CCF Development Grant

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To help enhance co-operatives’ capabilities, governance and operational efficiency, the CCF Development Grant will be available every year. It provides co-funding (at 80%) to co-operatives to cover various qualifying expenses.  The funding quantum and caps are specified below:  

 

 Qualifying Expenses Funding Quantum  Cap at (per co-op, per annum)
Productivity Solutions (e.g. software, hardware) 80% of the actual expenditure

Tier A: $30,000

Tier B: $40,000

Tier C: $50,000
     

Facilities Enhancement
Professional Services (outsourced internal audit fee, consultancy services, bookkeeping/accounting services, and statutory audit fee)
Salary (full-time accountant)
Digital, Social Media and Other Marketing Expenses

 

The total amount of CCF Development Grant to be claimed by a co-operative each year is capped according to the applicable Tier A, B or C. The tiering is based on the co-operative’s latest CCF Contribution. The CCF Contribution Tiers are as follows:

  

   Co-operatives with positive net worth and made contributions to the CCF
 Contribution Tier Contributions to the CCF
Tier A up to $25,000
Tier B above $25,000 and up to $200,000
Tier C above $200,000

 

A co-operative with revenue of up to $1 million, negative net worth and/or did not contribute to the CCF (due to operating deficits) for its latest audited financial statements may still claim for statutory audit expenses (80% co-funding and capped at $2,000). 

A co-operative with negative net worth and/or did not contribute to the CCF (due to operating deficits) for its latest audited financial statements may still claim for outsourced accounting services (80% co-funding and capped at $2,000). 

 

Prerequisites and Conditions

a. The Co-operative must be registered with the Registry of Co-operative Societies.

b. The Co-operative is not receiving or has not received any other grants from CCF (except for Legal Services, Outsourced Internal Audit Grant and PDPA Grant), government agency and/or other organisation for the same expense item.

c. Endorsement from the Co-operative’s Committee of Management indicating their support for application.

d. For goods or services above $3,000 in value, the Co-operative needs to show that it has obtained a minimum of three quotations from vendors of comparable scope.

e. Grant applications submitted are for expenses incurred not more than 12 months ago.

f. The Co-operative must not have outstanding CCF contributions or late payment penalties.

g. Grant must only be used for the Co-operative’s expenses. It cannot be used for its subsidiary (if any) that is registered as a company.

h. The Co-operative must submit the invoice and proof of payment to the vendor.

i. For consultancy and other professional services, the Co-operative must provide the contract or agreement with the vendor.

j. For the Salary (Accountant), the Co-operative must provide:
• Certified true copy of degree/diploma certificate or any other documentary proof;
• Copy of employment contract;
• Letter from the Co-operative’s Chairman/CEO/CFO/COO to confirm employment status;
• Diploma holder needs to have a minimum three years of accounting experience; and
• Grant is only applicable for salary expense of one full-time accountant.

 

Application

To apply, please download the application form. Submit the application form together with supporting documents to:

=================
Attn: CCF Secretariat

Singapore National Co-operative Federation
510 Thomson Road
#12-02 SLF Building
Singapore 298135
=================

For more information, email us or contact your respective SNCF Relationship Manager.

 

CCF Development Grant

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Singapore National Co-operative Federation
510 Thomson Road #12-02
SLF Building, Singapore 298135
Email: [email protected]
Tel (65) 6602 0747, Fax (65) 6259 9577

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