Values Vision People Community€¦ · Kelly Dollemont, Administration Officer Denise Furze , Administration Officer Lyndsey Haevens, Administration Officer Jessica Foote, Administration

Our core foundationValues

We will be a leader that enriches the lives of our

members, employees, and the communities we

serve.

A shared aspiration Vision

We are a progressive, member-driven provider of quality financial ser-

vices to the citizens of our communities.

Why we existMission

Community We accept our responsibility for the economic

social well being of our communities.

Integrity Integrity will guide our business practices and our relationships with our employees, our members

and our communities.

People Simply Said - People First

Accountability We choose to be accountable for our actions.

Excellence We strive for excellence in all we do through

innovation, education and continuous improvement.

Our Staff ......................................................................................................................... 3

Board of Directors............................................................................................................ 4

Chair & CEO’s Report ..................................................................................................... 5

Audit Committee Report ................................................................................................... 7

5-Year Key Results ......................................................................................................... 8

Community Involvement ................................................................................................. 10

Celebrations & Awards ...................................................................................................17

Management’s Responsibility for Financial Statements .....................................................18

Advance Savings Annual General Meeting Minutes - April 16, 2019 ............................... 19

Recommendations of the Board of Directors ................................................................... 24

2 | Advance Savings Credit Union Annual Report 2019

TABLE OF CONTENTS

Our Staff

Our Staff ......................................................................................................................... 3

Board of Directors............................................................................................................ 4

Chair & CEO’s Report ..................................................................................................... 5

Audit Committee Report ................................................................................................... 7

5-Year Key Results ......................................................................................................... 8

Community Involvement ................................................................................................. 10

Celebrations & Awards ...................................................................................................17

Management’s Responsibility for Financial Statements .....................................................18

Advance Savings Annual General Meeting Minutes - April 16, 2019 ............................... 19

Recommendations of the Board of Directors ................................................................... 24

Advance Savings Credit Union Annual Report 2019 | 3

Petitcodiac BranchMaxine Rice, Branch ManagerCora Kaye, Loans OfficerDonna Thompson-Dalling, Customer Service SupervisorCarrie Paterson, Customer Service Representative IIMargo Marshall, Customer Service RepresentativeShawna Collins, Customer Service RepresentativeNatalie Corey, Customer Service Representative

Rexton BranchDonna Jones, Branch ManagerPauline Whalen, Loans OfficerTanya Hannay, Customer Service SupervisorFaye Arsenault, Customer Service RepresentativeDarlene Mourant, Customer Service RepresentativeJan Parkhill, Customer Service Representative

Weldon BranchCathy Darland, Branch & Community Engagement Manager Tracy Henderson, Assistant Branch ManagerDebi Little, Loans OfficerJoyce Babkirk, Loans OfficerSueann Robichaud, Customer Service Representative IIShelley Farrell, Customer Service RepresentativeMary Lou Warren-Lewis, Customer Service RepresentativeJuli Lackie, Customer Service RepresentativeApril Hansen, Customer Service Representative

Administration & Corporate Office Derek Ellard, Chief Executive OfficerCathy Leger, Vice President; Finance & AdministrationJustin Mury, Manager, OperationsJeff Melvin, Manager, Information TechnologyChristina Ellard, Training/Administration Co-ordinatorJohanne Robertson, Compliance OfficerLisa Bourque, Administration OfficerShelley Mackinnon, Loans Administration Officer Kelly Dollemont, Administration OfficerDenise Furze , Administration OfficerLyndsey Haevens, Administration OfficerJessica Foote, Administration Officer

Commercial DepartmentDon Bourque, Senior Director, Commerical BankingMike Crofts, Senior Commercial Account ManagerNick Landry, Senior Commercial Account ManagerMarc Bourque, Commercial Account ManagerVicky Barton, Commercial Credit Assistant

Riverview BranchCathy Darland, Branch & Community Engagement Manager Arlene Steeves, Assistant Branch ManagerAnn Walters, Loans OfficerCarolyn Collier, Customer Service SupervisorJudy Lounsbury, Customer Service SupervisorLisa Kaster, Customer Service RepresentativeKristina Petten, Customer Service RepresentativeNatalie Moase, Customer Service RepresentativeSharon Cooper, Customer Service Representative

TABLE OF CONTENTS OUR STAFF

Chair & CEO’s Report

2019 Board of DirectorsAdvance Savings Credit Union Limited continues to have the privilege of having an incredibly dedicated, hardworking and supportive Board. We would like to take this opportunity to thank and acknowledge all members of the Board that helped guide us in 2019. We had another successful year and they are a key part of that success. You will find listed our Board members for year end 2019 along with a couple of photos of our newest directors rolling up their sleeves and volunteering with staff to serve Christmas dinner to the entire student population at Edith Cavell School. Just another example of our directors’ impact to our organization and our communities.

4 | Advance Savings Credit Union Annual Report 20184 | Advance Savings Credit Union Annual Report 2019

BOARD OF DIRECTORS

Ryan GillespieBoard Member since April 2018

Dean Martin Board Member

Lindsay BrownBoard Member since April 2018

Stephen Crawford Served on the Board of PSE Credit Union in 2009, and on the Board of Advance Savings from 2010 to 2018 Re-elected in 2019 for a 1 year term Member of the Audit Committee

Barry Spence Board Member since April 2019

Anthony Goodwin

Board Member since April 2014. Chair of the Board and member of Audit Committee

Benjamin Allerston Board member since 2017. Vice Chair of the Board, and Chair of Audit Committee

Garry Miles

Board Member since April 2019. Secretary of the Board and Member of Audit Committee

On behalf of the Board of Directors, management and staff, we are pleased to present the 2018 Annual Report for Advance Savings Credit Union.

Advance Savings’ Board of Directors and employees believe that our continued success rests in maintaining our commitment to member service excellence –making a positive impact on our members’ lives through proactive, needs-based advice and financial solutions. This means really understanding what our members need and want by having more meaningful conversations, listening carefully and providing professional advice to help members set and reach their financial goals.

Financially, 2018 was not only another strong year for Advance Savings Credit Union, it was another record year. Our assets surpassed the $170 million mark, representing growth of $4.9 million (3.0%). Our loan portfolio grew by $2.3 million (adjusted for a $4.5 million 7 day bridge loan at the end of 2017), and our member deposits grew by an additional $3.8 million. We once again achieved tremendous growth in our retained earnings of 19% in 2018, and our equity position improved from 5.20% to 5.75%. Our total assets per member improved by 4% to $20,392 and our total business volume per member improved by an additional 2.1%. Of course the highlight of the year was our 3rd consecutive year with a record surplus. Our pre-tax surplus for 2018 was 72 basis points, up from 55 basis points in 2017. This represents a pre-tax surplus of $1.2 million, a 33% improvement from 2017.

Over the past 5 years, the loan portfolio has increased by $15.3 million or 12%. Growth in this highly competitive

environment continues to be a priority for Advance Savings as it strives to grow its core business while maintaining an acceptable level of risk. Our total write-offs in 2018 were $238,000 or 0.17%, well below the benchmark of 0.25% and among the best in all Atlantic Canada. Our overall delinquency at the end of the year was 0.140%, an improvement from 2017 of 0.294 and remains well below the industry benchmark of 1%. These results clearly represent the quality of business we are writing. Having said that, bankruptcies are on the rise, not only in New Brunswick but Nationally, so we will continue to monitor delinquency to mitigate loan defaults and losses wherever possible. This will continue to be a main area of focus going forward, particularly given the high household debt in the market and rising interest rates. Advance Savings Credit Union will closely monitor and manage capital and liquidity. We are proud to continue to be a sound financial institution offering support and expert advice to meet member needs.

We are certainly very pleased with the financial successes we have achieved but equally important to us is to ensure that we stay true to our vision to enrich the lives of our members, employees and the communities we serve. Our community leadership continues to be a priority for Advance Savings Credit Union. Sharing our success with our members and the communities we serve remains a major focus in everything we do. In 2018 Advance Savings Credit Union contributed more than $65,000 in bursaries, fundraising, corporate donations, promotions and sponsorships for organizations and people in need. We support literacy programs in schools, breakfast programs, providing financial literacy education to youth, coaching and mentoring in youth programs just to name


BOARD OF DIRECTORS CHAIR & CEO’S REPORT

a few. Advance Savings Credit Union contributed 5.5% of pre-tax profits back to our communities, well above the industry best standard of 1%.

The financial services sector continues to experience change at a relentless pace with tremendous pressure to keep up or be left behind. It is extremely important that we continue to invest in robust products and services, technology and security for our evolving member needs. Our success is a key enabler for Advance Savings Credit Union to be able to make the necessary investments to meet those needs. Having said that, we can not do it alone, we must continue to work together with not only the Atlantic Credit Union system but also the National system to achieve the economies of scale needed to make the necessary investments in the latest products and technology. More than any other time in our history, the importance of credit unions working together can not be understated. CCUA and Atlantic Central have put a tremendous amount of effort into working together as a system over the last several years and that has paid tremendous dividends.

Looking into the future, technology will continue to impact our business. It is a delicate balancing act to try to manage the needs of our existing members while anticipating the needs of an entirely different generation of new members. Rest assured technology will continue to impact our industry; however, we remain dedicated to being there with the human touch to help you achieve your financial goals. We will not lose sight of our past and what contributed to our success and made us what we are today.

During the past year, we have worked very hard to improve the member experience in an effort to increase member satisfaction. Once again, our members supported Advance Savings Credit Union with their business. On behalf of the staff, management and Board of Directors I would like to thank the members for their loyal patronage. We are only successful due to your continued support.

I would also like to thank our talented and dedicated staff for their tireless work in the face of never ending change in our industry. You continue to exceed expectations, as evidenced by our expanded member relationships and ever increasing business volumes per member.

I would like to also recognize and thank our Board of Directors for their continuous attention to the business of Advance Savings Credit Union. The guidance and support of the Board happens behind the scenes and often goes unrecognized. I sincerely appreciate that our Directors eagerly accept the challenge of an increasing workload that comes with a growing credit union. There is an increasing regulatory environment that needs to be analyzed, managed and deployed. This takes dedication and long hours. The Board’s guidance is crucial in Advance Savings maintaining its focused and successful path.

Advance Saving Credit Union Annual Report 2012 | 5 6 | Advance Savings Credit Union Annual Report 2019

CHAIR & CEO’S REPORT CONTINUED

Advance Saving Credit Union Annual Report 2012 | 5

ACCOUNTABILITY We choose to be accountable for our actions.The Audit Committee’s principal role is the make certain that due diligence is directed toward ensuring that an effective risk management and control framework has been implemented by management in accordance with Credit Union Regulations. The Audit Committee receives direct reporting from Senior Management and is responsible for monitoring the risk management framework and making recommendations to the Board regarding acceptable levels of risk. The committee is also responsible to provide oversight to the external and internal audit process and the adequacy of internal controls. The Committee confirms that effective internal practices are in place and ensures corrective measures are taken to address any deficiencies identified in audit reports.

This framework is to provide reasonable assurance that the financial, operational and regulatory objectives of the Credit Union are achieved and that governance responsibilities of the board and management are met. The committee undertakes responsibility for the oversight of the design and implementation of the internal controls to support the risk management, the integrity of financial reporting, and compliance with regulatory matters.

The committee received the financial statements that you see before you from our external auditors (AC Stevenson & Partners Inc.). The auditors were questioned in depth on a number of items and questions asked, were answered to our satisfaction. An “in camera” session was held with

the auditors, without management present. The financial statements and the accompanying notes to the financial statements were recommended to the board for approval by the committee. Board approval was given.

The Audit Committee met 10 times in 2019 and has fulfilled its mandate and we look forward to the coming year. The audits (RMA and AC Stevenson & Partners PC Inc.) that were conducted in 2019 brought very little of a material content to the committee’s attention and we are satisfied that the internal policies and procedures are effective and working well. The priority moving forward will be to continue to work with management, with profitability through growth and cost management being key issues, along with future partnerships with other Atlantic Credit Unions

Respectfully submitted,

Benjamin AllerstonChairOn behalf of the Committee


CHAIR & CEO’S REPORT CONTINUED AUDIT COMMITTEE REPORT

Market & Credit Risk Report5-YEAR KEY RESULTS


5-YEAR KEY RESULTS

Market & Credit Risk Report

Advance Savings Credit Union Annual Report 2018 | 7 Advance Savings Credit Union Annual Report 2019 | 9

5-YEAR KEY RESULTS

Community Involvement


Riverview 2019 Sponsorships:

Riverview Boys & Girls ClubSalisbury Legion Ladies Diamond Ring DinnerFord Country Club Father’s Day Show & ShineForest Glenn School - Motivation CelebrationClaude D. Taylor School – End of Year Field DaySouth East Foster Family Association Summer BlastRiverview Fire & Rescue Safety NetAlbert County ExhibitionSt. Paul’s United ChurchAlbert County Christmas AidPort Elgin SchoolWest Riverview SchoolSalisbury Elementary SchoolPRO KidsRiverview Town Brilliance Christmas Lighting

Non Cash Support Given to:

PPT Casino NightJMA SchoolTeen TalksAnti Bullying DayPink Ribbon Cancer Support DayElder Abuse Awareness DayPlaid for Dad DayDing Free DayCanada DayCredit Union Day

COMMUNITY INVOLVEMENT



Rexton 2019 Donations and Sponsorships:Rexton Curling ClubAdvance Savings Credit Union Mixed BonspielViolence Prevention CentreUNB Saint John Global Brigades TeamKent Suicide Prevention CommitteeRexton Mental Health Awareness CommitteeRichibucto Scallop FestivalRexton HomecomingRoyal Canadian Legion Branch 30 Cross in Memory of all VeteransNB Lung AssociationSanta’s Helpers of KentKent County Food BankEWG Food Services Turkey Dinner for all students at EWG and BLMSTargettville Recreation Center With funds raised by staff and members from the Book Room we have given to:Rexton Mental Health Awareness CommitteeSanta’s Helpers of KentKent County Food BankEWG Food Services Turkey Dinner

Non-cash support given to:Rexton Lions Club Annual Ladies Night

Aldouane Center Seasonal Dart League

EWG Student Appreciation Week

Kent County Committee of Ducks Unlimited

Ladies Auxiliary Royal Canadian Legion Harcourt

EWG Food Services Turkey Dinner


12 | Advance Saving Credit Union Annual Report 201112 | Advance Savings Credit Union Annual Report 2019

Petitcodiac Regional SchoolAnglican Parish of Havelock & SalisburyLady Barber BenefitPetitcodiac and District Figure SkatingSussex Pregnancy CenterKiwanis

Salisbury Legion Diamond Ring DinnerPetitcodiac Golf and Country ClubJMA Armstrong High SchoolPetitcodiac Historical Society/ Inspire FestivalMaritime Sports Hall of Fame

South Eastern Foster Family AssociationCommunities in BloomRun for the CureVillage of Petitcodiac ArenaWestmoreland County Agricultural FairRoyal Canadian Legion

Petitcodiac 2019 Donations and Sponsorships:

Staff raised money through their Loving Spoonful efforts and gave to:

Cancer SocietyPRS Skating ProgramDenin Day for CancerPetitcodiac Public LibraryPRS and Havelock Elementary Schools (purchased snowsuits and boot for 10 kids)

Goldini Tissera Petitcodiac Regional High School

Evan Couturier Riverview High School

Emme Warman Bonar Law Memorial High Shool

Sydney Allen J.M.A Armstrong High School

Carissa Geddes Moncton High School


Additional Donations & Sponorships:

2019 Little Rocks Curling JamboreeRiverview Arts CentreLight Up RiverviewCape Tormentine Beach Music Festival1st Moncton BPSA ScoutingChildren’s Make a Wish FoundationFood DepotMMHA Challenge CupRebecca Scofield Super Play Park

Advance Saving Credit Union Annual Report 2011 | 13 Advance Savings Credit Union Annual Report 2019 | 13

$2,000

Moncton - Weldon 2019 Donations and Sponsorships:

Hillcrest School Literacy Program Funds raised by staff to purchase books that are awarded to deserving students every month at the school assembly.

Edith Cavell School Christmas Dinner Funds raised by staff to purchase and serve Christmas dinner to every student in the school.

Edith Cavell Purchased and wrapped a hard covered book and gave to each student for Christmas.

Edith Cavell Literacy ProgramFunds raised by staff to purchase books that are awarded to deserving students every month at the school assembly.

Friends of the Jordon Life Care Centre FoundationPetitcodiac Historical & Inspire Festival

Moncton Christian Academy – Charity GolfSalisbury & Petitcodiac Boys and Girls Clubs

Queen Elizabeth SchoolJuvenile Diabetes Research Foundation

(on behalf of Rick Snyder)Goshen Snowmobile Club

Rotary Club of Moncton West and Riverview (In memory of Gary Cook)

Rotary Moncton West and Riverview Charity GolfDieppe AA Hockey


14 14

Moncton Fire Department

Community Safety Net

Pregnancy and Wellness Centre

Inspire – Queen Elizabeth School Mural

Petitcodiac Flyers

Hayden Henderson

JJ Happy Wanderer Fund

PPT Casino Night

JMA Graduation BanquetAdvance Savings Credit Union staff

delivered gifts cards and christmas wreaths to new home owners

as a way to say thank you for their business.

Moncton - Weldon 2019 Donations and Sponsorships:


Non Cash Support Given to:Harrison Trimble High School – Financial Presentations

Moncton High School – Financial Presentations

Teen Talk Presentation

Canada Day

Credit Union Day

Port Elgin Regional School

Food Depot Alimentaire

Rexton Mental Health Awareness

Kent County Food Bank PPT Casino Night

COMMUNITY INVOLVEMENT COMMUNITY INVOLVEMENT

Thank You Advance Savings

Petitcodiac Kids Skate Program


#Beccatoldmeto

Advance Saving Credit Union Annual Report 2015 | 1717 | Advance Saving Credit Union Annual Report 2011 Advance Savings Credit Union Annual Report 2018 | 15

Celebrations & Awards

15 Years of ServiceDerek EllardAnn WaltersKelly Dollemont

5 Years of ServiceShawna CollinsJan Parkhill

Other Awards Marc Bourque - FCUIC Designation (Fellow of the Credit Union Institute of Canada)

The Key to our Success: Our Valuable Employees

Employee talent, loyalty, and dedication are the foundation upon which every great company is built. Our employees provide

invaluable contributions to the success of our members and to Advance Savings’ growth as a leader in the financial services industry. Each year, Advance Savings recognizes employee

accomplishments and contributions by celebrating credit union service milestones from the past year.

EXCELLENCEWe strive for excellence

in all we do through innovation, education and continuous

improvement.

The following employees will be receiving service awards for their service as of Dec 31, 2019:


CELEBRATIONS & AWARDS

#Beccatoldmeto

Management is responsible for the preparation, presentation, and consistency of financial information and discussion contained in this Annual Report. The financial statements and accompanying notes, prepared in accordance with generally accepted accounting principles, are

considered by the board and management to be fairly presented. In preparing the financial statements, management has exercised judgement in the selection of significant accounting policies and the determination of reasonable estimates which are reflected therein.

Management has developed and maintains the necessary systems of internal controls to provide reasonable assurance that transactions are authorized, assets safeguarded, and proper records maintained.

The Audit Committee of the Board of Directors meets periodically with the Credit Union’s management and external auditors to review matters relating to the quality of financial reporting and internal accounting controls and nature, extent and results of the audits. In addition, this committee recommends the engagement of external auditors and reviews and reports on the Credit Union’s financial statements to the Board of Directors.

The Board of Directors oversees management’s performance of its financial reporting responsibilities and meets monthly to approve the Chief Executive Officer’s report containing the financial statements and other financial information. The Credit Union Risk Management Agency (RMA) conducts periodic inspections of Advance Savings Credit Union Limited to ensure compliance with the Credit Unions Act and Regulations.

Independent external auditors, appointed by the owners of the Credit Union, examine our financial state-ments in accordance with generally accepted auditing standards. The auditors have free and indepen-dent access to the Audit Committee and meets with the committee and with management to consider matters relating to financial statement presentation, internal controls, and audit procedures.

Anthony Goodwin, Derek Ellard,Chair Chief Executive Officer

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS


1. CALL TO ORDER

The 9th Annual Meeting of Advance Savings Credit Union Limited was held at Holiday Inn Express, 777 Mapleton Road, Moncton, NB,

on Tuesday, April 16, 2019. The meeting was called to order at 7:05 p.m. by Chair, Gerald Gogan.

2. DETERMINATION OF A QUORUM

The first order of business was confirmation of a quorum - As per Article 3, Section 8, Advance Savings Credit Union Limited by-laws,

“A number of members equal to the number of Directors plus five, constitutes a quorum”.The Chair declared a quorum present with 61

registered members in attendance.

3. APPROVAL OF AGENDA

It was moved by Nick Landry and seconded by Brian Ellard “THAT the Agenda be approved as presented”.Motion Carried

4. INTRODUCTIONS

The Chair welcomed board members and ASCU members to the 9h Annual Meeting of Advance Savings Credit Union Limited. The board

members were introduced and it was noted that three board members were absent from the meeting - Nancy Cail, David MacQuarrie

and Lindsay Brown. Andrew Boudreau of AC Stevenson & Partners was in attendance to present the Independent Auditor’s Report and

Statement of Financial Position of Advance Savings Credit Union as of December 31, 2018.

5. MINUTES – Annual General Meeting April 16, 2018

It was moved by Cathy Darland and seconded by Johanne Robertson “THAT the Minutes of the Annual General Meeting held on April 18,

2018 be approved as presented”.Motion Carried

6. REPORTS

a) Joint Report of Board President & Chief Executive Officer

Advance Savings Credit Union Limited Minutes: Annual General Meeting

MINUTES APRIL 16, 2019


20 | Advance Saving Credit Union Annual Report 2015

MOTION CARRIEDThe President, Jerry Gogan expressed his appreciation to all members of the Board of Directors and the Staff of Advance Savings Credit Union for their loyalty, hard work and dedication throughout the year.

b) Message from the CEO

Derek Ellard, CEO, gave words of welcome to board members, staff and guests. He expressed his appreciation of the staff who once again achieved excellent financial results for Advance Savings Credit Union, producing record results for the third year. Assets exceeded $170 Million which represented growth of $4.9 million (3.0%).

It was also noted that ASCU gave back 5.5% of the pre-tax profits to the communities we serve compared with an industry standard of 1%.

The Staff, ASCU membership, and Board of Directors were sincerely thanked for their dedication and loyalty.Motion Carried

c) The Audit Committee Report

David Greenwood, Chair of the Audit Committee explained the responsibilities of this Committee including oversight of the monthly results. The Committee continues to work with Management and Staff and reported that there were 10 Audit Committee Meetings held in 2018. He confirmed that the internal controls of the finances complied with the regulatory requirements.

It was moved by Nick Landry and seconded by Steve Crawford “THAT the CEO’s Report and the Audit Committee Report, for 2018 be received as presented”.

Motion Carried

FINANCIAL STATEMENTS

The Chair introduced Andrew Boudreau of AC Stevenson & Partners to present the Financial Statements as of December 31, 2018. It was noted

that these financial statements are the responsibility of the credit union management and it is AC Stevenson & Partners PC Inc. responsibility to

express opinion on the financial statements based on their audit.

The Management Staff and Senior Accounting staff were thanked for their co-operation and assistance in the preparation of the financial state-

ments.

Advance Savings Credit Union Annual Report 2018 | 2120 | Advance Savings Credit Union Annual Report 2019


Following the presentation of the financial statements, Andrew Boudreau offered to answer any questions relative to the statements.

There were no questions.

Nick Landry moved and Brian Ellard seconded a motion “THAT the Financial Statements of Advance Savings Credit Union Limited as of Decem-

ber 31, 2018 be accepted as presented.

Motion Carried

7. RECOMMENDATIONS OF THE BOARD OF DIRECTORS

a) Recommendation 1 - Appointment of Auditor for the 2019 fiscal year

It was moved by Nick Landry and seconded by Shelley MacKinnon, “THAT Recommendation 1 – Appointment for Auditors for 2019 be approved

as presented - the firm of AC Stevenson & Partners PC Inc be appointed as our auditors for the 2019 fiscal year”.

Motion Carried

b) Recommendation 2 - Appointment of Representatives to Atlantic Central Meetings

It was moved by Tracy Henderson and seconded by Steve Crawford “THAT the Board of Directors of Advance Savings Credit Union Limited be

empowered to appoint the representatives to any General meeting of Atlantic Central, or any Special meeting of the Atlantic Central”.

Motion Carried

8. REPORT OF THE NOMINATING COMMITTEE AND ELECTIONS

CEO Derek Ellard explained the process used to elect new members to the Board. He advised that Gerry Gogan, Nancy Cail, David MacQuarrie

and David Greenwood would be leaving the Board after many years of service. The CEO expressed his appreciation to these retiring Directors.

In compliance with Article 4 of Advance Savings Credit Union Limited By-laws, there were four vacancies on the Board of Directors. The following

MOTION CARRIED


22 | Advance Saving Credit Union Annual Report 2011

candidates offered for the available positions on the Board –

1. Steve Crawford 3. Nadine Gauvin

2. Garry Miles 4. Barry Spencer

Each candidate was offered time to speak but none chose to do so.

Gerry Gogan then called three times for further nominations from the floor. There being none the four candidates listed on the official ballot

were announced as members of the Board of Directors by acclamation. Moved by Brian Ellard and seconded by Brian Johnson.

Motion Carried

9. STAFF RECOGNITION

Presentations and expressions of appreciation were made to the following staff members in recognition of their years of service

5 Years Service

Carolyn Collier

Other Awards:

Nick Landry – Credit Business Course, CU Source – Completed with Honours.

David MacQuarrie – completed the Director Accreditation Course.

Door Prizes were presented by Christina Ellard and Cathy Leger.

MOTION CARRIED

25 Years Service

Pauline Whalen

10 Years Service

Christa Sceles Judy Lounsbur

Advance Savings Credit Union Annual Report 2018 | 2322 | Advance Savings Credit Union Annual Report 2019

MOTION CARRIED


10. ADJOURNMENTThere being no further business, it was moved by Brian Ellard and seconded by Shelley MacKinnon “THAT the 9th Annual General Meeting of Advance Savings Credit Union Limited be adjourned at 8:05 p.m.”

Motion Carried

Respectfully submitted,Light Refreshments Served


MOTION CARRIED

Recommendation 1

Appointment of Auditors

It is the recommendation of the Board of Directors “that the firm of AC Stevenson & Partners PC Inc. be appointed as our auditors for the 2020 fiscal year.”

Recommendation 2

Appointment of Representatives to Atlantic Central Meetings

It is recommended “that the Board of Directors” of Advance Savings Credit Union Limited be empowered to appoint the representatives to any general meeting of Atlantic Central, or any regular or special meeting of Atlantic Central.

RECOMMENDATIONS OF THE BOARD OF DIRECTORS


NOTES


Credit Union SystemThe expanding influence and success of the Credit Union system is built upon a strong foundation. Credit unions continue to work

together for the benefit of all members. Whether building on shared strengths or developing new and innovative services, a strong,

vital Credit Union network ensures that members will continue to benefit from this unique relationship.

Credit Unions in Canada275 Credit Unions

Over 1800 Branches

5.6 million members

215 billion in assets

4100 Ding Free ATM’s

26 26 26 | Advance Savings Credit Union Annual Report 2019

Documents

Values Vision People Community€¦ · Kelly Dollemont, Administration Officer Denise Furze , Administration Officer Lyndsey Haevens, Administration Officer Jessica Foote, Administration