JPSCU Annual Report 2015-compressed

Minutes of the 60 th AGM (Cont’d)
adoption was moved and seconded
by Ms. Shawna Kay Williams and Ms.
Jennifer Goodall respectively.
DISTRIBUTION OF
SURPLUS
Treasurer Delroy Redway invited the
members to turn to page 32 where the
Report could be found. Members
were advised that the dividends paid
on their shares account is subject to
taxation as per regulatory requirement.
Net Surplus was $41.81M. Of this
amount, 20% was transferred to the
Statutory Reserve leaving an amount
of $33.4M for distribution. The Board
of Directors recommended a dividend
payment of 25% to the permanent
shares account of each member on
record as at December 31, 2014.
DISTRIBUTION
Dividend on Permanent Shares (25%) $17,530,298
Honoraria $2,500,000
Scholarship $1,450,000
Software Upgrade $1,000,000.00
Youth Education and Development $600,000,000
Care-A-Bit $750,00,000
60 th Anniversary $3,000,000
Building Reserves $3,000,000
Redemption Reserves $500,000
General Reserve $3,124,411
QUESTIONS
Mrs. Karleen Brown wanted to know if: the permanent shares account was the
account from which members were not able to make withdrawals, if the interest
payment for voluntary shares was set, what was the rate and if such payment
would be charged against the expense account of the organisation. The Treasurer
responded in the affirmative regarding the permanent shares, that interest for
voluntary shares was set, proposed interest rate was not available and that same
would be an expense to the organisation.
The Treasurer at this juncture extended thanks to Mrs. Karleen Brown – former
staff member for her invaluable contribution to the organisation.
Director, Derick Tulloch presenting the League Delegates Report.
Mrs. Karleen Brown, Member, makes a point.
Annual Report 2015 16 Celebrating 60 years