I. Call
to order
M2 called to order the regular meeting of the Impukan at 4pm on November 24, 2013
at M1's residence.
II. Attendees
The following persons were present: Impukan
Committee: M1, M2 and M3
III. Approval
of minutes from last meeting
N/A – last discussion were for officers to
volunteer and almost canceled the venture due to no interested officers. Miaka nominated
Marie.
Special importance made that the Committee
is vital in a group and transactions need to be transparent and physical
presence is essential for the group.
IV. Agenda/Open
issues
1.
The Officers: Duties and
Responsibilities
a.
There are three (3)
officers responsible for the group, the Head of Committee also acting Chief
Finance Officer (M1), Auditor/Loan Approval Officer (M2), Cashier (M3).
The committee is open to 2 more officers however, no other volunteers stepped
forward. The function of the additional 2 is for redundancy in the event of an
officer is on leave.
a.
CFO – Overall responsibility
is to delegate tasks to the officials of the group their functions and duties; implement
proper monitoring measures in system control; maintain the integrity of the
official books, QuickBooks and MS Excel applications and ensure the receipts
and disbursements of funds are accounted for, and the preparation of documentation
and summary report. The bank account/s is under the name of the CFO alone.
b.
Loan Approval Officer –
Overall responsibility is to approve of loans based on credit history and character
reference; update of member database; issuance of Vale Forms.
c.
Cashier – Overall
responsibility is to collect member cash contributions using the stamped
carbonless cash vouchers and deposit to UnionBank, and to prepare and submit
the summary of the invoice numbers.
2.
The commission of the group
is five percent (5%) of the gross earnings and will be divided equally to the officers
at the end of each cycle (quarter) or may be carried over to the next cycle.
3.
Additional compensation for
the committee is an open discussion. For clarification, to be an officer is to
protect member contributions against each other, dedicating time and sacrifice
for out of pocket expenses which may not be necessarily reimbursed or
liquidated immediately because priority is to have the group profit earnings
intact. Only the seed money from membership fees may be used for the mean time.
4.
Discussion of arms length
distance on personal lending. An agreement to prioritize group’s lending
business. Personal lending is only allowed at 10% per month and only if the
group has no funds available to release the member or if the borrower’s credit
standing is questionable.
5.
Discussion on Impukan Loan
Agreement – Verified with a lawyer, the group’s name although unregistered is
still legally binding and must assign CFO name as trustee is valid. Notarized
Loan Agreements unnecessary not unless borrower credit standing becomes
questionable and may be borne at the group’s expense at a later time. Requirement
of proof of billing and government issued ID is mandatory.
V. New
business
a) Member
Data Record – members will need to submit proof of billing and a government
issued picture ID to be placed on file.
b) Unionbank
EON Card is mandatory for members acquiring a loan.
VI. Adjournment
M2
adjourned the meeting at 19:00.
Minutes submitted by: M1
Minutes approved by: The Impukan Committee
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