LASCAM HOSTS 15TH ANNUAL CONFERENCE, EMPHASIZES ROLE IN COOPERATIVE SUSTAINABILITY

LASCAM HOSTS 15TH ANNUAL CONFERENCE, EMPHASIZES ROLE IN COOPERATIVE SUSTAINABILITY

Lagos, Nigeria – The Lagos State Association of Licensed Cooperative Account Managers (LASCAM) held its 15th Annual Conference on Saturday, September 21, 2024, focusing on the theme “Cooperatives for a Sustainable Economy.” The event explored the crucial role Licensed Cooperative Account Managers play in the sustainability and growth of cooperative societies across the state.

The conference discussed the impact of Licensed Cooperative Account Managers as key stakeholders in cooperative sustainability and highlighted that LASCAM members are essential to the cooperative ecosystem. Attendees acknowledged the pivotal role these professionals play in the growth and development of the cooperative sector. As catalysts for progress, they are viewed as indispensable to ensuring the longevity and success of cooperative societies.

One of the key resolutions was the call for the immediate implementation of adhesive stamps, with members appealing to LASCOFED, the unions, and the regulating ministry to collaborate on this initiative. Training for cooperative societies through unions to enhance effective bookkeeping was also adopted, with participants recognizing the importance of sound cash flow management in maintaining the smooth operation of cooperatives.

The conference raised concerns about conflicts in financial statement presentations and resolved that such issues should be referred to LASCAM for proper resolution. Additionally, it was noted that the fees currently charged by bookkeepers and account managers are too low, prompting a recommendation for LASCAM to establish standardized guidelines for more appropriate fee structures. The drafting of letters of engagement, specifying responsibilities for each job undertaken, was also agreed upon to provide clarity and accountability.

The role of credit committees in cooperatives was underscored, particularly in ensuring checks and balances in the disbursement of funds, implementing internal controls, and conducting age analysis of debts to prevent bad loans. In appointing boards of trustees, emphasis was placed on the qualifications, experience, and maturity of members to ensure the right leadership for cooperative governance.

Conflict management strategies were also discussed, with the conference advocating for in-house resolutions, arbitration, and out-of-court settlements, reserving court cases as a last resort. As part of effective cash management, it was suggested that surplus funds should be invested to generate additional income for cooperative societies.

The conference reaffirmed that Licensed Cooperative Account Managers are highly skilled professionals with expertise in cooperative law, accounting, and administration, far more than just bookkeepers. Among LASCAM members are Chartered Accountants, Bankers, Stockbrokers, and Secretaries, showcasing their broad range of competencies. The event emphasized the importance of budgeting and budgetary controls as part of financial statements at the end of each accounting period.

A stern condemnation was issued against the use of unlicensed account managers without professional seals to prepare accounts for cooperatives.

In conclusion, it was resolved that Licensed Cooperative Account Managers must continue to standardize their roles as key stakeholders in the cooperative movement. This, they believe, will ensure the continued economic and social sustainability of cooperatives. Through better management, cooperatives will generate sufficient cash flows to sustain operations, invest in growth, and enhance members’ welfare, all while having a positive impact on the environment.