Circular Letter 003
Report of the Liquidity Fund

February 18, 2013

By Circular Letter 003 on February 13, the Superintendence of the Solidary Economy gave instructions to legal representatives, members of the Board of Directors and fiscal reviewers of the savings and credit cooperatives and multiactives or integral with section of savings and credit in relation to the report of the liquidity fund.

Regards to the Fund's liquidity compliance, the Letter Circular indicated that the resources that make up the Fund's liquidity should keep in titles of maximum liquidity and safety. The legal representative and the fiscal reviewer must verify compliance with the standard, so that at the time to detect any indication of non-compliance, immediately proceed in appropriate way to restitution and report to this Superintendence of such a situation.

Likewise, when you opt to maintain the liquidity fund resources into savings accounts, these shall comply with the following conditions:

1. Exclusive destination for the liquidity fund. They must be separated from other accounts used by the cooperative in the development of his operation.
2. Exclusive use for the Fund's liquidity. Only to cover unexpected withdrawals from savings or by adjustment the end of the month. Therefore, it is not acceptable that extracts presented of these accounts with frequent withdrawals during the month of report, under pretext that the value of the Fund's liquidity always remains at a minimum in 10%.
   
   The titles and other values that compose the liquidity fund shall remain free from all liens; therefore, the Solidarity Organization cannot guarantee treasury operations or credit with the resources of the Fund's liquidity.
   
   Regards to the percentage and basis for calculation, the article 6 of Decree 790 of 2003 modified by the article 1 of the Decree 2280 of 2003 points out: "the entities covered by this Decree, should keep permanently an amount equivalent to at least 10% of deposits and requirements...", which means, is not allowed to make adjustments after the monthly closing to values that make up the liquidity fund, implying that the entities must have sufficient reserves in case of occur unforeseen abstractions the last business day of the month, therefore, who report deficit caused in unforeseen operations will not comply the rules of Constitution of the liquidity fund.
   
   Likewise, in case of occur unexpected retirements in deposits, before the use of the Fund's liquidity, the legal representative must give notice to the Superintendence, informing the reason for such decision.
   
   Finally, the Superintendence refers to the rmonthly report of the liquidity fund. The periodicity of delivery of the report of the Fund's liquidity will be monthly, and will have as deadline the day twenty (20) calendar of the month following to the court date, taking into account the following considerations:

1. Format No.027. By Circular external N° 007 of 15 July 2010, modified the format of report of the liquidity fund in order to include information of the receivers entities of the resources of the Fund's liquidity and unify the formats of monthly report, which entered into force since the reporting of information to the court on December 31, 2010.Taking into account the above, hereinafter only the valid format No.027 should be send, signed by the Legal Representative, validated and audited by the reviewer Prosecutor.


2. The balances reported in the format must coincide with the values reported in the official form of accounts through the Sigcoop and his proper diligence is the responsibility of the legal representative of the cooperative, who must verify the compliance of legal provisions and the exactness of the data reported.

2. Supports Liquidity fund. As annex to the format No.027, monthly it must send all the documents that support the resources that make up the liquidity fund, whose date should match which the court date of the report, if not to send appropriately, it will understood as unfulfilled the rules of Constitution of the liquidity fund.

When the liquidity fund is conformed for the investments referred to in numeral 2 of article 6 of the Decree 790 of 2003 modified by the article 1 of the Decree 2280 of 2003, in additionally should send a report containing an analysis of the behavior of each investment (deadlines, portfolio management, underlying risk, inter alia).

Custody supports: as annex to the format No.027, it shall attach the certifications of custody of securities and other securities that make up the Fund's liquidity.

MORE INFORMATION PRESS
MONICA MEDINA - SENIA DIAZ SALAZAR
PBX (1) 4895009 10280 and 10108 extensions
Carrera 7 No. 31-10 floor 15.
comunicaciones@supersolidaria.gov.co
www.supersolidaria.gov.co. Bogotá D.C.