Annual Report 2020

JPS & PARTNERS CO-OPERATIVE CREDIT UNION LIMITED
Treasurer’s Report (Continued)
DIVIDEND DECLARATION
The Board of Directors is recommending a dividend
payment of 10% on the Permanent Shares balance of
each member on record as at December 31, 2020.
DISTRIBUTION OF SURPLUS
The Board of Directors is making the following
recommendation to the Meeting with respect to the
appropriation of the 2020 Surplus.
Net Surplus 80,114,751
Transfer 20% to Statutory Reserve -16,022,950
Net Income Before Distribution 64,091,801
Proposed Distribution
10% Dividend on Permanent Shares 5,385,593
Loan Rebate on Interest Paid 5,334,981
Institutional Capital 10,000,000
Computer Hardware & Software Reserve 12,000,000
Honoraria 4,000,000
Scholarship Reserve 2,500,000
Branch Office & Infrastructure Upgrade 12,000,000
Organizational Re-alignment 10,000,000
Undistributed Surplus 2,871,227
64,091,801
CONCLUSION
$
ACKNOWLEDGEMENTS
We give thanks to God for His continued guidance and
protection during the year and the blessings He has
bestowed on our JPS & PCU. The Treasury thanks and
commends the Management and staff for their hard work
and dedication towards the continued success of the
Credit Union .
I thank my fellow members of the Board of Directors and
the credit union members, for having given me the
opportunity to serve as your Treasurer. It has been an
honor and a privilege to function in that capacity. Thank
you, our members, for the continued business and support
that you have given to your JPS & PCU, and entrusting
your confidence in us, the Board of Directors and
Management, in serving you and we hope to continue to
be deserving of your confidence.
To all the stakeholders including volunteers who
consistently apply themselves to the JPS & PCU’s
success, I thank you.
I also thank both the Internal Auditors – Smith and
Associates and our external auditors - Crowe Horwath, for
their professionalism throughout the year.
Deborah Campbell
Treasurer
This year was another successful one for the JPS & PCU
as we:
• Recorded a Surplus before honorarium of $80.11M
• Grew our asset base by $282M
With foresight and vision, we commit to the continued
improvement of service delivery, the development of
affordable, relevant products for our members and the
prudent management of the resources of the Credit Union.
Your Financial Partner for Life 41 2020 Annual Report