Media Release
Beltangady, Sep 1: The Sacred Heart Credit Co-operative Society Ltd successfully completed ten years of dedicated service and on August 31 celebrated its grand decennial jubilee along with the General Body Meeting. Speaking on the occasion, the honorary president of the Society, Fr Lawrence Mascarenhas, said that the Society, founded with a clear vision and strong purpose, today stands as a model institution in the community. He highlighted its remarkable contributions, stating that along with fostering people’s economic development, the Society has also played a vital role in addressing social needs, while offering his felicitations to all associated with its journey.
At the Sacred Heart Auditorium, the 2024–25 Annual General Body Meeting and the decennial jubilee celebrations were presided over by the Society president, Lency Pinto on August 31. In his address, he stated that during the 2024–25 financial year, the Sacred Heart Credit Co-operative Society Ltd had 2,843 members and, with a working capital of Rs 29.7 cr, conducted business worth Rs 107.46 cr, achieving a 97% recovery rate and earning a profit of Rs 1.12 cr.
Social contributions: Over the past ten years, the Sacred Heart Credit Cooperative Society Ltd has extended remarkable support in the fields of education, healthcare, and community welfare. The Society has distributed student scholarships worth Rs 6.50 lac to 386 deserving and talented students, provided medical financial assistance of Rs 2.80 lac to 13 members, and offered condolence aid of Rs 35,000 to the families of deceased membeRs
During times of crisis, it contributed Rs 25,000 to the district administration during the Covid pandemic and Rs 1 lac to the MLA’s Relief Fund during the severe floods. A total of Rs 25.66 lac was contributed to the Sacred Heart Church, Madanthyar, through the Public Social Development Fund, while a science laboratory worth Rs 20 lac was donated to the Sacred Heart English Medium School.
Further, the Society supported various local institutions and initiatives, including Rs 10,000 for the Madanthyar Shishu Vihar Development Project, Rs 30,000 for the development of Guardian Angels Higher Primary School, Madanthyar, and Rs 25,000 for the social activities of Aashadeep Church, Madanthyar. In 2020, it contributed Rs 5 lacs towards the Catholic Sabha Mahasamavesha held in Madanthyar.
To encourage young talent, Rs 90,000 was awarded to students of the Sacred Heart Educational Institutions, Madanthyar, who excelled in sports, and Rs 75,000 was extended as educational assistance to children of member families. Additionally, the Society contributed Rs 60,000 for the construction of a children’s garden at Puriya Anganwadi School and Rs10,000 to support the special children of Daya School, Belthangady.
Decennial jubilee contribution: To commemorate the decennial jubilee, the Society announced a 25% dividend and 25% ex gratia for all members, 0.5% interest concession on home loans up to Rs 25 lac, a grant of Rs 25 lac for the construction of a well-equipped auditorium at Punjalkatte Karnataka Public School educational institutions, and Rs 2.5 lac as financial aid for Sacred Heart Educational Institution students who achieved in individual sports.
The Society received an ‘A’ grade in the audit for the financial year and, for three consecutive years, has been awarded the ‘Sadhana Prashasthi’ by the South Canara District Central Co-operative Bank. It is a matter of pride that, for the past eight years, the Society has been providing a 25% dividend to its members, said the chief advisor of the Society, Monappa Poojary Kandethyar.
The parish priest of Sacred Heart Church, Fr Stany Goveas; the assistant parish priest, Fr Lary Pinto; the headmaster of Sacred Heart English Medium School, Fr Deepak Leo D’Sa; professional directors Leo Noronha and Felix D’Costa; directors Cyril Siqueira, Joel Godfrey Mendonca, Gregory Sera, Ronald Siqueira, Celestin D’Souza, Gracy Rita Rebello, and Francis V V were present. Chief executive officer Valerian D’Souza presented the report. Director Vivek Vincent Pais welcomed the gathering, Leo Rodrigues proposed the vote of thanks, and Robin Serra compered the programme. Staff members Don Praveen Crasta, Shwetha Rao, Jeevan, Ramesh, and Alwyn Pinto assisted.