Post on 04-Jul-2020
Alterna Savings
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Growing OurCommunities TogetherDear Members:
The year 2005 was the first year for your new credit union, Alterna Savings, and
this is our first opportunity to tell you about our corporate social responsibility
(CSR) and community activities.
We feel like cooks in the kitchen this year, as we stir together the much-loved
CSR programs of the two former organizations that make up Alterna Savings
(CS CO-OP and Metro Credit Union).
This past year, we have had the exciting task of bringing them together and
creating something that will continue to bring benefits to the communities we
serve. We have a presence in Ottawa, the Greater Toronto Area, Kingston,
Pembroke and North Bay, and we are committed to supporting all the locations
that our members call home.
Alterna Savings understands that CSR goes beyond traditional philanthropy,
although those activities are an important part of our CSR commitment. As such,
we have adopted, through the creation of policy, four CSR pillars on which we will
be focussing our efforts: Philanthropy, Community Economic Development,
Financial Literacy and Accountability.
Read on for details of how we met our commitments this year. We hope you
enjoy!
Best regards,
Earl Campbell Gary M. Seveny
Board Chair President & CEO
Earl Campbell and Gary M. Seveny
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Philanthropy
A Record $205,000 Raised through 7th Annual Alterna‘Do it For Dad!’ Run and Family WalkWith one in nine men struck with prostate cancer, there is much need for research, patient care and education
around the disease. For the seventh year, Alterna Savings took up the cause as the presenting sponsor and
organizer of the Alterna ‘Do It For Dad!’ Run and Family Walk in Ottawa.
The third largest run/walk in Ottawa, Alterna ‘Do It For Dad!’ brings
out a large cross-section of the community on Father’s Day each
year. This past year, over 1800 participants, the highest number ever,
ran or walked along the two, five or ten kilometre routes on Colonel
By Drive. This included a large number of employees who not only
helped out on the day, but formed teams, raised money, and
participated in the run itself.
The most exciting number related to the 2005 event, was of course,
the record $205,000 raised! To date more than $1 million has been
raised. Funds are donated to the Ottawa Regional Cancer Foundation
for prostate cancer research, patient care, education and capital
needs.
“Father’s Day is the perfect time to draw
attention to the effect of prostate cancer
on Canadian men. Early detection and
education dramatically increases the
chances of survival for prostate cancer
patients,” said Earl Campbell, Chair, Alterna
Savings.
Max Keeping, Vice President,News - CTV and Honorary ChairAlterna Do it for Dad 2005.
Some of the 1800 participants run along Colonel By Drive, Ottawa.
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Our Philanthropic Commitment
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Philanthropy
Giving to community projects and non-profit
organizations is a priority for Alterna Savings, and
as such we are currently in the process of forming a
Donations Committee to administer our Donations
and Spare Change Programs going forward. This
committee will commence work in 2006.
If you are a former Metro Credit Union member
you may already participate in the Spare Change
Program. Through this program the “spare change”
(under $1) in participating members’ accounts is
swept into one of three pools of funds, to alleviate
homelessness, for children’s issues or for
environmental issues. We are pleased to announce
that in future the Spare Change Program will be
extended to members of former CS CO-OP.
Watch for more information about the Donations
and Spare Change Programs in 2006!
Philanthropy
Corporate Giving and Spare Change Program
As part of the Alterna Savings Corporate Social
Responsibility Policy adopted by the Board of Directors in
2005, Alterna Savings has committed to contributing 2%
of pre-tax profits each year to community. This is twice
the Imagine Canada guideline. We have maintained our
membership in the Imagine Canada program and continue
to support its goals. Committing to 2% is only the
beginning though. This report details how this translates
into action in our communities—through donations,
sponsorships, and more.
Living it up at the Summer Adventure Day Camp of St. Felix Centre in downtownToronto. A donation from Alterna Savings supported this program.
Beyond Do It For Dad!, Alterna Savings supports many events and
activities that bring people together for education, celebration
and change. Our list of sponsorships is long, so the following is
only a sampling of those undertaken by the credit union in 2005.
We were glad to support, and work in partnership with, these
worthy organizations.
Canadian Social Investment Conference Alterna Savings was a key
sponsor of this national conference hosted by the Social Investment
Organization, the Canadian organization for socially responsible investing. The
conference was held in June 2005 in Toronto.
Dave’s Ultimate Auction Alterna Savings was honoured to be the presenting
sponsor of a fundraiser for the Dave Smith Youth Treatment Centre. This Ottawa
organization helps youth between 13 and 18 years of age work towards
overcoming drug and alcohol dependency.
Golden Apple Award From September to June each year, Alterna
Savings, in partnership with Majic100 radio, presents the coveted Golden
Apple Award weekly to a favourite Ottawa area teacher. Students and parents
nominate their favourite teachers and if they are selected they receive a $500
bursary to use at their school!
Indo-Canada Chamber of Commerce Annual Awards and GalaNight Held annually in Toronto, Alterna Savings was a sponsor of this event
recognizing the achievements of high contributing Indo Canadians.
SEDI Awards Social Enterprise and Development Innovations (SEDI) assists
Canadians who are struggling economically to realize their full potential. Alterna
Savings was proud to sponsor the SEDI Awards 2005 event, held in Toronto, which
celebrated the journey of people who have overcome barriers to achieve their
personal best.
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PhilanthropyPhilanthropy
Sponsorships
Bill Parker of Majic 100 and CynthiaLittle of Alterna Savings present theGolden Apple Award to Denise White(centre) of Sir Wilfrid Laurier HighSchool.
Musical entertainment at the Indo-Canada Chamber of Commerce gala.
Philanthropy
Alterna Savings the Social ResponsibilityPartner of the University of Ottawa School of Management
Announced in November 2005,
Alterna Savings is very pleased to be
working with the University of
Ottawa School of Management to
promote social responsibility among
future business leaders.
“Alterna Savings believes in
promoting and encouraging a culture
of social responsibility within student
populations. This conviction has
inspired the establishment of our
program,” said Gary Seveny, President
and CEO, Alterna Savings.
Alterna Savings will work with the
School of Management over the next
five years. The commitment includes
the funding of an annual Alterna Social
Responsibility Award, to be given to a
third year student who demonstrates exceptional CSR leadership. This student will become
a Corporate Social Responsibility Ambassador at the School in their fourth year. We will
also fund a number of social responsibility projects within the school.
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Richard Bertrand, Vice Chair, Alterna Savings Board of Directors, Gary Seveny, AlternaSavings President & CEO and Dean Micheál J. Kelly, University of Ottawa School ofManagement, celebrate the announcement of the Alterna Savings Social ResponsibilityProgram.
Philanthropy
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Philanthropy
Two recent major natural disasters caused Alterna Savings to mobilize and lend
our support: the tsunami in South Asia and Hurricane Katrina.
In early 2005, Alterna Savings donated $15,000 to the Canadian Co-operative
Association (CCA) for rebuilding in Sri Lanka and Indonesia. The CCA has a long
connection with credit unions and co-operatives in these countries and has raised
$750,000 for the project. We will keep members posted about the status of the
rebuilding efforts.
Then when Hurricane Katrina hit, Alterna members generously donated a total of
$3,310.19 to the Canadian Red Cross to support the recovery efforts. This
fundraising initiative was sponsored by Credit Union Central of Ontario on behalf
of its member credit unions.
Mobilizing in Times of Disaster
The Community Builder Mortgage Program helps non-profit organizations to raise
funds while providing a great mortgage to their members and supporters. There
are currently 41 organizations and clubs participating in the program.
How does the program work? When a supporter of a registered organization
closes the 5-Year Community Builder Mortgage at Alterna Savings, 0.5% of the
mortgage amount will be provided to that group as an honorarium. Currently
available to former Metro Credit Union, this program is expected to be extended
to former CS CO-OP in 2007.
We were very proud when this program, launched in 2004, won the 2005 Ethical
Funds Company™ Building a Better Future Award and the 2005 National Credit
Union Innovation Award from Credit Union Central of Canada.
Community Builder Mortgage Program:the mortgage that gives back
Rebuilding in Sri Lanka.Photos courtesy of Canadian Co-operative Association.
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Philanthropy
Alterna Savings’ employees don’t just serve our members’ financial needs. They participate in projects that
benefit the community each year.
This year, our staff raised over $11,000 (and made in-kind contributions) in support of a variety of local
projects. These ranged from assisting a family with a disabled child to install an elevator in their home to
supporting the Salvation Army, a local women’s shelter and an organization serving deaf adults and children.
To raise funds, our staff held bake sales, developed and sold an
Alterna cookbook, had 50/50 draws, cycled on stationary bikes,
and more. Some groups chose to focus on the United Way
workplace campaign, and others ‘Do It For Dad!’.
Staff also volunteered their time, in fact close to 400 hours last
year, helping groups in the community, from organizing
scavenger hunts for kids in Pembroke to volunteering at the
Daily Bread Food Bank in Toronto and the blood donor clinic in
Bolton. And, several staff members represent Alterna in the
community by sitting on boards or committees of local
organizations.
United WayWorkplaceCampaignThrough sales of an Alterna cookbook,
raffles, individual donations and more,
employees raised $26,000 for the 2005
United Way workplace campaign. These
funds were disbursed to local United Way
offices in Ontario.
Alterna Savings employees Jessica, Raj, Jackie and Sindy at the Juvenile Diabetes Research Foundation 2005 Ride for Diabetes Research in Toronto.
Employee Commitment
Community Economic Development
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When Panagiotis Tsiriotakis immigrated
from Crete to Toronto in 2003 he had
200 Euros to his name. Of great value,
though, was his family’s thousand-year
history of producing high quality olive
oil in Crete. It wasn’t long before he
formulated his plan to retail this
premium organic olive oil through his
own business.
After Panagiotis participated in the
Self-Employment Assistance (SEA)
small business training program,
Acropolis Organics was born. He then
found his way to Alterna Savings and
the Community Micro Loan Program.
This program provides small loans to
micro-entrepreneurs to help them
launch or grow their businesses.
The credit union provided Panagiotis
with a business start-up loan. And,
Susan Henry, Alterna Savings’
Community Economic Development
Specialist, has supported Panagiotis
through all the steps involved in
being a new entrepreneur.
“If it wasn’t for the credit
union, I probably wouldn’t be
here. Alterna Savings gave me
a dramatic boost to start the
business. Susan helps me all
the time. Every time I have a
problem she helps me solve
it,” he says.
Success is coming his way as retailers
discover the quality of his product.
Acropolis Organics certified organic
extra virgin olive oil is currently available
in high-end food stores including
Pusateri’s in Toronto, and on The
Shopping Channel. The oil was recently
awarded Best International Olive Oil
2005 by a European gourmet magazine.
“I believe Acropolis Organics is a prime
example of how micro-credit can
contribute to local businesses and
economies. I am so proud of the
success Panagiotis is experiencing. I
believe he is poised for unbelievable
growth,” says Susan Henry.
Credit unions have a long history of supporting and investing in their local
economies. A large portion of members’ deposits into Alterna Savings are re-
invested in loans and mortgages to individuals, organizations and businesses in
Ontario.
We also take our commitment further through programs like the Community
Micro Loan Program and the Immigrant Employment Loan Program.
CommunityEconomicDevelopmentat AlternaSavings
Community Micro Loan ProgramHelps Bottle Success
Susan Henry, Community Economic DevelopmentSpecialist and Panagiotis Tsiriotakis of Acropolis Organicsat the Bay Branch of Alterna Savings in Toronto.
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Community Economic Development
Community Micro Loan Program
Maytree Foundation–Alterna Savings Immigrant Employment Loan Program
Newcomers to Canada often need Canadian accreditation or training to obtain
work in their chosen field. This can often be a costly process, but traditional
credit guidelines make it very difficult to obtain a loan without a Canadian
credit history or guarantor. Through a partnership in the GTA with the Maytree
Foundation, Alterna Savings grants loans to local immigrants and refugees for
short-term skills and education upgrading.
The loans Alterna Savings gives to
micro-entrepreneurs through the GTA-
based Community Micro Loan Program
can provide a significant boost to their
businesses. As of December 2005,
$305,039 in active loans were held by
89 program participants. Loans range
from $1,000 to $15,000.
Further, we are proud to say that
from the inception of the
Community Micro Loan Program,
we have supported 373 micro-
entrepreneur members. Our micro-
entrepreneur members currently
have personal financial products
with Alterna Savings totalling
$883,092.00. That means they
have been able to translate their
business success into personal
financial progress as well, and
make an even greater contribution
to our local economy!
Beyond the provision of loans, our
Community Economic
Development Specialist Susan
Henry supports our members
through business advice and
coaching. She also holds a quarterly
networking café where our micro-
entrepreneurs hear from expert
speakers and network with each other.
We are currently exploring Alterna
Savings’ possible involvement in micro-
credit in Ottawa.
Other Loan FundAdministrationAlterna Savings also administrates and
provides expert advice to two other
GTA-based loan funds: The Access
Riverdale Community Loan Fund and
the Anglican Loan Fund.
Celebrating International Yearof MicrocreditThe year 2005 was declared United
Nations International Year of
Microcredit, and Alterna Savings
celebrated with a reception for the
local microfinance community at our
Bay Branch in Toronto on October 25.
Mera Angus of the Amera Fashion Group displayed her creationsat the Microcredit event and spoke about building her businesswith the support of the credit union.
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Sometimes the financial world can seem like an
unfamiliar maze. Alterna Savings is committed to
educating members about financial matters. We want to
provide members with the right tools and knowledge to
make smart choices and reach their goals.
In 2005 Alterna Savings held member education seminars in Toronto
and Ottawa locations on homebuying, financial planning and insurance
issues. Over 160 members enjoyed the seminars last year, reporting
their satisfaction with the information provided. We also held
education seminars on a wide range of topics for staff at Toronto's
Mount Sinai Hospital and York University, organizations committed to
helping their employees reach their financial goals.
We also published articles on financial topics in our member newsletter and posted
information on our website.
Watch for more member education seminars as we go forward. You are most welcome
to attend!
Corporate accountability and transparency are in the world spotlight
these days. Many corporations are now participating in “triple-bottom
line reporting” or “accountability reporting”. This means they are going
beyond traditional financial reporting to measure their social and
environmental impacts and performance.
We are proud to say that Alterna Savings was there from the beginning, performing its
first social audit in 1993.
As part of the recently adopted Corporate Social Responsibility Policy, the new credit union
has committed to undertaking biennial, independent social audits, and to reporting the
results of these audits to members and the general public through an accountability report.
Terms of Reference for a Social Audit Advisory Committee have also been adopted. The
Committee will be formed and begin work in 2006, and the results of the first audit will be
presented to members in 2007.
Accountability
Financial Literacy
Seminar held at the Bolton Branch.
Alterna Savings
Alterna Savings: 400 Albert Street 165 Attwell Drive
Ottawa, ON Toronto, ON
K1R 5B2 M9W 5Y5
613.560.0100 • 416.252.5621 • 1.877.560.0100
query@alterna.ca
www.alterna.ca