sJU5 398im5WjrIJirbeG-Credit Union AGM Booklet 2024 - Flipbook - Page 12
12 Credit Union AGM Booklet 2024
7.5
The Chairman extended a vote of thanks to Lousie Burke-Richardson, Ida Jane Ebanks, Kim
France, and Ravi Persad, who served six consecutive years or more on the Credit Committee or
Supervisory Committee and were required to retire for at least one year, in accordance with the
updated Rules.
7.6
MC Glasgow opened the 昀氀oor to questions about the Board of Directors’ Report.
a)
Osbert Smith recommended that each board director be gifted $1,000 from the Credit
Union’s surplus as a Christmas bonus in appreciation for their hard work throughout the
year. The MC thanked Mr Smith for the kind gesture. However, she explained that since
2019, the Board has received a stipend to offset its expenses.
b)
Elizabeth Whittaker endorsed the Credit Union as the 昀椀nancial institution of choice
during emergencies and for a good banking experience generally. The MC thanked Ms.
Whittaker for the endorsement.
c)
Cruz Smith referred to the monthly service charge for share accounts. He asked what
services were covered by the fee and if plans were in the pipeline to extend the service
charge to other accounts. The CEO con昀椀rmed that the service charge concerned
information technology and compliance monitoring. She explained that the fee was only
applied once per month to one account, and it assisted in offsetting the cost of new
systems and staff. The CEO clari昀椀ed that the service charge did not apply to members
aged 65.
d)
Lilian Wood expressed an interest in opening a USD savings account and asked if
USD accounts would be available to members anytime soon. The CEO con昀椀rmed that the
current banking system allowed for the creation of USD savings accounts. However, she
explained that further analysis was required to ensure that members’ demand for USD
could be met by depositing the USD with the Credit Union.
7.7
Eziethamae Bodden motioned to accept the Board of Directors’ Report. The motion was seconded
by Steven Hunter and was carried unanimously.
8.
TESTIMONIAL – Mr. George McCarthy
8.1
Mariah Tibbetts, Financial Controller of the Credit Union, read the testimonial of Mr. George
McCarthy, a founding member of the Credit Union.
9.
TREASURER’S REPORT
9.1
In a pre-recorded message, Golda Tatum-Carter, Treasurer, presented the Treasurer’s Report for
the Financial Year.
9.2
Against the backdrop of a pro昀椀table 昀椀nancial year, the Treasurer highlighted the salient points
from the Treasurer’s Report:
a)
Net interest income increased by 36% and was driven by a 21% increase in interest on
loans; a 600% increase in interest earned on 昀椀xed deposits, which resulted in a yield of
3.22%; and an 18% increase in fees earned on cash advances, which was offset by a 72%
increase in interest expense on member term deposits and $112,000 interest expense on
non-member term deposits.
