Special :: Precautions to be taken by Co-operative Housing Societies before 31st March


Precautions to be taken at 11th Hour before 31st March

By Ananya Abhijeet Dalvi, B. Com, GDC&A (Govt. Diploma in Co-operation & Accountancy) | 28th Mar 2014 | integrafinserve.in

Financial year closing has a lasting significance to record books of Co-operative Housing Societies. Our accredited expert Ms. Ananya Abhijeet Dalvi has listed down some essential activities to be completed before 31st Mar 2014. This compilation can be a useful Checklist for societies.

1]       Deposit (petty) cash above Rs.3000/- into saving bank account.

2]       Update bank passbooks.

3]       Apply for bank balance certificate at the year-end.

4]       Renew all FDR’s & ensure that you have FDR certificate in hand before year end.

5]       Make Xerox copies of all FDR’s in hand & those submitted to bank.

6]       Obtain Interest Accrued Certificate for all your FDR’s.

7]       Invest in Sinking Fund FDR, the amount contributed as Sinking Fund plus the interest accrued on sinking fund at the financial year ending since the investment should be equal to fund.

8]       Make payment of education fund [including arrears] to Maharashtra Rajya Sahakari Sangh.

9]       Update your membership of Mumbai District Housing Federation.

10]      Make sure that Managing Committee, Annual General Body & Special General Body Meeting, Minute Books are written updated.

11]      Make sure that audit report & even Audit Rectification Report is submitted to Registrar’s Office & you are having acknowledgement of the same.

12]      All transfer files are updated & Entrance and Transfer fee is received from all incoming members.

13]      Ensure that all Statutory Registers/Records are updated.

14]      Make follow-up to collect Nomination Forms from all members. (If any member wish to change nomination then Rs. 100/- will be charged as Nomination fees.)

15]      All receipts for amount received & all vouchers, bills for payments made are obtained.

16]      Ensure signature of committee members wherever necessary (viz. Cash Book, Statutory Registers, Vouchers, Receipt counterparts)

17]      If society building is old conduct structural audit.

18]      Insure your society building against the risk of fire & earthquake which is statutory.

19]      Apply for new PAN NO. & TAN No. at earliest. File your Income Tax Return & TDS of earlier year if not filed.

20]      Make Provision for all known liabilities.

21]      Deduct Tax at Source from contract given or professional fees & deposit it in Govt. Treasury at least before the year end.

22]      Amount introduced by committee by way of short term loan whenever there is cash deficit should be paid back before the year end.

23]      Make payment of all statutory payments before the year end including Audit Fees.

24]      Try to rectify the remarks given by earlier auditor for mistakes committed by committee.

25]      Confirm balance due from members at the year end.

26]      Try to solve the problems/queries of the members given during the co-operative year. Ensure that correspondence is made with them for their written letters.

27]      Try to solve all pending matters by the year end.

28]      As per GR. Dated 24.12.2013 Associate Member must be joint owner / joint share holder in the society, if society has given Associate membership to the person who is not joint owner / joint shareholder then same will be deleted or cancelled by the Managing Committee of the society before year end by passing MC resolution.

29]      Make sure that new byelaws 2013 are adopted by the society.

30]      Make sure that Number of Shares will be increased by the Society or not.

31]      Make sure that Property Tax, N.A. Tax all other taxes, charges & liabilities are paid by the society before end or make provision for the same.

32]      Appoint expert committee having special knowledge in the field.

33]      Appoint Grievance Committee to address complaint of members and solve the same with the M.C. of the society.

34]      In case of Redevelopment of society, all decision of G.B. meeting should be video recorded.

Mrs. Ananya Abhijeet Dalvi, B. Com, GDC&A (MITCON Certified Housing Society Consultant) is associated with Integra FinServe as consultant for Co-operative Housing Societies. You may take advantage of her expert services by leaving your query under ‘Post A Problem’ page of our website. She will make an attempt to offer you a solution on a best effort basis.

Leave a Comment / Feedback / Say a good word!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s