 At the end of another year it is good to reflect on God’s providence and how he has carried us through the past year. God has been so good to us! Life at the Credit Union has not always been easy during the past year but God has always provided a way for us and we are very thankful for his continued blessings.
As expected, we did not make as much income this fiscal year compared to 2008. Our profit before Profit $haring and taxes was $1.55 million compared to $1.95 million the year before. The main reason for this decrease is that our investment income was down by $550,000 due to all-time low interest rates. I know that many of you who have deposits can relate to the fact that it is very difficult to obtain a good return on investments in today’s environment. Nevertheless, we are thankful that we were able to enjoy a profitable year and our results compare very favourably to our peers in the financial industry.
Our preparations for the new banking system conversion on March 5-8, 2010 are now well underway. This project requires assistance from all of the staff and we ask for your
patience as we work hard to maintain our service levels and complete this project at the same time. The hard work we put in now will ensure that the conversion in March goes as smooth as possible.
In my last CEO report I informed you about the Board’s decision that our contributions to non-profit organizations through donations, interest rate reductions and waived service fees would be, at minimum, 10% of our profit before Profit $haring and taxes. I am pleased to report that we exceeded this goal this year! In addition, our loans and commitments to Kingdom causes are now over $30 million! We pray that our contributions may help the Reformed Christian community spread the gospel throughout Canada and the World.
Finally I would like to encourage you to participate in your Credit Union. This is the time of year when you have an opportunity to vote for directors and attend our Lethbridge Information Meeting and our Annual General Meeting. The election and meetings are important because this is your opportunity to provide input and make decisions regarding the future of the Credit Union. As a financial cooperative we need to work together with our members to build up the Credit Union. Yet as Christians, we recognize that “Unless the Lord builds the house, its builders labour in vain” (Ps. 127:1) so we give all honour and glory to God.
John Veldkamp, CEO
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Despite a difficult financial environment, Christian Credit Union has been blessed with positive financial results for the fiscal year ended October 31, 2009. One of the things that sets Christian Credit Union apart from other financial institutions is Profit $haring. This year, the Board of Directors has approved Profit $haring of $352,235. This is how profits were shared: