Annual Report - Grandview Credit Union

Annual General Meeting
2014 Annual Report
April 21 , 2015
st
Grandview Kinsmen
Community Centre
7:00 p.m.
Guest Speaker Sgt. Brian Trainor
rd
773 Annual Meeting
Tuesday April 21st, 2015
Tuesday,
MEETING AGENDA
1. Presidents Welcome
2. Call Meeting to order
3. Proof of Due calling of meeting
4. Minute of Silence in remembrance of deceased members
5. Report of Register – Motion to Approve Quorum
6. Motion to Approve Agenda
7. Approval of the Minutes of April 30, 2014 AGM
8. Business Arising from the Minutes
9. Introduction of Board Members
10. Board of Directors’ Report
11. General Manager’s Report – Audited Financial Statements 2014
14. Q & A Period
12. Appointment of Auditors for 2015
13. Director Election
15. Guest Speaker – Sgt. Brian Trainor
16. Door Prizes
17. Adjournment
GRANDVIEW CREDIT UNION LIMITED
72th Annual General Meeting
Wednesday, April 30, 2014
Grandview Kinsmen Community Centre
Business Meeting: 7:00 p.m.
Present:
Ron Myers, President
Denise Safronetz, Vice-President
Roger Palmer, Director
Ray Gashyna, Director
Ray Brasch, Director
Jennifer Bettany, Secretary
Flo Branconnier, General Manager
1.
President’s Welcome: President, Ron Myers, welcomed everyone and introduced the guests.
2.
Introduction of Guests:
3.
Call Meeting to Order: President Ron Myers called the meeting to order @ 7:02 pm.
4.
Proof of Due Calling of Meeting:
Proof of due calling to the annual meeting was met, as the advertisement for the meeting appeared in the
st
th
th
nd
issues of April 1 , April 8 , April 15 , April 22 , and April 29th, 2014 of the Grandview Exponent as per the
by-laws in the Credit Union Act.
5.
Minute of silence followed in remembrance of deceased members.
Candace Turchinski – Meyers Norris Penny
Doug Shumilak – DGCM
Michelle Manary- Reframe HR
Members in Attendance: The requirements of a quorum were met with 85 members present.
Meeting
Members
85
Non-Members
7
6.
Opening Remarks
President Ron Myers reminded the membership that minutes would be adopted as circulated and would not be
read. He also reminded the membership that each member has one vote.
7.
Report of Register – Motion to Approve Quorum
# 29-2014 Motion: Joan Clark/Wayne Manweiller
BE IT RESOLVED THAT the requirements for a quorum have been met.
Carried
Motion to Approve Agenda
# 30-2014 Motion: Pam Wreggit/Jamie Stronciski
BE IT RESOLVED THAT the agenda be approved as circulated.
Carried
8.
9.
Approval of the Minutes of April 24, 2013 AGM
# 31-2014 Motion: Natasha Hansford/Joan Clark
BE IT RESOLVED THAT the minutes of the seventy first (71) Annual Membership meeting of
April 24, 2013, be adopted as presented.
Carried
10. Business Arising from Minutes
No Business
11. Introduction of Board Members
Certificates were presented to Ray Gashyna, Jennifer Bettany and Roger Palmer for completion of the CUDA
program.
12. Board of Director’s Report
13. General Manager’s Report
Staff were introduced.
Joan Clark received an award for 25 years of service.
Donations were handed out to many community groups who had representatives present.
14. Audited Financial Statement for 2013
# 32-2014 Motion: Jennifer Brasch/Rhianna Morin
BE IT RESOLVED THAT the audited financial statement of the Grandview Credit Union for 2014 has been
reviewed and approved as presented.
Carried
15. Presentation by Michelle Manary, president of Reframe HR
16. Appointment of Auditors for 2014
# 33-2014 Motion: Jennifer Brasch/Joan Clark
BE IT RESOLVED THAT we appoint Meyers Norris Penny as the auditors for Grandview Credit Union for 2014.
Carried
17. Election of Directors
Director openings:
Ray Brasch (Incumbent)
Jeff Elliott (Resigned mid 2013)
Elected by acclamation to the Board:
3 years – Ray Brasch
1 term remains open at this time
Denise Safronetz (chair of the nominating committee) gave a speech regarding recruitment of new directors, and the
challenges that the Credit Union faces in attracting new directors to the board.
18. Other Business and Question Period
- commendation for Flo as doing an excellent job as the manager of the Credit Union.
- comment regarding the safety of the technology in general. Flo commented on the safety measures that have
improved from cheques to debit cards to current technology.
-question on what to do in the event of a power failure.
-question regarding the cashing in of surplus shares, and the application for redeeming them.
19. Door Prizes
Numerous door prizes were handed out.
20. Adjournment
#34-2014 Motion: Tom Worth/Tom Bohun
BE IT RESOLVED THAT the meeting be adjourned at 8:53 p.m.
Respectfully submitted by:
Jennifer Bettany, Secretary
General Managers Report
Grandview Credit Union’s success is tied directly to our culture of collaboration and employee engagement. We believe
that a healthy work environment which encourages participation
participation,, idea generation, variety, passion, and leadership
development will ultimately walk this credit union to its success.
As a team in 2014, we were able to put our culture to work at our organizational strategic planning session. The
session was designed to re-examine the position and direction of Grandview Credit Union in the community and in the
Credit Union system. We reviewed Grandview Credit Union’s Vision and Mission statements and confirmed that using
Creative Solutions,, Grandview Credit Union will be
be a leading niche and independent cooperative; as leaders in the
progression and growth of our communities, our purpose is to improve our members’ lives. Th
These remain the guiding
principles that found all decisions
ns in our day to day operations, challenges, and our long term sustainability.
sustainability
What are our current challenges?
The Credit Union landscape is seeing less Credit Unions as mergers continue to happen at a fast pace with 37 Credit
Unions in 2014 and an estimated 20 by 2020. The gap between small and large Credit Unions is getting wider and a
great part of the fall Strategic Plan was spent in identifying what Grandview Credit Union needs to do to remain within
those 20 independent Credit Unions.
Risk and Compliance, Technology, Knowledge and Expertise Management are the 3 key elements of Grandview Credit
Union’s future sustainability.
Grandview Credit Union, despite its size
size, is under the same regulatory requirement as any other financial institution.
To follow the same requirements with fewer resources
resources has posed its challenges. To assist with these challenges, we
w
are continuously working to streamline regulatory administration and invest in technology to gain efficiencies.
Capital is another pressing requirement for Grandview Credit Union, which has been
been a budget priority over the last 3
years. I am pleased to say that we ended the year ahead of budget,
budget, being able to retain $450,5
$450,500 to our capital
bringing our retained earnings from 5.42%
5.
(2013) to 5.89% (2014) once our retained earnings reach 6% of assets
(2016). Effective in 2016, we will have to be compliant with BASEL
BASE III which requires financial institutions to meet
minimum Risk Weighted Capital.
Personnel training and retention will be an on going challenge
challeng that is not particular to us; ass the population ages and
expert employees retire in the financial system
system,, just like other Credit Unions, we are facing a smaller labour pool and
high competition for knowledge and expertise especially in our rural area. We are proud to say 50% of Grandview
Credit Union’s present personnel are less than 40 years old and want to grow within the organization and stay in our
community.
Highlights of 2014:
I want to take this opportunity to commend Grandview Credit Union staff for their remarkable community involvement
in 2014. They have led multiple Credit Union projects such as the Fun in the Sun Social for the Wading Pool, the
Grandview Holiday Gala for the Nursery school but also contributed to the community during their own time. Young
people being involved in the community will drive our community’s growth.
Main operational initiatives in 2014 included our new website, Social Media presence, email transfer and engagement in
the CU Mobile App including the Cheque Remote Capture application, reflecting our goal in using technology to provide
services to members as well as using technology as a communication tool.
Plan for 2015:
In 2015, we will continue to explore collaboration opportunities with other Credit Unions to seek potential opportunities
for cost reduction and revenue enhancement especially in non member facing areas such as compliance and back
office functions.
We have also engaged professional services to undergo a complete organizational efficiency assessment and
restructure, using technology as a leverage to reduce the cost of doing business and applying time spent on
administration towards sales and service. The process will take a few years to completion and will benefit members by
providing Grandview Credit Union the ability to offer competitive services at competitive pricing. This review may
surface changes in the way you are used to be served and we appreciate your patience and support as we make
changes that will allow your Credit Union to remain profitable and competitive in a market that is merging at
exponential rate.
Grandview Credit Union is dedicated to helping employees reach their full potential, in return, providing you with
continual betterment of service, creative products, and a unique experience, bringing you value at the same time of
keeping GVCU assets safe and secure.
I would like to thank the board of directors for providing direction, the staff for their great contributions to the
organization, and the members of Grandview Credit Union for your valuable feedback, encouragement, and support.
Flo Branconnier
General Manager
Board Report
With modest growth and a healthy balance sheet, 2014 was a successful year.
year Loan portfolio
increased by 5.81% and deposits increased by 8.32%. Our
ur assets increased by 3.84%
totaling $67,664,767 in assets.
assets GVCU generated a gross income of $550,759
$550,759, leaving a net
income of $450,500. GVCU will distribute $25,000 in dividends to members for 2014.
Our mission has not changed; as a leader in the progression
ssion and growth of our community,
using creative solutions, our purpose is to improve our member
members’ lives. In the ever changing
financial environment, we are faced with multiple challenges to achieve this mission.
 We have and are continuing to invest in technology to provide convenient and secure
services to our members. This enables you to have access to financial services
anywhere/anytime.
 The low interest environment has resulted in very narrow margins; causing us to
focus on improving our efficiencies
efficiencies,, reviewing how we do business, and investing in
technology to maintain profitability.
 We are faced with increase
ncreased regulatory requirements including stringent risk
weighted capital,, liquidity monitoring, as well as operational compliance.
 Being in a rural community, we are also faced with the challenge of a small labor pool
of individuals with financial experience.
There has been a sharp acceleration of amalgamations in Manitoba. In 2005, there were 57
creditit unions, by 2014 there were 36 credit unions with
th a prediction of 20 credit unions left
by 2020. These amalgamations have been due to complex, time-consuming
consuming, and expensive
but mandatory
datory compliance requirements as well as increasing operational costs.
I would like to thank you, the members, for your loyalty and support; you are the credit
union. I would also like to thank my fellow board members,
members management,
management and staff for their
hard work and dedication.
On behalf of the board,
Ron Myers
President
Monetary Donation Highlights of 2014
Monetary
This list contains some of the organizations/events that received monetary donations
from Grandview Credit Union. It doesn’t include donations of merchandise to multiple
local events or volunteer hours.
Ride for Sight
GV Women’s Bonspiel
Dauphin Kinsmen Expo
Intermountain Conservation
GV Men’s Bonspiel
Cancer Canvass
Tamarisk Community Club
Grandview Personal Care Home
GELO
1st Scouts Canada
Tiny Treasures
Grandview Seniors Park
Grandview Minor Ball
Safe Grad Committee
GP/GV Ag Society
MS Society
GV Community Foundation
JDRF
Major Donations for 2014
Parkland Thunder
Grandview Wading Pool
Grandview Nursery School
Farm Safety Days
Relay for Life
Elder Abuse Day
4-H
Grandview School Grad Volunteer Award
Camp Wannakumbac
Gilbert Plains Country Club
GV Gateways Activity Centre
Manitoba Mudrun
GV Resource Council
Parkland Rangers
HOPE Halloween Dance
Intermountain Snowmobile Club
Grandview Comets
Grand Plains Minor Hockey
Grandview Christmas Hampers
GVCU Jackpot Series
GRANDVIEW CREDIT UNION LIMITED
SUMMARY FINANCIAL STATEMENTS
December 31, 2014
Please note that the Financial Statements are in a SUMMARY format.
Please feel free to request a full set of financial statements at the
Annual General Meeting or at the branch
by calling 204.546.5200
204.546.
or emailing [email protected].
[email protected]