Internal Control / Operational Policies

AUDIT COMMITTEE

The Audit Committee shall provide an internal audit service, maintain a complete record of its examination and inventory, and submit an audited financial report quarterly or whenever required by the Board of Directors and the General Assembly. The Audit Committee shall be responsible to undertake the following tasks:

1. Conducts a monthly audit on Cash Receipts and Petty Cash
2. Makes the policy on petty cash disbursement
3. Takes charge of the procedure on audit and accountant interface and guides the ThoMEC staff on what they shall do.
4. Conducts an audit of the payments made, including over the counter and all attendant activities related to such transactions

 

ELECTION COMMITTEE

The Election Committee shall be vested with powers to pass upon the qualifications of candidates and shall perform the following functions:

1. Supervises the conduct of elections
2. Canvasses and certifies in writing the returns
3. Proclaims the winning candidates; and
4. Hears and decides all election protests

All election protests shall be filed by the members of the Election Committee which shall be decided upon by the Board of Directors. (see Annex “A” for Election Guidelines.)

The decision of the Election Committee shall be appealable to the Board of Directors within fifteen (15) days from receipt thereof who shall make the decision within thirty (30) days after receipt of the records of the case. Likewise, the decision of the Board shall be appealable to the Cooperative Development Authority within fifteen (15) days from receipt of said decision, for mediation/conciliation proceeding.

 

CREDIT COMMITTEE

The Credit Committee shall be responsible for the credit management of the Cooperative and shall perform the following functions:

1. Processes, evaluates and acts upon loan application and withdrawal of deposits, except that is, when the applicant is a member of the Credit Committee. In such case, the application shall be acted upon by the Board of Directors.
2. Exercises general supervision including collection over all loans to members
3. And such other functions as provided in the By-Laws and the Board.

 

CONCILIATION COMMITTEE

The Conciliation Committee shall have the following powers and functions:

1. Conciliates, hears and decides all intra-cooperative disputes between and/or among members, officers, directors and the community, subject to the approval of the General Assembly
2. Issues supplemental rules and procedures concerning conciliation processes as may be deemed necessary, and
3. Exercises such other powers as may be necessary to ensure speedy, just, equitable and inexpensive settlement of disputes within the Cooperative.
4. And such other functions as provided in the By-Laws and the Board.

 

EDUCATION COMMITTEE

The Education Committee is hereby created with the Vice-Chairman of the Board of Directors as its Chairman and such number of members as the Board of Directors may deem feasible.

The committee shall be responsible for the planning and implementation of the information, educational and human resource development programs of the Cooperative for its members, officers and the communities within its area of operation. And such other functions as provided in the By-Laws and the Board.

 

ETHICS COMMITTEE

The Ethics Committee is hereby created to formulate the code of governance of the Cooperative, members shall be appointed by the Board of Directors. The committee shall be responsible for the formulation of the Code of Ethics.