JPS & Partners 2017 Annual Report

Minutes of the 62nd AGM (Continued)
With regard to delinquency, the President stated that the
ratio stood at 2.07%. However, she noted that with the
growth of the Credit Union, members were not as cooperative
in their repayment of loans as they should.
She highlighted the fact that the Credit Union has signed
up with the Credit Bureaus, and that there were suits
before the court as part of efforts to recover funds from
delinquent members.
The President informed the meeting that the Credit
Union had a staff complement of forty seven (47)
employees being nine (9) management, twenty five (25)
permanent and thirteen (13) contract. She extended
thanks to former staff members who had separated from
the organization.
Speaking to the issue of term limit and the Board, the
President stated that there were some persons who
were members of the Board in 2016 but are now no
longer members of the Board. She further added that at
the end of the AGM, some team members will demit
office as board members. She acknowledged the
service of the members who would be leaving the Board.
For infrastructure and development, she highlighted that
the Lady Musgrave Road building was refurbished. She
added that improvement work was also done on the
facility at the Head Office. The President stated that
renovation of the Ewarton Branch was done and that the
Credit Union received an extension of the lease
arrangement with UC Rusal. She told the meeting that
the opening of the Montego Bay office, was deferred due
to the fact that the Credit Union was concentrating on
the merger implementation activities with the former CG
Credit Union. Social responsibility took the form of
assistance to both internal and external stakeholders.
The President noted that the Credit Union continue to
donate to churches, service clubs, as well as members,
based on their needs and requests. She highlighted the
fact that last year the Credit Union celebrated its 60th
Anniversary. Several volunteers and employees were
honoured. She noted that the staff had performed a very
good job in organizing the function.
Highlighting the future plans for the Credit Union,
President Sparkes said that the Credit Union would be
installing a new security system at the Ewarton Branch,
as well as configuring the building to make it more
Founding member, Lloyd Mordecai, receives a gift basket
from Asst. Treasurer, Fiona Johnson. Looking on is Vernon
Lawrence, former board member.
member friendly. Referring to the Head Office, she noted
the security issues and stated that a gate would be
erected to improve on security. She also noted that
plans were in place to construct ablution facilities for
members based at the Head Office. Referring to the
impending BOJ Regulations, the President opined that
the organization would have to look at retooling to
ensure that all the requirements in terms of reporting
were met. She said that Credit Unions who fail to meet
deadlines will be fined large sums by the BOJ. The
President told the members that the Credit Union would
be commencing infrastructural work at the Bay West
Office and that there was business in Montego Bay and
the west end of the country.
In closing, she thanked God, as well as the Management
Team, Staff and Volunteers who worked over the year.
In addition, she thanked Mr. Michael Webb from the
Department of Co-operatives and Friendly Societies, Mr.
Noel Smith, Internal Auditor and Mrs. Lisa Cousins,
External Auditor from the firm of UHY Dawgen
On the conclusion of the report, the President invited a
motion for its acceptance. The motion was duly moved
and seconded by Mr. Vernon Lawrence and Mrs.
Margaret Morris, respectively.
Pushing you Beyond All Limits!
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JPS & Partners Co-operative Credit Union