Grand Forks Credit Union reviews finances at AGM

Shara JJ Cooper
By Shara JJ Cooper
April 26th, 2013

The Grand Forks Credit Union is on solid ground and climbing, according to reports made at their annual general meeting April 18.

“The numbers have gone up consistently,” said Kelly Thomas, the credit union’s chief executive officer (CEO).

The credit union’s retained earnings have increased 51 per cent from 2008 to 2012 and has had “above average” operating income for the past three years.

“The credit union remains in healthy and advantageous positions,” said Thomas.

Credit union members heard from Rob Collins, who made the presentation for Grant Thornton – the credit union’s chartered accountants.

Collins stated that the two major changes are that cash is down $12 million this year and loans are up $18.3 million. The credit union has just over $12,600,000 total equity, which is up slightly from $12,200,000 in 2011.

Their total comprehensive income was $471,000 compared to $1,236,000 in 2011 and the end of the year cash resources are $29,900,00 compared to $42,571,304 the year before.

Total assets are $217,500,000 up from $213,100,000, and member’s equity is $217,500,00 up from $213,100,000 in 2011.

After the financial presentation, credit union members discussed some upcoming changes. Thomas suggested that the limit for the director’s remuneration be raised from $40,000 to $60,000. That number may seem like a large increase, but that is the maximum that could be spent per year.

Directors are not paid wages for their work with the credit union, but they are compensated for lost wages and are sometimes given a stipend. The last time the limit was increased was 11 years ago and the credit union is expecting the new limit to last for several years before it needs to be addressed again and called it a cushion for rising costs.

Directors attended about 15 board meetings a year, with each one lasting one to five hours. There are at least 10 standing committees that they take part in.

Credit union members approved the increase to $60,000.

Once the business part of the meeting was over, the credit union gave away their door prizes, which included several large cheques of $500 and $250 and members enjoyed refreshments at the Union of Spiritual Communities of Christ (USCC) community centre. 

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