Our latest update from field reports on a successful 4-day training on cooperative education.
Although 30 women of the Padampur area were expected to attend, 48 participants were present. Topics discussed included:
• The importance of savings in the cooperative
• Registration process of informal groups in the cooperative
• Advantages and disadvantages of cooperative membership
• Management and accounting skills
• Duties and responsibilities of the members and management body of the cooperative
• Key principles of cooperative society
• Importance of the rules and bylaws in the cooperative
• Importance of saving and its types
• Importance of loan and process of taking loans
Additionally, monthly meetings of the management committee of the cooperative were conducted.
WACN also delivered 2 months of embroidery training to 10 members of the cooperative in collaboration with small cottage office in the district cooperative.
We hope you know how much an effect your support has on individual lives. Lives like Bimala, a 46 year old woman and WACN cooperative member.
Since becoming part of the cooperative, Bimala is able to save Rs 100 (US$1.30) per month for herself, and also save the same amount for each of her daughters, her daughter-in-law and two granddaughters. For income, she is raising a water buffalo. It produces 7 liters of milk per day. She keeps 1 liter (a little over 2 pints) for her family to drink and sells the rest to her neighbors for Rs 25 per liter.
Besides this, she is responsible for collecting money for the electricity bills in the village and travels to the district headquarters in order to pay them. "Being a member of the cooperative,” Bimala says, “I enjoy helping other fellow women and the people of my village.”
Sita is another woman who has benefited from your support. Sita is 36 years old and has 2 daughters and 1 son. When she first joined, she took out a loan of of Rs 5,000 in order to raise goats. She is happy to report that she making her repayments on time. "The money lender charges 36% interest. In the cooperative, we receive a loan with a better rate of 15%,” says Sita. “It is easy to take a loan and do what we need with it." She added that she has also opened an account for her 2 daughters.
Her husband works as a welder, but her supplemental and steady income from raising goats means that now all three of her children are able to go to school. Sita says being a member of the cooperative has changed her family’s economic situation and she feels more empowered to make decisions for her family.
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Our goal is to fully fund this project. Donate now and double your impact.
WACN organized a 5-day training on cooperative accounting. Financial literacy is a key component in the success of cooperatives so group members are encouraged to make the most of these workshops. 20 women from two cooperatives participated in the training.
The main objective of the training was to update the knowledge and skills necessary to maintain a transparent accounting system. This was accomplished by reinforcing accounting principles, terms and definitions.
The training began with an introduction, during which the session participants were provided different accounting terms on a piece of paper. They were asked to introduce themselves by referencing accounting terms.
Over the 5 days the women learned how to:
• Implement good accounting systems
• Use debit and credit rules
• Double entry and single entry accounting
• Prepare a balance sheet
• Prepare profit and loss accounts
• Deal with depreciation
• Manage loan aging
• Reconcile bank and ledger records
There was also plenty of time to discuss challenges faced by cooperative accountants
At the end of the training the participants were able to return to their cooperatives to implement a double entry bookkeeping system.
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