On Thursday September 24th, 2020; the Central Co-operative Credit Union Ltd held it’s 13th Annual General Meeting with the theme Strategically Repositioning for Financial Excellence and a Sustainable Future. For the financial year 2019, Central registered gains and increased membership. The asset base expanded from $127 million to $131 million, and institutional capital increased by 29%. The Society returned a surplus before appropriations of $0.84 million dollars after providing for expected credit losses in keeping with Accounting Standard IFRS9.
In addressing member concerns, the Board of Directors and Management saw the AGM as the ideal platform to educate members of the Compliance with The Global Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT) Standards; with emphasis on KYC “Know your Customer” or in our case “Know Your Member” procedures. The conduct and implementation of the KYC measures translate into a greater demand on members to justify source of funds, maintain updated records and member information. This Information was well received and appreciated by the attendees of the AGM.
A significant highlight of the AGM was the recognition of members who served their terms as volunteers on the Board of Directors, Credit Committee and Supervisory and Compliance Committees. These members were awarded for their dedicated service and commitment to the Society. Ms. Cleo Watt, Mrs. Laurina Vidal-Telemaque, and Mrs. Desiree Stedman served as Directors of the Board. Ms. Genevieve Guye and Mr. Derrick Beazer served as members of the Credit Committee. Mr. Rogers Larocque, Mr. Desmond Warrington and Ms. Elma Williams served as members of the Supervisory & Compliance Committee. Ms. Maria Carbon; a past employee of the Society was recognized for 41 years of invaluable contribution and continued commitment; she was the recipient of The Central Co-operative Credit Union Ltd Long Service Award.
As part of the Society’s Corporate Social Responsibility (CSR); we took the opportunity at our Annual General Meeting to give back in a meaningful way to the communities that we serve. Small, timely donations were made to the following schools and non-profit organizations: Goodwill Primary School, Grotto Home, CALLS, Portsmouth Secondary School, Portsmouth Home for the Aged, Dominica Association of Persons with Disabilities (DAPD), Education Trust Fund, Roosevelt Douglas Primary School, St. John’s Primary School, Savanne Paille Primary School, Clifton Primary School, The Alpha Centre, Seventh Day Adventist Primary School, Seventh Day Adventist Secondary School, Dublanc Primary School, Christian Union Primary School, Lambs Feast, St. Alphonsus Pre-School, Dublanc Pre-School and Goodwill Secondary School.
This was in addition to the four (4) full secondary school scholarships and four (4) one-time financial contributions to the children of members in August 2020.
The key areas of focus at the Central Cooperative Credit Union Ltd relates to Education, Sports, Youth, Community Engagement and the environment. Working one on one with schools and non-profit organizations will continue to be an integral part of our community outreach as we seek to prepare the younger generation in the Co-operative Movement.