JPS & Partners 2016 Annual Report

Minutes of the 61st AGM (Continued)
Members cast their votes.
Acknowledgement
In closing his report, the Treasurer thanked God for His
continued guidance and blessings. He expressed thanks to
his fellow Directors, Management and Staff, for their hard
work and dedication towards the continued success of the
Credit Union. He expressed also his appreciation to the
Volunteers and Auditors, UHY Dawgen, the Registrar of Cooperatives
and Friendly Societies, the Jamaica Co-operative
Credit Union League and the sponsoring companies for their
support throughout the year.
Matters Arising from the Treasurer’s Report
Mr. Winston Delahaye, making reference to page 83, on the
issue of disposal of investment property, questioned what
was disposed of. The Treasurer stated that a cottage owned
by the former Ewarton Credit Union was disposed of. He
explained further that the property was sold in 2015 and so
the rental income would have been reduced.
Mr. Delahaye, referring to Land and Building at 37 Lady
Musgrave Road, said he was not seeing the figure being
reflected in the $95 Million. The Treasurer stated that the
figure would not have moved because the valuation did not
give an appreciation or increase. Mr. Delahaye queried as
to whether the $95 Million should not be reflected as
investment property. Ms. Prunella Vassell external auditor,
explained that the investment property was stated in the
financial statements at cost and that the $95 Million was just
stating what the value was at that time. She said it would
not be reflected in those figures.
Referring to the Credit Union’s income, Mr. Delahaye noted
that 43% of the income came from fees charged to the
members. He stated that fees were non-productive activity
and reminded the President that she had promised the
previous year to reduce the fees charged to members.
Instead, he said he only heard proposal to increase fees. He
said there must be a flip side. A lengthy discussion ensued.
Mr. Delahaye persisted and told the President that 43% for
net fees being a part of the Credit Union’s profit after all the
charges was not a good direction to go. The President told
Mr. Delahaye that his point was taken.
FIXING OF MAXIMUM LIABILITIES
On the invitation of the President, the Treasurer, Mr. Delroy
Redway, read the Fixing of Maximum Liability Resolution,
which was also displayed in a power-point presentation. He
reminded the meeting that the total liability the Credit Union
could incur was set at a ratio of not more than sixteen (16)
times the Society’s Capital and Reserve Fund.
A motion was moved by Treasurer Delroy Redway and
seconded by Sonia Smith. It was put to the vote and carried
by the members.
JPS & Partners Co-operative Credit Union Ltd. 12 ANNUAL REPORT 2016