JPSCU Annual Report 2015-compressed

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Meet our Directors Meet Our Directors Natalie Sparkes President Albert Dawkins Vice President Delroy Redway Treasurer Fiona Johnson Assistant Treasurer Vaughn McDonald Secretary Earl Munroe Assistant Secretary Derrick Tulloch Director Dwight Hart Director Gerlyn Gray Director Kim Robinson Director Alicia Burnett Director Annual Report 2015 22 Celebrating 60 years
Board of Directors Report (Cont’d) THE GLOBAL ECONOMY We now look to the Global economy to see how Jamaica did when compared against developed and emerging economies. In the US economy, the common view was that the Federal Reserves will recommend interest rates increase by the end of 2015. The world’s second largest economy, China had a sharp slowdown which would have a significant adverse effect on global growth. Greece benefitted from another bailout package thus rescuing the country from a possible exit from the Eurozone. The economic turmoil in Venezuela brought focus on the continuance of the PetroCaribe Agreement. This economic turmoil saw the country extending debt reduction on PetroCaribe debts in exchange for immediate cash payments. Jamaica benefitted from this offer. THE CREDIT UNION MOVEMENT The Movement continues to see a reduction in the number of Credit Unions due to ongoing mergers. Discussions continue with the Bank of Jamaica regarding the impending BOJ Regulation of Credit Unions. The Movement continues to assist Credit Unions in the preparation for licensing with the hosting of several Consultation meetings and Rap Sessions with Credit Union Board of Directors and Managers. Performance of the League in its major operational areas is detailed below. LEAGUE’S PERFORMANCE 2015 OUR FINANCIAL PERFORMANCE - JPS & Partners Co-operative Credit Union Each year the Credit Union works creatively and innovatively to operate at the most minimal cost possible to maximize on our returns and increase our profitability. The year 2015 was no different albeit the fact that we were significantly challenged by the appeal of alternative investment options, myriad of micro lending companies coupled with the deep reduction in interest rates and high value unsecured lending by traditionally deposit taking institutions. Several of our members took up the offers from these institutions. Despite these intense rivalries, our credit union performed creditably Performance 2015 Performance 2014 Amount % Growth Amount % Growth SAVINGS $68.14B 8.55% $62.77B 6.70% LOANS $59.51B 6.93% $55.65B 6.05% ASSETS $88.94B $93.68M 7.94% $82.39B 7.34% MEMBERSHIP 999,416 $48.60M 1.08% 988,719 1.65% well in 2015. Save and except for deposits and surplus, our operational result represents a marked improvement over 2014. Surplus recorded a marginal decrease of $.46M over the 2014 figure of $41,82M. Total Assets surpassed its 2014 figure of $3,675.20M by a conservative growth of $25M. Loans recorded a 5.83% growth. Reduction of interest rates on several of our products contributed significantly to the increase. A variety of strategies, including location visits, SMS text messaging, and cross-selling, were employed to keep members abreast of the product offerings of the Credit Union. Our key financial performance indicators are outlined below: 2015 (M) 2014 (M) Growth +/- % SHARES $947.58 $893.72 6.02% DEPOSITS $1,858.46 $1,901.54 -2.26% LOANS $2,071.42 $1,957.32 5.83% TOTAL ASSETS $3,700.35 $3,675.19 .68% SURPLUS $41.36 $41.82 -1% INSTITUTIONAL CAPITAL $600.29 $592.01 1.39% MEMBERSHIP 11,840 10, 249 15.52% Annual Report 2015 23 Celebrating 60 years
Page 1 and 2: 2015 ANNUAL REPORT CELEBRATING 60 Y
Page 3 and 4: MORTGAGE JPS & Partners... Securing
Page 5 and 6: Notice of Meeting Notice is hereby
Page 7 and 8: Minutes of the 60 th AGM The 60 th
Page 9 and 10: Minutes of the 60 th AGM (Cont’d)
Page 21: Board of Directors Report Building
Page 25 and 26: Board of Directors Report (Cont’d
Page 31 and 32: Treasurer’s Report (Cont’d) •
Page 33 and 34: Treasurer’s Report (Cont’d) DIV
Page 35 and 36: Treasurer’s Report (Cont’d) INC
Page 37 and 38: Meet our Team Kingston Meet the Tea
Page 39 and 40: Meet our Team : Kirkvine Marie Youn
Page 41 and 42: Meet Our Location Representatives (
Page 43 and 44: JPS & Partners Co-operative Credit
Page 45 and 46: Annual Report 2015 45 Celebrating 6
Page 47 and 48: Statement of Financial Position 31
Page 49 and 50: Statement of Changes in Equity Year
Page 55 and 56: Notes to the Financial Statements Y
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Notes to the Financial Statements (
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Credit Committee Report Leroy Wilso
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League Delegates Report Natalie Spa
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Nominating Committee Report Fiona J
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Nominating Committee Report (Cont
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Resolutions RESOLUTION TO ACCEPT TH
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Notes Annual Report 2015 109 Celebr
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National Anthem Eternal Father, ble
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