navigating today. for a strong tomorrow. · 2019-06-24 · kaitlyn fulton – enrolled at the...

Navigating today.

For a strong tomorrow.

2012 Annual Report

LEGACY SAVINGS & CREDIT UNION LTD. 71th Annual Meeting - February 26,2013

A G E N D A

· Welcome by President –John Lindsay· Determination of a Quorum· Voting Requirements (Explanation)· Approval of Guests· Appointment of Scrutineers· Introduction of Directors, Committees, Staff, Auditor, Solicitor and Other

Guests· One Minute of Silence for Deceased Members· Minutes of the 70thAnnual Meeting· Business Arising Out of the Minutes· Report of the Board of Directors· Report of the Auditor and Presentation of Financial Statements· Report of the Credit Committee· Report of the Audit and Finance Committee· Report of the General Manager· Report of the Scholarship Committee· Unfinished Business (if any)· New Business· Election of Directors· Presentation - Retiring Directors· Door Prizes· Adjournment· Social Hour

I N D E X Page(s)

Board of Directors Report ............................................................................................ 2 Report of Credit Committee ......................................................................................... 3 Report of Audit and Finance Committee.................................................................. 4-7 Report of General Manager ......................................................................................... 8 Report of Scholarship Committee................................................................................ 9 Director Eligibility Requirements ............................................................................... 10 Staff and Board of Directors ....................................................................................... 11

LEGACY SAVINGS & CREDIT UNION LTD.

BOARD OF DIRECTOR’S REPORT

It is with pleasure that I provide you this report on behalf of our Board of Directors and Management.

Each year brings new opportunities and challenges to our financial institution. I am proud to be able to respond that, despite challenges placed upon the financial industry under current economic conditions, we have experienced yet another successful year. Our credit union continued to attract new members, enhance its programs and once again return a profit to its membership.

The information provided in this report outlines for you Legacy’s financial results over the past year along with a comparison to the prior year. Under the policy development and directives from your Board of Directors and the leadership of management, Legacy’s staff continued to provide strong products and services coupled with that excellent customer service that you deserve and come to expect. Looking into this coming year, we have a few future opportunities in hand which we will endeavour to execute to the fullest possible benefit of the credit union.

I would like to thank my fellow board members for the time they committed over the past year to our success and the leadership of Legacy’s management team as well as the hard work of all Legacy staff. Of course I would be remiss without thanking you, our members, for the continued patronage to our wonderful financial institution.

John Lindsay President, Board of Directors

2 | Legacy Savings & Credit Union 2012 Annual Report

LEGACY SAVINGS & CREDIT UNION LTD. Report of the Credit Committee

The Credit Committee is responsible for the prudent lending at the Credit Union. This is accomplished by reviewing in detail all loan advances that exceed the Credit Union limits, monitoring the government progress reports and reviewing/amending Credit policies.

While it appears that Loan Advances have significantly reduced since 2009, the reduction can be attributed to a change in what is reported in the new Banking System as compared to the previous system.

2012 2011

Amount of Mortgages advanced 1,612,862 4,213,906 Amount of Consumer Loans advanced 7,581,152 8,804,402

In addition to loan review and approval, the Credit Committee also monitors loan delinquency. As at October 31, 2012, the loan delinquency was 1.21% and write offs for the year were $44,477.The delinquency figure appears high but, the majority of the delinquency is a mortgage on a member who passed away and the Credit Union is going through the administration process.

The Credit Committee wishes to thank the membership for their support and loyalty and the staff for their effort and assistance this past year.

R. Weselosky Chairperson, Credit Committee

LEGACY SAVINGS & CREDIT UNION LTD. Report of the Credit Committee

The Credit Committee is responsible for the prudent lending at the Credit Union. This is accomplished by reviewing in detail all loan advances that exceed the Credit Union limits, monitoring the government progress reports and reviewing/amending Credit policies.

While it appears that Loan Advances have significantly reduced since 2009, the reduction can be attributed to a change in what is reported in the new Banking System as compared to the previous system.

2012 2011

Amount of Mortgages advanced 1,612,862 4,213,906 Amount of Consumer Loans advanced 7,581,152 8,804,402

In addition to loan review and approval, the Credit Committee also monitors loan delinquency. As at October 31, 2012, the loan delinquency was 1.21% and write offs for the year were $44,477.The delinquency figure appears high but, the majority of the delinquency is a mortgage on a member who passed away and the Credit Union is going through the administration process.

The Credit Committee wishes to thank the membership for their support and loyalty and the staff for their effort and assistance this past year.

R. Weselosky Chairperson, Credit Committee

Legacy Savings & Credit Union 2012 Annual Report | 3

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LEGACY SAVINGS & CREDIT UNION LTD. Report of the Audit & Finance Committee

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Statement of Financial Activity

Year ended October 31, 2012 with a comparison to October 31, 2011

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LEGACY SAVINGS & CREDIT UNION LTD Report of the General Manager

Fiscal 2011-2012 was a busy year for the credit union which faced many challenges and overall our results are positive.

As expected, interest rates remained at their historically low levels. During the year management and the Board studied the special rate offerings of our competitors and made the determination that, the credit union would not match all offered rates. The rationale for this decision is that some offerings would have negative long term effect on the credit union. This decision while prudent came at the loss to the Mortgage Portfolio.

Overall the credit union generated a prior to tax and adjustments, Income of $190,622 of which $68,000 was returned to the membership as a Common Share Dividend. Over the last 12 years the credit union has returned in excess of $1,000,000 to the membership as Dividends and Patronage.

Looking forward to Fiscal 2012-2013, I believe the interest rate environment will remain at or near current levels, which will continue to keep margins slim. During the Board Planning session in the fall of 2012 a few new programs were agreed upon which should increase our portfolios and be beneficial for both the member and the credit union.

In closing I would like to thank the membership for their continued support, the Board who work on behalf of the membership and the staff who always bring a positive approach to the credit union and the members.

Rod Anderson General Manager


Legacy Savings & Credit Union Ltd. Year 2012 Annual Report of the Scholarship Committee

Year 2012 Committee Members: Mr. John Lindsay (Board Chairperson) Mr. Peter Tisch Mr. Rod Anderson (General Manager) Ms. Pat Rickards Mr. Les Badry Mr. Donald Sawatzky The decision for awarding these scholarships was based on funds available and criteria as outlined in the “Guidelines for Scholarship Applicants”, as approved by the Board and Scholarship Committee. The three Scholarship recipients for 2012 were: Madison Farkas - Enrolled at Mount Royal University (Journalism) Parents: Randy and Joan Farkas Kaitlyn Fulton – Enrolled at the University of Calgary (Business) Parents: Dave and Lisa Fulton Emily Kinsella – Enrolled at the University of Alberta (Nursing) Grandparents: Ray and Claudia Haenni

There were two unsuccessful applicants this year.

All successful applicants were mailed a congratulatory letter and a cheque for $1,000.00. The unsuccessful applicants were also notified.

The Scholarship Committee express their appreciation to the officers and staff of Legacy Savings & Credit Union Ltd. for their support and cooperation.

The deadline for 2013 applications has been set at the close of business, August 23, 2013. Notices to this effect will appear in newsletters and on the Credit Union’s website.

Applications with the criteria are available anytime at the Credit Union or on their website. When completed and with the Official Transcripts or a copy attached, the application must be in the Credit Union office on or prior to August 23, 2013.

Respectfully Donald A. Sawatzky Scholarship Committee Chairman


LEGACY SAVINGS & CREDIT UNION LTD.

Director Eligibility Requirement

1. A Nominee must have reached the age of majority. 2. A Nominee must have been a member of Legacy Savings & Credit Union

Ltd. in good standing for at least one year prior to nomination. 3. It is suggested that a Nominee use the Credit Union as his/her prime

financial institution. 4. A Nominee must be in good standing at the Credit Union and where a

borrower, loans must be current. 5. A Nominee must be of good character, bondable, and agree to treat all

business of the Credit Union in the strictest confidence. 6. A Nominee must not have business dealings or personal circumstances that

are a conflict of interest. 7. A Nominee must be committed to Credit Union principles and concepts. 8. A Nominee must have the necessary time available and the desire to attend

regular monthly Board meetings, committee meetings, Credit Union system meetings, and training and upgrading meetings.

9. A Nominee must be a Canadian citizen or a person who has been lawfully admitted to Canada for permanent residence.

10. A Nominee must not have the status of a bankrupt. 11. A Nominee must not be a professional advisor to the Credit Union. 12. A Nominee must not have been a director, officer, or employee of another

Credit Union, Credit Union Central, or the Deposit Guarantee Corporation for a five year period preceding the election.

13. A Nominee must not have been convicted of an indictable offence of a kind related to qualifications, functions, or duties of a corporate director or an offence under the Credit Union Act, for a five year period preceding the election.

14. A Nominee must not be a dependent adult under the Dependent Adults Act, a formal patient under the Mental Health Act, or a person found to be of unsound mind by a court elsewhere than in Alberta.


STAFF MEMBERS Rod Anderson ..................................................................................... General Manager Shelly Schmitz .......................................................... Acting Manager, Deposit Services Crystal Soloshy ............................................................................... Senior Loans Officer Stephanie Cooper .......................................................................... Senior Loans Officer Sheila Covell ......................................................................................... Accounting Clerk Kristen Tanner ........................................................... Member Service Representative Shelby Burgess ........................................................... Member Service Representative Haley Marquis ............................................................ Member Service Representative Lisa Hartley ........................................................................................... Maternity Leave VISION STATEMENT: To be the preferred financial institution for

current and future members. MISSION STATEMENT: We will achieve our Vision by providing our

members with affordable, quality financial services while maintaining the co-operative principle of people helping people.

BOARD OF DIRECTORS John Lindsay .............................................................................................. President *Patricia Rickards .................................................................................... Vice President Robert Weselosky .................................................................................... Director Harry Vince ............................................................................................... Director Alanna Hargan .......................................................................................... Director Lorraine Heming ...................................................................................... Director *Gary Kennedy ......................................................................................... Director * Term expires at conclusion of the Annual Meeting.


Legacy Savings & Credit Union Ltd.1940 - 9 Avenue S.E., Calgary, Alberta T2G 0V2

403.265.6050

www.legacysavings.com

navigating today. for a strong tomorrow. · 2019-06-24 · kaitlyn fulton – enrolled at the...

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