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
| No | SACCO Membership (Active membership) | 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 |
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