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2014 Annual Report with Condensed CREDIT UNION DEPOSIT GUARANTEE CORPORATION ANNUAL REPORT MESSAGE 2014 January 2015 Deposits Fully Guaranteed Credit Union Deposit Guarantee Corporation is the primary regulator for Saskatchewan credit unions. The Corporation is given its mandate through provincial legislation, The Credit Union Act, 1998, for the main purpose of guaranteeing the full repayment of deposits held in Saskatchewan credit unions. The Corporation has successfully guaranteed the repayment of deposits held in Saskatchewan credit unions for over 60 years. By guaranteeing deposits and promoting responsible governance, the Corporation contributes to confidence in Saskatchewan credit unions. The Corporation will continue research and development to respond to regulatory changes at the international and federal levels such as those for liquidity and capital requirements, and accounting standards changes. We will engage with stakeholders and inter-jurisdictional regulators to promote and advocate for common approaches to liquidity in support of a strong and stable provincial credit union system. In 2014 the Corporation completed a multi-year project to revise its supervisory framework. The revised framework aligns with industry best practices and regulatory expectations, including methodology to assess a credit union’s risks, risk management practices and corporate governance. In 2015 credit unions will see the Supervisory Framework implemented along with re-designed tools that correspond with the revised framework and methodology. The Corporation acknowledges that Saskatchewan credit unions have a long history of holding themselves to high standards, and have demonstrated their willingness to adopt credible, industry-based standards. This helps to ensure Saskatchewan credit unions can successfully meet the challenges of a rapidly changing financial services industry and increasing regulatory requirements. For more information about deposit protection, the Corporation’s regulatory responsibilities and its role in promoting the strength and stability of Saskatchewan credit unions, talk to a representative at the credit union or visit the Corporation’s web site at www.cudgc.sk.ca. Table of Contents 1. President and CEO Message Page 1 2. Order of Merit Page 2 3. Board of Director Service Award Page 3 4. Vision, Mission, Values, and Principles Page 4 5. Corporate Governance and Structure Page 6 6. Weyburn Credit Union Staff Page 12 7. Community Involvement Page 14 8. Credit Union Market Code Page 15 9. Minutes of 70th WCU Annual Meeting Page 16 10. Management Discussion and Analysis Page 21 11. Auditors Report and Financial Statements Page 31 President and CEO Message The year 2014 was once again a successful and challenging year for Weyburn Credit Union (WCU). As the 8th largest credit union in Saskatchewan, your Credit Union experienced strong financial results. WCU’s assets increased by over 10% and wealth management assets under management increased by over 12%. At the end of the year, total assets under administration were over $671 million. Capital levels increased, high efficiency levels were maintained, and loan delinquency remained low. Total comprehensive income increased to $3.42 million from $2.43 million in 2013. The main challenges faced by WCU were in the areas of growing non-traditional competition, increasing consumer expectations, rising regulation requirements, and increasing operating and technology costs. We faced these challenges by ensuring that you continue to receive extraordinary service, convenient and innovative products, and access to local employees who are competent and caring. We hired a firm to conduct focus group research and a survey of your perceptions of WCU. We wanted to know what people expect from a financial services provider. The findings were valuable to us as they provided an overview of your needs and expectations, as well as an idea of how we are perceived. These findings were presented to the Board, management, and staff. The findings will be incorporated into future corporate plans to ensure we are providing you the best service and financial solutions possible. In 2014 we continued to invest heavily in technology to meet increasing consumer expectations. The demand for online and mobile access continues to grow. We launched Interac e-Transfer, a mobile banking app, and Deposit Anywhere which were all very well-received. There will be more to come in this area. As always, the staff at Weyburn Credit Union is the key to our members’ satisfaction and to our success. We continue to train our staff in our high performance sales and service culture. This ensures that our employees continue to grow and provide top quality advice and service. We want to thank the management and staff of Weyburn Credit Union for the contributions, dedication, and support they provide. As well, we want to acknowledge the leadership and guidance provided by the Board of Directors. All of these people work hard to make your Credit Union strong. Most importantly, thank you to the members for your continued support and trust in Weyburn Credit Union. We appreciate your business very much and will continue to work hard to be your first choice for all your financial needs. Respectfully, Glenn Ziegler Don Shumlich Board President Chief Executive Officer 1 Order of Merit The Saskatchewan Credit Union Director Recognition Program recognizes elected officials who have demonstrated a significant contribution to the Saskatchewan credit union system. A Saskatchewan credit union may induct one Board member, past or present, annually to the Saskatchewan Credit union Director Book of Honour and present them with a Saskatchewan Credit Union Order of Merit. The recipient is determined based on the award program criteria as follows: • A record of exemplary service to a Saskatchewan credit union • Demonstrated leadership and an understanding of and commitment to co- operative principles • A positive public profile that reflects favourably on the credit union and the local community. Weyburn Credit Union is honored to posthumously induct Robert Williamson of the Yellow Grass area to the Saskatchewan Credit Union Director Book of Honor and to present his family with the 2014 Order of Merit. Bob was on Weyburn Credit Union’s Board of Directors for 29 years from 1947 to 1976. The award will be presented at the Weyburn Credit Union Annual Meeting on April 15, 2015. Robert Williamson Past Recipients of the Order of Merit 2012 – Quinton O. Patrick 2011 – Ron Milleker 2010 – Lloyd Soroka 2009 – Eliford Mott (posthumously) 2008 – Mel Eggum 2 Board of Director Service Award Glenn Ziegler – 9 Years - Retirement Glenn is currently self-employed as a public accountant in Weyburn where he resides with his wife Brenda. They have two children - Adam and Ashley. Adam earned his Bachelor of Environmental Science Degree in 2011 from the University of Lethbridge. He has since moved back to Weyburn and is employed locally with NAL Resources. Ashley has obtained her Business Degree from the University of Regina and is now employed in the family accounting business. Glenn has 35 years of experience as a public accountant, all of which took place within the City of Weyburn. Glenn has been involved with numerous organizations over the years in a volunteer capacity, many of which were related to his children’s sports activities and his church. His community involvement also includes his position on the Board of Directors for the Weyburn Credit Union for the past nine years. Glenn has contributed greatly to Weyburn Credit Union. He brought a lot of knowledge and commitment to his role as a Director. He has been a collaborative and engaged member of the Board. His ideas and direction will be missed. Glenn is grateful for the opportunity to have served the Weyburn Credit Union on the Board of Directors. 3 Vision, Mission, Values, and Principles Our Vision Weyburn Credit Union’s vision is to be the financial institution of choice. Enhancing lives … Enriching communities. Our Mission Weyburn Credit Union will: • Provide distinctive financial solutions at competitive rates. • Create delighted, profitable, lifetime relationships, where the people of our community choose our credit union as their primary financial institution. • Remain a strong, profitable, progressive organization. • Provide employees with an environment and opportunities that enrich their personal and professional lives. • Commit to making a positive impact on our community, socially, economically, and environmentally. Our Values Honesty and Integrity Recognizing the importance of transparency in our business practices, we are open and upfront in our communication. We are trustworthy and accountable, and adhere to the highest standards of professionalism and confidentiality. Everyone is treated with dignity and respect. Excellence We are committed to providing the highest quality of service, products, and advice. We do this by creating an innovative and inspiring environment that supports continuous learning. We hire people who display a desire for professional growth and excellence in their daily work. Sharing When fiscally prudent, we share our profits with our members, our employees, and our community. Teamwork allows us to share our ideas, enthusiasm, and positive attitudes with members, coworkers and system partners, ensuring an organization that is truly collaborative. We share our time as an organization and as individuals, contributing to a wide range of community projects and activities. Cooperation We are guided
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