Despite its challenges, at 2011 year-end total equity for the CU was $10,591,590 or 6.42 per cent of assets.
Last year proved to be a challenging one for Horizon Credit Union.
Twenty-five members and seven guests attended the Horizon Credit Union Annual General Meeting held on Wednesday evening.
A review of the 2011 financial audit and reports detailed a year that showed gains and losses.
During 2011, Horizon CU’s Grenfell Branch loan business grew by 4.10 per cent over 2010, ending the year at $12.12 million. Loan delinquency was reported as very low at .09 per cent. Members’ Deposits totalled $23, 831, 757 or -5.42 per cent down from 2010. The Grenfell Branch made a commitment to focus on mutual funds and other non-traditional types of investing to keep the members’ investments.
At the end of 2011, Grenfell Branch memberships decreased slightly from 1,120 in 2010 to 1,114 in 2011.
The Horizon Credit Union has branches in Grayson, Grenfell, Neudorf, Wolseley and a main branch in Melville. In these communities Horizon CU provides a range of financial services including agricultural, commercial, personal loans and lines of credit, deposit accounts, term deposits, registered products such as RRSP, RRIF, RESP, TSFA and Wealth Management Services.
According to the 2011 Annual Report, “Low interest rates, tight margins, regulatory demands and ever rising operation costs have had an effect on overall profit”.
During the past year, Horizon CU initiated a Strategic Planning Session, evaluating both the immediate and long term solutions to these concerns as well as confirming their intent to remain an autonomous Credit Union.
The entirety of Horizon Credit Union saw a decline in Net Earnings, totalling $802, 003 down from $840,010 in 2010. Assets also declined by $3, 505, 122 or -2.08 per cent in 2011.
Despite its challenges, at 2011 year-end total equity for the CU was $10,591,590 or 6.42 per cent of assets.
The 2011 fiscal year was busy for the Grenfell Branch and Horizon Credit Union. The CU has slowly been increasing and improving its equity position throughout the year. The Grenfell Branch was active in development: upgrading the banking system, completing a Deposit and Compliance Audit; Service training staff; participating in two trades shows in the community and offering a Fraud Sense seminar to seniors. The CU also contributed more than $7,000 to the community through money, give-aways, prizes and support.
The Grenfell Advisory Committee for 2012 will consist of Don Kent, Caroline Pasnak, Linda Sens (re-elected by acclamation for a three-year term); with Phil Peter and Alvin Gallinger as directors.
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