2008 CUCNB Annual Report

Transcription

Advance Savings
Advance Savings
Advance Savings
Advance Savings
Advance Savings
Bayview
Bayview
Bayview
Bayview
Beaubear
Blackville
Capital
Capital
Carleton Pioneer
Carleton Pioneer
Church River
Petitcodiac
Salisbury
Moncton (2 locations)
Riverview
Port Elgin
Rothesay
Saint John (4 locations)
Hampton
Sussex
Miramichi (2 locations)
Blackville
Fredericton
Stanley
Woodstock
Centreville
Burnt Church
Charlotte County
Charlotte County
Charlotte County
Charlotte County
Citizens
Citizens
Dalhousie Industrial
Deer Island
McAdam
NBTA
OMISTA
Prosper
PSE
Rexton
York
York
Blacks Harbour
St. Stephen
St. George
Campobello Island
Fredericton Junction
Gagetown
Dalhousie
Deer Island
McAdam
Fredericton
Moncton (3 locations)
Saint John
Moncton
Rexton
Fredericton
Oromocto
Table of
Contents
Joint Report of the Board and Management . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2008 Committee Members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
The 2009 Distinguished Credit Union Owner/Employee Award . . . . . . . . . . . 6
Auditors Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Credit Union Harry M. Daley Memorial Bursary Financial Statements . . . . . . 23
Sponsor Appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
CREDIT UNION CENTRAL OF NEW BRUNSWICK ANNUAL REPORT FOR 2008
01
Brunswick Credit Union Federation Limited
Joint Report of the Board and Management
Year Ended December 31, 2008
It is with great pleasure that we present the report of the
Tabitha Duffy. It also required
Brunswick Credit Union Federation Limited, operating as Credit
significant effort on the part of many
Union Central of New Brunswick (“your Central”), for the year
of our owner Credit Unions and
ended December 31, 2008.
their staff, and we wish to formally
acknowledge those efforts. On
2008 was another challenging year
July 7, 2008 the clearing and
for the Credit Union system in New
settlement transfer was effected,
Brunswick and for your Central. A
and we are pleased to report that
large
was
the transition was a success, with
expended during the year in the
no Credit Union owners’ accounts
development of the business case
being compromised or negatively
for a proposed Atlantic Central. After
impacted.
amount
of
effort
receiving your approval to further
investigate the potential for a
merger with Credit Union Centrals
of Nova Scotia and Prince Edward
Alberta (Bobbie) McNutt
Chair of the Board and the
Executive Committee,
Member of the Atlantic
Central Steering Committee
The financial report for 2008, which
Frank Carroll
1st Vice Chair of the
Central Steering
Committee, Chair of
the Director Training
Advisory Committee
is included in this booklet, reflects
somewhat of a mixed bag of results for your Central in the year.
Island, a project team began the
The aforementioned clearing project was a very costly venture,
work of compiling the business case. With the valuable assistance
requiring total expenditures on behalf of our Credit Unions in
of Kim Andres, formerly a Vice-President of Central 1 Credit
excess of $300,000. Compressed financial margins, and the
Union, staff and volunteers from all three Centrals devoted
inability of our portfolio manager to meet investment benchmarks
considerable time and energy to ensuring that an information
due to the economic downturn, resulted in further losses of
package was provided to all Atlantic Canadian Credit Unions
approximately $200,000, adding up to our loss before other
before the end of the year. That package was delivered
comprehensive income of approximately $530,000. The good
in mid-December, and will form the basis for the decision on
news in this is that the majority of the aforementioned $200,000
the merger that will be taken at the Annual General Meeting
found its way into the hands of our owner Credit Unions through
in April 2009.
a higher payout on their liquidity accounts. Also on the bright
side, our heavy concentration in the bond market for our
Another project which required considerable time and energy
investments resulted in market valuation gains, although
from our staff was the Atlantic Clearing Project. The project was
unrealized, at year end of over $2
necessitated by the decision of Scotiabank to cease providing
million. Thus our net income
clearing and settlement services to Atlantic Canadian Credit
(including other comprehensive
Unions. We joined with our colleagues in both Nova Scotia
income) after tax was over $1.25
(including most Newfoundland
million for the year. This compares
and Labrador Credit Unions) and
with a figure of just under $100,000
Prince Edward Island in moving
in 2007. Operating expenses at your
our
clearing
and
settlement
functions to Central 1 Credit Union.
This was an absolutely gargantuan
project, and required tremendous
dedication and support from the
Gerard M. Adams
President &
Chief Executive Officer
02
key staff involved at your Central,
specifically Chief Financial Officer
Kim Walker and Senior Accountant
Charles Parker
2nd Vice Chair of the
Central Steering
Committee, Chair of the
Governance Committee,
the Resolutions
Committee and the
Nominations Committee
Central were well controlled,
reflecting a very marginal increase
of less than 1% over the 2007
figure. The balance sheet of your
Central as of December 31, 2008
reflects assets of $113.6 million, an
increase of $2.2 million or 2% over
the 2007 year-end figure.
Continuing on a financial note, your
government issued a discussion
Central has been actively involved
paper on proposed changes to the
in preparing the Credit Unions for
Credit Unions Act. The government
the introduction of International
requested responses by January 31.
Financial Reporting Standards (IFRS).
As a result, your Central had to
Your Central has arranged training
mobilize very quickly and took the
by both webinars and in-person
necessary steps to ensure as
seminars in conjunction with
thorough a consultation process as
Deloitte and Touche LLP, who are
allowed by the timelines. We
acting as the national project
presented our response to officials
resource for Credit Union Central of Canada on this issue.
of the Department of Justice and
Implementation of IFRS will occur completely by 2011, but a
Executive Council on February 1.
Don Morton
Legislative Committee
Baz McGean
Resolutions Committee,
Nominations Committee
phasing in of disclosure requirements is already underway, as
you can see from the notes to the enclosed financial statements.
The legislative package which emerged from this process dealt
primarily with the regulatory side of our business, and addressed
From a system perspective, total assets grew to $768 million by
the structure and mandate of both the Risk Management Agency
the end of 2008, representing growth of 6.5% over the 2007 figure
(RMA) and the New Brunswick Credit Union Deposit Insurance
of $721 million. Our total number of owners in the province is in
Corporation (NBCUDIC). Perhaps the most tangible impact
excess of 78,000. The number of Credit Unions and locations
on Credit Unions was the reduction of our deposit insurance
remained unchanged at 18 and 39 respectively; however, the
from unlimited to $250,000. However, it is important to note
number of Credit Unions reduced to 17 on January 1, 2009 due
that this is still a higher level of insurance than that enjoyed
to the amalgamation of Advance Savings Credit Union and Rexton
by chartered banks.
Credit Union. We congratulate the newly combined entity on this
success. We can also report that system equity at December 31
In March we jointly hosted, with our colleagues at la Federation
was 6.90%, as compared to 7.41% a year ago. Despite the
des caisses populaires acadiennes, a reception for Members of
reduction, the figure is well in excess of the regulatory minimum
the Legislative Assembly in Fredericton. This was the first such
of 5%. Only two of the eighteen Credit Unions were under the
reception in almost ten years, and allowed us to gain a greater
supervision of the Risk Management Agency, unchanged from the
visibility with the elected officials of the province. We were
end of 2007.
particularly pleased to have the Premier, the Hon. Shawn Graham,
in attendance and to have him speak of his personal experience
The
Atlantic
in the Credit Union movement.
Marketing Group
continued its branding initiative during
the year. This is an excellent example
Administration of the bonding
of great co-operation amongst the
program was also a priority for your
Atlantic Centrals and Newfoundland
Central during 2008. There have
and Labrador Credit Union, and has
been significant claims in the system
resulted in a common identity being
in the last year, and we have
attempted to work with CUMIS, our
promoted throughout the region.
Through this initiative we have been
able to access types of advertising,
Garth Lawson
Resolutions Committee
provider of bonding insurance, to
implement safeguards to prevent
Kevin Murphy
Chair of the Finance &
Audit Committee
particularly television, that we
future occurrences of this nature. Risk
otherwise could not have afforded. The initiative also includes
management processes are being
tracking studies which give us access to consumer reaction to Credit
strengthened and a zero tolerance
Unions, including top-of-mind awareness and the likelihood of
policy has been adopted for employee dishonesty which results
them switching financial institutions. This data is extremely valuable
in bonding claims. As well, an anonymous employee hotline was
in the increasingly competitive environment in which we operate.
established during the year to encourage employees to report
suspicious behaviour.
Early in 2008, a focus of your Central’s activity was on the area of
legislative reform. On December 13, 2007 the provincial
03
We have also attempted to assist
Your Central was also engaged during the year in investigating
Credit Unions in complying with
the possibility of increasing the system’s revenue opportunities
the ever increasing regulatory
in the area of property and casualty insurance. We are in the
requirements
areas
process of furthering this initiative with our insurance partner,
anti-money
CUMIS, with a view toward creating a method for Credit
laundering. These requirements
Union owners to source their insurance needs from their
are proving to be a very onerous
Credit Union.
as
privacy
in
and
such
burden, particularly for our smaller
Monica White
Finance & Audit
Committee, Resolutions
Committee
Credit Unions who have to comply
Your Central was also actively
in the same manner as all financial
represented on the national front
institutions, regardless of size.
in 2008. Our President and CEO,
Gerard Adams, is completing the
Our Vice President, Paul Paruch, was actively involved
second year of a three year term
in delivering core competency training to several Credit Unions
on the Board of Directors of
during the year. This demonstrates the system’s commitment
Credit Union Central of Canada.
to developing its greatest asset, our people. Mr. Paruch
He is also on the Board of
also conducted several strategic planning sessions to assist
Directors of CUSOURCE, the
Credit Unions in defining their own niche in these difficult
system-owned national learning
financial times.
organization. Our Chief Financial
Shirlee Coleman
Legislative Committee
Officer, Kim Walker, is representing New Brunswick, along
Your Central’s Board Committees were active during the year
with Tammy Christopher of OMISTA Credit Union, on the
as well. The Executive Committee, chaired by Alberta (Bobbie)
national working group for the conversion to IFRS, as
McNutt and including members Frank Carroll and Charles
mentioned earlier in this report. We are also actively involved
Parker, made up the New Brunswick contingent on the
in both the National Legislative Committee and the National
Steering Committee which guided the development of the
Risk Management Committee.
Atlantic Central business plan that will be voted on at the
2009 Annual General Meeting. As well, they provided oversight
Finally, we would be remiss not
to the activities of the Board, meeting frequently between
to acknowledge the efforts of our
Board meetings. The Audit and Finance Committee, chaired
small but dedicated staff, who
by Kevin Murphy, also met quarterly to review the financial
have attempted to meet the
statements, budgets and investment policies of the Central.
needs of our owner Credit Unions
The Legislative Committee, chaired by the aforementioned
as best they can given their
Mr. Carroll, played a key role in the consultation process
limited numbers. The Board and
surrounding the changes to the Credit Unions Act.
Committees have also exercised
The Director Training Advisory Committee, also chaired by
Mr. Carroll, continued its work in ensuring that Credit Union
Vance Craig
Finance & Audit
Committee
their responsibilities to you in a
very careful manner, with a lot of
extra time being needed for the
directors in the province had
Atlantic Central discussions. We
access to the necessary training
would also like to thank the system participants, particularly
to fulfill their responsibilities. Our
those employees and volunteers from Credit Unions who
system partner, CUSOURCE,
agreed to sit on our Committees in 2008, for their assistance,
continues to be the main service
guidance and support. We look forward to the direction that
provider in this area. Last, but not
you will chart for us in your deliberations surrounding the
least, the newly re-named Young
possible creation of an Atlantic Central.
Leaders Committee continued to
put
forward
innovative
suggestions for attracting and
retaining youth as employees,
volunteers and owners.
04
Patricia Duffield
New Brunswick Young
Leaders Committee,
Director Training
Advisory Committee
Respectfully submitted by:
Alberta (Bobbie) McNutt, Chair of the Board
Gerard M. Adams, C.A, President and Chief Executive Officer
Committee Members
2008
Executive Committee & Atlantic Steering
Committee
Don Morton (CUCNB Board)
Alberta (Bobbie) McNutt, Chair
Don Roper (Advance Saving Credit Union)
Frank Carroll, 1st Vice Chair
Dave Hanson (Rexton Credit Union)
Charles Parker, 2nd Vice Chair
George Greenwood (Beaubear Credit Union)
Finance & Audit Committee
New Brunswick Young Leaders Committee
Kevin Murphy, Chair
Beverly Somers, Chair (OMISTA Credit Union)
Vance Craig
Patricia Duffield (CUCNB Board of Directors)
Monica White
Jackie Jardine (NBTA Credit Union)
Donna Cormier (NBTA Credit Union)
Toby LeBlanc (Beaubear Credit Union)
Governance and Nominations Committee
Vanessa McLaughlin (OMISTA Credit Union)
Charles Parker, Chair
Helen Warren (Rexton Credit Union)
Garth Lawson
Mark Gorman (NBTA Credit Union)
Baz McGean
Joyce Humble (Capital Credit Union)
Tina Cote (Carleton Pioneer Credit Union)
Resolutions Committee
Alexandra Chamberlain (CUCNB Staff Representative)
Charles Parker, Chair
Trevor MacDougall (ACYL Representative)
Garth Lawson
Baz McGean
Monica White
Director Training Advisory Committee
Frank Carroll, Chair
Patricia Duffield (CUCNB Board)
Perry Hatfield (Capital Credit Union)
Judy Breau (Beaubear Credit Union)
Eileen Hanson (NBTA Credit Union)
Sean Liptay (OMISTA Credit Union)
Legislative Affairs Committee
Frank Carroll, Chair
Shirlee Coleman (CUCNB Board)
05
The 2009 Distinguished
Credit Union Owner/Employee Award
Judy Jewett
2009 Distinguished Credit Union
Owner/Employee Award Recipient
Nominated by the NBTA Credit Union Board and Staff for her
leadership style; reflecting the basic tenets of the Credit Union
movement. Judy has been employed by NBTA Credit Union
for almost 19 years, and progressed through the ranks to her
current role as General Manager. She inspires her staff to work
co-operatively to provide the best possible service to the owners
of the NBTA Credit Union. Judy is eligible for retirement but
has chosen to stay on because she is “too young to retire”.
She passes on to others her youthful zest for life in remarkable
ways. (One has to note that it is not every woman at age 66
who fulfils a lifelong dream of skydiving.)
Judy is a strong advocate of “TEAM” philosophy. She is the
first to recognize that the success of NBTA Credit Union (18%
patronage rebate provided to the owners in 2008) is due to
the staff that it has, and that no one person is more responsible
for that success than any other.
Judy is a strong supporter of the Credit Union brand, and feels that it is important that we become
more visible as a system, than individually – and that a combined voice and combined vision will,
in the end, help individual Credit Unions.
She has also served on the Provincial HR Committee, and was instrumental in developing the
People Development Strategy for New Brunswick Credit Unions.
Congratulations Judy!
06
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2009 Annual General Meeting
Sponsor Appreciation
Credit Union Central of New Brunswick extends its gratitude to the 2009 Annual General
Meeting & Trade Show sponsors for their support and a special thanks to returning sponsors for their
steadfast participation throughout the years.
27
Notes
28
Back Row:
(Left to right) Carole Aube (Accounting Officer),
Alexandra Chamberlain (Coordinator, Credit
Union Services), Paul Paruch (Vice President
Operations & Development), Dave D’Amour
(Manager Credit Services), Gerard Adams
(President & CEO), Valerie Douthwright
(Operations & Risk Management Specialist),
Tabitha Duffy (Senior Accountant)
Front Row:
(Left to right) Linda Perry (Executive Assistant
to President & CEO), Mary Alice Brown
(Accounting Officer), Kim Walker (Chief
Financial Officer)
Mission Statement
CUCNB provides leadership to the Credit Union System of New Brunswick
by “empowering” owner Credit Unions to achieve the vision.
CUCNB is a Leader
It provides leadership to the Credit Union system by being credible,
trustworthy and accountable.
CUCNB is a Service Provider
If offers innovative, relevant and professional services to its owners for
consideration and acceptance.
CUCNB is a Hub
It links Credit Unions to each other and to the broader Credit Union system
and supports the facilitation of co-operative principles.
CUCNB is an Advocate
It advocates a flexible legislative and regulatory environment for Credit Unions
and promotes compliance within.
Vision Statement
Your Credit Union is dedicated to provide you with the most effective financial
services and wise financial guidance to empower you to make the best
decisions for your financial well-being.
Shared Vision
To enrich the social and economic well-being of our owners and
communities through an innovative financial solutions network built upon
the “Co-operative Principles and Values”, through service excellence.

2008 CUCNB Annual Report

Transcription

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