal membership.

B] Letters of resignation of membership, including association and nominal membership.

C] Applications for transfer of shares and/or interest in the capital/property of the society.

D] Cases of expulsion of members. Nominations made by members, including revocations thereof.

E] Separate file for correspondence entered into with each member.

F] Correspondence with the registering authority.

G] Correspondence on property taxes including non-agricultural taxes.

H] Correspondence on water charges.

I]  Correspondence on electric supply.

J] Correspondence on conveyance of the property. Agreements, contract deeds with papers connected thereto. Approved plans of construction and correspondence thereon.

K] Application for exchange of flats. Correspondence on allotment of flats. L] Application for allotment of parking spaces and stilts.

M] Vouchers, along with bills relating thereto arranged in order of entries in the cash book and the journal.

N] Counterfoils of challans for credit of amounts into the bank, arranged in order of dates of credits.

O] Counterfoils of cheques issued. Counterfoils of share certificates.

P] Application for duplicate share certificates.

Q] Application for registration of the society, the copy of the Bye-laws and amendments thereto.

R] Counterfoils of receipts or carbon copies of receipts issued by the society. Counterfoils of bills or carbon copies of bills for the society’s charges.

S] Correspondence relating to loan received and property of the society mortgaged.

T] Notices and agenda of the meetings of the general body of the society. U] Periodical statements of accounts prepared by the society. Committee’s annual reports on the working of the society.

V] Audit memos received from the statutory auditors, with rectification reports thereon; Audit reports received from internal auditors, with rectification reports thereof;

W] Notices and agenda of the meetings of the committee.

X] Papers pertaining to the election of the committee.

Y] Complaint from members and correspondence thereof.

Smooth functioning of Society Office / Finances:

1.     The Secretary / Treasurer should authorize  one person as the Cashier to handle cash.

2.     The person authorized to handle cash should not handle the books of accounts.

3.     All Cash Reciepts should be acknowledged with pre-numbered official receipts.

4.     Collections during the day should be deposited not later than the next banking day.

5.     Employees authorised to receive Cash should daily handover to the Treasurer alongwith copies / statements of official receipts and unused ones.

6.     The Cashier to prepare a daily collection report, covering all collections during the day.

7.     Post dated cheques can be accepted as payment but official receipt should be issued only at the date of the cheque.

8.     Maintain Petty Cash for day to day small expenses, as per the society’s policy.

9.     All payments, other than those from the petty cash should be by Cheque only.

10.                         Each cheque prepared is covered by a pre-numbered cash voucher and supporting documents.

11.                        All cheques should be numerical sequence.

12.                        Cheques must be payable to a specific person / entity.

13.                        Unused Cheque Book should be in custody of the Treasurer.

14.                        Signing Blank cheques should be strictly prohibited.

15.                        Bank Reconciliation should be done monthly.

16.                        Disbursements of Petty Cash should be by pre-numbered cash vouchers and supporting documents.

17.                        All loans should be as per approved Loan Policy.

18.                        Monthly age-ing of members accounts should be prepared.

19.                         Invoices should be checked by Jt. Treasurer before payment.

20.                         Schedules for payments and Cash Flow statements be prepared monthly.

21.                        All accrued expenses should be settled immediately.

22.                        The book keeper should be the only person doing posting in the subsidiary ledgers.

Lets us follow this for smooth and transparent functioning of our office.

Regards,

Dayanand Nene

Chairman