The Co-operative College Act (Incorporation) Act 1968 (Amendment) Act 2011 [Act A1398] has allocated CIM as an institution which functions to establish and expanding cooperative training and education in the country. The functions of CIM are:
- To provide courses in cooperative education and other related courses and to award appropriate certificate or diploma.
- To publish or assist in publishing materials that is related to cooperative matters or anything related to it.
- To propose methods deemed necessary to organize and control the payment of any course of study.
- To conduct research in any cooperative related areas.
- To provide consultancy services.
- To conduct training courses, research, advisory services, and knowledge-based services or collaborations or otherwise with any higher educational institution or professionals or any local and international organizations, and
- To advise the Minister on all matters relating to cooperative development of human capital.
- To grant Diploma, Certificate or equivalent to those who have undertaken courses of study approved by the Institute and has fulfilled all requirements as determined or prescribed by the Board.
- To establish and award scholarships, bursaries, medals, prizes, and other forms of credits, awards or assistance within training, education and other activities available in the Institute.
- To provide loans or financial assistance to the students who deserve it, in accordance with any terms and conditions approved by the Board.
- To market and/or commercialize services, research outcomes, and products of the Institute.
- To claim and receive payment of any fee determined by the Board or any assigned matters from time to time, and
- To commit/undertake any action or matter whether incidental or in compliance with such power, made to improve education, training, finance, administration, welfare, and discipline of the Institute.