Saturday, September 3, 2016

SSCHS1994 Alumnae Association, Inc.





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.

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