Calamba, Laguna─ The Institute of Cooperatives and Bio-Enterprise Development (ICOPED) in collaboration with the Cooperatives and Livelihood Development Department (CLDD) of Calamba City Government conducted a training course on Financial Management on October 13 to 14, 2016 at the Calamba City Training Center, Plaza Mercado. The financial management course is a mandatory training for officers of cooperatives engaged in savings and credit with at least PHP 5,000,000 worth of deposit liabilities based on the latest audited financial statement (Philippine Cooperative Code of 2008, RA 9520).
Financial Management includes activities such as budgeting, costing, managing revenues and properties, procuring and fiscal auditing. It is the process of implementing and managing financial control systems, collecting financial data to analyze in order to make sound financial decisions. Basically, financial management is applying general management principles to financial resources of the enterprise. It requires knowing how to read and interpret three key documents─ statement of cash flows, balance sheet, and income statement. The statement of cash flows is used to evaluate actual expenses against the budgeted amount. The income statement provides a view of how well the cooperative is operating while the balance sheet reports the overall value of the cooperative at the end of the year.
Ms. Joan E. Mendoza, Chief Accountant of UPLB Accounting Office, Ms. Ma. Cielo M. Lampa, Chief Administrative Officer of SPMO-UPLB, Ms. Arminga B. Peria and Ms. Alicia R. Quicoy, University Researchers of ICOPED, served as resource persons for the training. A total of 35 participants, mostly board of directors, secretary, treasurer, and committee heads from the cooperatives in Calamba, Laguna, completed the training.
Good financial management is the key to a successful operation of the cooperative; it is the life blood of an enterprise; without it the coop cannot attain its full potential and assure its sustainability. PM Luis