ALTONA | 129 - 3rd Avenue NE | 204.324.6437
CARMAN | 7 - 1 s t Avenue | 204 .745 .2043
DOMINION CITY | 122 Waddell Ave | 204.427.2444
EMERSON | 13 Main St reet | 204.373.2195
GRETNA | 542 Hespeler Avenue | 204.327.5822
LOWE FARM | 52 Main Street | 204.746.8766
MANITOU | 330 Main Street | 204.242.2756
MIAMI | 517 Norton Avenue | 204.435.2161
MORDEN | 430 Stephen Street | 204.822.4485
MORRIS | 100 Main S t reet | 204 .746 .2391
PLUM COULEE | 257 Main Street | 204.829.3655
WINKLER | 295 Main St reet | 204.325.4351
BRANCHES12
ANNUALREPORT20 11dream. build. live. right here.
Printed on 100% recycled paper.
Open 6 Days in 4 Locations:
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pm
Tuesday-Friday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Tuesday-Friday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Tuesday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pm
Monday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pm
Tuesday-Friday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Monday-Wednesday 9:30 am to 4:30 pmThursday 9:30 am to 8:00 pmFriday 9:30 am to 6:00 pmSaturday 9:30 am to 3:00 pm
Mission Statement .................................................................................................1
Donations ................................................................................................................2
Management .........................................................................................................8
Employee Service Awards ...................................................................................11
Staff Listing ............................................................................................................13
Board of Directors Report ....................................................................................16
Independent Auditor’s Report ...........................................................................19
Consolidated Balance Sheet .............................................................................20
Consolidated Summary of Comprehensive Income .......................................21
Consolidated Summary of Changes in Members’ Equity ...............................22
Consolidated Summary Statement of Cash Flows ...........................................23
Notes to Consolidated Financial Statements ...................................................24
Contents
ALTONA CARMAN DOMINION CITY
EMERSON GRETNA LOWE FARM
MIAMIMANITOU MORDEN
MORRIS PLUM COULEE WINKLER
2011 ANNUAL REPORT
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2011 ANNUAL REPORT
our mission
our vision
our core values
To be an innovative, financially sound credit union dedicated to high standards of member service and supportive of the communities we serve.
To be the leading provider of financial services in Southern Manitoba
Integrity Community SupportiveMember and Employee FocusedProactive
For the years ended December 31, 2011 and 2010
Access Credit Union LimitedNote to Summary Consolidated Financial Statements
1. Management is responsible for the preparation of summary financial statements. The summary presented includes only the summary con-solidated balance sheet and the summary consolidated statement of comprehensive income, summary consolidated statement of changes in members’ equity and summary consolidated statement of cash flows. It does not include any other schedules or the notes to the financial state-ments. The summary consolidated balance sheet and summary con-solidated statement of comprehensive income, summary consolidated statement of changes in members’ equity and summary statement of consolidated cash flows are presented in the same detail as the audited financial statements except the note referencing has been removed.
Copies of the December 31, 2011 audited consolidated financial state-ments are available at the Credit Union’s head office at 583 Main Street, Winkler Manitoba or online at www.accesscu.ca.
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Ag in the Classroom Altona Back Alley CyclesAltona Bisons Baseball ClubAltona Blue Sky OpportunitiesAltona Build a Village Altona Community FoundationAltona Cyclo Cross Altona Family Resource CentreAltona Field of DreamsAltona/Gretna United Way Altona Maroons Hockey Altona Millennium Exhibition CentreAltona Police Dept Community SafetyAltona Police Service Altona Safety DayAltona Skating ClubAltona Sunflower FestivalAltona Youth for Christ Alzheimers SocietyBack 40 FestivalBig Brother Big Sisters - Morden/WinklerBoundary Trails Health Centre Foundation Boundary Trails Winkler AuxiliaryBoyne Regional Library Camp Moose Lake WorkdayCanadian Cancer Society - Daffodil DaysCanadian Foodgrains Bank (SHARE)Canadian Museum for Human Rights Carman Arena Carman Celebration of PhilanthropyCarman Collegiate - ScholarshipCarman Country Fair Carman Minor Baseball Carman Rodeo CommitteeCarman Royal Canadian LegionCarmania Soccer ClubCarman Tempo Festival of the ArtsCDC Lourdeon - Volunteer AwardChild & Family Services Foundation City of Winkler - Art Exhibition
Community Futures Heartland Cooperative Development Foundation Décor Cabinet - Charity Classic GolfDominion City Arena Dominion City Community Hall Dominion City Curling ClubDominion City Mom’s ClubDufferin Heritage SiteDufferin Historical Museum Eden FoundationElm Creek Canada Day SponsorElm Creek School - BursaryEmerson Elks - Christmas CheerEmerson Kinder College Emerson Minor Hockey Emerson Skating ClubFore the Cure - Breast CancerGarden Valley Collegiate - “Big Day” sponsorGarden Valley Collegiate - ScholarshipGarden Valley School DivisionGenesis HouseGideons InternationalGretna Arena Gretna Family Resource GroupGretna Hot Spot Festival Gretna School Pioneer CampHalbstadt Curling BonspeilHeart & Stroke FoundationInternational Golf Tournament Journey for SightLegends Car ClubLowe Farm Busy Nest Day Care Lowe Farm Christmas Cheer BoardLowe Farm Minor BallLowe Farm SchoolLowe Farm Willow Park RestorationManitoba Farm Womens Conference Manitou Regional LibraryManitou-Pembina Valley FoundationMasters Curling SponsorManitoba Cooperative Association
For the year ended December 31
Cash Flows from Operating Activities Net income for the year Adjustments for Interest and investment revenue Interest expense Depreciation expense Provision for impaired loans Loss on disposal of property, plant and equipment Deferred income taxes
Change in other assets and liabilities Change in income taxes payable
Changes in member activities (net) Change in loans to members Change in members’ deposits
Cash flows related to interest, dividends, and income taxes Interest received on loans to members Interest received on investments Dividends received on investments in associates Interest paid on members’ deposits
Total cash flows from operating activities
Cash Flows from Investing Activities Purchase of investment property Purchase of investments Redemption of investments Purchase of property, plant and equipment Purchase of intangibles Proceeds on disposal of property, plant and equipment Total cash flows from investing activities
Cash Flows from Financing Activities Issue of common and surplus shares Redemption of common and surplus shares Total cash flows from financing activities
Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year
Cash received on business combination
Cash and cash equivalents, end of year
Comprised of the following: Funds on hand and on deposit Credit Union Central of Manitoba term deposits
2011
$ 9,016,947
(53,917,872)28,491,768
899,825(119,988)
3,510(27,200)
(15,653,010)
(1,106,706)172,435
(934,271)
(97,333,794)129,042,994
31,709,200
46,746,3535,795,396
246,799(28,575,325)
24,213,223
39,335,142
(1,912,232)-
3,345,451(1,182,914)
32,073-
282,378
9,295(771,093)
(761,798)
38,855,722
146,938,638
-
$ 185,794,360
$ 40,093,360145,701,000
$ 185,794,360
2010
$ 5,897,050
(50,056,976)27,585,583
779,5851,406,804
13,44984,070
(14,290,435)
(1,233,818)920,372
(313,446)
(85,503,193)73,415,495
(12,087,698)
44,493,9475,228,715
393,922(27,848,194)
22,268,390
(4,423,189)
-(4,870,600)
1,961,288(166,911)
(1,150,515)22,500
(4,204,238)
12,900(1,277,826)
(1,264,926)
(9,892,353)
153,343,639
3,487,352
$ 146,938,638
$ 51,147,138 95,791,500
$ 146,938,638
Access Credit Union LimitedConsolidated Summary Statement of Cash FlowsAccess CU is committed to strengthening our community by
supporting organizations, charities and events that reflect the values of our members, our employees and our communities. In 2011, donations exceeded $294,000
The accompanying note is an integral part of these financial statements.
2011 ANNUAL REPORT
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Balance at January 1, 2010 Net income for the year
Issue of members’ shares
Redemption of members’ shares
Change in unrealized gains/(losses) on available-for-sale investments Equity in business combinations
Balance at December 31, 2010 Net income for the year Issue members’ shares
Redemption of members’ shares
Change in unrealized gains/(losses) on available-for-sale investments
Balance at December 31, 2011
For the year ended December 31 Accumulated
Other Comprehensive
income
$ 187,682
-
-
-
146,155
-
333,837
-
-
-
(38,129)
$ 295,708
Members’ Shares
$ 17,011,958
-
12,900
(1,277,826)
-
6,470
15,753,502
-
9,295
(771,093)
-
$ 14,991,704
Access Credit Union LimitedConsolidated Summary Statement of Changes in Members’ Equity
Retained Earnings
$ 66,106,988
5,897,050
-
-
-
1,822,666
73,826,704
9,016,947
-
-
-
$ 82,843,651
Total
$ 83,306,628
5,897,050
12,900
(1,277,826)
146,155
1,829,136
89,914,043
9,016,947
9,295
(771,093)
(38,129)
$ 98,131,063
The accompanying note is an integral part of these financial statements.
Manitoba Corn Growers Manitoba High School Athletic Association ScholarshipMennonite Central CommitteeMHAA 2011 ConferenceMiami & Area FoundationMiami Arena Miami Collegiate - ScholarshipMiami Fire Department Moms on a MissionMorden Area FoundationMorden Block PartyMorden Child Care Centre Morden Collegiate - Scholarship Morden Corn & Apple Festival Morden Golden Gals Morden Junior Curling ClubMorden Lions ClubMorden Minor Hockey Morden Police Service Charity DerbyMorden Rainbow SocietyMorden United WayMorris & Area Christmas Cheer BoardMorris Baseball Diamond Park RestorationMorris Curling Club - Dekalb Sponsorship Morris Highschool - ScholarshipMusical Growing ProjectNellie McClung Collegiate ScholarshipPallative Care DonationParkinson SocietyPembina Counselling CentrePembina Hills Arts Council Pembina Manitou Area FoundationPembina Threshermens MuseumPembina Valley Development Corp.Pembina Valley Panthers Pembina Valley Tourism Plum Coulee ExpressPlum Coulee Fire Department Plum Coulee School Plum Coulee Sports Committee Plum FestPort in the Storm
Pembina Valley Hawks - Scholarship Red River 4-H - BursaryRed River 4-H - Gold Watch AwardReinfeld Community CentreRhineland Empty StockingRhineland Food BankRoland Golf Club - Bridge ProjectRoland Pumpkin FairRosenfeld Elementary SchoolRoseau River Pow Wow Rouseau Valley School - ScholarshipSouthern Manitoba Choral Society Southern Manitoba ConcertsStacey’s Crue Cuts for Cancer Stanley Ag SocietyStanley Soil ManagementThe Back Door Thousand Hallelujahs ConcertTown of Carman - Arena SponsorTown of Manitou - Arena SponsorTown of Manitou - Log HouseTown of Morden - Access Event CentreValley Rehab FoundationWC Miller Collegiate - ScholarshipWild Pink Yonder - Breast CancerWinkler 4-H BeefWinkler Amateur SoccerWinkler Baracuda Swim Team Winkler Basketball ClubWinkler Christmas Cheer BoardWinkler Festival of the Arts Winkler Fire & RescueWinkler FlyersWinkler Foundation - Food CupboardWinkler Golf Club - Pro Am SponsorWinkler Minor Hockey Winkler Salem FoundationWinkler Senior Centre Winkler Soccer ClubWinkler United Way
Together, we dream, build and live, right here.
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For the year ended December 31
Revenue Interest on loans to members Investment income Profit from associates Liquidity deposits Shares and debentures
Cost of funds
Gross financial margin
Operating expenses Personnel Administrative Occupancy Members’ security Organizational
Gross operating expenses
Less other income
Gross operating income
Provision for impaired loans (recovery)
Income before income taxes
Provision for income taxes Current Deferred
Net income for the year
Other comprehensive income (net of tax) Change in unrealized gains/(losses) on available-for-sale investments
Total comprehensive income for the year
2011
$ 47,087,318
789,1324,647,1711,394,251
53,917,872
28,491,768
25,426,104
13,566,1315,129,1301,992,6261,247,6071,074,621
23,010,115
7,813,955
15,196,160
10,229,944
(119,988)
10,349,932
1,360,185(27,200)
1,332,985
9,016,947
(38,129)
$ 8,978,818
2010
$ 44,592,083
398,4693,723,2301,343,194
50,056,976
27,585,583
22,471,393
12,346,4034,910,2591,837,3381,231,374
754,138
21,079,512
7,076,587
14,002,925
8,468,468
1,406,804
7,061,664
1,080,54484,070
1,164,614
5,897,050
146,155
$ 6,043,205
Access Credit Union Limited Consolidated Summary Statement of Comprehensive Income
The accompanying note is an integral part of these financial statements.
Some of Access Credit Union’s sponsored summer events: pictured from top to bottom, left to right
Beach Boys concert, Manitou Fair, Morris Stampede, Morden Triathlon, Movie in the Park
2011 ANNUAL REPORT 2011 ANNUAL REPORT 214
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AssetsFunds on hand and on deposit
Income taxes recoverable
Other assets
Investments
Deferred income tax asset
Loans to members
Property, plant and equipment
Intangible assets
Investment property
Investments in associates
Liabilities and Members’ EquityIncome taxes payable
Other liabilities
Members’ deposits
Deferred income tax liability
Commitments
Members’ Equity
Members’ shares
Accumulated other comprehensive income
Retained earnings
December 31 2011
$ 40,093,360-
2,020,965172,277,752
21,4001,177,022,756
10,514,9841,467,0501,904,2642,581,164
$ 1,407,903,695
$ 74,3915,259,933
1,304,438,308-
1,309,772,632
14,991,704
295,708
82,843,65198,131,063
$ 1,407,903,695
December 312010
$ 51,147,138
98,044
850,387
125,511,005
-
1,079,228,009
10,017,019
1,709,542
-
2,038,831
$ 1,270,599,975
$ -
5,196,061
1,175,478,871
11,000
1,180,685,932
15,753,502
333,837
73,826,704
89,914,043
$ 1,270,599,975
Access Credit Union Limited Summary Consolidated Balance Sheet
January 12010
$ 56,543,639
1,008,576
700,782
123,606,397
113,000
978,466,530
10,311,977
669,668
-
2,034,284
$ 1,173,454,853
$ -
6,281,621
1,083,866,604
-
1,090,148,225
17,011,958
187,682
66,106,988
83,306,628
$ 1,173,454,853
The accompanying note is an integral part of these financial statements.
pictured from top to bottom, left to right
Altona Field of Dreams; Chance 2 Grow - Child & Family Services; Business of the Year Award; MasterCard Dream Vacation winner; JR Walkof School donation; Roland Golf Course donation
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RTReport of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members’ equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, there-fore, is not a substitute for reading the audited financial statements of the Credit Union.
Management’s Responsibility for the Summary Financial StatementsManagement is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, ‘En-gagements to Report on Summary Financial Statements’.
OpinionIn our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, ManitobaFebruary 15, 2012
1BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO Canada s.r.l., une société canadienne à responsabilité limitée, est membre de BDO International Limited, société de droit anglais, et fait partie du réseau international de sociétés membres indépendantes BDO.
Tel/Tél.: 204 956 7200Fax/Téléc.: 204 926 7201 Toll-free/Sans frais: 800 268 3337 www.bdo.ca
BDO Canada LLP/s.r.l. 700 - 200 Graham Avenue Winnipeg MB R3C 4L5 Canada
Report of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members' equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Credit Union.
Management's Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, 'Engagements to Report on Summary Financial Statements'.
Opinion In our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, Manitoba February 15, 2012
1BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO Canada s.r.l., une société canadienne à responsabilité limitée, est membre de BDO International Limited, société de droit anglais, et fait partie du réseau international de sociétés membres indépendantes BDO.
Tel/Tél.: 204 956 7200Fax/Téléc.: 204 926 7201 Toll-free/Sans frais: 800 268 3337 www.bdo.ca
BDO Canada LLP/s.r.l. 700 - 200 Graham Avenue Winnipeg MB R3C 4L5 Canada
Report of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members' equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Credit Union.
Management's Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, 'Engagements to Report on Summary Financial Statements'.
Opinion In our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, Manitoba February 15, 2012
CANADIAN CO-OPERATIVE ASSOCIATION - COACHING PROGRAM
Over the years CCA has been in-volved in projects in more than 40 coun-tries. The projects have not only dealt with financial ser-vices but also with housing, health and agriculture. The main focus of the projects are to use the co-opera-tive philosophy to help poor people work their way out of poverty.
Dennis Matthies, Lowe Farm & Morris Branch Manager, went to Ghana, Africa for 3 weeks as a participant in the Canadian Co-operative Association’s 2012 credit union coaching mission, along with 9 other credit union professionals from across Canada. Once in Ghana, Dennis worked together with a Canadian partner in a number of credit unions where they met with board members and managers to help them deal with issues in their credit unions that they felt needed improving. Much of their time was spent dealing with delinquency, policies, marketing, liquidity and security.
This was Dennis’ third trip to Africa as he was involved in the coaching program in Malawi in 2009 and 2010.
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Visitor from Malawi works with Access Credit Union staff
Mervis Chalemba from Malawi spent some time working with Access staff as a participant in the Canadian Co-operative Association’s Women’s Mentoring Program. The objective of the program is to provide high-level professional development for women credit union managers from developing countries. Mervis was placed with Access CU, where she followed the daily work of credit union managers and personnel.
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pictured from top to bottom, left to right
Plum Coulee School; Plum Coulee Advisory Council; Morden United Way; Miami Arena; Winkler Fire Rescue; Carman Boyne School
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Ray Kirk Phil UnruhSieg Neumann John Veldman John Wiens
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Back Row left to right:Anna Wieler, VP, Human ResourcesMyrna Wiebe, VP, Corporate Development;Murray Derksen, VP, Credit
Front Row left to right:Doug Jones, VP, Branch OperationsReuben Schulz, VP, Finance & TechnologyRobert Jones, President & CEO
Financial Results:Consolidated assets at year end were $1,407,903,695 an increase of $137,303,720 (10.8 %) over the previous year. Loans outstanding increased by $97,794,747 (9.1%) to $1,177,022,756 and member deposits totaled $1,304,438,308.
Member equity at year end was $98,131,063 comprised of $82,843,651 in retained earnings and $14,991,704 in member shares. During the year the credit union redeemed $771,093 in surplus shares. Our equity level, at 7%, aligns with our long term equity plan. Your Board remains committed to building a strong equity base and redeeming existing surplus shares on a graduated basis.
The FutureThe past 30 months have been ones of transition and consolidation for our credit union. The majority of this work has now been completed and we are posed for renewed growth and profitability.
Our corporate office will be completed in 2012 and with that, employees that are scattered in five different locations will be brought under one roof.
We are cognizant that our service standard has suffered during this transition period and have directed management to make improved member service a focus in 2012.
Summation2011 was a financial success for Access Credit Union with strong asset growth and improved profitability. We completed our final banking system upgrade and the bulk of our transitional work has been completed.
We are very thankful to our members and our employees for their continued support and dedication. Together we are building a strong regional credit union rooted in the past, and focused on the future.
for their continued support and dedication.”
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Ben Dueck Darryl LoewenDennis Kehler Curt Letkeman Jim Neufeld
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The Board of Directors of Access Credit Union is pleased to provide its members with this 2011 annual report. Over the past year much has been accomplished to bring our vision of becoming a strong regional credit union to fruition. Highlights of our achievements are as follows:
Net IncomeAccess Credit Union achieved strong financial performance in 2011 with consolidated gross revenues of $61,731,827 and net income of $9,016,947. There were some additional one time costs associated with banking system mergers and upgrades, early retirement allowances and centralization of some back office functions.
The continued historic low interest rate environment posed challenges to maintaining a good financial margin. We anticipate these low interest rates to continue for the next 12 to 24 months. The credit union experienced strong interest rate competition in the residential mortgage and personal savings accounts markets.
Our CommunitiesIn 2011 Access Credit Union allocated 3% of its gross operating margin ($279,250) to various community projects throughout our region. Recipients of this community support are listed in our annual report. Apart from the money, our employees made personal service commitments that enabled communities to host events and fostered a spirit of teamwork within our organizations.
Our EmployeesWe cannot adequately express our appreciation for the efforts our employees made to ensure our success in 2011. For them this was another year of rapid change. We completed two banking systems changes which brings to five the number of banking systems mergers/upgraded completed in the past 30 months.
In addition, 70% of our employees engaged in continuing education and together they served over 10,000 hours of volunteer time in our communities.
“We are very thankful to our members and our employees
Back Row left to right:
Marina Sawatzky, Manager of Banking SystemsFran Derksen, ControllerLinda Zacharias, Manager of Member Service CentreCarissa Wall, Manager of Loan Processing
Front Row left to right:
Hank Hildebrand, Manager of TransitionRichard Dyck, Manager of Branch OperationsRandy Penner, Manager of Information Technology
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Vanessa Giesbrecht
Viktor Toews
Wil Montgomery
Winkler Comm|AgCurt Martens
Kelvin Friesen
Kern Baker
Lloyd Baumgart
Louis Tanquay
Martin Derksen
Ruth Klassen
Sheldon Heinrichs
Terry Hamm
Trevor Wiebe
Tyronne Wall
CorporateBetty Goertzen
Doug Jones
Glenda Lepage
Hank Hildebrand
Myrna Wiebe
Murray Derksen
Nettie Klassen
Richard Dyck
Robert Jones
Traycee Peters
HR | ITAnna Wieler
Darrin Bueckert
David Enns
Joan Penner
Josia Toews
Kristi McKay
Marlin Froese
Michelle Suderman
Randy Penner
Banking | FinanceCarol Brad
Diane Graham
Fran Derksen
Irma Fehr
Judy Wahl
Julie Frisch
Laura Znak
Liz Fehr
Marina Sawatzky
Melissa Friesen
Reuben Schulz
Roberta Buelow
Member Service CentreAnnie Klassen
Darlene Klassen
Janelle Friesen
Janis Ehnes
Leona Rachul
Linda Zacharias
Lisa Fraser
Marlene Falk
Nicole Penner
Roseanne Wiebe
Stacey Nickel
Wanda Fehr
Back Row left to right:
Louis Tanguay, Manager of Comm/Ag Lending Winkler BranchDan McCausland, Morden Branch ManagerDennis Matthies, Lowe Farm & Morris Branch ManagerShane Norrie, Manitou Branch ManagerBlaine Bruce, Emerson Branch Manager
Front Row left to right:
Mitzi Borodenko, Dominion City Branch ManagerTim Doerksen, Carman Branch ManagerChris Hildebrand, Winkler Branch ManagerWes Schroeder, Altona Branch ManagerJeff Samson, Regional Manager EastShelley Bartley, Miami Branch Manager
Inset photo:
John Giesbrecht, Plum Coulee Branch Manager
Loan Processing CentreAlison Harbinson
Audrey Dick
Carissa Wall
Carrie Canvin
Danyne Hoeppner
Eugenie Sawatzky
Eva Klassen
Ina Nickel
Jessi Fehr
Lori Dueck
Luella Seabaugh
Marianne Klassen
Natalie Hildebrand
Pam Krassman
Riley Klassen
Sam Driedger
Sue Giesbrecht
Suzanne Friesen
2011 ANNUAL REPORT
2011 ANNUAL REPORT 1114
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AW
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Morden Branch:Arlene Heide
Bev Morden
Brenda Wooley
Carol Fehr
Carol Letkeman
Celeste Penner
Dan McCausland
Darlene Klassen
Dorothy Giesbrecht
Eric Magarrell
Janice Wiebe
Jeff Demke
Karen Toews
Kate Tickner
Keith Norrie
Kyle Weir
Lauren MacLean
Lynda Clayson
Megan Robinson
Norma Titchkosky
Rob Unruh
Sara Stoesz
Sharalee Medynski
Sharon Rowley
Sheralee Forsyth
Sven Melling
Vanessa Peters
Morden Credential Jeffrey Klassen
Sheri Oakes
Morris Branch:Brenda Klassen
Brenda Lehmann
Cindy Janzen
Heather Collette
Dennis Matthies
Sandra Harder
Susan Chartier
Tamara Friesen
Plum Coulee Branch:Brad McEachern
Cheryl Enns
Chris Froese
Chris Harms
Eduard Winkler
Joel Janzen
John Giesbrecht
Winkler Branch:Abraham Animalla
Amanda Slobodian
Amanda Wall
Andrea Froese
Angelina Neufeld
Angi Friesen
Anna Matuszewski
Anna Toews
Anneta Kornelsen
Annie Wall
Arlene Peters
Beth Comtois
Breena Riley
Brittany Koop
Chris Hildebrand
Cristina Fehr
Deb Wolfe
Dorcas Rempel
Dorothy Wieler
Eric Braun
Esther Kornelsen
Fedor Sawazki
Fran Wiebe
James Funk
Janesa Derksen
Joel Billing
John Elias
John Wieler
Karl Unrau
Kathy Wieler
Kim Hildebrand
Lisa Loewen
Margaret Fehr
Margaret Froese
Marge Kuhl
Marge Teichroeb
Marilyn Reimer
Marla Sanca
Maryanne Dyck
Maryanne Giesbrecht
Mark Peters
Melissa Saltesz
Melissa Wiebe
Nic Friesen
Rachel Wall
Rhonda Toews
Rosella Sawatzky
Shelby Heinrichs
Tara Viallet
Terry Peters
Tina Letkeman
Tom Peters
Tony Teichroeb
Back Row left to right: Rob Unruh; Nathan Elias; Dana Klassen; Brittany Braun; Marlene Falk | Front Row left to right: Carolyn Paul; Jennifer McArthur; Chantel WiebeInset photos: Cheryl Enns; Sheldon Heinrichs
left to right: Louis Tanguay; Arlene Peters; Rosella Sawatzky; Carol Brad Inset photo: Brenda Lehmann
5 Years of Service
10 Years of Service
left to right:Irma Fehr; Betty Goertzen; Andra Bayliss; Sheri Oakes; Bev Morden; Wanda Fehr
15 Years of Service
2011 ANNUAL REPORT
STA
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AW
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DS Altona Branch:
Alex Braun
Amanda Brais
Becky Froese
Bill Penner
Brittney Pokrant
Cassondra Sawatzky
Cathy Van Hook
Dana Klassen
Darren Heide
Glen Armstrong
Glenn Reimer
Heidi Barkman
Irma Reimer
Jody Houle
Karin Mueller
Leona Falk
Linda Villeneuve
Meaghan Lomax
Meredith Enns
Nathan Elias
Ross McMillan
Shirley Bergen
Stacy Falk
Susie Falk
Sylvia Lacke
Tracy Klassen
Val Penner
Wes Schroeder
Carman Branch:Amber Trudel
Carly Enns
Carrol Dales
Chelsea Vandergugten
Doug Kent
Jaleesa Hiebert
Jeannie Phillips
Jennifer McArthur
Jo-Ann Wood
Judy Dueck
Kate MacDonald
Kristi Thielmann
Lisa Iverson
Lorna Last
Matt Falk
Sarah Martens
Tamara Yeo
Tanis Ducharme
Tim Doerksen
Trevor Wiens
Dominion City Branch:Barbara Schultz
Mitzi Borodenko
Melanie Waddingham
Norma Mueller
Emerson Branch:Blaine Bruce
Dawna Knutt
Dee Dee St. Godard
Keesy Rodewald
Mallory Penner
Renee Dupuis
Gretna Branch:Curt Falk
Jamie Dyck
Jennifer Fast
Marge Friesen
Rebecca Toews
Richard Doerksen
Susie Wiebe
Jeff Samson
Lowe Farm Branch:Cathy Ballantine
Chantel Wiebe
Dennis Matthies
Keri Dyck
Valerie Wall
Manitou Branch:Arlene Jordan
Bev Gerbrandt
Gail Lea
Jackie Dobson
Lori Nadin
Shane Norrie
Susan Seymour
Miami Branch:Andra Bayliss
Joyce Dawson
Mary McCharles
Shelley Bartley
30 Years of Service
20 & 25 Years of Service
Wes Schroeder (20); Shelley Bartley (25)Inset photo (25): Hank Hildebrand
left to right:Valerie Penner; Glenn Reimer, Liz Fehr, Judy Wahl, Susan Chartier
40 Years of Service
Fran Derksen
Access employs 241 people who live and work, right here.
2011 ANNUAL REPORT 1312
Listing as of December 31, 2011
2011 ANNUAL REPORT
STA
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DS Altona Branch:
Alex Braun
Amanda Brais
Becky Froese
Bill Penner
Brittney Pokrant
Cassondra Sawatzky
Cathy Van Hook
Dana Klassen
Darren Heide
Glen Armstrong
Glenn Reimer
Heidi Barkman
Irma Reimer
Jody Houle
Karin Mueller
Leona Falk
Linda Villeneuve
Meaghan Lomax
Meredith Enns
Nathan Elias
Ross McMillan
Shirley Bergen
Stacy Falk
Susie Falk
Sylvia Lacke
Tracy Klassen
Val Penner
Wes Schroeder
Carman Branch:Amber Trudel
Carly Enns
Carrol Dales
Chelsea Vandergugten
Doug Kent
Jaleesa Hiebert
Jeannie Phillips
Jennifer McArthur
Jo-Ann Wood
Judy Dueck
Kate MacDonald
Kristi Thielmann
Lisa Iverson
Lorna Last
Matt Falk
Sarah Martens
Tamara Yeo
Tanis Ducharme
Tim Doerksen
Trevor Wiens
Dominion City Branch:Barbara Schultz
Mitzi Borodenko
Melanie Waddingham
Norma Mueller
Emerson Branch:Blaine Bruce
Dawna Knutt
Dee Dee St. Godard
Keesy Rodewald
Mallory Penner
Renee Dupuis
Gretna Branch:Curt Falk
Jamie Dyck
Jennifer Fast
Marge Friesen
Rebecca Toews
Richard Doerksen
Susie Wiebe
Jeff Samson
Lowe Farm Branch:Cathy Ballantine
Chantel Wiebe
Dennis Matthies
Keri Dyck
Valerie Wall
Manitou Branch:Arlene Jordan
Bev Gerbrandt
Gail Lea
Jackie Dobson
Lori Nadin
Shane Norrie
Susan Seymour
Miami Branch:Andra Bayliss
Joyce Dawson
Mary McCharles
Shelley Bartley
30 Years of Service
20 & 25 Years of Service
Wes Schroeder (20); Shelley Bartley (25)Inset photo (25): Hank Hildebrand
left to right:Valerie Penner; Glenn Reimer, Liz Fehr, Judy Wahl, Susan Chartier
40 Years of Service
Fran Derksen
Access employs 241 people who live and work, right here.
2011 ANNUAL REPORT 1312
Listing as of December 31, 2011
2011 ANNUAL REPORT
2011 ANNUAL REPORT 1114
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AW
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Morden Branch:Arlene Heide
Bev Morden
Brenda Wooley
Carol Fehr
Carol Letkeman
Celeste Penner
Dan McCausland
Darlene Klassen
Dorothy Giesbrecht
Eric Magarrell
Janice Wiebe
Jeff Demke
Karen Toews
Kate Tickner
Keith Norrie
Kyle Weir
Lauren MacLean
Lynda Clayson
Megan Robinson
Norma Titchkosky
Rob Unruh
Sara Stoesz
Sharalee Medynski
Sharon Rowley
Sheralee Forsyth
Sven Melling
Vanessa Peters
Morden Credential Jeffrey Klassen
Sheri Oakes
Morris Branch:Brenda Klassen
Brenda Lehmann
Cindy Janzen
Heather Collette
Dennis Matthies
Sandra Harder
Susan Chartier
Tamara Friesen
Plum Coulee Branch:Brad McEachern
Cheryl Enns
Chris Froese
Chris Harms
Eduard Winkler
Joel Janzen
John Giesbrecht
Winkler Branch:Abraham Animalla
Amanda Slobodian
Amanda Wall
Andrea Froese
Angelina Neufeld
Angi Friesen
Anna Matuszewski
Anna Toews
Anneta Kornelsen
Annie Wall
Arlene Peters
Beth Comtois
Breena Riley
Brittany Koop
Chris Hildebrand
Cristina Fehr
Deb Wolfe
Dorcas Rempel
Dorothy Wieler
Eric Braun
Esther Kornelsen
Fedor Sawazki
Fran Wiebe
James Funk
Janesa Derksen
Joel Billing
John Elias
John Wieler
Karl Unrau
Kathy Wieler
Kim Hildebrand
Lisa Loewen
Margaret Fehr
Margaret Froese
Marge Kuhl
Marge Teichroeb
Marilyn Reimer
Marla Sanca
Maryanne Dyck
Maryanne Giesbrecht
Mark Peters
Melissa Saltesz
Melissa Wiebe
Nic Friesen
Rachel Wall
Rhonda Toews
Rosella Sawatzky
Shelby Heinrichs
Tara Viallet
Terry Peters
Tina Letkeman
Tom Peters
Tony Teichroeb
Back Row left to right: Rob Unruh; Nathan Elias; Dana Klassen; Brittany Braun; Marlene Falk | Front Row left to right: Carolyn Paul; Jennifer McArthur; Chantel WiebeInset photos: Cheryl Enns; Sheldon Heinrichs
left to right: Louis Tanguay; Arlene Peters; Rosella Sawatzky; Carol Brad Inset photo: Brenda Lehmann
5 Years of Service
10 Years of Service
left to right:Irma Fehr; Betty Goertzen; Andra Bayliss; Sheri Oakes; Bev Morden; Wanda Fehr
15 Years of Service
2011 ANNUAL REPORT
2011 ANNUAL REPORT 1510
BRA
NC
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STA
FF
Vanessa Giesbrecht
Viktor Toews
Wil Montgomery
Winkler Comm|AgCurt Martens
Kelvin Friesen
Kern Baker
Lloyd Baumgart
Louis Tanquay
Martin Derksen
Ruth Klassen
Sheldon Heinrichs
Terry Hamm
Trevor Wiebe
Tyronne Wall
CorporateBetty Goertzen
Doug Jones
Glenda Lepage
Hank Hildebrand
Myrna Wiebe
Murray Derksen
Nettie Klassen
Richard Dyck
Robert Jones
Traycee Peters
HR | ITAnna Wieler
Darrin Bueckert
David Enns
Joan Penner
Josia Toews
Kristi McKay
Marlin Froese
Michelle Suderman
Randy Penner
Banking | FinanceCarol Brad
Diane Graham
Fran Derksen
Irma Fehr
Judy Wahl
Julie Frisch
Laura Znak
Liz Fehr
Marina Sawatzky
Melissa Friesen
Reuben Schulz
Roberta Buelow
Member Service CentreAnnie Klassen
Darlene Klassen
Janelle Friesen
Janis Ehnes
Leona Rachul
Linda Zacharias
Lisa Fraser
Marlene Falk
Nicole Penner
Roseanne Wiebe
Stacey Nickel
Wanda Fehr
Back Row left to right:
Louis Tanguay, Manager of Comm/Ag Lending Winkler BranchDan McCausland, Morden Branch ManagerDennis Matthies, Lowe Farm & Morris Branch ManagerShane Norrie, Manitou Branch ManagerBlaine Bruce, Emerson Branch Manager
Front Row left to right:
Mitzi Borodenko, Dominion City Branch ManagerTim Doerksen, Carman Branch ManagerChris Hildebrand, Winkler Branch ManagerWes Schroeder, Altona Branch ManagerJeff Samson, Regional Manager EastShelley Bartley, Miami Branch Manager
Inset photo:
John Giesbrecht, Plum Coulee Branch Manager
Loan Processing CentreAlison Harbinson
Audrey Dick
Carissa Wall
Carrie Canvin
Danyne Hoeppner
Eugenie Sawatzky
Eva Klassen
Ina Nickel
Jessi Fehr
Lori Dueck
Luella Seabaugh
Marianne Klassen
Natalie Hildebrand
Pam Krassman
Riley Klassen
Sam Driedger
Sue Giesbrecht
Suzanne Friesen
2011 ANNUAL REPORT
Ben Dueck Darryl LoewenDennis Kehler Curt Letkeman Jim Neufeld
BOA
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The Board of Directors of Access Credit Union is pleased to provide its members with this 2011 annual report. Over the past year much has been accomplished to bring our vision of becoming a strong regional credit union to fruition. Highlights of our achievements are as follows:
Net IncomeAccess Credit Union achieved strong financial performance in 2011 with consolidated gross revenues of $61,731,827 and net income of $9,016,947. There were some additional one time costs associated with banking system mergers and upgrades, early retirement allowances and centralization of some back office functions.
The continued historic low interest rate environment posed challenges to maintaining a good financial margin. We anticipate these low interest rates to continue for the next 12 to 24 months. The credit union experienced strong interest rate competition in the residential mortgage and personal savings accounts markets.
Our CommunitiesIn 2011 Access Credit Union allocated 3% of its gross operating margin ($279,250) to various community projects throughout our region. Recipients of this community support are listed in our annual report. Apart from the money, our employees made personal service commitments that enabled communities to host events and fostered a spirit of teamwork within our organizations.
Our EmployeesWe cannot adequately express our appreciation for the efforts our employees made to ensure our success in 2011. For them this was another year of rapid change. We completed two banking systems changes which brings to five the number of banking systems mergers/upgraded completed in the past 30 months.
In addition, 70% of our employees engaged in continuing education and together they served over 10,000 hours of volunteer time in our communities.
“We are very thankful to our members and our employees
Back Row left to right:
Marina Sawatzky, Manager of Banking SystemsFran Derksen, ControllerLinda Zacharias, Manager of Member Service CentreCarissa Wall, Manager of Loan Processing
Front Row left to right:
Hank Hildebrand, Manager of TransitionRichard Dyck, Manager of Branch OperationsRandy Penner, Manager of Information Technology
2011 ANNUAL REPORT 916 2011 ANNUAL REPORT
Ray Kirk Phil UnruhSieg Neumann John Veldman John Wiens
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Back Row left to right:Anna Wieler, VP, Human ResourcesMyrna Wiebe, VP, Corporate Development;Murray Derksen, VP, Credit
Front Row left to right:Doug Jones, VP, Branch OperationsReuben Schulz, VP, Finance & TechnologyRobert Jones, President & CEO
Financial Results:Consolidated assets at year end were $1,407,903,695 an increase of $137,303,720 (10.8 %) over the previous year. Loans outstanding increased by $97,794,747 (9.1%) to $1,177,022,756 and member deposits totaled $1,304,438,308.
Member equity at year end was $98,131,063 comprised of $82,843,651 in retained earnings and $14,991,704 in member shares. During the year the credit union redeemed $771,093 in surplus shares. Our equity level, at 7%, aligns with our long term equity plan. Your Board remains committed to building a strong equity base and redeeming existing surplus shares on a graduated basis.
The FutureThe past 30 months have been ones of transition and consolidation for our credit union. The majority of this work has now been completed and we are posed for renewed growth and profitability.
Our corporate office will be completed in 2012 and with that, employees that are scattered in five different locations will be brought under one roof.
We are cognizant that our service standard has suffered during this transition period and have directed management to make improved member service a focus in 2012.
Summation2011 was a financial success for Access Credit Union with strong asset growth and improved profitability. We completed our final banking system upgrade and the bulk of our transitional work has been completed.
We are very thankful to our members and our employees for their continued support and dedication. Together we are building a strong regional credit union rooted in the past, and focused on the future.
for their continued support and dedication.”
2011 ANNUAL REPORT 178 2011 ANNUAL REPORT
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pictured from top to bottom, left to right
Plum Coulee School; Plum Coulee Advisory Council; Morden United Way; Miami Arena; Winkler Fire Rescue; Carman Boyne School
2011 ANNUAL REPORT 7
FINANCIALSTATEMENTS20 11
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RTReport of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members’ equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, there-fore, is not a substitute for reading the audited financial statements of the Credit Union.
Management’s Responsibility for the Summary Financial StatementsManagement is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, ‘En-gagements to Report on Summary Financial Statements’.
OpinionIn our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, ManitobaFebruary 15, 2012
1BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO Canada s.r.l., une société canadienne à responsabilité limitée, est membre de BDO International Limited, société de droit anglais, et fait partie du réseau international de sociétés membres indépendantes BDO.
Tel/Tél.: 204 956 7200Fax/Téléc.: 204 926 7201 Toll-free/Sans frais: 800 268 3337 www.bdo.ca
BDO Canada LLP/s.r.l. 700 - 200 Graham Avenue Winnipeg MB R3C 4L5 Canada
Report of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members' equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Credit Union.
Management's Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, 'Engagements to Report on Summary Financial Statements'.
Opinion In our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, Manitoba February 15, 2012
1BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO Canada s.r.l., une société canadienne à responsabilité limitée, est membre de BDO International Limited, société de droit anglais, et fait partie du réseau international de sociétés membres indépendantes BDO.
Tel/Tél.: 204 956 7200Fax/Téléc.: 204 926 7201 Toll-free/Sans frais: 800 268 3337 www.bdo.ca
BDO Canada LLP/s.r.l. 700 - 200 Graham Avenue Winnipeg MB R3C 4L5 Canada
Report of the Independent Auditor on the Summary Financial Statements
To the Members of ACCESS CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary consolidated balance sheets as at December 31, 2011, December 31, 2010 and January 1, 2010, and the summary consolidated statements of comprehensive income, summary consolidated statements of changes in members' equity and summary consolidated statements of cash flows for the years ended December 31, 2011 and December 31, 2010, are derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010. We expressed an unmodified audit opinion on those financial statements in our report dated February 15, 2012.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Credit Union.
Management's Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Audit Standard (CAS) 810, 'Engagements to Report on Summary Financial Statements'.
Opinion In our opinion, the summary financial statements derived from the audited consolidated financial statements of ACCESS CREDIT UNION LIMITED for the years ended December 31, 2011 and December 31, 2010 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Accountants
Winnipeg, Manitoba February 15, 2012
CANADIAN CO-OPERATIVE ASSOCIATION - COACHING PROGRAM
Over the years CCA has been in-volved in projects in more than 40 coun-tries. The projects have not only dealt with financial ser-vices but also with housing, health and agriculture. The main focus of the projects are to use the co-opera-tive philosophy to help poor people work their way out of poverty.
Dennis Matthies, Lowe Farm & Morris Branch Manager, went to Ghana, Africa for 3 weeks as a participant in the Canadian Co-operative Association’s 2012 credit union coaching mission, along with 9 other credit union professionals from across Canada. Once in Ghana, Dennis worked together with a Canadian partner in a number of credit unions where they met with board members and managers to help them deal with issues in their credit unions that they felt needed improving. Much of their time was spent dealing with delinquency, policies, marketing, liquidity and security.
This was Dennis’ third trip to Africa as he was involved in the coaching program in Malawi in 2009 and 2010.
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Visitor from Malawi works with Access Credit Union staff
Mervis Chalemba from Malawi spent some time working with Access staff as a participant in the Canadian Co-operative Association’s Women’s Mentoring Program. The objective of the program is to provide high-level professional development for women credit union managers from developing countries. Mervis was placed with Access CU, where she followed the daily work of credit union managers and personnel.
2011 ANNUAL REPORT 2011 ANNUAL REPORT 196
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AssetsFunds on hand and on deposit
Income taxes recoverable
Other assets
Investments
Deferred income tax asset
Loans to members
Property, plant and equipment
Intangible assets
Investment property
Investments in associates
Liabilities and Members’ EquityIncome taxes payable
Other liabilities
Members’ deposits
Deferred income tax liability
Commitments
Members’ Equity
Members’ shares
Accumulated other comprehensive income
Retained earnings
December 31 2011
$ 40,093,360-
2,020,965172,277,752
21,4001,177,022,756
10,514,9841,467,0501,904,2642,581,164
$ 1,407,903,695
$ 74,3915,259,933
1,304,438,308-
1,309,772,632
14,991,704
295,708
82,843,65198,131,063
$ 1,407,903,695
December 312010
$ 51,147,138
98,044
850,387
125,511,005
-
1,079,228,009
10,017,019
1,709,542
-
2,038,831
$ 1,270,599,975
$ -
5,196,061
1,175,478,871
11,000
1,180,685,932
15,753,502
333,837
73,826,704
89,914,043
$ 1,270,599,975
Access Credit Union Limited Summary Consolidated Balance Sheet
January 12010
$ 56,543,639
1,008,576
700,782
123,606,397
113,000
978,466,530
10,311,977
669,668
-
2,034,284
$ 1,173,454,853
$ -
6,281,621
1,083,866,604
-
1,090,148,225
17,011,958
187,682
66,106,988
83,306,628
$ 1,173,454,853
The accompanying note is an integral part of these financial statements.
pictured from top to bottom, left to right
Altona Field of Dreams; Chance 2 Grow - Child & Family Services; Business of the Year Award; MasterCard Dream Vacation winner; JR Walkof School donation; Roland Golf Course donation
2011 ANNUAL REPORT 2011 ANNUAL REPORT 520
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For the year ended December 31
Revenue Interest on loans to members Investment income Profit from associates Liquidity deposits Shares and debentures
Cost of funds
Gross financial margin
Operating expenses Personnel Administrative Occupancy Members’ security Organizational
Gross operating expenses
Less other income
Gross operating income
Provision for impaired loans (recovery)
Income before income taxes
Provision for income taxes Current Deferred
Net income for the year
Other comprehensive income (net of tax) Change in unrealized gains/(losses) on available-for-sale investments
Total comprehensive income for the year
2011
$ 47,087,318
789,1324,647,1711,394,251
53,917,872
28,491,768
25,426,104
13,566,1315,129,1301,992,6261,247,6071,074,621
23,010,115
7,813,955
15,196,160
10,229,944
(119,988)
10,349,932
1,360,185(27,200)
1,332,985
9,016,947
(38,129)
$ 8,978,818
2010
$ 44,592,083
398,4693,723,2301,343,194
50,056,976
27,585,583
22,471,393
12,346,4034,910,2591,837,3381,231,374
754,138
21,079,512
7,076,587
14,002,925
8,468,468
1,406,804
7,061,664
1,080,54484,070
1,164,614
5,897,050
146,155
$ 6,043,205
Access Credit Union Limited Consolidated Summary Statement of Comprehensive Income
The accompanying note is an integral part of these financial statements.
Some of Access Credit Union’s sponsored summer events: pictured from top to bottom, left to right
Beach Boys concert, Manitou Fair, Morris Stampede, Morden Triathlon, Movie in the Park
2011 ANNUAL REPORT 2011 ANNUAL REPORT 214
2011 ANNUAL REPORT
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2011 ANNUAL REPORT
Balance at January 1, 2010 Net income for the year
Issue of members’ shares
Redemption of members’ shares
Change in unrealized gains/(losses) on available-for-sale investments Equity in business combinations
Balance at December 31, 2010 Net income for the year Issue members’ shares
Redemption of members’ shares
Change in unrealized gains/(losses) on available-for-sale investments
Balance at December 31, 2011
For the year ended December 31 Accumulated
Other Comprehensive
income
$ 187,682
-
-
-
146,155
-
333,837
-
-
-
(38,129)
$ 295,708
Members’ Shares
$ 17,011,958
-
12,900
(1,277,826)
-
6,470
15,753,502
-
9,295
(771,093)
-
$ 14,991,704
Access Credit Union LimitedConsolidated Summary Statement of Changes in Members’ Equity
Retained Earnings
$ 66,106,988
5,897,050
-
-
-
1,822,666
73,826,704
9,016,947
-
-
-
$ 82,843,651
Total
$ 83,306,628
5,897,050
12,900
(1,277,826)
146,155
1,829,136
89,914,043
9,016,947
9,295
(771,093)
(38,129)
$ 98,131,063
The accompanying note is an integral part of these financial statements.
Manitoba Corn Growers Manitoba High School Athletic Association ScholarshipMennonite Central CommitteeMHAA 2011 ConferenceMiami & Area FoundationMiami Arena Miami Collegiate - ScholarshipMiami Fire Department Moms on a MissionMorden Area FoundationMorden Block PartyMorden Child Care Centre Morden Collegiate - Scholarship Morden Corn & Apple Festival Morden Golden Gals Morden Junior Curling ClubMorden Lions ClubMorden Minor Hockey Morden Police Service Charity DerbyMorden Rainbow SocietyMorden United WayMorris & Area Christmas Cheer BoardMorris Baseball Diamond Park RestorationMorris Curling Club - Dekalb Sponsorship Morris Highschool - ScholarshipMusical Growing ProjectNellie McClung Collegiate ScholarshipPallative Care DonationParkinson SocietyPembina Counselling CentrePembina Hills Arts Council Pembina Manitou Area FoundationPembina Threshermens MuseumPembina Valley Development Corp.Pembina Valley Panthers Pembina Valley Tourism Plum Coulee ExpressPlum Coulee Fire Department Plum Coulee School Plum Coulee Sports Committee Plum FestPort in the Storm
Pembina Valley Hawks - Scholarship Red River 4-H - BursaryRed River 4-H - Gold Watch AwardReinfeld Community CentreRhineland Empty StockingRhineland Food BankRoland Golf Club - Bridge ProjectRoland Pumpkin FairRosenfeld Elementary SchoolRoseau River Pow Wow Rouseau Valley School - ScholarshipSouthern Manitoba Choral Society Southern Manitoba ConcertsStacey’s Crue Cuts for Cancer Stanley Ag SocietyStanley Soil ManagementThe Back Door Thousand Hallelujahs ConcertTown of Carman - Arena SponsorTown of Manitou - Arena SponsorTown of Manitou - Log HouseTown of Morden - Access Event CentreValley Rehab FoundationWC Miller Collegiate - ScholarshipWild Pink Yonder - Breast CancerWinkler 4-H BeefWinkler Amateur SoccerWinkler Baracuda Swim Team Winkler Basketball ClubWinkler Christmas Cheer BoardWinkler Festival of the Arts Winkler Fire & RescueWinkler FlyersWinkler Foundation - Food CupboardWinkler Golf Club - Pro Am SponsorWinkler Minor Hockey Winkler Salem FoundationWinkler Senior Centre Winkler Soccer ClubWinkler United Way
Together, we dream, build and live, right here.
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2011 ANNUAL REPORT 2011 ANNUAL REPORT 232
STA
TEM
ENT
DO
NA
TIO
NS 3rd Wave Trio Club
Ag in the Classroom Altona Back Alley CyclesAltona Bisons Baseball ClubAltona Blue Sky OpportunitiesAltona Build a Village Altona Community FoundationAltona Cyclo Cross Altona Family Resource CentreAltona Field of DreamsAltona/Gretna United Way Altona Maroons Hockey Altona Millennium Exhibition CentreAltona Police Dept Community SafetyAltona Police Service Altona Safety DayAltona Skating ClubAltona Sunflower FestivalAltona Youth for Christ Alzheimers SocietyBack 40 FestivalBig Brother Big Sisters - Morden/WinklerBoundary Trails Health Centre Foundation Boundary Trails Winkler AuxiliaryBoyne Regional Library Camp Moose Lake WorkdayCanadian Cancer Society - Daffodil DaysCanadian Foodgrains Bank (SHARE)Canadian Museum for Human Rights Carman Arena Carman Celebration of PhilanthropyCarman Collegiate - ScholarshipCarman Country Fair Carman Minor Baseball Carman Rodeo CommitteeCarman Royal Canadian LegionCarmania Soccer ClubCarman Tempo Festival of the ArtsCDC Lourdeon - Volunteer AwardChild & Family Services Foundation City of Winkler - Art Exhibition
Community Futures Heartland Cooperative Development Foundation Décor Cabinet - Charity Classic GolfDominion City Arena Dominion City Community Hall Dominion City Curling ClubDominion City Mom’s ClubDufferin Heritage SiteDufferin Historical Museum Eden FoundationElm Creek Canada Day SponsorElm Creek School - BursaryEmerson Elks - Christmas CheerEmerson Kinder College Emerson Minor Hockey Emerson Skating ClubFore the Cure - Breast CancerGarden Valley Collegiate - “Big Day” sponsorGarden Valley Collegiate - ScholarshipGarden Valley School DivisionGenesis HouseGideons InternationalGretna Arena Gretna Family Resource GroupGretna Hot Spot Festival Gretna School Pioneer CampHalbstadt Curling BonspeilHeart & Stroke FoundationInternational Golf Tournament Journey for SightLegends Car ClubLowe Farm Busy Nest Day Care Lowe Farm Christmas Cheer BoardLowe Farm Minor BallLowe Farm SchoolLowe Farm Willow Park RestorationManitoba Farm Womens Conference Manitou Regional LibraryManitou-Pembina Valley FoundationMasters Curling SponsorManitoba Cooperative Association
For the year ended December 31
Cash Flows from Operating Activities Net income for the year Adjustments for Interest and investment revenue Interest expense Depreciation expense Provision for impaired loans Loss on disposal of property, plant and equipment Deferred income taxes
Change in other assets and liabilities Change in income taxes payable
Changes in member activities (net) Change in loans to members Change in members’ deposits
Cash flows related to interest, dividends, and income taxes Interest received on loans to members Interest received on investments Dividends received on investments in associates Interest paid on members’ deposits
Total cash flows from operating activities
Cash Flows from Investing Activities Purchase of investment property Purchase of investments Redemption of investments Purchase of property, plant and equipment Purchase of intangibles Proceeds on disposal of property, plant and equipment Total cash flows from investing activities
Cash Flows from Financing Activities Issue of common and surplus shares Redemption of common and surplus shares Total cash flows from financing activities
Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year
Cash received on business combination
Cash and cash equivalents, end of year
Comprised of the following: Funds on hand and on deposit Credit Union Central of Manitoba term deposits
2011
$ 9,016,947
(53,917,872)28,491,768
899,825(119,988)
3,510(27,200)
(15,653,010)
(1,106,706)172,435
(934,271)
(97,333,794)129,042,994
31,709,200
46,746,3535,795,396
246,799(28,575,325)
24,213,223
39,335,142
(1,912,232)-
3,345,451(1,182,914)
32,073-
282,378
9,295(771,093)
(761,798)
38,855,722
146,938,638
-
$ 185,794,360
$ 40,093,360145,701,000
$ 185,794,360
2010
$ 5,897,050
(50,056,976)27,585,583
779,5851,406,804
13,44984,070
(14,290,435)
(1,233,818)920,372
(313,446)
(85,503,193)73,415,495
(12,087,698)
44,493,9475,228,715
393,922(27,848,194)
22,268,390
(4,423,189)
-(4,870,600)
1,961,288(166,911)
(1,150,515)22,500
(4,204,238)
12,900(1,277,826)
(1,264,926)
(9,892,353)
153,343,639
3,487,352
$ 146,938,638
$ 51,147,138 95,791,500
$ 146,938,638
Access Credit Union LimitedConsolidated Summary Statement of Cash FlowsAccess CU is committed to strengthening our community by
supporting organizations, charities and events that reflect the values of our members, our employees and our communities. In 2011, donations exceeded $294,000
The accompanying note is an integral part of these financial statements.
2011 ANNUAL REPORT
NO
TES
MIS
SIO
N
2011 ANNUAL REPORT
our mission
our vision
our core values
To be an innovative, financially sound credit union dedicated to high standards of member service and supportive of the communities we serve.
To be the leading provider of financial services in Southern Manitoba
Integrity Community SupportiveMember and Employee FocusedProactive
For the years ended December 31, 2011 and 2010
Access Credit Union LimitedNote to Summary Consolidated Financial Statements
1. Management is responsible for the preparation of summary financial statements. The summary presented includes only the summary con-solidated balance sheet and the summary consolidated statement of comprehensive income, summary consolidated statement of changes in members’ equity and summary consolidated statement of cash flows. It does not include any other schedules or the notes to the financial state-ments. The summary consolidated balance sheet and summary con-solidated statement of comprehensive income, summary consolidated statement of changes in members’ equity and summary statement of consolidated cash flows are presented in the same detail as the audited financial statements except the note referencing has been removed.
Copies of the December 31, 2011 audited consolidated financial state-ments are available at the Credit Union’s head office at 583 Main Street, Winkler Manitoba or online at www.accesscu.ca.
124
Open 6 Days in 4 Locations:
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pm
Tuesday-Friday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Tuesday-Friday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Tuesday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pm
Monday-Thursday 9:00 am to 4:30 pmFriday 9:00 am to 5:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pmSaturday 9:30 am to 3:00 pm
Monday-Thursday 9:30 am to 4:30 pmFriday 9:30 am to 5:00 pm
Tuesday-Friday 9:00 am to 5:00 pmSaturday 9:00 am to 3:00 pm
Monday-Wednesday 9:30 am to 4:30 pmThursday 9:30 am to 8:00 pmFriday 9:30 am to 6:00 pmSaturday 9:30 am to 3:00 pm
Mission Statement .................................................................................................1
Donations ................................................................................................................2
Management .........................................................................................................8
Employee Service Awards ...................................................................................11
Staff Listing ............................................................................................................13
Board of Directors Report ....................................................................................16
Independent Auditor’s Report ...........................................................................19
Consolidated Balance Sheet .............................................................................20
Consolidated Summary of Comprehensive Income .......................................21
Consolidated Summary of Changes in Members’ Equity ...............................22
Consolidated Summary Statement of Cash Flows ...........................................23
Notes to Consolidated Financial Statements ...................................................24
Contents
ALTONA CARMAN DOMINION CITY
EMERSON GRETNA LOWE FARM
MIAMIMANITOU MORDEN
MORRIS PLUM COULEE WINKLER
ALTONA | 129 - 3rd Avenue NE | 204.324.6437
CARMAN | 7 - 1 s t Avenue | 204 .745 .2043
DOMINION CITY | 122 Waddell Ave | 204.427.2444
EMERSON | 13 Main St reet | 204.373.2195
GRETNA | 542 Hespeler Avenue | 204.327.5822
LOWE FARM | 52 Main Street | 204.746.8766
MANITOU | 330 Main Street | 204.242.2756
MIAMI | 517 Norton Avenue | 204.435.2161
MORDEN | 430 Stephen Street | 204.822.4485
MORRIS | 100 Main S t reet | 204 .746 .2391
PLUM COULEE | 257 Main Street | 204.829.3655
WINKLER | 295 Main St reet | 204.325.4351
BRANCHES12
ANNUALREPORT20 11dream. build. live. right here.
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