ABSTRACT

This study aims to analyze working capital management and its effect on the Surplus of Operating Results (SHU) at the Indonesian Civil Servants Cooperative (KPRI) Tirta Amerta, Ponorogo Regency, during the 2020–2024 period. This study employed a quantitative descriptive approach, using cooperative financial statements and interviews with cooperative administrators as data sources. The analysis was conducted using the Working Capital Turnover (WCT), Return on Assets (ROA), and Return on Equity (ROE) ratios to assess the efficiency of working capital management and its impact on SHU growth.

The results showed that working capital turnover, as measured by Working Capital Turnover (WCT), was categorized as fairly efficient; however, it decreased from 0.21 times in 2020 to 0.15 times in 2024. This decline was caused by low member interest in applying for loans, idle funds in the form of cash and bank deposits, and the risk of uncollectible receivables, which hindered working capital turnover. Profitability, as measured by Return on Assets (ROA) and Return on Equity (ROE), also showed a declining trend throughout the study period. ROA decreased from 7.23% to 3.63%, while ROE declined from 7.49% to 3.43%. These conditions indicate that the cooperative's ability to generate SHU from its assets and equity has decreased due to the suboptimal utilization of assets and working capital, low member lending activity, and increasing operating expenses. The results also indicate that working capital management affects the achievement of the cooperative's SHU. Suboptimal working capital management resulted in slower working capital turnover, which consequently reduced the ability of assets and equity to generate SHU. As a result, the cooperative's revenue and SHU growth tended to decline during the study period, particularly in 2023 and 2024. Therefore, optimizing working capital management is necessary to increase the cooperative's revenue and SHU in the future.

Keywords: Working Capital Management, Working Capital Turnover (WCT), Return on Assets (ROA), Return on Equity (ROE), Surplus of Operating Results (SHU), Cooperative.