Credit Union announces investment in community foundation at AGM

Andy George
By Andy George
April 21st, 2011

With 2010 returns on dividends to members and donations in excess of $200,000 to community projects, the Grand Forks Credit Union (GFCU) proudly showcased their achievements at their annual general meeting.   More than 180 people were in the house on Apr. 18 for their chance to win one of the six cash prizes up for grabs at the GFCU’s annual meeting. But the majority also came away with an insightful glimpse into a strong financial organization and the support they give to the Boundary.   Chairperson Michael Strukoff indicated early in the presentation that, “We’re very proud of the legacy that the Credit Union is developing in our community.” This central theme of legacy continued all evening.   A $100,000 donation to the Phoenix Foundation of the Boundary Communities topped the list of money returned to the Boundary community in the last year. This substantial contribution was donated into the new Grand Forks Credit Union Community Endowment Fund bringing the total contribution of GFCU to the Foundation to $200,000 in the last two years alone. The endowment fund will be held by the Foundation and grants made from the investment income over time.   “In this fashion,” proclaimed Director Pat Horkoff, “GFCU can continue to give to our Boundary communities in perpetuity, through the grants generated from this endowment.”   The Grand Forks Credit Union (GFCU) board of directors conveyed their strength as a pillar in the community. They provide jobs, support for local causes and, because of being so financially sound, can continue to do so for a long time to come, according to the board’s presentation.   Year over year results were discussed by Kelly Thomas, chief executive officer. “2010 was a rather remarkable year for the Credit Union,” said Thomas. “Earnings were extraordinary at over $2.3 million before taxes and dividends. Loan delinquency remained at levels much lower than industry average. Capital adequacy of 16 percent is twice the amount needed to maintain regulatory levels. This is a very desirable and financially fit position.”   As well, the board of directors declared a 10 percent dividend on equity shares, interest paid on loans and interest earned on deposits in 2010 for members.   “Sharing profits with the people who helped generate them is another distinguishing factor between us and our competitors,” described Director Jennifer Wetmore.   Other community projects funded in 2010 included $30,000 for the Boundary Country Regional Chamber of Commerce and another $30,000 to Gallery 2 at (Grand Forks Art Gallery Society) for a permanent heritage exhibit.   In addition to these significant donations, innumerable local initiatives of support were outlined including: eleven scholarships, sports associations’ sponsorship, and charitable organizations receiving contributions.

The meeting was held at the Union of Spiritual Communities of Christ community centre. 

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