NATIONAL DELEGATES’ MEETING
The Mwalimu National Sacco National Delegates Meeting will be held on 0/02/2022.
In this regard;
2022 Dividends looming at the rates that will be determined during ADM.
Things to note:
1.Terms used
Rebates
Benefits accrued from one’s monthly deposits or savings.
Dividends
Benefits accrued from share capital.
Sacco business period
Starts_ 1st Jan of every year
Ends _ 31st Dec of the same year
How to arrive at the total amount expected in one’s account.
For purposes of calculations, see the illustration below;
1.Total deposit as at 31st Dec ,2021 = ksh 100,000
2. Monthly deposit= ksh 5000
3.Capital share = ksh 20,000
4.Rates
Rebates=12%
Dividends =13%
Mathematics
a) 12% × 100,000 ( deposits as at 31st Dec ,2021= 12000
b) 13% × 20000(share capital) = 2600
C) Monthly deposit
Jan
12% × 5000 × 12/12= 600
Feb
12% × 5000 ×11/12= 550
March
12% × 5000× 10/12= 500
April
12% × 5000 ×9/12= 450
May
12% × 5000 ×8/12= 400
June
12% ×5000×7/12=350
July
12% × 5000× 6/12= 300
Aug
12% ×5000 ×5/12 = 250
Sept
12% × 5000 × 4/12 = 200
Oct
12% × 5000 ×3/12 =150
Nov
12% × 5000× 2/12 = 100
Dec
12% × 5000× 1/12 = 50
Total = 12000 + 3900+ 2600= 18500
Amount expected in the account
18500× 5% (withholding tax)= 17575
This 17575 is still subjected to
1.exercise duty
2.Processing fee
The formula above was arrived at in a bid to encourage members to start saving as early as January.
Members who make deposits close to the end of the year wont reap big as per their expectations.