JDF CU Staff Shares with Members at Children's Christmas Party 2016
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JDF Co-operative Credit Union Ltd. MISSION STATEMENT To enhance the financial well-being of our members Core Values INTEGRITY . EFFICIENCY . MEMBER-CENTRIC PROFESSIONALISM .INNOVATION Agenda....................................................................................................................1 Financial Highlights.................................................................................................2 Notice of Meeting & Minutes of 53rd AGM..................................................................3 - 7 JCCUL 75th Anniversary President’s Message............................................................8 Board of Directors’ Picture........................................................................................10 - 11 Board of Directors’ Report........................................................................................12 - 14 Treasurer’s Report....................................................................................................16 - 18 Resolutions...............................................................................................................19 - 23 ZOOM 2016..............................................................................................................24 - 26 Sub-Committee Reports: ...........................................................................................27 - 30 Governance Committee Information Technology Marketing Committee Human Resource Committee ALM Committee Report Financials: ...............................................................................................................32 - 74 Letter: Department of Co-operatives & Friendly Societies Auditor’s Report Balance Sheet Income & Expenditure Statement Contents Statement of Change in Equity Statement of Cash Flows Notes to the Financial Statement Management Team Pictures.....................................................................................76 - 78 Meet the Staff 2016..................................................................................................79 - 82 Credit Committee Report..........................................................................................84 - 85 Nominating Committee Report.................................................................................86 - 89 Table of Supervisory Committee Report.................................................................................90 - 91 Parliamentary Rules................................................................................................92- 93 Obituaries.................................................................................................................94 Notes........................................................................................................................95 THE PRAYER OF St. Francis of Assisi Lord, make me an instrument of Thy peace; Where there is hatred, let me sow love; Where there is injury, pardon; Where there is error, the truth; Where there is doubt, the faith; Where there is despair, hope; Where there is darkness, light; And where there is sadness, joy. O Divine Master, Grant that I may not so much seek To be consoled, as to console; To be understood, as to understand; To be loved as to love. For it is in giving that we receive; It is in pardoning that we are pardoned; And it is in dying that we are born to eternal life. Amen. Member Engagement... Agenda 1. Ascertainment of Quorum 2. Notice of the Meeting 3. Call to Order and Prayer 4. Chairman’s Opening Remarks 5. Reading and Confirmation of the Minutes of the 53rd Annual General Meeting 6. Matters Arising 7. Guest Speaker - Dr Andre Haughton 8. Reports: Board of Directors Auditor and Treasurer Credit Committee Supervisory Committee 9. Appointment of Returning Officer 10. Election of Officers Nominating Committee Report Elections to: Board of Directors Supervisory Committee Credit Committee 11. Resolutions 12. Recognitions and Awards 13. Other Business 14. Vote of Thanks 15. Adjournment Financial Empowerment | 1 FinancialHIGHLIGHTS CAPITAL BASE ASSET BASE NET SURPLUS LOAN PORTFOLIO 2 | Member Engagement... Minutes of the 53rd ANNUAL GENERAL MEETING Ex-Warrant Officer Class 2 Everton Hay, Secretary Call to Order The Meeting was called to order at 2 p.m. by the President and Chairman Lt Col Radgh Mason, after having ascertained that a quorum was satisfied. Opening Prayer Prayers were offered by WO2 Hamroy Roberts, following which the prayer of St Francis of Assisi was recited by all. Notice of Meeting The Notice was read by the Secretary, Ex-WO2 Everton Hay. Chairman’s Opening Remarks The Chairman on behalf of the Board of Directors, Volunteers, Management and Staff of the Jamaica Defence Force Co- operative Credit Union Limited welcomed visiting friends and members to the 53rd Annual General Meeting. He extended special welcome to Miss Janeine Facey and Mr. Gihan De Mel from KPMG, Miss Yvonne Bernard, Stenographer, Mr. Osmond Bloomfield from National Security and Employees Co-opera- tive Credit Union, Miss Karen Lyttle from the Department Co- operative and Friendly Societies, Mr. Albert Smith from NUCS, Mr. Owen Lawrence from the Credit Union League, Miss Lavern Gibson-Eccleston from the Department of Friendly Societies, Miss Carlene Barnes from CUFMC and Mr. Damion Whitehorn. Obituaries Notice of Meeting One minute of silence was observed for members who had Notice is hereby given of the 54th Annual General Meeting of passed on during the year. the Jamaica Defence Force Co-operative Credit Union Limited to be held on Wednesday, April 19, 2017 at the Jamaican JDF/29249 Pte Atkinson, Davian Military Museum and Library, Up Park Camp, Kingston 5 and JDF/28065 Pte Douglas, David beginning at 12:30 pm. JDF/11203 Pte Evans, Derrick JDF/27113 Cpl Goldson, Bjorn JDF/19265 Pte Moore, Vaughn JDF/28917 Pte White, Horane Ex-Warrant Officer Class 2 Everton Hay Mrs. Cynthia Bruff Secretary Minutes of The 53rd Annual General Meeting The Minutes of the 52nd Annual General was read by the Minutes of The 53rd Annual General Meeting Chairman, Lt Col Radgh Mason Held on Wednesday, 20th of April 2016 at the Jamaican Military Museum and Library, Up Park Camp, Kingston 5. Confirmation of The Minutes There were no corrections to the Minutes. There being no corrections, a motion for the confirmation of the Minutes was moved by Mrs. Fay Tomlinson and seconded by Mr. Garth Beckford. The motion was carried. Financial Empowerment | 3 Matters Arising From the Minutes ing, one with modern amenities and the space to serve members There were no matters arising from the Minutes of the 52nd well. He highlighted plans for improved technology investment Annual General Meeting. The motion to take the Minutes as in order to take the Credit Union to the next level of service. read was moved by Lt Col Martin Rickman and seconded by In closing, the Chairman thanked the members, staff and WO2 Hamroy Roberts. The motion was unanimously carried. volunteers for their commitment displayed during the period under review and encouraged their continued work. He then The Board of Directors Report asked for questions from the Board of Directors’ Report. There The Chairman invited the Meeting to turn to the Board of were none. Director’s Report which was located on pages 18 and 19 of the Annual Report. He proceeded to give highlights from the Report. The Report was accepted on a motion moved by Col (Ret’d) He indicated that decisions were made to sensitize members to- Oral Khan and seconded by Miss Garcia Williams. The wards savings, grow membership as well as strengthen the Mar- motion was unanimously carried. Col (Ret’d) Oral Khan also keting Department. He also gave updates on policies introduced rose to commend the Board of Directors and the towards improving the synergy between Operations and IT ser- Management on a very excellent performance. vices. He also said that considerate effort was made to strength- en debt collection and review loans and savings packages, in an Independent Auditor’s Report effort to better prepare for the implementation of the BOJ regula- The Auditor’s Report was read by Miss Janeine Facey of tions. He further stated that one of the requirements in the new the Firm KPMG Chartered Accountants. The report was paradigm pertained to provisioning and management of bad debt. contained in pages 3 to 38 of the booklet. The Chairman then spoke to the economic environment in which TREASURER’S REPORT the Credit Union operated including members’ shrinking dispos- The Treasurer made reference to the Government’s achieve- able income, fierce competition from banks offering unsecured ment in passing twelve (12) consecutive IMF tests under loans, increase in the cost of living and reducing interest rates. the Extended Fund Facility. He also said that the country He posited that although the Credit Union did not have the cash welcomed the increased Foreign Direct Investment primar- resources to compete at the level of some larger institutions, the ily in hotel construction and road infrastructure. He also Credit Union was still the best option for members to save and do highlighted the continued downwards trend in domestic business, as the surpluses made by the Credit Union were re-in- interest rates and inflation at 6.4% at the end of 2015. vested in the organization and paid out to members, in contradic- tion to banks which gave them very little returns on their money. Performance He said that JDF Credit Union recorded another year of positive The Chairman thereafter reported