Standard on the Transmission of Financial Statements, CEC Activity Reports, and General Statistics

Bank of the Republic of Haiti
Circular No. 7-1

TO SAVINGS AND CREDIT COOPERATIVES AND
TO FEDERATIONS OF SAVINGS AND CREDIT COOPERATIVES

For the application of Articles 76, 77, 78, and 83 of the Law of June 26, 2002 on Savings and Credit Cooperatives (CECs) and Federations of Savings and Credit Cooperatives (FCECs), CECs and FCECs are required to comply with the provisions of this circular regarding the procedures for transmitting financial statements and interim reports.

1. Definitions

The following definitions apply to this circular:

a) Chart of Accounts: the account plan and their descriptions, developed by the BRH for the benefit of CECs and FCECs. It provides a list of codified accounts allowing for the classification, grouping, and processing of financial data for the purpose of presenting financial statements to users.

b) Consolidated Report: a report reflecting the financial position of the CEC or FCEC based on aggregated financial data, i.e., the sum of individual data from the branches or service points of the CEC or FCEC. It allows management to have a global overview of all operations. Consolidated reports include not only consolidated financial statements but also the other statistical reports mentioned in this circular.

c) Interim Report: a report comprising a complete set of financial statements and other statistical reports covering an interim period. For the purposes of this circular, said period corresponds to a quarter, the first of which begins on October 1.

d) Information System: an organized set consisting of technological and hardware resources enabling the recording, storage, organization, and communication of information to internal and external users. The reliability of information depends on the quality of the information system of the CEC or FCEC.

Corner of Pavée and Quai Streets, Port-au-Prince, Haiti / Telephone: (509) 22.99.12.15

2. Responsibility of Directors

The Board of Directors must ensure compliance with legal, regulatory, and statutory provisions. It must ensure the quality of the information system of the CEC or FCEC and the reliability of general financial data. Financial statements and other interim reports are prepared under its full responsibility.

3. Accounting Records

CECs and FCECs must keep their accounts according to the standards established by the BRH. At the close of each financial year and at the end of each quarter, CECs and FCECs produce their financial statements in accordance with the requirements of the chart of accounts issued by the BRH.

CECs with service points are required to transmit consolidated data to the BRH.

4. Transmission of Information

Unless otherwise provided by its regulations, the financial year of a CEC or FCEC ends on September 30 of each year. Financial statements and other interim reports are transmitted on a quarterly and annual basis. They must be signed by the President and the Secretary of the Board of Directors of the CEC or FCEC. Financial statements and other interim reports are transmitted electronically to the BRH via the BSA electronic information transmission system.

4.1. Quarterly Data

Financial statements, presented in comparison with those of the previous quarter, as well as other interim reports, are transmitted via the BSA electronic information transmission system to the BRH on a quarterly basis, no later than fifteen (15) business days after the end of each quarter. Additional reports may be requested at any time by the BRH.

Financial statements and other interim reports include the documents listed below:

	For CECs	For FCECs
1.	Balance Sheet:	Balance Sheet:
2.	Income Statement:	Income Statement:
3.	Cash Flow Statement:	Cash Flow Statement:
4.	Information on the investment and securities portfolio as well as the report on the provision for investment losses:	Information on the investment and securities portfolio as well as the report on the provision for investment losses:

	For CECs	For FCECs
5.	List of off-balance sheet commitments:	List of off-balance sheet commitments:
6.	Report on the credit portfolio outstanding amount and the number of days overdue by category and age bracket:	Report on the credit portfolio outstanding amount and the number of days overdue by category and age bracket:
7.	Report on the provision for loan losses:	Report on the provision for loan losses:
8.	Information on credits granted by sector of activity:	Balance of written-off or downgraded loans
9.	Report on loans granted to directors and related persons and number of days overdue:	Comparative report on the CEC's foreign exchange position
10.	Report on loans granted to employees and related persons and number of days overdue:	Report on general statistics
11.	Report on restructured loans and provision for doubtful debts of this type of loans:
12.	Balance of written-off or downgraded loans:
13.	List of the 10 largest borrowers and their respective balances:
14.	List of the 20 largest savers and their respective balances:
15.	Comparative report on the CEC's foreign exchange position:
16.	Report on general statistics.

4.2. Annual Data

Annual data includes financial statements, reports requested on an annual basis, and other documents. They are presented on a comparative basis with those of the previous financial year.

4.2.1. Annual Financial Statements

The annual financial statements of any CEC or FCEC must be audited by an accredited audit firm or independent auditor who is in good standing with the tax authorities and is a member of the Order of Certified Public Accountants of Haiti (OCPAH). In the case of affiliated branches, the audit of the financial statements is performed by the federation to which they are affiliated.

The audited annual financial statements are transmitted to the BRH within twenty (20) business days from the date of their receipt from the accounting firm, the independent auditor, or the federation, and no later than six (6) months following the end of the financial year. The audited financial statements of CECs and FCECs include: the balance sheet, the income statement, the statement of distribution of overpayments, the statement of cash flows, the

notes thereto as well as the list of off-balance sheet items. The report must also contain the auditor's opinion as well as their assessment of the internal control system of the CEC or FCEC.

4.2.2. List of other annual documents to be transmitted

Other documents and periodic reports include:

1. any document, declaration, statement, or situation annexed to the financial statements requested by the BRH to allow it to assess the financial situation of the CEC;

2. copy of the patent issued by the DGI and the registration certificate with the OCPAH up to date for the audit firm, or copy of the certificate of final tax declaration and the OCPAH identification card of the independent auditor;

3. name of the independent auditor or accounting firm retained for the audit of the next financial year;

4. copy of the minutes, duly signed, of the general meeting of the previous financial year;

5. correspondence attesting to the change of address of the headquarters and/or a branch, if applicable;

6. copy of the amended statutes and/or internal regulations, if applicable;

7. curriculum vitae of the directors;

8. all reports and information listed in point 4.1 representing the data of the last quarter of the CEC's financial year.

Furthermore, the BRH reserves the right, at any time, to request specific information on any service point.

4.3. Transmission of financial statements and reports by FCECs

The financial statements of FCECs must be accompanied by the following documents:

1. DGI patent and OCPAH registration certificate, up to date, of the firm that audited the financial statements;

2. name of the firm retained for the audit of the next financial year;

3. curriculum vitae of the members of the Board of Directors of the FCEC;

4. copy of the minutes of the general meeting of the previous financial year duly signed by the President and the Secretary of the Board of Directors as well as the members of the supervisory committee;

5. copy of the minutes of the last general meeting;

6. correspondence on any address change;

7. report on the consolidated operations of the network of member branches of the FCEC as well as general statistics.

Federations are also required to transmit to the BRH, in accordance with the provisions of Article 122 of the Law of June 26, 2002, a report on inspections carried out during the last financial year as well as an electronic version of all inspection reports. This transmission must be made no later than ninety (90) days after the close of their financial year.

5. Sanctions

In the event of non-compliance with the provisions defined in this circular, CECs and FCECs are subject to the following sanctions:

a) Delay or non-transmission of reports

If a CEC or FCEC fails to provide the financial statements and documents listed in this circular within the prescribed time limits, the BRH reserves the right to apply the following sanctions:

1. Warning
   At the end of the deadlines set in section 4 of this circular, the BRH reserves the right to send a letter of warning or letter of reprimand to the Board of Directors of the CEC or FCEC while ordering it to transmit the missing documents. Penalties may be applied against the CEC or FCEC concerned.

2. Penalties
   Daily penalties for delay begin to apply five (5) business days after the date of receipt of the BRH's warning. A penalty of two hundred thousand (200,000) gourdes is imposed on the offending institution per day of delay.

3. Suspension
   From ten (10) business days of delay, the BRH suspends for a temporary duration the functions of the President and the Secretary of the Board of Directors. The suspension cannot exceed six (6) months.

b) Reliability and completeness of information

At all times, the financial statements and amounts declared in the reports provided must be those appearing in the documents of the CEC or FCEC. If, after verification, there are discrepancies between the declared amounts and those appearing in the documents or if it turns out that the transmitted data is not reliable, the BRH will order the CEC or FCEC to correct them within a period of eight (8) business days from the date of receipt of the notification letter.

1. Penalty
   After the eight (8) day deadline fixed, following the notification of the BRH to the CEC or FCEC, a penalty of one hundred thousand (100,000) gourdes is imposed on the offending institution and payable within seven (7) days following. After this deadline, the amount of the penalty will be increased by 2/100 of the discrepancies per day of delay.

2. Suspension
   If the discrepancies are not corrected within 30 business days from the date of notification, the BRH will suspend for a temporary duration the functions of the President and the Secretary of the Board of Directors. The suspension cannot exceed six (6) months.

The BRH sends, by notice with acknowledgment of receipt, to the CEC or FCEC concerned, the amount of the penalties. For the non-affiliated CEC, the penalties must be paid by Director's check or by transfer to the order of the BRH within the prescribed time limits. The penalties of the affiliated CEC or the FCEC will be automatically deducted from the federation's account domiciled at the BRH.

The Board of Directors of any CEC or any FCEC is required to inform the general meeting of the different sanctions that have been taken against the financial institution.

6. Repeal and Entry into Force

This circular repeals Circular # 7 of September 2, 2008 and enters into force on January 5, 2026.

Port-au-Prince, September 29, 2025

Ronald Gabriel
Governor