ADMINISTRATION CENTRE Service One Credit Union Limited Telephone: 1300 361 761 Internet: www.socu.com.au ABN 42 095 848 598 Facsimile: (02) 6215 7171 Email: [email protected] 75 Denison Street, DEAKIN ACT 2600 Locked Bag 1, DEAKIN ACT 2600 BSB 801 009

REDITELLER LOCATIONS

The Australian National University Cooma Queanbeyan Batemans Bay Jindabyne The Hospital Belconnen Mall Jolimont Centre Tuggeranong Hyperdome Canberra Centre Kingston University of Canberra Civic Kippax Fair Woden Plaza

THE CREDIT UNION HOSPITALS CREDIT UNION SNOWY MOUNTAINS OF CANBERRA www.hospitalscu.com.au CREDIT UNION www.cucanb.com.au [email protected] www.smcu.com.au [email protected] Phonelink: (02) 6285 4789 [email protected] Telephone: 1300 361 761 Phonelink: 1300 558 028 BRANCHES Facsimile: (02) 6215 7171 BRANCHES Phonelink: 1300 361 431 THE CANBERRA HOSPITAL Yamba Drive, Garran COOMA BRANCHES Telephone: (02) 6285 3144 138 Sharp Street, Cooma ANU Facsimile: (02) 6282 3920 Telephone: (02) 6452 1244 University Concessions Facsimile: (02) 6452 2014 CALVARY HOSPITAL Area, Acton QUEANBEYAN Haydon Drive, Bruce BATEMANS BAY 68–70 Monaro Street, Telephone: (02) 6201 6211 Bridge Plaza, Batemans Bay Queanbeyan Facsimile: (02) 6251 4585 Telephone: (02) 6299 2688 BELCONNEN Facsimile: (02) 6299 2689 Gallery Level, Belconnen Mall CIVIC TEMORA Bailey’s Arcade, Canberra City 171 Hoskins Street, Temora Telephone: (02) 6978 1014 DEAKIN Facsimile: (02) 6978 1016 75 Denison Street, Deakin TUMUT TUGGERANONG 52–54 Russell Street, Tumut Lower Level, Tuggeranong Hyperdome Telephone: (02) 6947 3311 Facsimile: (02) 6947 2775 UC The Concourse, UNGARIE (AGENCY) University of Canberra, Bruce 62 Wollongough Street, Ungarie WODEN Telephone/Facsimile: Shop LG1, Woden Plaza (02) 6975 9484 annual report 2001-2002 corporate directory

Administration Centre Temora Service One Credit Union Limited Snowy Mountains Credit Union ABN 42 095 848 598 171 Hoskins Street 75 Denison Street DEAKIN ACT 2600 The Canberra Hospital Locked Bag 1 DEAKIN ACT 2600 Hospitals Credit Union Yamba Drive, Garran BSB 801 009 Tuggeranong Telephone 1300 361 761 The Credit Union of Canberra Facsimile (02) 6215 7171 Lower Level, Tuggeranong Hyperdome Internet: www.socu.com.au Tumut Email: [email protected] Snowy Mountains Credit Union Phone Banking 52–54 Russell Street 1300 361 431 for Ungarie (Agency) The Credit Union of Canberra Snowy Mountains Credit Union 1300 558 028 for 62 Wollongough Street Snowy Mountains Credit Union University of Canberra (02) 6285 4789 for The Credit Union of Canberra Hospitals Credit Union The Concourse Internet and Email Woden www.cucanb.com.au for The Credit Union of Canberra The Credit Union of Canberra Shop LG1, Woden Plaza Email: [email protected] Directors www.smcu.com.au for Dr L Woolf (Chairman) Snowy Mountains Credit Union Mr J Reynolds (Deputy Chairman) Email: [email protected] Mrs D Robinson Mr C Smeal www.hospitalscu.com.au for Mr J Clarke Hospitals Credit Union Mrs B Godfrey Email: [email protected] Mr M Doherty Branch Locations Mrs V Rosling Australian National University Mr W Phillips The Credit Union of Canberra Chief Executive Officer Concessions Area, Acton Mr P Carlin Batemans Bay General Managers The Credit Union of Canberra Mr B Sawyer Bridge Plaza Mr K King Belconnen Audit Committee The Credit Union of Canberra Mr M Doherty (Chairman) Gallery Level, Belconnen Mall Mrs D Robinson Calvary Hospital Mr J Reynolds Hospitals Credit Union Bankers Haydon Drive, Bruce Chase Manhattan Bank Civic Solicitors The Credit Union of Canberra Phillips Fox Bailey’s Arcade, Canberra City Auditors Deakin Ernst & Young The Credit Union of Canberra 75 Denison Street Insurers CUNA Mutual Insurance Society Queanbeyan Snowy Mountains Credit Union 68–70 Monaro Street 01 Corporate directory 02 Contents 03 Corporate Governance 04–5 Directors 06–9 Chairman’s report 09 Staff milestones 10–11 How we serve you 12 Our local identities 13 Involved in the community 13–15 Activities 16 Mission statement

02 corporate governance

The Board is responsible for the overall The Board has established an Audit Corporate Governance as well as Committee. The Audit Committee being responsible for overseeing ensures that appropriate accounting the management of the affairs policies and procedures are defined, of your Credit Union. adopted and implemented. It also reviews the Credit Union Financial The Board has established a Code of Statements and evaluates the scope Conduct for Directors of Service One and effectiveness of the Credit Union’s Credit Union and its divisions to which Audit Functions. all Directors are expected to adhere. The Board has established a number One of the aims of the Board is to of committees. Each committee, made provide an environment that improves up of Board members, has been the quality of decision making. This is created to oversee key aspects of achieved through their participation in corporate operations. strategic and business planning, establishing policy guidelines and To ensure successful operation, the monitoring management performance. Credit Union adheres to a set of risk management policies that enable us to The election of Directors is governed comply with and meet industry standards. by the members as dictated by the Constitution of the Credit Union. The Board reviews these policies on a The number of Directors determined regular basis to ensure they remain by the Constitution is nine, with three relevant to current market and Directors retiring each year in rotation. regulatory developments. Directors serve a three-year term, retiring at the Annual General Meeting closest to the expiration date of their term. Vacant positions on the Board are filled, after calling for nominations, by election at the Credit Union’s Annual General Meeting. Retiring Directors are eligible to offer themselves for re-election. Any member, subject to qualifications set out in the Constitution of the Credit Union, is eligible for nomination as a Director.

03 directors

Lawrie Woolf Deborah Robinson A Canberra resident since 1966, Lawrie Deborah has been a Credit Union has authored or co-authored more than member for 20 years and an active 120 scientific papers/articles. He was a Board member for seven years. She member of the University Co-op Credit has lived in the local community since Society in the late 60’s and has acted 1975. Deborah has completed the as Chairman of the Board for that Company Directors Course Diploma in Society, The Credit Union of Canberra, 1997; Master of Business Administration and now Service One Credit Union. and a Bachelor of Commerce. Deborah Lawrie was a member of the academic has worked as an Auditor in a firm of staff at the Australian National Chartered Accountants and as a University for 30 years and is currently manager/tax policy adviser with the a Visiting Fellow at the Australian Government. She previously assisted Defence Force Academy. a charity for Youth at Risk.

Michael Doherty James Reynolds Michael has been an active member of James is a qualified Chartered the Canberra region business community Accountant. He became a member for 30 years. In addition, he has a of the ACT Hospitals and Health strong community service background Employees Credit Union in 1973, through charity groups. As a long-term joined the Board in 1975 and acted as Director with Snowy Mountains Credit Chairman of the Board from 1982 until Union and Chairman of the Audit the amalgamation. He spent 21 years Committee he was nominated by his in financial management with the ACT fellow Directors to carry Snowy Department of Health and its Mountains Credit Union into the predecessors and is now retired. amalgamation. Since the amalgamation James is a long-time resident in he has carried out the duties of Audit Canberra, moving to the Australian Committee Chairman for Service One Capital Territory back in 1973. Credit Union. Michael is a family man with three teenagers. Verna Rosling Barbara Godfrey Verna first came to Canberra in 1961. She joined the Board of the University Barbara and her family arrived in Co-operative Credit Society in 1985. In Canberra in 1986. She works at 1999 and 2000 she held the position of The Canberra Hospital in the Human Deputy Chair of the newly merged Resource Management Unit as a Credit Union Canberra. In 1993 Verna Project Officer. Barbara has been a retired from the Australian National member of the Service One Credit University where she spent 19 years as Union Board since February 2001 and a member on the administrative staff. prior to that she was a Director of the She is currently involved in community ACT Hospitals and Health Employees work and is a non-resident Fellow at Credit Union for ten years. Barbara is Bruce Hall. also a committee member of the ACT Branch of Friends of the ABC.

04 Colin Smeal Winston Phillips Colin served nine years as a Director Winston is 51 years of age with four of the ACT Hospitals and Health children. He is a Ranger and Stock Employees Credit Union. He then Inspector with the Cooma Rural Lands joined the Service One Credit Union Protection Board since 1987 and lives Board in March 2002. He has a long on a “hobby farm” near Cooma. history serving in the ACT Hospital Winston has been a Director of Snowy system. He was previously the Director Mountains Credit Union since 1996 and of Employment and Industrial Relations, Chairman for two years. He is currently Director of Personal Services, and the the Chairman of the Sir William Hudson Director of Administration at Royal Memorial Centre Nursing Home, a Canberra Hospital. Colin then moved Councillor on the Cooma Monaro Shire on to become the Director of Executive Council since 1991 and Deputy Mayor. and Workforce Management in the Chief Minister’s Department.

John Clarke John has been a Director of Snowy Mountains Credit Union since 1996 before joining the Service One Board in 2001. Since 1975, John has been a solicitor for the Supreme Court of NSW, ACT and the . He is presently a partner in a law firm in Cooma. John is a member of the Cooma Rotary Club and has been involved with several other community organisations such as the Apex Club and various counselling services.

05 chairman’s report

It is now more than 12 months since the amalgamation of The Credit Union of Canberra, Snowy Mountains Credit Union and Hospitals Credit Union to form Service One Credit Union Limited with three divisions reflecting the identity of its founders. The process has proved challenging as it is difficult for a corporation to be formed from an amalgamation of this type without some disruption to members and service. Despite the foreseen and unforeseen obstacles, on behalf of the Board I am pleased to report the success of the amalgamation. Service One Credit Union through its divisions is a financial institution committed to its members. It provides them with an expanding and extensive range of products and services that are competitive in the strongly contested financial services sector.

A new era While one unhappy member is one too many, the overall results from the The last few years has seen a survey are very satisfying, especially substantial decrease in the number of given the significant change Australian Credit Unions mainly through experienced by the members and staff. amalgamations such as the one to form “Overall, dealing with the Credit Union Service One. These amalgamations are is a positive experience”. to some extent a response to the financial pressures accompanying the Strongly Agree 54% intense competition from other financial Agree 39% institutions and firms specialising in Neutral 4% home loans. They also reflect the cost Disagree 2% burden of meeting increasing Strongly Disagree 1% regulatory, compliance and Other measures we have used to technological requirements. On the determine the success or otherwise of positive side, they enable cost savings the amalgamation is a comparison of and significant improvements to the growth figures from our predecessor level of service offered to members. Credit Unions averaged over the past five Service One Credit Union members years, and the annualised results for the have already benefited through access first period of operation of Service One. to a branch network which includes the ACT and major centres in southern NSW, an increased number of services Average Change available, larger loan limits and overall Change 01-02 cost savings. Loan and deposit 97-01 portfolios are growing strongly. Deposits TCUOC 6.0% -0.4% HCU 5.2% 9.8% SMCU 6.5% 47.3% Amalgamation – a year later *Total 6.0% 8.8% To establish a starting point to test the Loans TCUOC 6.6% 8.5% HCU 3.7% -5.3% success of the amalgamation a survey SMCU 6.5% 21.3% of members was conducted in July *Total 6.2% 9.1% 2002. The results of that survey are shown in the following table. *Total percentages are a weighted In future years we will be conducting average of the three Credit Unions’ similar surveys and comparing the performance. results of those against the July 2002 figures to help measure our success or otherwise.

06 While we are not entirely satisfied with The Board is well aware that some these results, the organisation as a members have expressed a preference whole has achieved better than the for some other type of fee than the three predecessor Credit Unions account keeping fee. Before making the combined. In most cases the individual recent changes the Board made a divisions of SOCU have performed well choice between increasing across the against the prior five year averages counter fees or introducing an account of their predecessors. The first year keeping fee on some members of the new Credit Union has been accounts. The Board in taking this accompanied by unavoidable costs decision felt that the account keeping both for new equipment and for staff fee option was one which gave training in new procedures and an members the best opportunity to increased range of services. restructure and consolidate their banking arrangements so that they might be able to avoid paying it. Fee structure Notwithstanding this, the new Board is I wrote to members late last year looking at ways to take into account advising them of a new fee structure the views of those members who might that was later implemented from prefer a different structure and will be 1 December 2001. Changes in the type giving consideration of alternate of charges or any increase in existing account structures to sit alongside fees is always a difficult decision for the existing one. the Board. Mindful of the impact of any change on particular groups of members the Board attempts to make its decision Financial Services Reform Act in the best interests of all members. In August 2001 the Financial Services The Board acknowledges that the fee Reform Act was passed through structure adopted by the Credit Union Parliament. The Reform will impose might not always be the lowest in the standards of conduct for financial market and that is not the Board’s aim. service providers in many areas of Our intention is to provide a comprehensive operation and add to costs of range of services which are fairly priced, compliance. The Credit Union has attempting to support those members formed a committee to plan the who support the Credit Union. implementation of correct policies and procedures to ensure the Credit Union The finance sector market is no longer is granted a financial services licence one where interest rates accepted by from the Australian Securities and borrowers substantially subsidise the Investment Commission within the transactions of depositors and so these two year transitional period. must now be priced accordingly. However, the Board also has recognised the emphasis by regulatory Debits Tax authorities on the responsibility to maintain depositors’ confidence. Debits Tax was abolished in NSW from 1 January 2002, earlier than originally Our main source of income is from our expected. A consequence of this borrowers and we attempt to maintain change is that, because the Credit competitive loan rates to encourage Union is registered in the ACT where members to think of the Credit Union the tax still exists, our NSW members as their first choice financial institution. are unfairly treated compared to users Maintaining a fair balance between loan of NSW-based financial institutions. interest rates, deposit rates and fees The Board shares the concern of our is a fine line which the Board treads, members in NSW and we are working conscious of its responsibility to all towards a resolution, both with our members. Of course, our income must bankers and the ACT Government. cover our costs and enable growth. Hopefully, by the time you read this, the matter will have been resolved.

07 Cooma ATM The success of the amalgamation is primarily due to the hard work In April, I wrote to members telling demonstrated by staff in all divisions them of an apparent theft of money of the Credit Union. Flexibility and from the Cooma branch of Snowy understanding was expected of them in Mountains Credit Union (the Event). difficult times and I would like to express The management and external forensic the Board’s sincerest appreciation for accountants we engaged have determined their efforts. that the amount missing is $1,344,010. During the year the former General I am told that police investigations into Manager of ACT Hospitals and Health the Event are still continuing. Employees Credit Union Limited, To date, no one has been charged by Mike Brett, and Jim Hatfield, the former the police in connection with the Event. General Manager of Snowy Mountains Because the police investigations had Credit Union Limited ended their service not been completed by the time this for the Credit Union. Their work on Report was prepared, I still cannot, for behalf of its members is greatly legal reasons, provide members with appreciated. details about the matter. The Credit Union is seeking to recover the loss from its insurer under the terms of its Members indemnity insurance. Forming a new Credit Union is a For prudential reasons, the Board has complicated process. Many hours were made provision for the sum of spent in strategic meetings in an attempt $837,020 in [this years] accounts in to ensure a successful amalgamation. recognition of the theft. The final Credit Union members were invited to amount of the loss, if any, which the attend a series of focus groups where Credit Union ultimately incurs from the they were asked how they felt about Event will depend upon the response of the amalgamation, what changes they the insurer to the claim. would like to see in the new organisation, as well as what they valued in Credit Union service. From these results the Staff Service One Credit Union strategic plan was devised by Directors and staff to It has been a particularly challenging ensure the direction of this new corporate year for all the staff in coping with the entity. The plan offers long-term insight amalgamation. The principal burden while its flexibility is ensured by was for those staff at Snowy Mountains monthly review. Credit Union and Hospitals Credit Union who, as part of the process, had Despite every attempt to ensure a to deal with what was for them a new smooth transition, the amalgamation computer system. Fortunately the did not occur without some members expertise of The Credit Union of experiencing difficulties. To those Canberra staff was available to assist members, on behalf of the Board, by sharing skills. Amalgamation is I would like to express our regrets and always difficult and our staff have thank you for your understanding and handled the changes in their usual patience through this process. The friendly and efficient way. The Board, Staff and Management have amalgamation has enabled staff from well and truly settled into their roles each division to work together, become and will continue to endeavour to familiar with a new set of policies and maximise the level of service delivered procedures and become part of a new and work in our members’ best interests. work environment that has brought together different workplace cultures.

08 The Board of Directors Director John Lewis resigned during the year and was replaced by Colin Smeal. The structure of Service One Credit To those Directors and my other fellow Union was quite deliberately designed Directors, I would like to express my to give each of the amalgamating Credit gratitude for the support you have given Unions equal representation on the during the amalgamation process and Board. Just as there was a need for for responding promptly and generously staff to adapt to new ways of operating, to the demands asked of you since the each Director has had to respond to amalgamation took effect. a change in Board culture. Such adjustments are not always easy and require a flexibility of mind to adapt to the variations in responsibilities. Lawrie Woolf staff milestones

Five years She is the treasurer of the Tumut Basketball Association. Caroline Kerry Caroline is employed with Snowy Mountains Credit Union. She is the Kerry was a Telephone Response Credit Union’s Insurance Officer. She is Officer for The Credit Union of interested in pottery and playing tennis. Canberra. She moved on to work in Caroline is a team player, she enjoys Credit Control and now serves as an working with the girls at Cooma and Administration Officer. Kerry is a keen appreciates the fact that she is able to gardener and has lived in Canberra for provide service to members. 16 years. She enjoys interacting with Chris fellow staff and members. Chris is the Branch Supervisor at Cooma. She has been serving with Snowy Ten years Mountains Credit Union during this time. She is a huge fan of basketball and quite Ken often sings to radio tunes once the Ken previously served in Credit Control branch doors shut on a Friday afternoon. for The Credit Union of Canberra before moving on to the loans department as Michelle the Conveyance Officer. Ken has been Michelle has served as the Branch Supervisor at Snowy Mountains following the Cronulla Sharks since Credit Union Temora. Nicknamed they entered the NRL competition back Shelley, she enjoys tennis, cooking in 1967 and is still waiting on that cakes and slices and spending time elusive premiership win. Ken has lived with her family and friends. in Canberra for 21 years. Lerelle Jann Nicknamed Miss Lerelly by fellow staff Jann is a Member Service Officer at and members, Lerelle has served as a Snowy Mountains Credit Union Tumut. Member Service Officer at Snowy She loves the fact that she has the Mountains Credit Union Tumut branch. opportunity to know members on a first Lerelle continues to enjoy working as name basis and enjoys listening to all part of a team as she assists members of the stories she is told. with their financial needs. Congratulations to all of these staff Naomi members. Your long-term commitment Naomi is a Member Service Officer at and loyalty to the Credit Union is Snowy Mountains Credit Union Tumut. appreciated by all.

09 how we serve you

Members tell us that they are looking Members can also apply for a for simple banking. Our products and MasterCard MyCard, the credit card services are not only straightforward, developed specifically for Credit Union but they are effective as they have members. With up to 55 days interest been designed with the needs of free and a competitive rewards members in mind. The recent program that now includes amalgamation of The Credit Union of Frequent Flyers, many members are Canberra, Snowy Mountains Credit discovering the benefits of a MyCard. Union and Hospitals Credit Union has not only resulted in a wider branch network for members, but has meant Investment accounts the product range available to The Credit Union has a diverse range members is wider than ever before. of investment accounts available to members. Apart from a complete range Savings accounts of term deposits starting at only $500, the Credit Union also offers the Money Our savings and transaction accounts Management Account with a tiered offer flexibility, convenience and ease. interest rate rewarding larger deposits, Members have access to their a Savings Investment Account and accounts 24-hours a day via ATM, accounts designed specifically for Phonelink and EFTPOS by using their Edvest members. Redicard or Visa Card. Members can also utilise the eLink Internet Banking facility which allows transfers between Edvest and Pension accounts, as well as the ability to print Deeming Account savings account statements and more. Members over 45 years of age qualify The Credit Union offers a Student for the Credit Union’s Edvest program. Account designed to assist students Edvest has been designed specifically with their financial needs, a Christmas to meet the financial needs of retirees. Club Account helping members save Once members join Edvest they receive for this special time of the year, a several benefits that include: a higher Money Management Account and interest rate on some investment more. Whatever savings goal members accounts; access to financial planning may have set for themselves, the services; discounts on products and Credit Union has an account to services including accommodation and match their needs. automotive accessories as well as a number of free withdrawals per month. Access cards The Credit Union can offer members a Pension Deeming Account that pays The Credit Union can provide members interest according to the schedule of with a complete range of access cards, deeming account rates set by the helping members access their funds Commonwealth Government. Members in everyday life. The Credit Union must receive a Department of Social Redicard can be used at any Rediteller Security pension or allowance to ATM across Australia – over 850 conduct this account. Reditellers are available. The Credit Union also offers Visa Credit and Debit Cards. Along with a competitive interest rate members are able to access funds at over 14 million merchants and 400,000 ATM’s internationally.

10 Loans Financial planning The Credit Union can offer a complete Planning for the future is crucial. range of loans including personal loans, As superannuation accounts for a car loans and mortgage loans that offer large proportion of retirees’ funds, flexibility. The Credit Union’s HomePlus understanding what is happening with package allows members to use their your personal finances and maximising mortgage account as a cheque account, the benefits gained is incredibly credit card account, tax effective important. savings and/or investment account. The Classic Home Loan is a premium mortgage product that offers a low As part of our service, members can introductory interest rate fixed for the access Bridges Financial Planning first year, a redraw facility and a Visa Services – one of Australia’s most Card at the standard variable home reputable money management loan interest rate. For members who consultancies. just want the basics out of their home loan, the Basic Home Loan is for you. This mortgage account has a low Payment services variable interest rate that will remain The Credit Union offers members the below the Credit Union’s standard ease and convenience of electronic variable rate. To make applying for a debits, credits, periodical payments loan easy, the Credit Union can process and pay splits. Members have the applications over the phone. Members opportunity to have their wage or salary can phone 1300 361 761 during normal deposited directly into their Credit Union business hours and apply for a loan today. account(s). Direct debits can be used to pay many household bills, and periodical Insurance payments allow members to make regular payments to nominated payee(s). We offer a comprehensive range of insurance products, protecting members’ assets. Whether members GiroPOST are after home and contents, car, boat, caravan, travel or even health insurance, Credit Union members now have the Credit Union can offer a policy to access to GiroPOST. This service allows suit individual needs. members to withdraw from and deposit to Credit Union accounts at any Post Office throughout Australia. There are BPay over 2,800 outlets around the nation. Members are able to pay bills in the comfort of their own home via phone Phonelink and Internet by utilising the Credit Union’s BPay facility. Bills relating to gas, Phonelink is the Credit Union’s electricity, telephone, water costs and Automated Telephone Service. This many more are all payable using BPay. service allows members to check account balances, transfer funds between their own accounts, transfer eLink funds to a third party internally, check the last five transactions on savings eLink is the Credit Union’s Internet accounts, have savings account Banking Service. By using eLink, statements faxed or mailed, make members can examine transactions, loan repayments and more. check balances on accounts, transfer funds between their own Credit Union accounts and request savings account statements.

11 our local identities

Service One Credit Union Limited and The first office was opened at 84 Sharp its divisions remain involved and driven Street, Cooma, on 10 April 1972. by the local community. Our values and Membership throughout the 1980’s and beliefs reflect our local origins as we 1990’s expanded with the opening of continue to serve the Canberra and branches in Tumut and Queanbeyan. In surrounding NSW region. Service One October 1996 the Temora branch was Credit Union is made up of three officially opened. distinct identities: In May 2001 Snowy Mountains Credit The Credit Union of Canberra Union amalgamated with The Credit Snowy Mountains Credit Union Union of Canberra and Hospitals Credit Hospitals Credit Union Union to form a division of Service One Credit Union. The Credit Union Today, the Credit Union enjoys a large membership base with personal service of Canberra remaining a top priority for all staff of The Credit Union of Canberra was the Credit Union. formed on 1 July 1996 as a result of a merger between the University Co-op Credit Society and Credit Union Canberra. Hospitals Credit Union The Credit Union of Canberra is known Hospitals Credit Union was formerly as a friendly, professional and ethical known as the ACT Hospitals and organisation. We stress excellence, Health Employees Credit Union. integrity and honesty in everything we do. It was founded in 1970 beginning with a member base of ten and $300 in There are eight branches of The Credit savings. For the first three years of Union of Canberra located throughout operation there were no employees, Canberra and the South Coast and we with volunteers running the Credit currently have over 25,000 members. Union. Loan interviews for small The Credit Union of Canberra applications and funding were amalgamated with Snowy Mountains conducted in member homes by two Credit Union and Hospitals Credit members of the Credit Committee. Union in May 2001 to form a division The Credit Union was formed to service of Service One Credit Union Limited. Hospital and Health Employees and As a result, members enjoy one of the their families. The first office was at the most comprehensive banking original Canberra Hospital in Acton and networks available. transferred to Woden in 1991. The branch at Calvary was established at Snowy Mountains the time the Hospital was developed. The ACT Hospitals and Health Credit Union Employees Credit Union amalgamated On 1 May 1971 a meeting was held at with The Credit Union of Canberra and the Coach House Motor Inn (now Snowy Mountains Credit Union in 2001 known as the Alpine Hotel). As a result and was renamed Hospitals Credit of this meeting, the Cooma Monaro Union. Today, the Credit Union boasts Credit Union was formed. As the a member base over 5,000 and this is Snowy region encompassed most of increasing every year. the Credit Union’s members, the corporate identity was changed to Snowy Mountains Credit Union.

12 involved in the community

The Credit Union deals with local members, we employ locally, and it is our responsibility to invest back into the local community. We have supported local sporting, culture and charitable groups for years. While we are a geographically diverse corporation, with branches throughout the ACT and surrounding NSW, we offer support to organisations with similar philosophies – organisations committed to enhance the livelihood and wellbeing of local members of the community through cooperation and reform. Our staff are actively involved with various social organisations committed to the ongoing support of disadvantaged groups in society. Every month, staff participate in jeans day, with all proceeds going towards worthy charitable organisations. For more information on how the Credit Union is involved in the local community, please visit www.socu.com.au and follow the links to the Credit Union’s web site.

activities 2001-2002

The Credit Union, as part of its The Credit Union in 2002 offered commitment to the local community members the opportunity to win was involved with various sporting, Brumbies prizes and attend games at culture and charitable organisations and as the Credit throughout 2001–02. In a year which Union builds on the current relationship saw a new corporate body emerge in with the ACT Brumbies, we are actively Service One, each division has seeking new ways of passing on remained true to its origins through benefits to Credit Union members as local support. well as developing strategies to give back to our community. ACT Brumbies 2001–02 saw the development of a new relationship between Service One Credit Union and the ACT Brumbies. Few teams are able to capture the imagination of the Canberra community and surrounding areas the way the Brumbies do, and as an organisation investing back into the local community the Credit Union felt it important to offer its support. The Brumbies have built a strong presence not only locally, but nationally and internationally through fantastic results in the Super 12 competition.

13 Hartley Lifecare Temora and District Hartley Lifecare has been supporting Sports Council children and young adults with physical Continuing with the theme of sports disabilities and their families for years. development, the Credit Union Through staged events, the foundation sponsored two awards in the Temora has raised much needed money and in region – the first being the Capital 2001 the Credit Union was proud to Works Grant which is used for the offer its support to the Ability Cycle purchase of much needed equipment, Challenge. This proved a great and the second being the Junior Sports opportunity for cyclists to get together Development Grant that is awarded to a and participate – all in the name of fun junior athlete who has excelled in their and for a great cause. The event chosen sport – allowing them to involved cyclists travelling from continue training, building skills for Canberra to Kosciuszko, carrying flags competition at a higher level. with photos of young people with disabilities. This helped raise awareness of not only individuals who live with disabilities, but the significant amount Money Expo of pressure this places upon the The Credit Union featured at Canberra’s families of those effected. Money Expo in 2001. The Expo is staged to allow members of the public Canberra Cannons to source information from companies involved in the financial industry – all The Credit Union offered its support to under the one roof. Staff who worked the Canberra Cannons during the over the weekend met many existing 2001–02 season. While most Canberrans members and spoke to individuals who will agree that the Cannons have been were interested in joining the Credit a constant sporting presence, the team Union. Overall, the event was a great has struggled with corporate support in opportunity to raise the awareness of recent times. Many would have what Credit Unions offer. Many are still experienced attending a game at the under the false impression that Credit ‘Palace’ on a Friday or Saturday night Unions only serve small finance and appreciate the atmosphere that is requirements; the Expo proved insightful generated – this is something that for many who now know Credit Unions offer a complete banking service. Brad Williams from the belongs to Canberrans and should Cannons squares off against remain part of the community’s tradition. one of the locals at the Tumut Basketball Centre. As part of the Credit Union’s support to the Canberra-based National Basketball teams, we arranged for Cannons player Brad Williams and former Capitals star Shelley Sandie to help celebrate the opening of new amenities at the Tumut Basketball Centre. The day began with the boys and girls junior half-court championships; Brad and Shelley then assisted with trophy presentations and posed for photographs with young aspiring basketball players. The kids Michelle Buerckner from the were elated to see players of an elite Temora branch presenting the level in the flesh. Sports Development Grant to Brooke McGovern. The Credit Union was pleased to be able to contribute to the opening and is confident that the Tumut community will benefit from the new facilities offered.

14 Lifetime Achievement Awards Snowy Mountains Credit Union proudly supported the Lifetime Achievement Awards in 2001 in conjunction with Snow FM in Cooma. The Awards are designed to acknowledge members of society who have made a significant contribution in the fields of business, sport, public service and community service. The Awards also recognised elderly members of society who are still making a difference. Congratulations to all those individuals who were honoured with the Awards – putting back into the Snowy Mountains community through hard work and initiative.

The Spirit of Calvary The Credit Union assisted the Calvary Hospital, providing support in order to improve waiting room services in several departments. Hospitals Credit Union remains conscious of the need to put back into the Hospital infrastructures – both at Woden Hospital and Calvary. Government support has been declining and as the Australian population ages the demand on health services is as strong as ever. The Credit Union continues to work with the Hospitals to ensure efficient service to all patrons.

15 mission statement: To enhance the financial wellbeing of members. Our reason for being is to maximise the level of service we can deliver to members in a financially prudent manner. All we do is towards that goal.

our values and beliefs We work in our members’ best interest. Our point of difference is our service. We provide service to individuals and not markets.