JPSCU Annual Report 2015-compressed

Minutes of the 60 th AGM (Cont’d)
Marketing team all contributed to
the growth.
MEMBER
APPRECIATION DAY
October is designated as Credit Union
month and as is customary, Member
Appreciation days were celebrated
across various locations over a three
week period. The Chairman commented
on the fellowship displayed by the
members in attendance at all locations.
Both staff and members had a
good time.
PRODUCTS
AND SERVICES
The myriad of products and services
offered by the Credit Union continues
to be accessed by our members. The
Chairman briefly commented on the
benefits in accessing these products
and services - the UGain savings
account, and the Family Indemnity
Plan (FIP). The Chairman also pointed
to the fact that JPS & Partners
continues to be among the few Credit
Unions with a low income from
processing fees. Mention was made of
the projected income of approximately
$24M that could be earned on an
annual basis if the Credit Union were to
charge a fee for the processing of
standing orders on behalf of our
members. Cheque processing is also
free of charge.
The President also signalled that
the Credit Union will be looking at
fee implementation for some of the
services for which we do not presently
charge a fee, eg standing order
processing.
The service provided on loan products
was delved into as the chairman
posited that although the Credit Union
had a plethora of loan products with
varying interest rates, it still continues
to experience a low loans growth.
Mention was made of the high debt
service ratio of some members which
precluded them from accessing
additional loans. The preservation of
members’ deposits is key.
CORPORATE
SOCIAL OUTREACH
The scholarship programme continue
to strive as we continue to promote the
education of our youth. Mention was
made of the several schools that the
Credit Union has adopted or form
alliances with; St. John Bosco Boys
Home, Central Branch All Age School,
The Queens School, St. Mary the
Virgin Basic, Merrion Basic and the
Polly Ground Basic Schools all
continue to benefit in the form of
financial resources or just the sharing
of time and talent with the students.
Special mention was made of the level
and quality of work done by the boys
at St. John Bosco Boys Home.
Also at the forefront of outreach
activities is the annual hosting of two
summer camps. Summer camps were
held at the Mannings High School in
Westmoreland and the St Andrew
High School for Girls in Kingston.
The Credit Union continues to provide
free monthly health checks to members.
Members of the Board of Directors casting their votes.
Annual Report 2015 10 Celebrating 60 years