Cornerstone Credit Union 2014 Annual Report

Building our future together

2014 Annual Report

OUR VISION

Creating an amazing experience and tailoring financial solutions at every point along life’s journey.

OUR MISSION

We enrich our members. Everyone has a life story. We partner to achieve members’ financial success along their journey. We are a professional, caring credit union that demonstrates excellence and innovation in all we do.

OUR VALUES

Values are the high road that we take. Values are the cornerstone of our interactions, our decision making and our steps forward. We value trust, integrity, leadership, excellence, community and our co-operative principles. These values reflect who we are as a credit union. Helping each other to succeed is not just how we do things, it is who we are. We are a family, and we work together for common goals and successes. We constantly learn. We grow from our experiences. We always take the high road with our members, our community and the credit union system.

Trust We continue to earn the trust of our members, our communities and our staff. People are treated with honesty and respect. We are their trusted financial services provider. Integrity We have high standards, ethics and personal accountability. We adhere to our values.

Leadership We demonstrate and inspire leadership in our people. We are empowered to make decisions and are responsible and accountable in our actions.

Excellence We are recognized for our excellence. “Being good enough” is not acceptable. We add value to our members’ experience.

Community Community creates a sense of belonging, regardless of geographical and tangible boundaries. We accept our responsibility for the economic and social well being of our communities. We are a good corporate citizen.

Co-operative PrinciplesAs a credit union we are distinct among financial institutions by our commitment to the co-operative principles. As a member – owned organization, we partner with our members, our community and the credit union system.

FIFTH LARGEST CREDIT UNION I N T H E P R O V I N C E

OVER 200 LO C A L P E O P L E A R E E M P L OY E D AT C C U

over $1 billion in assets

As we reflect on 2014, Cornerstone Credit Union is very proud of our accomplishments and successes over the past year. This success would not be possible without the loyalty and support of our many stakeholders. We thank our staff for the contributions, commitment and support they continue to provide to Cornerstone Credit Union day each and every day. To the Board of Directors, we thank them for the guidance and leadership they provide as they continue to build Cornerstone Credit Union for the future. And we thank you, our members, for your business and support throughout the past year – you continue to be the reason for our existence. It is the commitment and support of all these stakeholders that makes Cornerstone Credit Union the great organization that we are today. On behalf of Cornerstone Credit Union, we thank you for your business and look forward to working with you and for you in the future.

25,000 members SE RVI N G APPROXI M ATE LY

CornerstoneCredit Union has branches in13 Saskatchewan communities

Cornerstone Credit Union supported over 430 community groups, events and organizations in 2014 by investing approximately $200,000 back into the communities we serve

Launched our FreeStyle No-Fee

Personal Chequing account; no fees,

no minimum balance, no strings attached!

Completed construction of a major renovation to the Yorkton branch; demonstrating our commitment to providing service to members in our largest growing community

Achieved efficiencies throughout the year by keeping our operating costs in line to reinvest back into our members and owners.

2014 Highlights

C O R N E R S T O N E C R E D I T U N I O N • A n n u a l R e p o r t 2 0142

One of Saskatchewan’s Top 25 Employers

Our staff invested over 5,300 hours of their personal time back into their communitiesplus, staff volunteered countless hours in the community of corporate time (that’s how important it is for us!).

We put our members’ needs first. That’s why we’re working with like-minded credit unions through collaboration to enhance your experience in ways we couldn’t achieve on our own. This will open up many opportunities to provide more benefits to our members through better products and services, more efficient use of resources and a clearer understanding of member needs.

We continue to focus on ‘MemberFirst’ and elevating the member experience at every aspect

DEPOSITS ARE FULLY GUARANTEED

Part of a credit union network that offers ding free® transactions to our members at any participating credit union ATM in the country surcharge-free.

Became the first credit union in the country to integrate personal budgeting tools into online banking with Personal Financial Management (PFM)!

Launched Mobile apps for Android

and Apple devices to make it even

more convenient for members to conduct their financial affairs

3A n n u a l R e p o r t 2 014 • C O R N E R S T O N E C R E D I T U N I O N


The governance of Cornerstone Credit Union is anchored in the co-operative principle of democratic member control. Cornerstone Credit Union’s philosophy on corporate governance is to practice transparency in operations and maintain a professional approach and accountability in dealing with our members. The Credit Union has always focused on maintaining the highest standards by conducting its affairs ethically and lawfully and by sustaining a culture of integrity and professionalism. BOARD OF DIRECTORS

Mandate and ResponsibilitiesThe Board of Directors of Cornerstone Credit Union is responsible for the strategic oversight, business direction and supervision of management of Cornerstone Credit Union. In acting in the best interests of the Credit Union and its members, the Board’s actions adhere to the standards set out in The Credit Union Act 1998; the Credit Union Regulations, 1999; Standards of Sound Business Practices; Credit Union bylaws and policy; and other applicable legislation.

The Board directs the affairs of the Credit Union and maintains policies which are responsive to their needs and the needs of the Credit Union for sound operations.

The key roles of the Board include formulation of strategic business plans; setting goals, evaluating the performance of the CEO; approving corporate mission, vision and values; monitoring corporate performance against strategic business plans; overseeing operations; ensuring compliance with laws and regulations; keeping members informed regarding plans, strategies and performance of the Credit Union; and other important matters. During the financial year 2014, the Board of Directors held six meetings.

Governance PracticesStarting in 2013, the Board of Directors initiated a thorough review of its

governance practices. This review touched all aspects of board governance functions including committee structure, board meeting structure and schedule, director recruitment and renewal, director development, director representation (i.e. hybrid model) and more. In 2014, the Board of Directors began the process of implementing the recommendations from this review. This will be a multi-year process that will ensure the Board is using current governance practices that comply with emerging regulatory guidelines.

Board CompositionThe Board is comprised of twelve individuals currently elected on a district governance structure. Starting with the 2015 Annual General Meeting, Board representation will transition to a “hybrid model” where ultimately 3 directors will be elected by the membership at large (all members from all districts) and 9 directors will be elected from the three districts. Terms are three years in duration. In accordance with the bylaws, the Governance Committee is responsible for

the nomination process and election of directors. Voting is by paper ballot during in-branch elections and election results are announced at Cornerstone Credit Union’s annual general meeting.

The Board of Directors elected for the terms and districts in 2014, as set forth in the Credit Union bylaws are as follows: District One Tisdale • Archerwill • Bjorkdale • Rose ValleyDavid Bone, Bonnie Derkatz-Olson,James Knudson, Robert Wilson

District Two Wynyard • Lestock • Kelliher • Ituna • ElfrosOrest Shular, Harold Sigfusson, Lorne Tarasoff

Distict ThreeYorkton • Theodore • Saltcoats • SpringsideNicole Campbell, Cheryl Denesowych,Lonnie Kaal, Jack Powell, Larry Malinowski

Corporate Structure and Governance

Board of Directors: Larry Malinowski, Cheryl Denesowych, Lonnie Kaal, Jack Powell, Nicole Campbell, David Bone, James Knudson, Robert Wilson, Bonnie Derkatz-Olson, Orest Shular, Harold Sigfusson, Lorne Tarasoff

5A n n u a l R e p o r t 2 014 • C O R N E R S T O N E C R E D I T U N I O N

1999, The Credit Union Insurance Business Regulations, and the Standards of Sound Business Practice.

• The Governance Committee, which met four times in 2014, is comprised of six members from the Board at large. The purpose of the Governance Committee is to ensure that an appropriate governance system is in place through corporate governance policies, the nominations and election process, the board committees’ structure, and board assessment and development processes.

• The Conduct Review Committee, which met four times in 2014, is comprised of six members from the Board at large. The purpose of the Conduct Review Committee is to ensure that all proposed related party transactions with the Credit Union are fair to the Credit Union and that best judgment is exercised in all matters of related party relationships. This also includes approving the Code of Conduct annually.

Board CommitteesThe responsibilities of the board of a modern financial services organization involve an ever-growing list of duties. Cornerstone Credit Union maintains a number of committees comprised of directors. This partitioning of responsibilities enables a clear focus on specific areas of activity vital to the effective operation of the Credit Union.

Cornerstone Credit Union has four standing committees to assist in fulfilling board responsibilities:

• The Audit and Risk Committee, which met four times in 2014, is comprised of six members from the Board at large. The purpose of the Audit and Risk Committee is to ensure an independent review of the Credit Union’s operation on areas deemed necessary to maintain the integrity of financial data, adequacy of internal controls and adherence to requirements of The Credit Union Act, 1998, The Credit Union Regulations,

• The Executive/HR Committee, which met twice in 2014, is comprised of the President, the Vice-President, and two elected Board members at large. The purpose of the Executive / HR Committee is to assist the Board of Directors in discharging its oversight responsibilities relating to board stewardship; employment and performance management of the CEO; succession planning for the CEO and the Executive Management team; organizational culture and compensation; as well as assist with extended decision making authority to act in the capacity of and on behalf of the Board of Directors in times of emergency or if the business continuity plan is activated.

Director TrainingIt is the policy of the Board of Directors to provide necessary opportunities for personal and professional self-development of the Board. Cornerstone Credit Union has a director development policy in place that pertains to the training, education, and development of directors. This may be obtained by attending meetings, conferences and educational sessions that will provide training and understanding of both broad and technical issues, which will assist in the development or operation of the Credit Union.

In 2014, formal personal development plans were prepared for each director to provide guidance with training and development opportunities that will enhance their ability to fulfill their role of a director.

EvaluationThe Board of Directors conducts an evaluation bi-annually to assess the effectiveness of board operations. A formal evaluation was conducted in late 2014.

AttendanceBoard Service 2014

(Note: Re-organization of committees took place in April of 2014.)

Director

David Bone Conduct Review Chair

Nicole Campbell * Appointed to the

Board in July

Cheryl Denesowych Governance Chair

Bonnie Derkatz-Olson

Lonnie Kaal Audit & Risk Chair

James Knudson

Larry Malinowski Board of Directors Chair

Jack Powell

Ken Sherwin * Retired from the

Board in March

Orest Shular

Harold Sigfusson

Lorne Tarasoff

Robert Wilson

Board Meetings

6 of 6 (100%)

3 of 3 (100%)

5 of 6 (83%)

6 of 6 (100%)

6 of 6 (100%)

5 of 6 (83%)

6 of 6 (100%)

6 of 6 (100%)

2 of 2 (100%)

5 of 6 (83%)

5 of 6 (83%)

6 of 6 (100%)

6 of 6 (100%)

Committee Meetings

7 of 8 (88%)

2 of 2 (100%)

9 of 10 (90%)

8 of 8 (100%)

4 of 4 (100%)

6 of 6 (100%)

Ex-Official 13 of 14 (93%)

7 of 8 (88%))

0 of 1 (0%)

4 of 4 (100%)

3 of 4 (75%)

5 of 8 (63%)

3 of 4 (75%)


Executive ManagementCornerstone Credit Union has an experienced executive management team. Executive management is responsible to oversee the operations of the credit union within the context of strategies and policies approved by the Board, and for developing processes that identify measure, monitor and control risks. Management reports performance in key areas to the Board on a regular basis.

The Executive Management team is comprised of the following: Kevin LukeyChief Executive Officer

Cliff TrombleyVice President of Corporate Services & Support

Bryan FurberVice President of Finance

Corvyn NeufeldVice President of Human Resources

Lori WalshVice President of Marketing & Strategic Solutions

Doug Jones Vice President of Retail Services

Carissa Yaholnitsky/Janine SullyExecutive Assistant

The Asset Liability Management Committee (ALCO) is comprised of select executive management and senior management of Cornerstone. The ALCO is responsible for understanding and monitoring liquidity risk, interest rate risk, credit exposure and overall balance sheet structure of the Credit Union. The Committee ensures balance sheet activities and measures are within acceptable limits included, but not necessarily limited to capital adequacy; lending and investment limits; liquidity risks; and interest rate risk. Furthermore, the Committee sets and approves balance sheet operational strategies with a focus on achieving financial targets, managing market and liquidity risk and optimizing the use of capital.

The ALCO met three times in 2014 and was provided quarterly reports which included trend analysis of all risk measures and policy comparisons.

The Information Technology Governance Committee (ITGC) is comprised of executive management and the AVP of Technology. The ITGC plans, approves, prioritizes, and directs Cornerstone Credit Union information technology (IT) initiatives to ensure that internal and external customer needs and expectations for IT solutions are met, IT risks are identified and mitigated, and best value is secured as measured by functionality, efficiency, timing, and cost to meet both business and IT needs. The IT Governance Committee met five times in 2014.

The Executive Credit Committee (ECC), which was newly formed late in 2014, is comprised of select executive and senior lending management. The ECC is responsible for understanding the Credit Union’s credit risk and for monitoring and oversight of the Credit Union’s policies and risk tolerance levels for credit including, but not limited to, delinquency, portfolio mix, leases, write-offs, credit profiling, loan analysis and loan approvals. As part of its mandate, the ECC reviews and assesses and approves, declines or defers certain credit applications. The ECC is responsible

for approving, monitoring, and assessing the effectiveness of ongoing strategies related to loan growth, portfolio mix, and credit risk management and reviewing and discussing environmental conditions impacting the financial position and performance of the Credit Union, specific to lending including; economic conditions, interest rate outlook, competition, market conditions and market intelligence. The ECC reviews and approves strategies for effective loan portfolio management and provides recommendations to ALCO.

The ECC held its first meeting in December 2014. Quarterly and / or annual trend analysis of all credit policy and risk measures will be provided to ECC in 2015.

Executive Management: left to right: Doug Jones, Carissa Yaholnitsky, Cliff Trombley, Kevin Lukey, Corvyn Neufeld, Lori Walsh, Bryan Furber Missing: Janine Sully

A n n u a l R e p o r t 2 014 • C O R N E R S T O N E C R E D I T U N I O N 7

Financial Reporting Standards (IFRS). Management is responsible for the underlying reliability of the information included in this MD&A and for the controls systems and procedures that help to ensure that reliability.

This MD&A may contain future-looking statements concerning Cornerstone Credit Union’s future strategies. These statements involve uncertainties in relation to prevailing economic, legislative and regulatory conditions at the time of writing. Therefore, actual results may differ from the future-looking statements contained in this discussion.

This Management Discussion & Analysis (MD&A) is presented to enable readers to assess material changes in the financial condition and operating results of Cornerstone Credit Union (the Credit Union) for the year ended December 31, 2014, compared with prior years. This MD&A is prepared in conjunction with the Consolidated Financial Statements and related Notes for the year ended December 31, 2014, and should be read together. Unless otherwise indicated, all amounts are expressed in Canadian dollars and have been primarily derived from the Credit Union’s annual Consolidated Financial Statements prepared in accordance with International

Management Discussion and Analysis


OUR BUSINESS ENVIRONMENT

Although Cornerstone Credit Union is focused on serving the needs of its members in Saskatchewan, the economic and business conditions in Canada and abroad can impact the trading area of the Credit Union and its financial position. National and international economic conditions can impact currency rates, interest rates, and monetary policy of the Bank of Canada. These factors, combined with fluctuations in capital markets and competition, can impact the market share and price for the Credit Union’s products and services and, in turn, affect its performance.

The world economy continued to struggle throughout 2014 with lack of growth, excessive debt and lack of inflation causing significant concern to central banks. The fall in oil prices, which began in the last quarter of 2014, only added to the concerns as growth reductions are anticipated to follow. Although results in North America were stronger, Canada is impacted not only because the struggling countries are our trading partners, but also because international monetary policy has and is changing as a result and Canada, and its financial institutions, follow suit.

2014 was a year of positive growth for the U.S. economy which, for the most part exceeded expectations. This had led to speculation that the U.S. Federal Reserve could potentially increase interest rates sooner than had been expected (i.e. relatively early in 2015). The free-fall in oil price has changed the outlook to some degree as it is likely to result in lower than forecast 2015 gross domestic product growth in the United States and is also likely to lead to lower inflation rates. As a result, it is now anticipated that U.S. rate increases will be pushed back to later 2015 or early 2016.

Canada’s federal monetary policy continues to be greatly influenced both by what is happening in the global marketplace and what occurs at home. The fall in the oil price and the anticipated negative impact on the economy caused significant concern to the Bank of Canada which reacted with a surprise cut in its overnight rate in January 2015. This cut caused uncertainty in the market place and analysts are now divided over whether the Bank of Canada will

further cut its overnight rate. Any increase in Canadian rates will most likely not occur until well into 2016 or later.

Saskatchewan had continued to be somewhat insulated from the impact of the global woes. The province’s population continued to grow. Strong retail sales growth and low unemployment rates continued to make this province an attractive place to call home. The reduction in oil price is bound to have some negative impact on the province as it will cut into provincial revenue streams. While the oil industry is not a major player in Cornerstone’s immediate trading areas, we do anticipate that some impact will be felt through reduced investment by, and possible job loss for, some of our members. The reduction in the Bank of Canada’s overnight rate will also impact us as the resulting drop in our prime lending rate will lower our net interest income.

2014 OPERATIONAL REVIEW

Cornerstone Credit Union has always been a member-centric organization, with a heightened focus on providing the best value and service to our members, and owners. To reinforce our commitment to our members, and owners, we revised our mission and vision to better define and highlight our member focus. While we refreshed our vision and mission, our values have not changed. At Cornerstone Credit Union everything we do is inspired by our vision, mission and values.

With our focus on MemberFirst, we are continually enhancing our service to ensure the best experience at every interaction whether on the phone, in branch or at your kitchen table. We recognize everyone has a story and we seek to understand their story so that we can offer solutions based on where they have been and the priorities, plans, goals and dreams they have for the future. Through first understanding each member’s story we are able to provide the best advice and only offer product and service solutions to help their story play out the way they want it to. We demonstrate a high level commitment to service as our employees invested an average of 24 hours (or 3 days) to training and personal development in 2014.

Through MemberFirst we are always seeking ways to provide value to our members. Cornerstone partnered with Conexus and Innovation credit unions to be the first full service financial institutions to offer no fee accounts within our respective marketplaces. With a member focused approach, we developed and launched the FreeStyle No-Fee personal chequing account. This FreeStyle account is a no fee, no minimum balance, and no strings attached account that has been widely accepted by our members.

Conexus, Cornerstone, Innovation and Synergy Credit Unions were excited to announce and establish a formal collaboration agreement. Our four credit unions already collaborate on several fronts and are excited to continue working together for the benefit of all stakeholders – members, communities and employees. Collaboration will open up many opportunities to provide more benefits to members including better products and services, more efficient use of resources and a clearer understanding of member needs. This is not a merger; it is a bold and innovative model of collaboration. A collaboration leader has been hired to lead the establishment, growth, and direction of the collaboration and manage all inter-credit union development and relations. Collaboration priorities are currently being developed and will be a focus of all four credit unions in 2015.

With the impact technology is having on our industry, our members have access to more options than ever before. For this reason we must continue to evolve our service delivery channels to ensure the services offered at Cornerstone are convenient and easily accessible to our members. Trends indicate that electronic channels continue to be the preferred means to conduct business. Personal Financial Management (PFM) offers personal budgeting tools that are tightly integrated within MemberDirect online banking. With PFM, members are able to track their spending, set budgets and see their full financial picture by linking accounts from other financial institutions; all this with a single sign on. Cornerstone’s mobile app for both Apple and Android devices provide access to banking information at your fingertips, whenever and wherever the most convenient. Deposit


Anywhere™ will be available early in the new year, enabling cheques to be deposited via the mobile app. These offerings position us for the future and help us grow our business.

The use of social media has exploded in recent years and has become a critical communication and relationship building tool for many companies. Through the use of Facebook, Twitter and LinkedIn, Cornerstone Credit Union is now able to communicate with our members in a timely, relevant manner and we are able to promote our products and services through the channels that are most relevant to many of today’s consumers.

We still know today’s consumer wants full service – the convenience of self-serve and personal service available when they need it. In 2013, the decision was made to invest into an expansion at our largest branch location in Yorkton to meet our service delivery needs now and well into the future. Construction on the Yorkton branch expansion is now complete.

Cornerstone Credit Union not only wants what’s best for our members, but also our communities. Community investment is important to us as we want to see our communities thrive and prosper. Cornerstone Credit Union contributed approximately $200,000 to hundreds of local community events, groups and organizations in 2014 in an effort to enhance the communities in which we serve. What happens in our communities, matters to us as a business and it also matters to our employees as we live and work here too. Our staff demonstrated leadership this past year with over 5,300 hours of personal volunteer time being invested back into the communities we serve.

Credit unions placed significant efforts in 2014 on lobbying both the provincial and federal governments on fair taxation for credit unions. The credit union system is different from a bank – we are owned by members, not shareholders – and credit unions are critical to our local and provincial economies. Credit unions and credit union members throughout the country offered support by signing petitions, talking to local MLA’s and MP’s and sending letters to the government to ensure government officials at all levels understand that credit

unions are different from banks and those differences warrant different (not preferential) treatment. The credit union system continues to lobby for fair and equitable tax treatment for credit unions.

Effective January 1, 2014 the Credit Union sold its interests in its real estate subsidiaries to a third party. This decision was made to allow the Credit Union to meet the strategic objective of focusing on providing financial services to our members.

With heightened competition and the low margin environment we are facing, Cornerstone Credit Union has a strategic focus on innovation and efficiencies. The focus is on finding new and improved ways to do things that create efficiencies of time, money or resources that can then be deployed through better rates, fees and other operations of the organization. Exceptional progress was made throughout 2014 resulting in a reduction of operating expenses to 2.60% of total assets compared to 2.89% of assets in 2013. The efficiencies gained create an opportunity to continue to reinvest back into the organization in ways that will better serve both our members and our communities.

Cornerstone Credit Union is a member-centric

organization, with a focus on

providing the best value and

service to our members,

and owners. We call it

MemberFirst.


2014 PERFORMANCE MEASUREMENT

Cornerstone Credit Union uses a balanced scorecard framework to measure and monitor our progress towards achieving our strategic objectives. The scorecard utilizes both financial and non-financial measures along four strategic themes: Culture, People and Community; Member and Client Solutions; Organizational and Financial Strength; and Business and Management Processes.

2014 BALANCED SCORECARD

(Actual calculations are performed by using internal financial reporting.)

a 6.51% increase from 2013.

On Book Assets grew to $910 million,

$1.126 billion.

Total assets under administration by the Credit Union at December 31, 2014 were

approximately

Strategic Themes

• Be recognized as the employer of choice • Develop an organizational constructive culture

that fosters innovation and diversity • Provide an environment where members

are able to succeed • Develop people (members, employees, board) • Empower people and support leadership • Instill a sense of engagement, ownership and pride

in the work we do for the benefit of our members • Contribute to and strengthen our communities

• Be the financial solutions service provider of choice • Ensure that we demonstrate a member-centric

approach through service excellence and providing solutions that fit the member

• Build and strengthen relationships with our members and clients

• Ensure the organization is proactively positioned to pursue emerging business lines

• Ensure a balanced approach for the long term growth and viability of Cornerstone Credit Union

• Manage enterprise risk • Ensure the organization has a capital position

that enables it to implement the business plan

• Ensure service excellence • Demonstrate management excellence • Ensure corporate effectiveness • Ensure organizational competencies are in place

to implement the business plan

Performance Measures

Community Investment (% Pretax)

Volunteer Time Hours

Employee Engagement Cultural Assessment

Net Promoter Score %

Deposit Growth %

Loan Growth %

Operating Return on Average Assets % Total Capital to Risk Weighted Assets % Delinquency %

Efficiency Ratio Audit Reports (Rating)

Culture, People & Community

Member & Client Solutions

Organizational & Financial Strength

Business & Management Processes

Actual

2.56%

5392

4.33

40.6%

7.21%

6.30%

0.91%

11.87%

0.24%

73.47%

Acceptable

Target

3.00%

5500

4

33%

7%

7.30%

0.75%

11.25%

<.75%

76.23%

Acceptable


Growth Cornerstone Credit Union ended December 31, 2014 with on book assets of $910 million compared to $855 million in 2013, representing growth of 6.51%.

Total assets under administration by the Credit Union at December 31, 2014 were approximately $1.126 billion, representing annual growth of approximately 6%. This includes on book assets, wealth management assets, credit union owned investments managed through our branch of Credential Securities and interest rate swaps. Off book wealth management assets grew at an annual rate of 10% to $154 million and the notional value of interest rate swaps decreased from $65 million to $60 million.

Deposit GrowthThe Credit Union’s liabilities consist primarily of member deposits. Deposits totaled $812 million at December 31, 2014, an increase of 7% from prior year. Chequing balances grew with the introduction of our FreeStyle chequing product and members continued to direct funds to fixed length term deposits. In particular, REACH products and tax free savings accounts continued to generate growth and the Credit Union also attracted some larger commercial deposits in the year.

The Credit Union’s on book deposits are 100% guaranteed by the regulator of credit unions in Saskatchewan, Credit Union Deposit Guarantee Corporation (CUDGC).

Loan GrowthAccounting for just over 84% of total on book assets, loans amounted to $766 million at December 31, 2014; an increase of $45 million or approximately 6% over 2013. The following illustrations show the breakdown of our total loan portfolio by sector.

2014 FINANCIAL PERFORMANCE REVIEW

Loans amounted to

$766 million

a 6% increase from 2013

,$800M

$912M

$986M

$1066M

$1126M

2010

On Book Assets

2011 2012 2013 2014

$500M

$600M

$700M

$800M

$900M

$1000M

$1100M

O� Book Assets

$486M

$568M

$625M

$720M

$766M

2010 2011 2012 2013 2014

$200M

$400M

$600M

$800M

Agricultural Mortgage

Consumer Mortgage

Commercial Mortgage

Agricultural Non-Mortgage

Consumer Non-Mortgage

Commercial Non-Mortgage

$800M

$912M

$986M

$1066M

$1126M

2010

On Book Assets

2011 2012 2013 2014

$500M

$600M

$700M

$800M

$900M

$1000M

$1100M

O� Book Assets

$486M

$568M

$625M

$720M

$766M

2010 2011 2012 2013 2014

$200M

$400M

$600M

$800M

Agricultural Mortgage

Consumer Mortgage

Commercial Mortgage

Agricultural Non-Mortgage

Consumer Non-Mortgage

Commercial Non-Mortgage

Consolidated Loans By SectorAsset Growth


Credit QualityAs a credit granting organization, credit quality is a key risk management area of Cornerstone Credit Union. Despite the potential impacts of the ongoing financial crises and economic conditions, the Credit Union’s standard credit quality measures have remained very strong. Delinquency greater than 90 days was 0.24% of loans at December 31, 2014, a 0.08% increase from the prior year. This compares favorably to the levels anticipated by credit granting organizations and our peer group in Saskatchewan. The Credit Union monitors its exposure to potential credit losses and maintains both specific and collective loan allowances accordingly. Specific allowances are reviewed regularly by examining the individual loans and estimating the likelihood of realizing the full carrying value. Collective allowances are calculated using management’s judgment while considering current economic conditions and historical losses. The quality of the credit portfolio was also confirmed by both internal and external audit processes conducted in 2014.

LiquidityOne of Cornerstone Credit Union’s primary objectives is to prudently manage liquidity to ensure that the Credit Union is able to generate or obtain sufficient cash or cash equivalents in a timely manner and at a reasonable price, to meet commitments as they come due, even under stressed conditions.

The Credit Union maintains a liquidity plan in support of its liquidity policy and regulatory guidance. The liquidity plan undergoes regular reviews and is approved by the Board of Directors. As per the plan, the Credit Union maintains a stock of liquid assets while regularly measuring and monitoring its available liquidity, and performs stress tests to identify sources of potential liquidity strain. The Credit Union also maintains external borrowing facilities to complement its liquidity management process. An additional source of liquidity for the Credit Union is the sale of mortgage pools under the National Housing Authority Mortgage Backed Securities (NHA MBS) program. During 2014, one issuance was completed under the NHA MBS program. This increased the Credit Union’s securitization

debt balance to $16 million at December 31, 2014 compared with $14 million at the end of 2013.

The Credit Union’s liquidity is measured by an operating liquidity ratio which considers projected cash inflows as a percentage of projected cash outflows. With careful management, the liquidity ratio has increased in 2014, even though our loan to asset ratio has remained high. At December 31, 2014, the ratio was 56%; for 2013 fiscal year end it was 19%. Throughout 2014, loan demand was funded primarily by deposits from Credit Union members and, to a lesser extent, by maturing investments and the additional issuance under the NHA MBS program. Throughout the year, the Credit Union maintained a line of credit with SaskCentral in the amount of $15 million to manage clearing and settlement and unforeseen funding needs and an additional $10 million revolving credit facility with Concentra Financial. To ensure that all our members’ short term financing needs could be funded, late in 2014 Cornerstone negotiated a temporary extension to the SaskCentral line of credit to $25 million. This extension expired January 31, 2015. At December 31, 2014 none of these credit facilities were in use.

Cornerstone’s liquidity position was lower at the end of 2014 than would be acceptable on a long term basis. Although higher than at the end of 2013, Cornerstone’s liquidity position remains below our ideal target and is something that will continue to be carefully managed in the coming year, especially given the intent to maintain a relatively high loan to asset ratio. The Credit Union will continue to focus on strategy to grow its deposit base at a faster rate than it grows loans.

Capital ManagementOne of the primary measures of financial strength of any financial institution is its capital position. Credit unions measure capital adequacy using both risk-weighted and leverage tests.

Credit unions operate in a highly regulated environment where CUDGC sets regulatory guidelines to which credit unions must adhere. The standard segregates between two types of capital – tier 1 and tier 2, with tier 1 capital being the primary capital and

having the highest quality. The standards require that each credit union hold a minimum common equity tier 1 capital ratio of 4.5% of risk weighted assets, a total tier 1 capital ratio of 6.0% of risk weighted assets and a total eligible capital ratio of 8.0% of risk weighted assets. Starting in 2016, CUDGC will also require a further 2.5% buffer to be added to each of the risk weighted measures – effectively increasing the minimum requirement by 2.5% for each individual ratio. In addition, credit unions are currently required to maintain a minimum ratio of 5% for total eligible capital (eligible capital divided by total assets), with total assets adjusted for deductions from capital and the addition of certain off balance sheet items. There is no increase regulated for this measure in January 2016.

Cornerstone exceeded the statutory requirements with both a common eligible tier 1 capital ratio and total tier 1 capital ratio of 10.38%, compared with 9.41% in 2013, a total eligible capital ratio of 11.87% compared with 10.94% in 2013 and a capital leverage ratio of 7.99% compared with 7.52% in 2013. In addition to the standards prescribed by CUDGC, the Credit Union also undertakes an internal capital adequacy assessment process (ICAAP) quarterly. The ICAAP helps credit unions determine the amount of capital they should hold for their specific risk profiles. Cornerstone’s December 2014 ICAAP suggests that, at this time, it would be prudent to hold an additional 1.58% of capital above the regulatory minimum plus buffer, for a total eligible capital ratio of 12.08%. Cornerstone is working toward building the additional capital suggested appropriate by its ICAAP. Over time the additional capital suggested by ICAAP will change.

Cornerstone Credit Union manages capital in accordance with its capital management plan and Board approved capital policies, both of which are reviewed on a regular basis. The capital plan is developed in accordance with the regulatory capital framework and is regularly reviewed and approved by the Board of Directors. Capital is managed in accordance with the capital plan with a goal to achieve and exceed regulatory minimums, maintain an optimal level of capital, meet operational requirements, absorb unexpected losses,


implement long term strategic plans and signal financial strength.

The Credit Union relies on profitability to grow its capital position and holds the majority of its total capital in retained earnings. Both balance sheet growth and profitability affect the Credit Union’s capital ratios. The Credit Union retains a portion of its annual earnings in order to meet its capital objectives. Once these capital objectives are met, additional earnings may be allocated to members through the Credit Union’s member equity program. Member equity accounts are included in the determination of capital adequacy for internal and regulatory purposes; however, member equity accounts are now included as tier 2 capital. As a result of the change in its status from tier 1 to tier 2 capital, Cornerstone

reviewed its member equity program in 2014 and determined the need to put a hold on the program to allow Cornerstone to build up its capital to reach the level suggested appropriate by ICAAP. The intent is to review the program over the next two years to ensure it will meet the ongoing needs of both the Credit Union and the members. The risk to the Credit Union that member equity will at some point be no longer considered capital will also be assessed and considered during the review of the member equity program.

ProfitabilityIncome before allocations (Income Tax & Member Patronage) and other comprehensive income for the year was $7.4 million, an increase from $6.9 million in 2013. For 2014 our return

on assets before income tax and patronage allocations was 0.82%, compared to 0.81% in 2013.

Gross Financial Margin Includes total interest revenue less total interest expense. For 2014, financial margin was 2.83% compared to 2.90% in 2013.

The Credit Union’s profitability is largely dependent on interest margins. The Credit Union continues to be asset-sensitive, which ultimately means that profitability will increase as interest rates rise. As discussed above, the interest rate environment in Canada holds a large degree of uncertainty at this time. It is expected that interest rates will not rise until sometime into 2016; however, it is uncertain if rates will fall further in mid-2015.

10.38% 10.38%

11.87%

8.0%

COMMONEQUITY

TIER 1

TOTALTIER 1

TOTALELIGIBLE

LEVERAGE(NON RISK

WT’D)

2%

4%

6%

8%

10%

12%

Cornerstone Capital

Minimum Standard

Regulatory Requirements:

Bu�er Requirement

2014 Capital Measures

$4.2M

$5.1M

$5.8M

$6.9M

$7.4M

2010 2011 2012 2013 2014

$1M

$2M

$3M

$4M

$5M

$6M

$7M

$53.5M

$59.3M

$63.9M

$68.8M

$75.2M

2010

Retained Earnings

2011 2012 2013 2014

$30M

$40M

$50M

$60M

$70M

$80M

Member Equity

Retained Earnings (Including Contributed Surplus and Member Held Equity)

Income Before Allocations


Other Income Includes fixed asset revenue, commissions and service charges as well as gross commissions from real estate subsidiaries. Non-interest revenue ended 2014 at $5.4 million compared to $7.0 million in 2013. The decrease in other income relates primarily to the sale of our real estate subsidiaries as well as to the reduction of service fee income resulting from the early 2014 introduction of the FreeStyle chequing account. As a percentage of assets, non-interest revenue dropped from 0.82% in 2013 to 0.59% in 2014. The Credit Union anticipates that 2015 non-interest revenue will approximately equal the results from 2014; however expects that a decline in non-interest revenue as a percentage of assets will occur due to balance sheet growth.

Operating ExpensesIncludes various operating expenses such as personnel, occupancy, security, governance, community development and general business. Operating expenses ended 2014 at 2.60% of assets or $23.6 million compared to 2.89% of assets or $24.7 million in 2013. Personnel costs decreased year over year by approximately $1 million. Salary levels increased for cost of living adjustments; however, efficiencies and the sale of the real estate subsidiaries allowed the staff complement of the Credit Union to shrink somewhat in 2014. Cornerstone expects 2015 personnel costs to be slightly lower as a result of continued efficiencies. Member security costs increased slightly as a function of growth and are expected to increase in 2015 for the same reason. As deposits and membership grow, the fees assessed to ensure the overall health of the Saskatchewan credit union system also grow. Organization costs were slightly higher in 2014 than in 2013, as a result of increased training for Board members. Costs in this category are anticipated to increase in 2015 as a result of the collaboration agreement among Cornerstone, Conexus, Innovation and Synergy credit unions. Occupancy costs showed a slight increase over 2013, mainly as a result of the completion of the addition to the Yorkton building, offset somewhat by the sale of the real estate subsidiaries. Occupancy costs are anticipated to increase in 2015 as the Yorkton addition will be in use for the

full year and property tax increases are expected. The slight decrease in general business cost resulted primarily to the sale of the real estate subsidiaries. Cornerstone anticipates that increased technology costs and depreciation costs will drive general business costs somewhat higher in 2015.

Income Tax Expense The 2013 federal budget removed a special deduction for credit unions over a five year phase in period for current taxes payable. The impact will be to increase the Credit Union’s tax rate over that five year period. Therefore, a higher percentage of earnings were expensed as tax in 2014 than in prior years. The provincial government determined that it was appropriate for credit unions to continue to receive the special deduction due to the significant role they play in their communities and the difference in their business models in comparison to other financial institutions. As a result, the impact of the change in tax structure will not be as dramatic as it would have been if the provincial government had decided to follow the federal government’s position.

ENTERPRISE RISK MANAGEMENT

Each year Cornerstone Credit Union spends significant resources measuring and assessing risks and ensuring we are adequately prepared to serve our communities now and in the future. This process is called enterprise risk management (ERM) and is mandated by CUDGC as a requirement of all credit unions in Saskatchewan.

As a financial institution, Cornerstone Credit Union is exposed to a variety of risk. Risk is the downside that exists in almost every component of the Credit Union’s activities. Risk represents the potential negative impact to the Credit Union’s ability to achieve important goals. Risk can also cause financial loss and harm to a credit union’s reputation. Managing, or appropriately balancing, risk with business opportunities is the top priority for the Board of Directors and Management of Cornerstone Credit Union. Building sound policies and operational

processes, risk based audit practices and capital and liquidity management strategies, all supported by strong human resources, is the heart of our strategic objectives. The following risk categories form part of the Credit Union’s overall ERM approach:

Credit Risk Cornerstone Credit Union is exposed to credit risk, which is the risk of financial loss resulting from a borrower or counterparty’s inability to meet its obligations. Due to the relative size of our internal loan portfolio, the majority of this risk derives from our direct lending activities. We are also exposed to credit risk through our holdings of investment securities, derivatives and purchased loans (credit product purchased, but not administered by the Credit Union).

Lending and credit risk management is performed in accordance with approved policies, procedures, standards and controls. The Executive Credit Committee oversees credit risk exposure and management. Risk concentration limits have been designed to reflect our risk tolerance. Surplus liquidity is invested in accordance with investment policy and regulatory approved investment criteria. Credit risk is further mitigated through in-depth and ongoing training of loans personnel and independent adjudication of larger, potentially higher risk loan applications and regular monitoring and reporting.

The Credit Union’s credit portfolio and lending practices undergo regular and ongoing independent assessment through external audit, internal audit and regulatory reviews. Reports are provided to Management directly and the Board of Directors through the Audit and Risk Committee (ARCO).

Liquidity RiskLiquidity risk is the risk of having insufficient cash resources or equivalents to meet demand for loans or depletion of deposits. Liquidity risk arises from general funding activities and through managing assets and liabilities. The Credit Union’s liquidity risk management strategies seek to maintain sufficient liquid resources to continually fund our balance sheet commitments and to ensure we can meet


the day to day cash needs and growing loan demands of our members.

Liquidity risk management requirements are defined by policies and regulatory standards and limits. The Asset Liability Management Committee (ALCO) and the finance team oversee liquidity risk exposure and management.

Cornerstone’s liquidity risk management framework operates under approved policies and processes. We monitor actual and anticipated inflows and outflows of funds daily. We assess the adequacy of liquidity using potential outflow modeling and stress testing and report results to Management monthly and to the Board of Directors quarterly through the ARCO. We hold a portfolio of liquid assets and have established borrowing facilities with SaskCentral and Concentra Financial. We also research, make recommendations and enter into alternative sources of funding when appropriate.

Market RiskMarket risk is the risk that financial position or earnings will be adversely affected by changes in market conditions such as interest and foreign exchange rates. Cornerstone’s market risk arises primarily from movements in interest rates.

The Credit Union employs comprehensive management processes around our market exposures and risk taking activities. We have defined policy around numerous risk measures which we actively monitor and upon which we regularly report to the ALCO, the ARCO, the Board of Directors and system regulators. We employ dynamic modeling and income simulation for scenario and stress testing based on changes in interest rates. We implement mitigation strategies, including the use of interest rate swaps, where and when deemed necessary to strategically manage risks.

Strategic RiskStrategic risk is the risk that adverse decisions, ineffective or inappropriate business plans or failure to respond to changes in the competitive environment, customer preferences, product obsolescence or resource allocation will impede the ability of the Credit Union to meet its business objectives. The

Credit Union has formal planning processes which result in a strategic business plan and a balanced scorecard that focus on strategic objectives. The Credit Union also uses a comprehensive reporting process to monitor performance relative to plans.

Operational RiskOperational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or external events. Exposure to this risk arises from deficiencies in internal controls or employee integrity, technology failures, human error or natural disasters.

Operational risk is managed through the use of policies and procedures, controls and monitoring. The Credit Union mitigates operational risk through internal audit programs, business continuity planning, appropriate insurance coverage and secure technology solutions.

Legal and Regulatory RiskLegal and regulatory risk is the risk of loss arising from potential violation of, or nonconformance with, laws, rules, regulations, prescribed practices, or ethical standards.

Cornerstone Credit Union operates in a heavily regulated environment. Our structure, policies, and procedures aid us in complying with laws and regulations. Compliance managers are in place to manage and report on compliance on a regular basis. We also undergo regular review by internal, external and regulatory audit.

Capital RiskCapital risk is the risk that the Credit Union maintains insufficient capital to satisfy regulatory requirements, absorb unexpected losses, implement long term strategic plans and signal financial strength. Capital levels can be negatively impacted by high levels of growth, accompanied by insufficient profitability to sustain adequate capital or through losses incurred in any of the other key risk areas.

In the event that a credit union does not maintain adequate capital, the regulator, CUDGC, can intervene and oversee the operations of that credit union to ensure capital adequacy is restored.

The Credit Union maintains a capital management plan and establishes capital policies to ensure capital adequacy is maintained. Capital measures are regularly reported to and reviewed by the ALCO, the ARCO and the Board of Directors. Annual and long term operating forecasts are developed and reviewed regularly with results stress tested and compared to capital plans and policies to ensure proactive management and capital planning is ongoing. The Credit Union’s operations undergo regular independent assessment through external audit, internal audit and regulatory reviews to ensure that key risks are being mitigated and any potential impacts to capital are reported accordingly.

Summary We are proud of the accomplishments of Cornerstone Credit Union throughout 2014. We evolved as an organization through innovative product and service offerings, improved technology and finding efficiencies within our credit union. With heightened competition and the low cost margin environment we are facing, we continue our commitment to grow our organization and expand service to our members. Through collaboration we will work together with our partner credit unions for the benefit of all stakeholders of Cornerstone.

Thank you to our Board of Directors and Staff for the commitment and hard work put forth over the past year. We also wish to acknowledge and show appreciation to our members for their continued support as our organization evolves. We look forward to meeting all of your financial needs in the future.

Managing, or appropriately balancing, risk

with business opportunities is the top priority for the Board &

Management of Cornerstone

Credit Union.


Credit Union Market CodeCornerstone Credit Union voluntarily adheres to the Credit Union Market Code. This code has been jointly developed by Saskatchewan credit unions, SaskCentral and Credit Union Deposit Guarantee Corporation to ensure the protection of credit union members. The code sets forth guidelines for the following areas:• Complaint handling, which outlines the

process for dealing with all complaints regarding the service, products, fees or charges of Cornerstone Credit Union.

• Fair sales by outlining the roles and relationship of staff to all member/clients and in accordance with the financial services agreement.

• Financial planning process to advise member/clients on the risks and benefits associated with financial planning services.

• Privacy to protect the interests of those who do business with Cornerstone Credit Union. Privacy is the practice to ensure all member/client information is kept confidential and used only for the purpose for which it was gathered.

• Professional standards to preserve a positive image of Cornerstone Credit Union among our members, clients and communities.

• Capital management to ensure our capital structure aligns with our risk philosophy.

• Financial reporting to adhere to business and industry standards.

• Governance practices to adhere to the intent and stipulation of our corporate bylaws, which are approved by the membership of Cornerstone Credit Union.

• Risk management to ensure all risks are measured and managed in an acceptable fashion.

Co-Operative PrinciplesAs a true co-operative financial institution, Cornerstone Credit Union acts in accordance with internationally recognized principles of co-operation:

Voluntary and Open Membership Co-operatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.

Democratic Member ControlCo-operatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co-operatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organized in a democratic manner.

Member Economic ParticipationMembers contribute equitably to, and democratically control, the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing their co-operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co-operative; and supporting other activities approved by the membership.

Autonomy and IndependenceCo-operatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co-operative autonomy.

Education, Training and Information Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co-operatives. They inform the general public – particularly young people and opinion leaders – about the nature and benefits of co-operation.

Co-operation among Co-operativesCo-operatives serve their members most effectively and strengthen the co-operative movement by working together through local, national, regional and international structures.

Concern for CommunityCo-operatives work for the sustainable development of their communities through policies approved by their members.

Auditors’ Report on Summarized Financial Statements to the Members of Cornerstone Credit Union Financial Group Limited.


REPORT OF THE INDEPENDENT AUDITORS’ ON THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

To the Members of Cornerstone Credit Union Financial Group Limited,

The accompanying summary consolidated financial statements of Cornerstone Credit Union Financial Group Limited and its subsidiary, which comprise the summary consolidated statement of financial position as at December 31, 2014, the summary consolidated statements of income and comprehensive income, changes in members’ equity and cash flows for the year then ended are derived from the audited consolidated financial statements of Cornerstone Credit Union Financial Group Limited for the year ended December 31, 2014. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated February 12, 2015.

The summary consolidated financial statements do not contain all disclosures required by International Financial Reporting Standards. Reading the summary consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of Cornerstone Credit Union Financial Group Limited.

Management’s Responsibility for the Summary Consolidated Financial StatementsManagement is responsible for the preparation of a summary of the audited consolidated financial statements in accordance with International Financial Reporting Standards.

Auditors’ ResponsibilityOur responsibility is to express an opinion on the summary consolidated financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements.”

OpinionIn our opinion, the summary consolidated financial statements derived from the audited consolidated financial statements of Cornerstone Credit Union Financial Group Limited for the year ended December 31, 2014 are a fair summary of those consolidated financial statements, in accordance with International Financial Reporting Standards.

February 12, 2015800 - 119 4th Avenue SouthSaskatoon, SaskatchewanS7K 5X2

Chartered Accountants

Full financial statements can be obtained upon request from any branch of Cornerstone Credit Union or by visiting cornerstonecu.com


2014 2013 As at December 31 ($ thousands)

Assets

Cash and cash equivalents 18,442 321

Investments 106,388 117,911

Member loans receivable 765,838 720,355

Other assets 2,149 1,464

Property, plant & equipment 16,760 13,844

Intangible assets 812 634

Goodwill - 179

910,389 854,708

Liabilities

Loan payable - 8,000

Member deposits 811,958 757,574

Securitization debt 16,424 14,175

Other liabilities 6,783 6,093

Membership shares 8,688 8,839

843,853 794,681

Members’ equity

Retained earnings 63,812 57,392

Contributed surplus 2,379 2,379

Accumulated other comprehensive income 345 256

910,389 854,708

A full set of audited financial statements is available from the Credit Union.

SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION


2014 2013 Year Ended December 31 ($ thousands)

Interest income 35,614 33,921

Interest expense 9,836 9,131

Gross financial margin 25,778 24,790

Provision for impaired loans 50 191

Net financial margin 25,728 24,599

Other income 5,353 7,006

Net interest and other income 31,081 31,605

Operating expenses 23,643 24,704

Patronage refund - 1,017

Income before income taxes 7,438 5,884

Provision for income taxes 1,018 831

Net income 6,420 5,053

Total other comprehensive income (loss), net of tax 89 (349)

Total comprehensive income 6,509 4,704


SUMMARY CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME


Year Ended December 31 ($ thousands)

Accumulated Other Retained Contributed Comprehensive Earnings Surplus Income Total

Balance December 21, 2012 52,339 2,379 605 55,323

Net income for the year 5,053 - - 5,053

Other comprehensive loss - - (349) (349) for the year


Net income for the year 6,420 - - 6,420

Other comprehensive income - - 89 89 for the year



SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY

2014 2013

Year Ended December 31 ($ thousands)

Cash flows provided by (used in) the following activities:

Operating activities 8,553 6,763

Financing activities 47,949 42,910

Investing activities (38,381) (85,084)

Increase (decrease) in cash and cash equivalents 18,121 (35,411)

Cash and cash equivalents, beginning of year 321 35,732

Cash and cash equivalents, end of year 18,442 321


SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS

cornerstonecu.com

Documents

Cornerstone Credit Union 2014 Annual Report