2017 Annual Report - quintefirst.ca · 1. WELCOME Craig Ervine 2. REPORT ON REGISTRATION Alex...
Transcript of 2017 Annual Report - quintefirst.ca · 1. WELCOME Craig Ervine 2. REPORT ON REGISTRATION Alex...
2017 Annual Report
Collaboration . Co-operation . Community
www.quintefirst.ca
1
Agenda 2017 Annual General Meeting
Pages
1. WELCOME Craig Ervine
2. REPORT ON REGISTRATION Alex Shatford
3. REMEMBRANCE OF DECEASED MEMBERS Craig Ervine
4. APPROVAL OF AGENDA Craig Ervine 2
5. REPORT OF THE BOARD OF DIRECTORS Craig Ervine 3
6. BY-LAW AMENDMENT Penny Rintoul
7. ARTICLE OF AMALGAMATION AMENDMENT Penny Rintoul
8. REPORT OF THE NOMINATING COMMITTEE Mary Miller 4
9. REPORT OF THE SOCIAL RESPONSIBILITY COMMITTEE Eric Hovinga 5
10. REPORT OF THE AUDITOR Brian Kehoe
11. REPORT OF THE AUDIT AND RISK COMMITTEE David Clarke 8
12. APPOINTMENT OF AUDITOR David Clarke
13. BOARD & STAFF RECOGNITION Craig Ervine /Joe Bell 9
14. DRAWS Donna Halvorsen
15. ADJOURNMENT Craig Ervine
2
3
4
5
Quinte First Credit Union LimitedBalance Sheet as at December 31, 2017
ASSETS 2017 2016$ $
Cash and short-term deposits 33,440,304 14,794,453Income taxes recoverable 46,313 33,004Investments 13,824,920 12,955,809Other assets 631,101 497,824Loans to members 154,638,039 153,580,179Property, plant and equipment 4,253,533 4,268,153Intangible assets 536,995 854,205
207,371,205 186,983,627LIABILITIES
Income taxes payable 17,585Members' deposits 193,543,381 173,302,040Accounts payable and accrued liabilities 1,544,013 1,242,363Deferred commercial loan application fee revenue 46,337 46,823Deferred tax liability 56,000 96,000Members' shares 939,045 1,105,402
196,128,776 175,810,213
MEMBERS' EQUITY
Retained earnings 10,967,978 10,898,159Accumulated other comprehensive income 274,451 275,255
11,242,429 11,173,414
207,371,205 186,983,627
6
Quinte First Credit Union LimitedStatement of Comprehensive Income
For the Year Ended December 31, 2017
2017 2016REVENUE $ $Interest on members' loans 6,117,395 6,231,684 Investment income 379,534 220,508
6,496,929 6,452,192 INTEREST AND IMPAIRMENT LOSSESInterest on members' deposits 2,285,693 2,057,656 Impairment losses 202,902 319,074
2,488,595 2,376,730
GROSS FINANCIAL MARGIN 4,008,334 4,075,462
OTHER INCOME 1,715,224 1,675,738
EXPENSESAdministrative 2,269,471 2,468,562 Depreciation of property, plant, equipment and intangibles 583,391 428,299 Depreciation of investment property 367 734 Deposit Insurance Corporation of Ontario Assessment 140,069 132,540 Salaries and employee benefits 2,687,441 2,681,196
5,680,739 5,711,331
INCOME BEFORE INCOME TAX EXPENSE (RECOVERY) 42,819 39,869
INCOME TAX EXPENSE (RECOVERY)Current 13,000 25,195 Deferred (40,000) (9,000)
(27,000) 16,195
NET INCOME FOR YEAR 69,819 23,674
OTHER COMPREHENSIVE INCOME (LOSS) - net of tax (804) 5,938
COMPREHENSIVE INCOME FOR YEAR 69,015 29,612
7
8
BOARD TERM EXPIRY
2018
Christina Lesage James O’Shea James Stewart Paul Osborne
William Headon
2019
Alexander Shatford Craig Ervine Mary Miller
Peter Demers
2020
David Clarke Dianne Hadley
Donna Halvorsen Eric Hovinga James Hanna
Staff (as of December 31, 2017)
Under Five Years of Service Alanna Doolittle Alexandra Norton * Amanda Young Barb Hansey Breanna Styles* Brooke Sheppard Cherie Schiere Eric Adams * Gino Leone Greg Rupnow Jodie Crowe * Kelsey Blakeley Kodie Trahan-Guay * Madison Potter * Melanie Browne * Melanie Reid * Melinda Patterson * Michael Lisle Michelle Christmann Sara Smith * Scott Lafleur Shontell Whelan * Tanya Burley Tina Mitchell * Vicki Lumley *
Five Years of Service Amanda Fellows Angela Marsh * Bonnie Boyd Brianne MacDonald Demiah Fisk * Jason Lott * Jeff Flower Lillian Jolliffe-Czindl Megan Collins *
Ten Years of Service Angela Somerville Carrie Gregoire Crystal Hinze * Kim Lee Laurie Golden Margaret Chabassol
Fifteen Years of Service Debbie Armstrong Kim Johnson Linda Normand Tammy Uens-McCambridge
Twenty Years of Service Joseph Bell Lawrie Hurd
Twenty-Five Years of Service Lois Schwager Nancy Searles
Thirty Years of Service Patricia Reid
Thirty-Five Years of Service Lovon Telford
Forty Years of Service Beverley Hanna
* New to this service level
9
COLLABORATION
CO-OPERATION
COMMUNITY
10