JPSCU JAN 2019

January 2019 Vol. 15 Issue 1
CREDIT UNION LiNK
INSIDE THIS ISSUE From the President’s Desk | Future Leaders | 63rd Annual General Meeting | We Care | Meet the Team | Under the Spotlight
| Creative Credit Union Week | Member Appreciation Day | Youth Savers Account | IFRS and You | Family Indemnity Plan

From the
President’s
Desk
Mr. David Grey, President
The year, 2018 was one
in which we experienced
many difficulties, notwithstanding
we successfully
overcame some of the
social, economic and
political challenges that
faced our credit union
and Jamaica at large.
The year, 2018 was one in which we experienced many difficulties,
notwithstanding we successfully overcame some of the social,
economic and political challenges that faced our credit union and
Jamaica at large.
As we reflect on a year that was we pause to treasure you our valued
credit union members and the invaluable friendship we have built
during 2018.
At this time of the year, let me remind you of the Credit Union’s
founding principle of “not for profit, not for charity, but for service” and
ask that we make it our guiding philosophy throughout the New Year.
Please remember life is what we make it so let us make caring and
sharing for our fellow men the solid foundation on which we will stand
to face the challenges together.
At JPS & Partners, we recognize that we are living in a society that is
constantly changing, consequently we must also change to remain
relevant and competitive. With this in mind your Credit Union will be
implementing several new initiatives to further enhance the quality of
service we give to you our Valued Members and ultimately to increase
the level of returns to you the owners of the Credit Union. We will be
employing additional use of technology to further improve our service
output. It is our intent to provide faster turnaround time on our
transactions as well as offer you greater comfort and ease as you
conduct your business without compromising your safety and data
integrity.
We thank you for your continued support throughout the years and
look forward to partnering with you even better this year. Our
commitment started way back in 1956 and it is our intention to
continue for another 60 years and beyond. We are confident that with
your continued support, we will make JPS & Partners your first choice
for loans and investments, but more importantly, “your financial partner
for life”.
INTRODUCTION OF NEW BOARD MEMBERS
A warm JPS & Partners welcome to our new Board Directors, Mr
Devon Wright and Ms. Tricia Robinson. A big thank you to former
director Alicia Burnett. We recognise and appreciate your hard work
and commitment as a board and committee member.
On behalf of the Board of Directors, Management and Staff of JPS &
Partners Co-operative Credit Union, we wish for you and your family a
Prosperous 2019.

Future Leaders
As part of our mandate to be “Your Financial Partner for Life”
we continue with our commitment to the education of our nation’s
children by way of educational bursaries and scholarships, 54
students benefited from JPS & Partners’ Scholarships & Bursaries.
Fifty-four students (54) were beneficiaries of over $3.9
million in scholarships and bursaries from the JPS &
Partners Co-operative Credit Union at its annual
Scholarship Awards Presentation held on August 09,
2018 at the Knutsford Court Hotel.
One student received the Albert “Bertie” Morris
scholarship valued at $150,000 for three (3) years.
Another student also received the Carl Little Scholarship
valued at $50,000.00 for five years. This commitment is
given on the condition that the child maintains at least a
‘B’ average throughout his/her tenure.
nation building and our members’ ability to provide for
themselves and their families.
This year’s recipient of the Albert ‘Bertie’ Morris
Scholarship was Miss Abigail Nankoo, it marks the first
time that a medical student is the recipient of the
scholarship. The keynote speaker was Miss Kemesha
Kelly. Miss Kelly shared her life’s story with the children
and reminded them just how opportunities come to
those who go after them.
The Credit Union continues its commitment to the Central
Branch All Age School and awarded three bursaries to
the school for students who were not only successful
in their GSAT examinations but also displayed
exemplary behavior throughout the school year.
The Albert ‘Bertie’ Morris scholarship was this year
expanded to include all categories of study. This is a
change from the previous criterion which stated that it
was open only to persons pursuing nursing,
pharmacology, information technology, engineering or
a business related field of study. The change was made
in light of the fact that the Credit Union’s common bond
was also extended as well as the emergence and
resurgence of some areas of study that are affecting
Miss Abigail Nankoo, 2018 recipient of the Albert "Bertie"
Morris Scholarship receives her award from the wife of the
scholarship's patron Mrs. Margaret Morris. Keynote speaker,
Miss Kemesha Kelly shares in the moment.

63
Former Directors, Vernon Lawrence and Derrick Tulloch thumb
through the pages of the annual report.
Annual General
Meeting
The Annual General Meeting is
a significant event in the life of
the Credit Union. It gives the
Directorship the opportunity to report
on the institution’s developments to
the general membership. Members
in attendance are also afforded the
opportunity to participate in the
decision making process of the Credit
Union. This year our Annual General
Meeting was held on Saturday,
September 29, 2018 at the Jamaica
Conference Centre. Here are pictorial
highlights of the day’s events.
Members casting their votes.
These youngsters are enjoying their video game session
in the children's village.
Director, Dwight Hart makes a presentation to Miss Natalie
Gregory during the spot prize giveaways.

We Care
JPS & Partners
Thinks Lupus!
The Credit Union continues to
play its part as a good corporate
citizen. Durng the year we
participated in the ICWI Pink
Run, made donations to charitable
organisations to include the
Lupus Foundation of Jamaica.
The contribution was made at its
Annual Members Appreciation
Day Celebrations held on Friday,
October 19, 2018 at the JPSco
Sports Club on Ruthven Road.
Mrs. Emily Dixon fund raising
officer accepted a cheque for
$150,000 on behalf of the
Foundation.
“Purple Butterfly Campaign”.
The campaign is aimed at
increasing the awareness of the
Credit Union members about the disease. Mr. Johnson, expressed that
this initiative was personal to the Credit Union as it recently lost one of
its members, veteran comedian, Elva Goulbourne to the disease.
Lupus can be difficult to diagnose because its signs and symptoms
often mimic those of other ailments. The most distinctive sign of lupus
tends to be a facial rash that resembles the wings of a butterfly unfolding
across both cheeks. Though this happens in many cases, it does not
occur in all cases of lupus.
The Lupus Foundation of Jamaica is a voluntary patient organization
and has been in operation since 1984. It aspires to improve the outcome
of Systemic Lupus Erythematosus through a better awareness and a
deeper understanding of the disease.
The Credit Union has committed to a continued partnership with the
Foundation to see how best it can help to promote awareness through
the education of its members.
Meet the Team
SUZETTE LEUNG
Tel. Operator/
Receptionist
Half Way Tree Road
Suzette loves God
and is passionate
about her work.
SANDRA
ROBINSON-BROWN
Risk & Compliance
Manager
Half Way Tree Road
Sandra is a ball of
positive energy with
a beautiful singing
voice. She is the
resident prayer
warrior.
KHARLA DAVIS
Member Service
Representative
Half Way Tree Road
Kharla has a
contagious laugh
and has found the
fountain of youth.
DENISE ELLINGTON
Marketing Manager
Half Way Tree Road
Denise is ready to
bring JPS & Partners
front of mind and first
in line to all
Jamaicans.
ARE YOU AWARE…OF WHO YOUR BENEFICIARIES ARE?
DID YOU… NOMINATE YOUR BENEFICIARIES ON OPENING YOUR ACCOUNT?
DO YOU…WISH TO CHANGE/UPDATE YOUR BENEFICIARIES?
Please ensure you complete a nomination form to update your beneficiary’s information. Forms are available from
the Credit Union’s website; www.jpscu.com or from our office. Remember to return your completed forms to the
Credit Union. It is important that you know who your beneficiaries are.
If you do not recall who your beneficiaries contact our Member Care Department and they will be more than happy
to assist.

Under the Spotlight
"Piece Is Mine"
Home Ownership is made easier with our Piece is Mine
Loan Promotion. Claim your piece with our Mortgage and
Home Equity Loans.
Mortgage
Land/Property Purchase
We understand how important it is to have
your own home, and we are here to assist
you every step of the way. The process may
seem a bit over-whelming but our
competent team makes it seamless starting
with our affordable interest rates.
Mortgage loans will be made to members for
open market purchase, build on own land,
and land purchases. Applicants must have a
minimum of 5% to 10% of the loan amount
on their share account to qualify. Loans will
be granted up to a maximum of
$10,000,000.00 or 90% of the value of the
property or 80% of the value of the land,
whichever is less.
Mortgage
Loans
HOMEEQUITYLOAN
The maximum repayment period will be 25 years. A
qualifying share ratio of as low as 5% is required. Loan
maturity will not extend beyond the statutory
retirement age of 65 years.
The loan can be combined with NHT loan under the
pari passu agreement. Conditions Apply.
Home Equity
Home Equity loans will be made to members for home
improvement, debt consolidation, education, medical
expenses, business ventures, motor vehicle purchase,
loan refinancing or other productive purposes.
Applicants must own the property charged or the
owner must pledge the property on behalf of the
applicant. A qualifying share ratio of as low as 5% is
required. Loans will be granted up to a maximum of
$6,000,000.00 or 90% of the value of the property or
the existing equity in the property, whichever is less.
The maximum repayment period will be 15 years. Loan
maturity will not extend beyond the statutory
retirement age of 65 years. Conditions apply.
INDEMNITY FORM Did you know?
• Since September 1, 2012 the Credit
Union implemented the Deed of
Authority and Indemnity Form.
• Members who utilize the facilities of
electronic mail (email) and facsimile
(fax) as ways of submitting transaction
requests to the Credit Union must now
complete an Indemnity Form.
• Transactions requests submitted by
fax or email will not be approved
without prior submission of a signed
Indemnity Form Agreement.
• The form must be signed by a Justice
of the Peace (JP).
• Once the form has been completed,
submit same to the Member Services
Department at any of the branches of
the Credit Union.

Creative Credit
Union Week
The week of October 14-19th, was
celebrated nationally as Credit Union
week under the theme, “Credit Unions...
your platinum lining”.
General Manager, Joydene Jarrett presents
the Derrick Tulloch Trophy for the most
outstanding literary piece to Deeva Johnson
of Central Branch All Age school.
General Manager, Joydene Jarrett and Marketing Manager, Denise Ellington pose with the winners and their principals.
Marketing Officer, Zurie Johnson and General Manager,
Joydene Jarrett admires one of the poster submissions in
the creative writing section of the competition.
The week of October 14-19th was celebrated nationally as
Credit Union week under the theme, “Credit Unions... your
platinum lining”. As part of our celebrations the Credit Union
held an awards' ceremony on Thursday October 18th for the
creative writing and poster competition. The competition
was held under the theme “Credit Unions...people helping
people succeed.” The competition was open to students
from three (3) of our partner schools, namely: The Queens
School, Central Branch All Age School and St. John Bosco
Career Advancement Institute. Students were judged on
their creativity, use of language and relevance to the theme.
Deeva Johnson of Central Branch All Age School won the
Derrick Tulloch Award for the best overall literary piece.
Miss Emily Dixon, finance director of the Lupus Foundation
of Jamaica was the guest speaker.
The winner from each participating school was awarded cash
prize of $15,000.00 and a bag of school supplies. Second
place winners were awarded cash prize of $10,000.00 and a
bag of school supplies.
Donations of $40,000 each was awarded to the partner
schools as part of our Credit Union Week celebrations.

Member
Appreciation
Day
Our Member Appreciation Day celebrations were
held at JPSco’s Sports Club, Ruthven Road on
Friday, October 19, 2018. We had a total of 304
members registering on the day. Several of our
members were invited to promote their products and
services. Other entities such as NHT and the Lupus
Foundation also had booths set up.
The Credit Union made a donation of $150,000 to the
Lupus Foundation of Jamaica.
Miss Joydene Jarrett, General Manager makes a presentation to Mrs.
Emily Dixon, Fund Raising Officer of the Lupus Foundation of Jamaica.
Members taking full advantage of the Back to Basics Gym Booth
Members at the Ewarton Branch enjoying refreshments at their
Members' Appreciation Day celebrations
Youth Savers Account
Treasure Chest
Members’ children between the
ages of 0 -15 can open a YOUTH
SAVERS ACCOUNT.
• To open a Youth Savers Account you need a photo
identification of the child, a copy of the child’s birth
certificate, one thousand dollars ($1000) and proof of
address for the parent (if it is that they do not have an
updated one on file).
• The Credit Union hosts a Youth Summer Camp for its
youth savers annually. The Youth Summer Camp
allows our Savers to learn about saving and the
Credit Union in a fun environment.
• Each year the Credit Union issues 50 High School
Bursaries only to children who are Youth Savers.
• Interest is paid quarterly on all Youth Saver Accounts.
• Conditions Apply.

Financial Reality Hits
Youth Summer Camp
The Credit Union believes
in striking a balance and
so we continue to provide
a fun environment for our
children with the hosting of
our 2018 Summer Camp.
well the children did at budgeting and managing their finances.
Our Marketing Officer, Zurie Johnson took the children through
presentations on money, earning, expenditures, budgeting and
investments. The sessions were interactive and the children were
asked to use their creative minds to come up with songs and poems
to help reinforce the message.
The race was on in the afternoon, as the campers competed against
each other in a wide variety of races. The Blue Team emerged
victorious.
This initiative gave them the opportunity
to learn about saving and managing their
finances while playing and having fun.
This year’s summer camp was held on
Friday, July 27, 2018, at the St. Andrew
High School for Girls. Youth savers from
all across Jamaica gathered to learn
about the Credit Union and financial
management.
This year’s camp featured a financial
reality challenge. As a part of the
challenge, participants were given real life
scenarios about their occupation, salaries
and family life in which they had to
balance their income and expenses.
There were booths set up to represent
financial institutions, supermarket, bill
payment centers and luxury boutiques.
The aim of the activity was to see how
On your mark, set, go...campers compete in one of the many exciting races of
the day.
Campers collect their life scenarios in the
reality fair held at the Summer Camp.
The Blue Team raises the championship trophy after securing the top spot.

IFRS 9 and You
What is IFRS 9?
IFRS 9 is a new International
Financial Reporting Standard that
will change the way how banks,
credit unions and other financial
institutions calculate provisions for
bad debt on loans and other types
of financial instruments. This standard
was implemented January 01, 2018
and replaces an old standard called
IAS 39.
The implementation of the Standard
represents a shift from how Credit
Unions and other financial institutions
calculate provisions on loans and
other financial instruments; i.e. a
shift from an incurred (actual) loss
approach to an expected loss
(forward looking) approach. The
Standard requires that institutions
carry out an assessment of their
loans and portfolio investments to
determine the probability of default
and thereafter estimate the credit
loss that could occur. In other
words, the Standard assumes that
there is always a probability that
borrowers will default on their loans
and so a provision based on this
probability must be made even from
day one of the loan agreement.
All credit unions within the Movement
are required to comply with the
new IFRS 9. Credit Unions that fail to
abide by this standard run the risk of
having their accounts disqualified. It
is therefore very important that we
all are fully prepared to adopt IFRS 9
in a timely manner.
How will this affect our Credit Union?
Institutions which have adopted the
Standard effective January 01, 2018
are required to calculate an opening
impairment provision known as
expected Credit Loss (ECL) on their
loans and investment portfolio as at
December 31, 2017. The impact of
IRFS 9 on credit unions will be a
significant increase in our overall
expenses. Provision for losses on all
financial instruments, implementation
cost and annual support fees are
some of the major expenses. We will
be required to put aside more money
to take care of expected losses.
These expenses will impact our
bottom line and ultimately the amount
that we can payout as interest and
dividend to you our members.
How will the Credit Union Manage the
Effect?
Our staff have participated in a
number of forums and training
sessions arranged by the League.
As such, the Credit Union is well
prepared for the implementation of
IFRS 9.
FIP Corner
Suppose you could insure your entire
family under one life insurance plan
for one affordable monthly premium.
Wouldn’t that be convenient? Now
there is one life insurance plan that
covers up to six eligible family members
- The Family Indemnity Plan (FIP).
How does the Family Indemnity Plan work?
Five coverage options are
available so you can choose the
one that best fits your needs.
The premium cost varies
according to the plan you select.
Easy Enrolment and Payment
Coverage is effective the first of the
month following enrolment. There is
a six (6) months waiting period,
during which only claims arising
from accidental death will be paid.
• One low monthly premium
• It’s easy to understand
• No medical required
• No long applications
• No fine print
• No long approval process
• Covers up to 6 eligible family
members for one monthly
premium
Family Indemnity Plan Options
Plan Individual Premium
Benefit (JMD) (JMD)
A $80,000 $422.40
B $120,000 $633.60
C $150,000 $792.00
D $250,000 $1,320.00
E $400,000 $2,112.00
F $650,000 $3,432.00
G $1,000,000 $5,280.00
CONTACT US
65 3 ⁄4 HALF WAY TREE RD.
KINGSTON 10
Tel: 968-3700
EWARTON WORKS
ST. CATHERINE
Tel: 903-5081
KIRKVINE
KIRKVINE WORKS
MANCHESTER
Tel: 961-7656
12 OCEAN BOULEVARD
OFFICE CENTRE BUILDING
SUITE #19, KINGSTON
Tel: 967-9592 / 922-4376
Toll Free: 1-888-991-4304 • Email: jpscreditunion@jpscu.com • Website: www.jpscu.com
OUR BOARD OF DIRECTORS
David Grey President
David Fleming Vice President
Devon Wright Treasurer
Deborah Campbell Asst. Treasurer
Earl Munroe Secretary
Tricia Robinson Asst. Secretary
Terrence Knight Director
Natalie Sparkes Director
Clive Segree Director
Donovan Cunningham Director
Dwight Hart Director