Annual Report - Reddy Kilowatt Credit Union

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Annual Report - Reddy Kilowatt Credit Union
REDDY KILOWATT
PO Box 8910
50 Duffy Place
St. John’s, NL A1B 3P6
REDDY KILOWATT
2013
Annual Report
Tel: 1-709-737-5624
Toll Free: 1-800-409-2887
Fax: 1-709-737-2937
www.reddyk.net
Focused on a strong community
Reddy Kilowatt Credit Union Limited
58th Annual General Meeting
Annual Report
as at December 31, 2013
Table of Contents
Mission. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Report of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . 4-5
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
General Manager/Treasurer Report . . . . . . . . . . . . . . . . . . . . . . . 7-8
Financial Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-11
Statement of Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . 12
Statement of Financial Position. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Lending Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Governance Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Audit Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Nominations Committee Report . . . . . . . . . . . . . . . . . . . . . . . . .
17
Investing In Our Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Community Initiatives/Involvement . . . . . . . . . . . . . . . . . . . . . . .
19
Member Satisfaction Survey Results . . . . . . . . . . . . . . . . . . . . . . . 20
Credential Financial Strategies Inc. . . . . . . . . . . . . . . . . . . . . . . . .
21
Products and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
Organization for 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23-24
Volunteers 1956-2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
2
Mission
Reddy Kilowatt Credit Union Limited
is a financial cooperative committed to providing
a full range of competitive financial products,
services, and financial guidance for our members
to enable them to meet their financial goals.
3
Report of the Board of Directors
As Chair, it is my pleasure to present the Board of Directors
report to members at this 58th Annual General Meeting
of Reddy Kilowatt Credit Union.
As part of good governance and sound business practices,
we have annual external and internal audits performed.
Biannually, we are also audited by our regulator, CUDGC.
The results of audits in 2013 have been favourable and
confirm that the governance and financial performance
of Reddy Kilowatt is sound.
We are pleased that 2013 was yet another year of
progress, growth and achievement for Reddy Kilowatt.
We are fortunate to be able to operate at a time of
high consumer confidence and a robust local economy.
The Board and the committees of the Board hold
Those factors, combined with the strategic guidance of
numerous meetings throughout the year in order to
your directors, the operational leadership of our General
fulfill our governance responsibilities. A report on these
Manager, the dedication of our employee team and the
meetings, and the attendance record of individual
loyalty of you, our members, have all contributed to our
directors, is included in this Annual Report.
success. Again we have met and/or exceeded all
targets of our 2013 Business Plan
New Building
and Budget. Financial
Construction of our building on Topsail Road,
“Reddy Kilowatt continues to
information for the
Mount Pearl, continues and is on schedule to be
year will be presented
sponsor, support and participate completed in the latter part of the second quarter
in the reports of our
of 2014. We expect that we will complete the
in community organizations,
General Manager and
move to this location in the early part of the
external auditors.
third quarter of 2014.
initiatives and charities.”
Corporate Governance
Directors are elected to
the Board by you, the members, and are accountable
to you. Good and strong corporate governance has
always been, and continues to be, a priority for your
Board. Directors enhance their knowledge in this area
by completing courses offered through our education
partner CuSource and through other courses, seminars
and conferences within the Credit Union system,
nationally and regionally.
The Board acknowledges the work of our Building
Committee and its Chair, Gail Tucker, in keeping the
Board apprised of the progress on the building.
Support from our regulator, the Credit Union Deposit
Guarantee Corporation (CUDGC), continues with their
ongoing commitment to reimburse credit unions 50
percent of course fees associated with the Credit Union
director training through CuSource. I would like to
congratulate Director and Governance Committee Chair,
Carl Bishop on receiving his accreditation upon successful
completion of this training program. All directors are
encouraged to continue with courses to complete their
accreditation.
Progress of Reddy Kilowatt’s new location. Photo taken
February 2014.
Atlantic Central
Atlantic Central (AC) is the financial central and trade
association of most credit unions in Atlantic Canada. As
such, it continues to provide services and products to its
members (credit unions of Atlantic Canada) to help them
be successful and provide members with the products
and services they require. AC is also reviewing the Atlantic
credit union system and making recommendations for
consideration by credit unions on the future of our system.
CUDGC has also been instrumental in planning the annual
Newfoundland & Labrador Director Conferences, which
allow directors to access courses and system information
and to network with other Credit Union directors. There
is also a CUDGC Board and Credit Union Chairs meeting
annually to discuss issues affecting the NL system. We
acknowledge and thank CUDGC for this support.
4
Directors continue to be engaged in the regional
system by attending and participating in the Annual
General Meeting, the semi-annual Special Meeting, and
information webinars of AC. Your Chair is also a member
of the Credit Union Chairs Association of Atlantic Credit
Unions (CUCA) and serves as Chair of that group.
Also, Ashley Warren, Accounting Administration Officer
and Colin represented Reddy Kilowatt at the 2013 Atlantic
Central Youth Forum. Colin presented a summary of the
forum at the Annual Meeting.
Our Thanks
I take this opportunity to extend appreciation to directors,
committees, and employees for their contribution to
another successful year. I also offer our sincere gratitude
to Newfoundland Power and President, Earl Ludlow, for
continuing to support Reddy Kilowatt Credit Union. Our
thanks and appreciation go out to members for continued
loyalty and patronage, without which we would not have
the success we have experienced. Your Board is confident
that Reddy Kilowatt will continue to be prosperous and
successful in 2014 and beyond.
Community Investment and Social Responsibility
Reddy Kilowatt continues to sponsor, support and
participate in community organizations, initiatives and
charities. A listing of this year’s recipients is included in
this Annual Report. We also continue to contribute time
and funds to the Kids Eat Smart Foundation as part of the
Credit Union Platinum Partnership.
Reddy Kilowatt continues to invest in our province’s future
– our youth. This is done by awarding two scholarships
to students entering and/or continuing post-secondary
studies as well as having a Youth Representative on the
Board.
Respectfully submitted,
On behalf of the Board, I would like to congratulate this
year’s scholarship winners Lori Wareham and Hannah
Jardine and wish them all the best with their future
endeavours.
Robert G. Dicks
President
Our Youth Representative on the Board is Colin Rose.
We thank Colin for his service as Chair of the Youth
Committee and his very competent representation of
Reddy Kilowatt at various functions. By engaging young
people and seeking out new ideas in the youth market,
the Youth Committee serves as a link between the Board
of Directors and the youth of today.
The main responsibilities of the Youth Committee include
presenting ideas and recommendations regarding youth
business and involvement, actively participating in youth
community events as well as any other duties assigned by
the Board.
In 2013, the Youth Committee was pleased to participate
in the NL Co-op Youth Symposium. This joint venture
between Reddy Kilowatt and the Newfoundland &
Labrador Federation of Cooperatives was held at the
Capital Hotel in March. At this day-long event, youth
were educated about credit unions, financial literacy, and
the cooperative business model. Colin co-facilitated the
event.
Greg Murphy presented with accreditation certificate by
Robert Dicks at AGM, March 2013
5
Board of Directors – 2013
Back (L-R): Robert Pike, Glenn Samms, Colin Rose, Greg Murphy
Middle (L-R): Michelle Ward, Dana Pope, Robert Dicks, Gail Tucker, Peggy Mercer (Recording Secretary)
Front (L-R): Carl Bishop, Andrea Avery, Sean Budgell
Board and Committee Meetings – Attendance Summary For 2013
Board/Committee
Member
Board
Audit
Governance
Avery, Andrea
4/6
2/3
Bishop, Carl
6/6
3/3
Budgell, Sean
6/6
3/3
Dicks, Robert
6/6
Murphy, Greg
6/6
Pike, Robert
4/6
Pope, Dana
6/6
Rose, Colin
4/6
Samms, Glenn
6/6
Tucker, Gail
4/6
3/3
3/3
Human
Resources
Executive
3/3
2/2
3/3
3/3
2/2
3/3
2/2
3/3
2/3
3/3
6
General Manager/Treasurer Report
It is my pleasure to present the General Manager’s/
Treasurer’s Report for 2013.
roof with a much improved set up that will provide the
proper space and privacy and will allow us to offer other
services, such as ATM and night depository. While growth
and change bring much positivity, it can also create a
cause for concern and uncertainty. We want to assure our
members that our main focus will continue to be on service
and decisions will continue to be made based on the best
interest of members. We’ve heard many comments and
inquiries regarding what the new building will mean in
terms of annual rebates. We recognize and understand
that rebates are very important to our members and it
truly is the one thing that differentiates us from other
financial institutions. Rebates are determined based on
the success of each year and each year stands on its own.
While it is probable that rebates will be less than they
have been in recent years, we do not anticipate having to
discontinue the practice of recommending rebates based
on the actual results of any given year. In making the
decision to build a new location, we sought the advice
of experts with Atlantic Central to determine how long
it should take for us to be back to our current position
given our added expenses. Based on this advice and our
historical growth, it is anticipated that the possibility of a
decreased rebate will be short-lived. We want to assure
you that we will be closely monitoring expenses, seeking
ways to be more efficient and exploring opportunities for
prudent and well managed growth. As our best marketers,
we ask members for their continued assistance in helping
us achieve that growth, by continuing
to refer family, friends and colleagues.
Despite the low interest rate environment that we have
been in for several years, Reddy Kilowatt continues to
achieve great results year after year and this past year
was no exception! Our income before taxes and rebates
was $593,179, which is just slightly less than the previous
year. We are extremely pleased with this given that we
have experienced increased expenses, did not increase
service charges and continued to pay above market rates
to members for their investments. We are particularly
pleased that we are able to recommend rebates of
$300,000 which is the same amount as last year.
Reddy Kilowatt ended the year with on-book assets of
$55.6 million; up 18 percent or $8.5 million over 2012.
Our lending portfolio grew by $4.9 million or 12.7
percent and members’ deposits increased by 18 percent
over 2012, which translates into growth of $7.8 million.
In addition to our on-balance sheet growth, we referred
approximately $6 million to our mortgage partner League
Savings and Mortgage (LSM), bringing our total referred
mortgages to approximately $20 million. Excerpts from
our statements are included in this report. The financial
statements were audited by Deloitte LLP who issued their
unmodified opinion dated February 19, 2014. The full
audited statements including auditors’ report and notes
are included in your meeting materials package and are
also available on our website or by contacting our office.
Membership in Reddy Kilowatt
At Reddy Kilowatt we recognize the
“At Reddy Kilowatt we
continues to grow. During 2013 we
importance and value the strength of
recognize the importance
welcomed 140 new members bringing
partnerships. This year we actively
our total to 2078. Several years ago,
collaborated with other credit
and value the strength of
due to our aging demographic, with
unions and system partners in our
partnerships.”
almost 50 percent of our members over
efforts to be more competitive and
age 55, we recognized the importance
efficient. Reddy Kilowatt participated in
of attracting and retaining younger
regional financial awareness and mortgage campaigns,
members. It is important to note that in
giving us the opportunity to offer attractive prizes and
2013, 88 percent of the new members who joined Reddy
very competitive interest rates. We continued to focus
Kilowatt are less than 55 years of age! This, coupled
on providing the best possible service for our members
with our growth, is testament to the fact that we are
while increasing income opportunities by availing of our
competitive and achieving our goals of attracting young
partners’ services including CUMIS, Atlantic Central, LSM,
families as members.
Johnson and Credential. Our Credential representative,
Wanda Howlett, provides a wealth management service
Experiencing growth in many facets, year after year,
– free to our members. This venture is cost-shared with
means change is imminent! One big change for Reddy
three other credit unions.
Kilowatt that is certainly in plain view now is our new
home. The employees of Reddy Kilowatt are excited
about the move as we will finally be together under one
7
General Manager/Treasurer Report (cont.)
do and can only imagine what you will all be capable
of when we have the proper space! During 2013, three
employees received awards for years of service within the
credit union system: Brenda Holden, 25 years; Sharon
Bradley, 15 years and Sheila Smith, 10 years. We offer our
congratulations and recognition on the achievement of
these milestones.
Cooperation with other credit unions in our region allows
us the ability to enhance ease of access and convenience
for our members. As part of Inter Credit Union (ICU)
services, our members can visit any credit union in Atlantic
Canada and avail of many of the same services they do
with us including accessing Reddy Kilowatt accounts and
using ATMs with no service fee.
In 2013, Reddy Kilowatt Credit Union continued to show
our commitment to the community and our province
by contributing time and funds to several groups and
organizations. Organizations supported by Reddy Kilowatt
this year are included in this Annual Report. We are also
proud of our investment in youth and youth initiatives.
This year, scholarships were awarded to Lori Wareham
and Hannah Jardine. We offer our congratulations to these
outstanding individuals and wish them every success in
their chosen fields of study.
Amongst our other achievements and initiatives in 2013,
Reddy Kilowatt conducted a member satisfaction survey,
which garnered very positive results. A high percentage of
our membership who responded to the survey, indicated
they would refer Reddy Kilowatt to people they know –
this is the best compliment we could receive and shows
member’s pride and belief in the strength of their credit
union. For the ninth consecutive year a Customer Service
Index survey of Canadians conducted independently
by Ipsos™, ranked credit unions first in customer service
excellence among all financial institutions. Our own
survey indicated a very high score in this most important
category. For more details on our survey results, we have
included some highlights in this Annual Report.
Robert Dicks presented Ursula Maloney with service award for
25-years with Reddy Kilowatt (March 2013).
Back (L- R): Suzanne Maher, Rosalind Piercey, Peggy Mercer
Middle (L-R): Ashley Warren, Lisa Bungay, Sheila Smith, Dave Mercer,
April Kelly-Barnes, Michelle Ward
Front (L-R): Melanie Bickford, Ursula Maloney, Sharon Bradley, Brenda
Holden (March 2013)
I would like to take this opportunity to thank our
many partners and to extend a special thank you to
Newfoundland Power for accommodating us for all of
these years. We value our relationship and look forward to
further enhancing that relationship as we move forward.
Thank you to our members for their continued support
of, and loyalty to, Reddy Kilowatt. The future is exciting
and great things are happening and I personally thank
you all for being a part of it. We look forward to serving
you from our new location in 2014 and again assure you
that as we grow we will remain true to our roots and
continue to provide outstanding, personalized service.
I would also like to thank our Board of Directors for giving
time, support and expertise to Reddy Kilowatt. Our
directors are insightful, committed, and always available
to provide guidance and do what is needed to ensure the
focus is always on our members.
Respectfully submitted,
I also want to express my gratitude to the dedicated,
hard-working employees of Reddy Kilowatt. Even through
some unique challenges that came with outgrowing our
current location, our employees continued to provide
top-notch service, which truly speaks to the strength of
our team. I could never thank you enough for all you
Michelle Ward
General Manager
8
Financial Trends
The following graphs depict Reddy Kilowatt’s
financial history over the last 10 years.
Assets
financial trends
Deposits
$60,000,000.00
$50,000,000.00
$40,000,000.00
$30,000,000.00
$20,000,000.00
$10,000,000.00
$0.00
2003
2004
2005
2006
2007
9
2008
2009
2010
2011
2012
2013
Financial Trends (cont.)
Number of Members Members
2500 2000 1500 Members 1000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 financial trends
Loans/Mortgages
Loan Growth
$50,000,000.00
$45,000,000.00
$40,000,000.00
$35,000,000.00
$30,000,000.00
$25,000,000.00
$20,000,000.00
$15,000,000.00
$10,000,000.00
$5,000,000.00
$0.00
2003
2004
2005
2006
2007
10
2008
2009
2010
2011
2012
2013
Financial Trends (cont.)
financial trends
Earnings Before
before Taxes
taxes and
Earnings
and Rebates
Rebates
$700,000.00
$600,000.00
$500,000.00
$400,000.00
$300,000.00
$200,000.00
$100,000.00
$0.00
2003
2004
financial trends
2005
2006
2007
2008
2009
2010
2011
2012
2013
2008
2009
2010
2011
2012
Rebates
$350,000.00
$300,000.00
$250,000.00
$200,000.00
$150,000.00
$100,000.00
$50,000.00
$0.00
2002
2003
2004
2005
2006
11
2007
Financial Statement
Reddy
Credit Union
UnionLimited
Limited
Reddy Kilowatt
Kilowatt Credit
Statement
Income
StatementofofComprehensive
Comprehensive
Income
Year
December31,31,
2013
Yearended
ended December
2013
(CDN dollars)
(CDN
dollars)
2013
$
2012
$
2,445,760
271,672
2,717,432
2,292,795
196,073
2,488,868
Cost of funds
Interest on members' deposits
Net financial margin
1,238,686
1,478,746
1,081,975
1,406,893
Other income
Commissions
Other
Financial margin and other income
379,881
244,672
2,103,299
362,129
234,126
2,003,148
Operating expenses
Personnel
General business
Members' security
Total operating expenses
743,271
554,421
212,428
1,510,120
631,703
563,518
200,246
1,395,467
593,179
607,681
42,621
52,705
Financial revenue
Members' loans and mortgages
Investment income
Earnings before income taxes
Income taxes
550,558
2,261,988
(300,000)
2,512,546
Net earnings
Retained earnings, beginning of year
Dividends and patronage rebates
Retained earnings, end of year
12
554,976
2,007,012
(300,000)
2,261,988
Financial Statement
Reddy
Credit Union
UnionLimited
Limited
ReddyKilowatt
Kilowatt Credit
Statement
Position
StatementofofFinancial
Financial
Position
AsAsatatDecember
31,2013
2013
December 31,
(CDN
(CDN dollars)
dollars)
2013
$
Assets
1,642,368
Cash and cash equivalents
8,074,415
Investments
10,083
Income taxes receivable
Loans and mortgages receivable
Other assets
$
2,057,132
5,671,730
-
43,378,938
38,499,360
215,674
105,863
2,329,655
Property, plant and equipment
2012
769,590
55,651,133
47,103,675
Accounts payable and accrued liabilities
487,353
179,839
Dividends and patronage refunds payable
300,000
300,000
Liabilities
-
Income taxes payable
Membersʼ deposits
52,351,234
44,349,799
2,512,546
55,651,133
2,261,988
47,103,675
53,138,587
Members' equity
Retained earnings
12,049
44,841,687
Commitments
Approved on behalf of the Board:
______________________________ Director
______________________________ Director
13
Lending Committee Report
All loans at Reddy Kilowatt Credit Union are approved by the Board of Directors, Lending Committee, lending staff or
management. Directors are required to approve any loan applications that are outside the established lending policy.
The Lending Committee is responsible for approving loan applications for directors, committee members, employees
and their families.
All other loans are approved by lending staff or management. In 2013, the Lending Committee met 27 times and
approved 34 applications for a total of $1,122,058.
During 2013, loans advanced were over $17.7 million. The following is a summary of all Personal Loans, Lines of Credit
and Mortgage Loan activity, by purpose, for the period January 1 to December 31, 2013.
PERSONAL LOANS / MORTGAGES
Purpose
Amount
Vehicle Purchase
142
3,770,327
26
4,578,017
127
4,727,676
Other
25
383,743
Recreation/Vacation
30
515,219
5
38,532
22
1,017,303
7
151,008
38
546,800
422
15,728,625
Mortgage
Consolidation Loans
Investment
Home Improvements
Refinanced - no new funds
Loan Line of Credit
Subtotal
Personal Lines of Credit
2,017,458
Total
$17,746,083
I would like to thank the lending staff for their cooperation and dedication over the past year. Their role in the lending
process is an important part of your Credit Union’s continued success.
Respectfully Submitted on behalf of the Committee,
Sean Budgell,
Chairperson
14
Governance Committee Report
The Board is ultimately responsible for the stewardship
of Reddy Kilowatt Credit Union; therefore, a Governance
Committee is appointed (consisting of directors) to fulfill
the following responsibilities:
The Governance Committee was appointed after the
Annual General Meeting in 2013 and during our time, we
met on several occasions to:
• Review the Terms of Reference for all committees;
• Ensure that the Board of Directors acts within
the specified guidelines relating to Stewardship,
Independence, Effectiveness, Assessment, New
Director Recruitment and Orientation, Size of
the Board and its Committees and Director
Remuneration;
• Coordinate the nominations process for new
directors;
• Review and recommend new policies to the Board
that are consistent with the Standards of Sound
Business and Financial Practices;
• Ensure that the By-Laws of the Credit Union are
complete and consistent with the Credit Union Act
and Regulations and to ensure that the Directors
and Credit Union operate within these By-Laws;
• Review board remuneration and make
recommendation to the membership;
• Review and recommend any changes to Reddy
Kilowatt’s By-Laws.
• Ensure that all policies are in accordance with the
By-Laws and are in the best interest of the Credit
Union and its members;
Respectively submitted on behalf of the Governance
Committee.
• Ensure that the Credit Union and its Board act
within the Standards of Sound Business and
Financial Practices as set out by the Credit Union
Deposit Guarantee Corporation;
Carl Bishop
Chairperson
• Ensure that there is a viable succession plan for
both the Board of Directors and the Credit Union’s
Management; and
• Ensure that there is an assessment process in place
for the Board, management and the Credit Union
overall, and that the assessments are conducted
on a regular basis.
15
Audit Committee Report
The Audit Committee provides a knowledgeable, wellinformed communications bridge between the Board
of Directors, the various auditors and our regulators.
Our role is to assist the Board of Directors in fulfilling its
supervisory tasks.
• Reviewed the 2013 Financial Transactions Reports
Analysis Center of Canada’s Report (FINTRAC);
• Monitored compliance with respect to legal and
regulatory requirements as prescribed in the
Credit Union Act and Regulations;
The responsibilities of the Audit Committee are set out
in the Credit Union Act and Regulations. In addition,
the Audit Committee is responsible for other duties as
assigned by the Board of Directors.
• Reviewed various management reports including
the Asset Liability Management Report and
Delinquency Report, as well as received reports
on Remittances to Canada Revenue Agency and
CUMIS pension remittances.
The Audit Committee has the overall responsibility for
monitoring:
It is the opinion of the Audit Committee that in 2013,
Reddy Kilowatt Credit Union operated in a reasonable
and responsible manner and in the best interest of you,
the members.
• The integrity of the financial statements;
• Internal accounting and financial controls;
• The external and internal auditors’ qualifications
and independence;
Respectfully submitted on behalf of the Committee,
• The performance of the external and internal
auditor; and
Dana Pope
Chairperson
• Compliance with legal and regulatory
requirements.
During 2013, the Audit Committee met on three
occasions. The following were the key activities of the
Audit Committee:
• Reviewed quarterly and annual financial
statements;
• Met with the external auditor, Deloitte, to review
the 2013 Audit Plan and discuss the results of the
2013 audit;
• Ensured the independence of the external
auditors;
• Reviewed the 2013 Credit Union Deposit
Guarantee Corporation Examination Report;
16
Nominations Committee Report
The Youth Representative position on our Board,
currently held by Colin Rose, will expire after 2014. Colin
will be seeking interest from potential candidates during
the year and will make recommendations to the Board
for his replacement. It is a priority of Reddy Kilowatt to
engage youth in order to ensure our long-term success
in an aging demographic. The Board created the Youth
Representative position in 2005 and was one of the first
credit unions in Canada to do so. The youth of today are
our members and leaders of tomorrow and having this
position has been extremely valuable.
The role of the Nominations Committee is to facilitate
the recruitment and nomination of qualified members
to fill vacancies on the Board of Directors as they arise.
Successful candidates are expected to: participate in
the strategic plan of Reddy Kilowatt, which includes
identifying and monitoring its risks; prepare succession
plans for the Board and management positions; ensure
sufficient system controls are operating effectively; and
ensure our management team are competent in their
activities.
In 2013, the terms of three directors expired. A call for
nominations to fill these positions was issued on January
27, 2014. When nominations closed on February 12,
2014, three nominees for the three director vacancies
were received:
Respectively submitted on behalf of the Nominations
Committee,
Carl Bishop
Chairperson
• Sean Budgell
• Robert Dicks
• Glenn Samms
As a result, the vacant positions were filled by acclamation
and these directors were welcomed back to the Board.
17
Investing In Our Future
Congratulations to our 2013 Scholarship recipients.
We are proud to support our youth and recognize their achievements.
Hannah Jardine
O’Donel High School, Class of 2013
University of Delaware
Lori Wareham
O’Donel High School, Class of 2013
Memorial University
18
Community Initiatives/Involvement
Other Community Organizations/Initiatives
• Big Brothers, Big Sisters
• Choices for Youth
• Community Food Sharing Association
• Iris Kirby House
• Landscape NL
• NLCU Charitable Foundation Annual Rod Benson
Memorial Golf Tournament
• Seniors Resource Centre
• Stella Burry Foundation
• The Gathering Place
• Various NF Power employee association and retiree
groups
Reddy Kilowatt Credit Union is committed to investing in
the community we do business in. During 2013, Reddy
Kilowatt was involved in or gave monetary donations to
the following groups:
Credit Union Platinum Partner
Kids Eat Smart Foundation
Athletic Groups
• Booth Memorial High – Boys Basketball
• Mount Pearl Soccer Assoc.
• Northeast Minor Hockey Association
• NL Basketball Association
• Softball NL
• Special Olympics
• St. Peter’s Jr. High
• Town of St. Phillips-Portugal Cove Regatta
• Tricon Hockey
Health & Wellness Organizations/Charities
• Annual Central North East Health Foundation’s
Regatta
• Canadian Diabetes Association
• Children’s Wish Foundation
• Crohn’s and Colitis Foundation
• Drug and Addictions Awareness Campaign
• EK Dementia Careers Group
• Epilepsy NL
• Health Care Foundation – Bust A Move
• Movember (Prostate Cancer, Testicular Cancer,
Mental Health)
• Parkinson’s Society of NL
• Power of Life
• Prostate Cancer Fight Foundation – Ride for Dad
• Relay for Life
• Ronald McDonald House NL
• Terry Fox Foundation
Membership Associations/Business Engagement
• Mt. Pearl/Paradise Chamber of Commerce
• St. John’s Board of Trade
• Sponsor of the NL Co-op Youth Symposium
• Support Wellness Seminars for Delta and Sheraton
Hotels
19
Member Satisfaction Survey Results
In 2013, Atlantic Central conducted an independent
satisfaction survey among Reddy Kilowatt members to
measure service satisfaction in various areas.
76% of respondents reported
they received advice beyond
what they requested,
which shows that employees
are proactively engaging
members and anticipating
their financial needs.
Reddy Kilowatt Credit Union’s overall level of member
satisfaction is high, and directors and employees are
extremely pleased to know that members are highly
satisfied with the level of service they receive.
We would like to take this opportunity to thank members
who completed the survey. The feedback provided was
valuable and will be used to form our strategy as we
continue to strive to better serve your financial needs.
Here are some highlights.
76.1% of respondents
reported they were
“very satisfied” with
the in-branch service
they received.
91.7% indicated
that RKCU was their
primary FI because
they received “service
you can count on.”
An impressive 97% of
respondents indicated
high satisfaction with
the overall level of
member service at
the credit union.
99% of respondents said they
would recommend the credit
union to family and friends.
73% of respondents
indicated the credit
union staff suggested
ways they could save
money.
Respondents rated various
points of contact with the
credit union staff and all
categories were rated very
high with an average score of
4.78/5 (or an overall rating of
“very satisfied”).
41% of respondents
stated they joined
the credit union due
to word of mouth.
Average score
of 4.35/5 for
commitment to social
responsibility.
71.1% of respondents
were “very satisfied”
with their on-line
experience.
20
62.6% of members
of the credit union
do their banking
via online.
Credential Financial Strategies Inc.
Reddy Kilowatt Credit Union is constantly seeking ways
to add quality products, services and convenience to
Members’ lives. In partnership with three other credit
unions, we are pleased to continue to offer the services of
Credential Financial Strategies to our Members.
Wanda Howlett, is your Credential Financial Strategies
Wealth Consultant and is available to assist Members
of Reddy Kilowatt with their insurance and retirement
planning needs. Wanda is an Investment Specialist with
more than ten years of experience in the insurance
industry. She offers a number of mutual funds products*,
investment planning and analysis, retirement planning
and insurance planning to help safeguard your family.
Wanda will work with you at no charge to create a personal
financial blueprint you can follow to help achieve your
monetary objectives.
Reddy Kilowatt is thrilled to have Wanda on the team
serving our Members, and is pleased to continue making
this much needed service available. You can reach Wanda
at:
EasternEdge Credit Union
31 Corey King Drive
Mount Pearl, NL A1N 0A5
Wanda Howlet
Credential Financial Strategies Wealth Consultant
709-739-1080
709-691-9423
[email protected]
*Mutual funds are offered through Credential Asset Management Inc. Credential Financial Strategies Inc. is a member
company under Credential Financial Inc., offering financial planning, life insurance and investments to members of
credit unions and their communities. Credential® is a registered mark of Credential Financial Inc. and is used under
license.
21
Products and Services
Small & Medium Enterprise Merchant Card Services
MasterCard® Credit Card
MasterCard® Global Payment Card
Choice Rewards™ Points Program
Member Card™
Debit Card Purchase Protection & Extended Warranty Plan
ding-free® (Surcharge-Free ATMs)
Tax-Free Savings Accounts
Power Plus Savings
Youth Savings
Monthly Savings Plan
Trust Accounts
Term Deposits
RRSP/RRIF/RESP
Index Linked Deposits
Mutual Funds
On-line Trading
Incentive Shares
Personal Loans
Mortgage Loans
Personal Line of Credit
Student Loans
Overdraft Protection
RRSP and Investment Loans
RRSP Line of Credit
Term Life Insurance
Credit Life & Disability Insurance
Critical Illness Insurance
Mortgage Insurance
Home/Auto Group Insurance
Canadian/Foreign Money Orders
Bill Payment
Safety Deposit Box Rentals
Legal Witnessing
Coming soon…iPhone App! (Spring 2014)
MemberDirect™Integrated - Online Banking
TeleService™
Mobile Web Banking
Interac®
Cross-border Debit
Interac® Money Transfer
E-Statements
Travel Insurance
Travellers’ Cheques
Foreign Exchange
Wealth Management Services
Trust Services
Payroll Deduction
Financial Counselling
Retirement Planning
RKCU Scholarships
Personal Chequing
Business Chequing
Student Chequing
US Chequing
22
Organization for 2013
Board of Directors
Robert Dicks, President
Robert Pike, Vice-President
Glenn Samms, Corporate Secretary
Michelle Ward, General Manager/Treasurer
Andrea Avery
Carl Bishop
Sean Budgell
Greg Murphy
Dana Pope
Colin Rose
Gail Tucker
Peggy Mercer, Recording Secretary
Employees
Michelle Ward, General Manager
Brenda Holden, Manager, Risk & Admin.
Melanie Bickford, Financial Services Rep.
Sharon Bradley, Financial Services Officer
Lisa Bungay, Financial Services Rep.
April Kelly-Barnes, Financial Services Rep.
Suzanne Maher, Financial Services Rep.
Ursula Maloney, Financial Services Officer
David Mercer, Financial Services Officer
Peggy Mercer, Financial Services Officer
Rosalind Piercey, Financial Services Officer
Tina Samson, Financial Services Officer
Sheila Smith, Risk & Admin. Officer
Ashley Warren, Accounting Admin. Officer
Colin Rose, Atlantic Central AGM, 2013
Audit Committee
Dana Pope, Chairperson
Andrea Avery
Greg Murphy
Gail Tucker
(L-R) 2013 Service Award Recipients: Brenda Holden, 25-years;
Sharon Bradley, 15-years; Sheila Smith, 10-years.
Building Committee
Gail Tucker, Chairperson
Robert Dicks
Robert Pike
Glenn Samms
Michelle Ward
23
Organization for 2013 (cont.)
Governance Committee
Carl Bishop, Chairperson
Robert Dicks
Sean Budgell
Glenn Samms
Michelle Ward, Resource
Human Resources Committee
Robert Pike, Chairperson
Robert Dicks
Greg Murphy
Glenn Samms
Michelle Ward, Resource
Lending Committee
Sean Budgell, Chairperson
Sharon Bradley
Brenda Holden
Ursula Maloney
Peggy Mercer
Rosalind Piercey
Michelle Ward
Colin Rose, co-facilitator NL Co-op Youth Symposium, 2013
Youth Committee
Colin Rose, Chairperson
Rosalind Piercey, Sheraton Hotel Employee Wellness Fair (April 2013)
Rosalind Piercey presenting gift to Solomon Mwongyere,
an employee of CCA, Uganda on his visit to St. John’s ( Sept 2013 )
24
Volunteers 1956-2013
Abbott, Raymond
Adams, Charlie
Adams, George
Adams, Gerry
Ainsworth, Scott
Ainsworth, Verne
Alteen, Peter
Anstey, Gerry
Antle, Austin
Avery, Andrea
Ball, Anne
Banfield, Ester
Barnes, Diane
Barrett, Kelvin
Batstone, Dale
Benger, G.
Bennett, Sharon
Beresford, Kevin
Birmingham, Llewellyn
Birmingham, Tony
Bishop, Carl
Bishop, Chari
Bishop, Noel
Bonnell, Aubrey
Bragg, Don
Brennan, Rose
Briffett, Kirk
Broderick, Don
Bruce, Christie
Budgell, Sean
Butt, Darryl
Butt, Wayne
Canning, Tom
Carpenter, T.
Casey, Jack
Chafe, Carl
Chafe, Doug
Chancey, Roy
Chaulk, Frank
Christie, Bruce
Clark, Gwen
Clark, Jeff
Clark, Ron
Clarke, Blair
Clarke, D.
Colford, Robert
Collins, Peter
Collins, R.
Conway, Richard
Cook, Jeffrey
Coombs, Kevin
Corbett, J
Crane, Ronald
Crewe, Carol Anne
Critch, Theresa
Cumby, Eric
Curtis, Gerard
DaSilva, Tony
Dawe, Ron
Delahunty, Brian
Dicks, Robert
Dodd, R.
Duke, Nora
Dymond, B.
Earles, Joseph
Emberly, Ches
Evans, Barbara
Evans, John
Fitzgerald, Megan
Flynn, Noel
Follett, Doug
French, Frank
French, Rod
French, Ted
Gaye, Cavell
Gifford, Kingsley
Gladden, M.
Goodridge, Eileen
Green, Wayne
Greenland, Lewis
Griffin, Joe
Grouchy, Doug
Hall, Ewart
Hall, Fred
Halliday, Peter
Hancock, Karen
Hancock, Scott
Hann, Chesley
Hannaford, Pat
Hanrahan, John
Hapgood, A.
Harris, Darlene
Harvey, Gerard
Henderson, John
Henderson, Lorne
Hennessey, Clara
Henry, C.W.
Henry, Charles
Hoffe, Dennis
Howell, Baxter
Humby, Gary
Hunt, R.P.
Hynes, Hubert
Hynes, Remi
Ivany, Lawrence
Ivany, Lester
Jamieson, Alex
Janes, Elaina
Jardine, Mike
Joy, Anna
Keough, John
Keough, Robert
Kielley, J.S.
King, Les
King, R.
Knight, Alex
Knight, Steve
Kohout, Doug
Lane, Frank
Learning, Walter
Legge, Gerald
Lester, Crosbie
Ludlow, Earl
MacDonald, Stan
Mahar, Kevin
Mandeville, George
Manning, Elizabeth
Marshall, Stan
Martin, James
McLeod, Neil
Meaney, Jennifer
Meyers, Maureen
Mowbray, Lynn
Moores, Henley
Mouland, Lillian
Murdoch, Robert
Murphy, Dick
Murphy, Greg
Murphy, John
Murphy, Robert
Nickerson, Bruce
Nurse, Richard
O’Brien, Maurice
O’Leary, Sean
O’Neill, Ronald
O’Reilly, Albert E
Peters, Brendan
25
Piercey, William
Pike, Robert
Pittman, Fred
Pollett, Graham
Poole, Carol Ann
Pope, Dana
Pope, Mike
Press, Fred
Roberts, Derek
Rockwood, S.
Rodway, Wayne
Rose, Colin
Rowe, Linda
Russell, Don
Ryan, Aiden
Ryan, Bernie
Ryan, Patrick
Samms, Glenn
Schofield, Ray
Sheppard, Graham
Simms, Lloyd
Slaney, Bill
Snow, Boyd
Stack, Marilyn
Stewart, Cyril
Styles, Albert
Taylor, Leah
Templeton, David
Thompson, Lorne
Tilley, Barry
Toner, Kathy
Trask, William
Tremblett, Don
Tucker, Gail
Tulk, Jeff
Tulk, Zeta
Underhay, Robert
Vincent, Blair
Vincent, Peter
Walsh, Brian
Walsh, Gerry
Walsh, Ken
Warr, Kevin
Warren, Elroy
White, Cluney
White, Wade
Whittle, Brian
Whittle, Maureen
Williams, Beverly
1 in Customer Service Excellence
#
For the ninth consecutive year, Canadians ranked credit unions first in overall
Customer Service Excellence among all financial institutions in the 2013 Ipsos®
Best Banking Awards. Credit unions also took sole honours in two other
categories:
· Branch Service Excellence
· Values My Business
They also tied for first place in the following categories
among all financial institutions:
· Financial Planning & Advice
· Mobile Banking Excellence
· Automated Telephone Banking Excellence
· Live Agent Telephone Banking Excellence
The Ipsos 2013 Best Banking Awards are based
on quarterly Customer Service Index (CSI)
survey results. Sample size for the total
2013 CSI program year ended August 2013
was 45,875 completed surveys yielding
69,268 financial institution ratings.
www.atlanticcreditunions.ca
REDDY KILOWATT
PO Box 8910
50 Duffy Place
St. John’s, NL A1B 3P6
REDDY KILOWATT
2013
Annual Report
Tel: 1-709-737-5624
Toll Free: 1-800-409-2887
Fax: 1-709-737-2937
www.reddyk.net
Focused on a strong community

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