68th Annual Meeting Minutes – 2020 Fiscal Year
Call to Order
The 68th Annual General Meeting of Revelstoke Credit Union was held virtually via Zoom broadcasting from the Revelstoke Credit Union Boardroom on Tuesday, April 22nd, 2021.
Chair Alan Chell called the meeting to order at 7:30 p.m.
Ascertainment of Quorum
A total of 80 Members and 9 Non-Members were in attendance.
Chair Alan Chell welcomed everyone and introduced himself, and the Head Table as noted below.
|Chief Executive Officer
Roberta introduced the Management team.
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 Roberta Bobicki 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 Roberta Bobicki to adopt the Minutes of the last Annual General Meeting of June 2020 as presented.
Business Arising From These Minutes
Report of the Board
Chair, Alan Chell, introduced the Directors. Alan is proud of how we responded to the challenges faced during the pandemic. We rushed to support the community by funding protective equipment for the hospital and the making of hand sanitizer locally. We were able to respond to the ever-changing situation while still providing exceptional service to our members and protecting our staff. While facing lower interest rates, increased regulatory and reporting standards we remained a model for what an independent community credit union should look like. We have now reached $240M in assets, have a very healthy residential and commercial loan portfolio and our two subsidiaries, Insurance and Wealth Management are an important part of our business model.
Alan welcomed our new CEO, Michelle Hardy who has been with RCU for 15 years. Alan noted that May 1st marks Roberta’s retirement as our CEO and credited her with the majority of our success. Her leadership since 2007 has resulted in almost a doubling of our assets while meeting or exceeding all performance standards. There is no one that knows more about the Credit Union system or cares more about their values and our community than Roberta. Alan thanked Roberta for everything she has accomplished during her career and wished her a well-deserved retirement.
Report of the CEO
This marked the 40th consecutive AGM that Roberta has attended and will also be her last as CEO of RCU. In spite of the challenges of 2020, RCU fared very well in continuing to provide exceptional service to our Members, in keeping staff and the public safe all while performing well financially. Roberta thanked the Staff, Directors, and Members for their trust and support over the years. She will be leaving knowing that RCU is in good shape financially with a positive working culture, a membership that receives the highest service levels, and a community that has felt the impact of our support over the years. Roberta is happy to be passing the torch on to Michelle Hardy and watching the continued success of RCU.
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, income and expenses, as well as allocation of earnings over the past five years. He noted that delinquency was low and that assets have risen significantly over the past few years. David further explained how profits were distributed.
Approval of Auditor’s Report
Moved by John Teed and seconded by Jamie Hobgood that we approve the Auditor’s Report.
Appointment of an Auditor
Moved by John Teed and seconded by Jaamie Hobgood 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
Bruce Granstrom congratulated Pamela Doyle on being re-elected to a 3 year term, and Michael Speerbrecker, and Angus Woodman on being newly elected by acclamation. Our nomination process was conducted by our Nominating Committee in accordance with our rules. Bruce thanked outgoing Directors Michael Copperthwaite, and Janis Borden for their service over the years and then gave the newly elected and outgoing Directors a chance to speak.
Alan Chell reviewed our Capital Giving and Community Giving projects that received $100,000 in funding. Member Rewards were paid out in March totaling $150,000.
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 Laura Stovel.
Alan thanked the staff at Revelstoke Credit Union for organizing our second successful Virtual AGM and presented Roberta with a bouquet thanking her for her years of service and immeasurable contribution to Revelstoke Credit Union.
Moved by Roberta Bobicki and Seconded by Jamie Hobgood to adjourn the meeting at 8:07 p.m.