We
Are A Non-Stock, Non-Profit Corporation.
SEC REGISTERED
Like the older batches and
other alumni institutions, our batch has applied for a Non-Stock, Non-Profit Corporation
registration at Securities and Exchange Commission under the corporate name, SSCHS1994
Alumnae Association, Inc. SSCHS1994’s registered
incorporators are the entire officers of the core group. This organization aims to
establish, organize and maintain the spirit of
camaraderie and cooperation among the alumnae of St. Scholastica’s College High
School batch 1994 in order to preserve their bond and sisterhood; Foster closer
relationship among themselves and improve their individual and collective
welfare; To enhance and promote their cultural, social and economic well-being
and while continuing to uphold the noble tradition, ideals and causes for which
the school stands. In any manner assist and
participate in the programs and undertakings of the school through our mother
alumnae organization, St. Scholastica’s Alumnae Foundation, Inc. (SSAFI), as
well as that of the government.
Inspired
by the teachings of Benedictine education which is upholding a commitment to
the values of peace, selflessness, discipline and compassion for others, the
organization aims to continue its noble mission through channeling support on
the social and civic projects of its alma mater and entrusting to safeguard its
good name and reputation as defender of our democratic way of life.
What is a Non-Stock, Non-Profit Corporation?
As defined by the Tax and Accounting Center Philippines:
A non-stock and non-profit corporation in the
Philippines is an entity that operates for a not-for-profit undertaking such as
charitable institutions, associations, foundations, health organizations,
environmental activities, and others in line.
It does not issue shares of stocks to stockholders but rather admit
members based on established rules in its By-Laws. Its operational fund could come from
donations, members’ contributions and some proceeds from fund-raising
activities.
Why do we need to be officially registered with SEC?
1) To preserve transparency on financial reports and
create a hassle-free system of transfer/collection of monies from different
sources, locations and means, a bank account is needed to facilitate all of
these. To be able to open a bank account
involving 3 or more representatives, a corporate entity should be registered
with SEC.
2) Raising a 7-figure target amount entails series of
activities and projects that will need official business deals with suppliers, sponsors and donors, most of the time involving
both big and small companies. In this case,
an official receipt needs to be issued to form part of the transaction. A SEC registration is a requirement to apply
for an account with BIR.
3) A legit and official name carried by a group holding
charitable events with assigned beneficiaries involving solicitations connotes
an impression of credibility, reliability, trustworthiness and security.
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BANK ACCOUNT
A registered corporation can already open a bank corporate checking account
wherein which 1 or more incorporators are assigned to sign check
disbursements. Corporate bank accounts
do not allow over-the-counter withdrawal.
During the initial meetings
of the core group, it was unanimously decided by everyone that the
main signatories of our batch bank account are the President and the
Treasurer. When either one or both of
them will not be available, the VP Internal and/or the Secretary will sign on
their behalf. SSCHS1994 Alumni Association,
Inc. has chosen to initially open a corporate checking account with Bank of the
Philippine Islands (BPI) Net Squad, BGC branch with location conveniently
accessible to all assigned signatories. Applying for an account with other banking institutions is an open option that can still
be considered as deemed necessary.
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BIR REGISTERED
SSCHS1994’s uses the current
president’s residential address as its corporate address. Hence, our registration with the Bureau of
Internal Revenue is secured in RDO 38 located in Quezon City.
SEC has assigned our
corporation with a tax identification number (TIN) that we used to register
with the BIR. SSCHS1994 is exempted from
income tax and value added tax on sales, but is subject to withholding tax on
its income payments and compensation, and could pass on 12% VAT on its
purchases from VAT-registered suppliers.
An accountant is retained to update the corporate’s bookkeeping reports
and secure government requirement for proper compliance.
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All these legalities are being secured to protect the transparency and
interest of our group, the organizers, the contributors, and everyone
who will be involved in the fund-raising projects of our batch.
