UCSCU Members’ Obligations
- Share capital: The minimum shareholding is 500,000/= per Share. The SACCO can buy as many shares as it can wish depending on its investment plan.
- Central Finance Fund (CFF/ Savings)
- National Education Fund: There shall be a National Cooperative Education Fund (NEF) to which every registered cooperative society shall contribute 1% per year of its turnover. 50% of the education fund shall be sent to the secondary society to which the society is affiliated, while the remaining 50% shall be retained by the society and used to carry out its own educational programs. A SACCO is therefore advised to remit National Education Fund as provided in the audited Balance Sheet annually.
- Annual Contribution: Annually SACCOs have to make subscriptions inform of annual contribution to UCSCU. UCSCU AGM of 2009 approved the following brackets to be applied for Annual Contribution. However a provision is made in relation to reflect for active membership as follows;
- 10% on the dormant membership is provided on Employee Based SACCOs and.
- 20% on Community Based SACCOs.
Annual Contribution Rates
|Annual Contribution payable|
|1||300 and below||200,000|
|2||301 – 500||500,000|
|3||501 – 1000||1,000,000|
|4||1,001 – 2,999||1,500,000|
|5||3000 and over||2,000,000|