69th Annual Meeting Minutes – 2021 Fiscal Year
Call to Order
The 69th Annual General Meeting of Revelstoke Credit Union was held virtually via Zoom broadcasting from the Revelstoke Credit Union Boardroom on Tuesday, April 12nd, 2022.
Chair Alan Chell called the meeting to order at 7:30 p.m.
Ascertainment of Quorum
A total of 61 Members and 12 Non-Members were in attendance.
Chair Alan Chell welcomed everyone and introduced himself, and the Head Table as noted below.
|Chief Executive Officer
Michelle introduced the Management team.
We would like to acknowledge and honour the four nations on whose traditional land we gather: the Sinixt, the Ktunaxa, the Secwepemc and the Syilx.
Appointment of Recording Secretary and Parliamentarian
Moved by David Raven and seconded by Roberta Bobicki to appoint Erin Russell as Recording Secretary and Robert Lundberg as Parliamentarian.
Adoption of the Agenda
Agenda and Rules of Order were provided on our website as part of our pre-meeting package.
Moved by David Raven and Seconded by Dennis Grey to adopt the Agenda and Rules of Order as presented.
Minutes of the Last Annual General Meeting
The Minutes of the last Annual General Meeting were provided on our website as part of our pre-meeting package and were reviewed by the members and approved as presented.
Moved by David Raven and Seconded by Dennis Grey to adopt the Minutes of the last Annual General Meeting of April 20, 2021 as presented.
Business Arising From These Minutes
Report of the Board
2021 was both a challenging and rewarding year. The continuation of the global pandemic saw the need for us to continually adapt to ensure we provided service in a safe and effective manner. We were very pleased to see the high demand for our lending department to assist people with both mortgages and funds for home renovations. It’s great to see the money invested in our community. The increasing concern about cyber security affected RCU and we have increased our capability to protect the assets of members.
2021 was also a year of change. In May, we welcomed Michelle Hardy as our new CEO. Michelle had continually excelled at taking on additional leadership responsibilities with RCU, is highly respected through the Credit Union Young Leaders Program and we look forward to her leading RCU into the future.
At the same time, the Board expressed our appreciation and gratitude to the leadership provided by our retiring CEO, Roberta Bobicki. Roberta made a real difference to RCU and should take pride in looking back on an outstanding career.
While change is always a part of our lives, RCU remains committed to serving our members and our community.
Report of the CEO
Michelle started by thanking our members for trusting us with their financial wellbeing and also thanked our employees for showing up every day to support each other and provide members with knowledgeable service and advice. A special thank you to our Board of Directors for their expertise and support during a year of transition.
2021 was a strong financial year with assets growing to $255.6M and a consolidated net income of $1.1M. We contributed $200K to Member Rewards, and a total of $125K through Community Giving and Capital Projects. Our strong financial results allowed us to increase Member Rewards by $50K and Community Giving by $25K. These programs are our way of sharing our success with our valued members and community.
In 2021 we enhanced digital security to increase our capability to protect the assets of members. Their patience and grace during this transition is appreciated as these are important steps in providing safe digital services. We will continue to enhance our digital offerings to meet members needs and improve our services. We are also growing our advisory services and sharing more financial literacy resources.
We look forward to continuing to be recognized as a resilient, responsible community partner and organization focused on service excellence for our members.
Presentation of Financial Statements / Report of the Auditor
David Adams presented the auditor’s report, the scope of the audit, and a slideshow comparing assets, liabilities, and members equity over the past 5 years along with income and expenses, and allocation of earnings.
Approval of Auditor’s Report
Moved by John Teed and seconded by David Raven that we approve the Auditor’s Report.
Appointment of an Auditor
Moved by John Teed and seconded by David Raven that we appoint Adams Wooley as our Auditors for the next fiscal year, and that the Board of Directors be authorized to set the fees.
New Business – Ordinary Resolution
Angus Woodman, Chair of the Nominating Committee announced our election results. Our nomination process was conducted by our Nominating Committee in accordance with our rules. Angus congratulated Alan Chell, Dennis Grey, and John Teed on being re-elected by acclamation.
Alan Chell reviewed our Capital Giving and Community Giving projects that received $125,000 in funding. Member Rewards were paid out in March totaling $200,000.
Chair Alan Chell thanked everyone for coming, and asked Barb Tetrault to make the draw for our $100 Gift Card to a local restaurant. The winner was Cathy English.
Alan thanked the staff at Revelstoke Credit Union for organizing our third successful Virtual AGM. Moved by Barb Tetrault and Seconded by Jamie Hobgood to adjourn the meeting at 8:08 p.m.