Evangeline Credit Union Ltd. - Évangéline

Rapport annuel
table des matières
Rapport de la présidente...……………………..…...2-3
Conseil d’administration………………….………….4
L’impacte de la caisse………….….…………………..5
Employé.es…..…………..………….……..………...6-7
Rapport du directeur général……….………...….…8-9
Rapport financier……………………...………....10-25
Statistiques……………………………..…..…....26-27
Stratégies financières Credential ...…….…………..28
Bénévole de l’année 2010…………….…….…..…...29
Dépôts étudiants…………...………………...…......29
Récipiendaires de bourses………….……...………...30
Commanditaire Relais pour la vie…….……………31
Commanditaires.………………………….…………32
Votre caisse
populaire s'engage
à vous offrir des
services efficaces et
des conseils judicieux
afin de vous
permettre de prendre
les bonnes décisions
pour assurer votre
bien-être financier.
2011
Annual Report
table of contents
President’s Report………………...……………..…..2-3
Board of Directors………………..………………..…..4
Impact of the Credit Union……………………….…..5
Employees…………………………...……...……….6-7
General Manager’s Report……..………..………….8-9
Financial Report…………………………..……..10-25
Statistics………………………………….……….26-27
Credential Financial Strategies.……..….……….....28
2010 Volunteer of the Year……………...……........29
Student Deposits………………………..…..………..29
Scholarship Recipients.……………….…...………...30
Relay for Life Sponsorship…..………………………31
Sponsorships………….……………………………....32
Your Credit Union
is dedicated to
providing you with
the most effective
financial services
and wise financial
guidance to empower
you to make the best
decisions for your
financial well-being.
Rapport
de la présidente
C’est avec grand plaisir que je vous présente mon rapport pour l’année se terminant
le 30 septembre 2011. Le Conseil a connu une année bien occupée puisqu’il a passé
énormément de temps à évaluer la possibilité de fusion proposée l’an dernier.
Le Conseil a également la responsabilité d’établir l’orientation stratégique de
l’organisation, veillant à son progrès et assurant que toutes les exigences
réglementaires soient satisfaites.
À la suite d’un processus d’examen, le Conseil d’administration de votre Caisse
populaire a proposé la recommandation unanime de procéder à la fusion de notre
Caisse populaire avec celle de nos voisins d’O’Leary, soit la Central Credit Union.
Étant donné que nos visions, nos produits, nos prix et nos objectifs sont semblables,
nous sommes convaincus que cette direction est pertinente et sera avantageuse pour
les deux organisations. Les exigences réglementaires toujours à la hausse, notre
besoin de nous adapter à divers avancements technologiques, notre besoin continu
de personnel plus spécialisé et l’augmentation des pressions concurrentielles font que
les plus petites opérations ont de plus en plus de difficulté à réussir. Nous sommes
très chanceux d’avoir trouvé un partenaire aux vues similaires, ayant sensiblement les
mêmes valeurs et objectifs de développement. Le fait de s’unir au lieu de garder le
statu quo permettra à l’organisation d’être beaucoup plus forte.
En 2011, il y a aussi eu la fusion des trois centrales provinciales de la région
atlantique qui a nécessité quelques ajustements au niveau de l’administration des
caisses populaires. Nous sommes toujours persuadés que cette union de nos centrales
provinciales offrira non seulement un meilleur appui aux caisses populaires, mais
aussi de bons résultats financiers alors que nous continuons à façonner cette nouvelle
organisation selon les besoins des propriétaires.
Les caisses populaires
diffèrent d’autres
institutions
financières en ce sens
qu’elles
n’appartiennent pas
à des actionnaires;
elles vous
appartiennent.
Encore cette année, nous sommes heureux des résultats financiers que nous avons
atteints. Le niveau de profit correspond aux projections alors que la croissance de
l’actif les a dépassées. Nous avons donc été capables d’offrir de l’intérêt de dividende
sur les parts de 1,75 pour cent pour l’année se terminant le 30 septembre 2011.
Le montant de cet intérêt de dividende est comptabilisé mensuellement, selon le
solde mensuel le plus bas du compte de part, et est versé annuellement au plus tard
à la fin octobre.
Nous apprécions grandement l’appui de nos communautés et, en retour, appuyons
divers organismes à but non lucratif de la communauté tout au long de l’année.
Par exemple, nous sommes très fiers de faire partie du projet de reconstruction et
d’être le commanditaire diamant du Centre de recréation Évangéline qui a été la
proie des flammes en avril 2010. Au nom du Conseil, je tiens à remercier les membres
du personnel pour avoir uni leurs efforts de financement à la commandite de la
Caisse afin d’aider à atteindre le niveau diamant. Nous attendons avec grande
impatience l’ouverture officielle de l’installation et nous serons heureux de constater
qu’un si grand nombre de nos membres, ainsi que la communauté en général, pourra
bénéficier de notre contribution.
Je profite de cette occasion pour souligner la contribution importante des membres
du Conseil, le véritable engagement de la direction et du personnel ainsi que le solide
appui des membres en vue d’assurer le succès continu de l’organisation.
2
President’s
report
It is with great pleasure that I present to you the President’s
Report for the year ending September 30, 2011. It has been a
busy year for the Board as we have devoted considerable time
evaluating the amalgamation opportunity that was initially proposed last year.
The Board also has the responsibility of setting the strategic direction of the
organization, monitoring its progress and ensuring that all regulatory
requirements continue to be met.
Carol Gallant
Présidente
President
As a result of a review process, the Board of Directors of your Credit Union has
brought forth a unanimous recommendation to proceed with the amalgamation
of your Credit Union with our neighbor, Central Credit Union of O’Leary.
As our visions, product lines, pricing and objectives are quite similar, we are fully
convinced that this direction is a good fit and will be beneficial for both
organizations. Ever increasing regulatory requirements, our need to
continuously adapt to various technological advances, our continuous need for
more specialized staffing, and increasing competitive pressures make it more and
more difficult for smaller operations to excel. We are very fortunate to have
found a like-minded partner with similar values and development objectives.
Joining force versus status quo will make for a much stronger organization.
The year 2011 has also seen the amalgamation of the three provincial Centrals
of the Atlantic region, which has required adjustments at the administrative
level of the Credit Union operation. We continue to be confident that this
union of our provincial Centrals, which provides enhanced support to the
Credit Unions, will also bring financial efficiencies as we continue molding this
new organization based on the needs of the owners.
We are quite pleased with the financial results that were achieved again this year.
The profit level has met projections and asset growth has surpassed them.
As a result, we were able to declare a dividend interest on shares of 1.75% for the
year ending September 30, 2011. The payout of this dividend interest is accrued
monthly based on the lowest monthly balance of the share account and paid
annually by the end of October.
We truly appreciate the support of our communities and in return provide
support to various non profit community organizations throughout the year.
As an example of this, we are very proud to be part of the rebuilding project and
to be the diamond sponsor of the Evangeline Recreation Centre that was
destroyed by fire back in April 2010. On behalf of the Board, we would like to
thank the staff for having combined their fundraising efforts with that of the
corporate sponsorship in order to reach the diamond level. We look forward to
the official opening of the facility, and will be happy to see our contributions
benefitting such a significant portion of our membership, as well as the
community as a whole.
Credit Unions are
unique from other
financial institutions
in that they are not
owned by
shareholders; they’re
owned by you.
I would like to take this opportunity to recognize the important contribution of
the Board members, the genuine commitment of management and staff as well
as the strong support of the members in the ongoing success of the organization.
3
Conseil d’administration
Board of Directors
COMITÉS DU CONSEIL
BOARD COMMITTEES
Les comités sont une partie intégrale de la
structure de l'organisation de la caisse.
Le mandat d'un comité est d'aider à remplir
les objectifs du conseil d'administration.
Chaque comité est composé d'au moins
trois directeurs.
Committees are an integral part of the
organizational structure of the credit union.
A Committee’s mandate is to assist in
fulfulling the corporate objectives of the
Board of Directors and is made up of
at least three directors.
CRÉDIT
AUDIT
Le comité de crédit est la liaison entre les
ressources internes, les vérificateurs externes
et le conseil d'administration. Ce comité
s'assure que la caisse a un processus efficace de
contrôle interne et assure le suivi de toutes
les lacunes identifiées dans les rapports
de vérification.
The Audit Committee is the liaison between
internal resources, the external auditors and
the Board of Directors. This committee
ensures the credit union has an effective
internal control process and follows-up on
any deficiencies identified in any
audit reports.
NOMINATION
NOMINATING
Le comité de nomination est responsable
d’accepter des nominations des membres
pour devenir un directeur élu.
The Nominating Committee is responsible to
accept nominations from members to become
an elected Board Member.
FINANCE
FINANCE
Le comité de finance surveille les résultats
financiers de la Caisse et évalue les demandes
pour des dépenses extraordinaries.
The Finance Committee monitors the
financial results of the Credit Union and
evaluates requests for extraordinary
expenditures.
POLITIQUES
Membre du conseil :
joue un rôle intégral
quant à la
détermination du
destin de Votre Caisse
populaire
Le comité des politiques est chargé d'examiner
et de réviser les politiques de la caisse
populaire sur une base régulière afin de
s'assurer qu'elles sont à jour, appropriées et
répondre à certaines exigences.
POLICY
The Policy Committee is responsible for
reviewing and revising policies of the credit
union on a regular basis to ensure they are
current, appropriate and meet
certain requirements.
Directors : Playing an
integral role in
shaping the future
direction of Your
Credit Union.
4
De gauche à droite, haut en bas / From left –right, top-bottom:
Carol Gallant, Présidente / President
Marsha Arsenault
Raymond Arsenault
Giselle Bernard Comité de politiques / Policy Committee
Vice-president et Comités de politiques, de crédit &
Glen Ellis Comité de crédit / Audit Committee
de nomination / Vice-President and Policy, Audit &
John Phillips Comité de finance / Finance Committee
Nominating Committees
Ira Smith Comités de finance & nomination / Finance &
Peter Bulger
Nominating Committees
Secrétaire et Comités de finances et de crédit /
Eric Wagner Comités de politiques & nomination /
Secretary and Finance & Audit Committees
Policy & Nomination Committees
L’impact de la Caisse populaire Évangéline
Au 30 septembre 2011
Evangeline Credit Union’s impact
As of September 30th, 2011
5,480
Propriétaires
Owners
23
Employé.es
Employees
$72,937,570
Actifs
Assets
$193,179
La Caisse populaire
Évangéline est une
organisation axée sur
la communauté.
Dividendes
Dividends
$68,337
Dons annuels
Donations
Evangeline
Credit Union is a
community focused
organization.
$112,740
Valeur des points
Choice Rewards
points value
5
Les employé.es / Staff
Alfred Arsenault
Denise Arsenault
Mark Campbell
Angele Gallant
Directeur général
General Manager
Directrice des services admin.
Directeur de la succursale
Branch Manager
Directrice de la succursale
Branch Manager
Admin. Services Manager
L’équipe de gestion / Management Team
Marlene Cormier
Lucille Gallant
Diane Richard
Kelly MacDougall
Judy Robichaud
Phyllis Ramsay
Joan St. John
L’équipe des services aux membres / Member Services Team
Représentantes aux services des members
Member Services Representatives
Pour la septième année consécutive, un sondage indépendant auprès des
Canadiens a classé les caisses populaires en PREMIER en matière de la
qualité globale du service à la clientèle parmi toutes les institutions financères.
For the seventh year in a row an independent survey of Canadians ranked
credit unions FIRST in customer service excellence among all financial
institutions.
6
Les employé.es / Staff
Corinne Arsenault
Gisele Arsenault
Marc Côté
Spécialiste aux services des membres
Member Services Specialist
Agente des services financiers
Financial Services Officer
Agent des services financiers
Financial Services Officer
Craig MacLean
Ben Murphy
Sandra Palmer
Agent des services financiers
Financial Services Officer
Agent des services commerciaux
Commercial Services Officer
Agente des services financiers
Financial Services Officer
L’équipe des services financiers / Financial Services Team
En décembre 2010,
les employés ont
présenté un chèque de
10 000 $ au
Centre de récréation
Évangéline.
In December 2010,
staff presented a
cheque for $10,000 to
Evangeline Recreation
Centre.
Heather Banks
Marie Maddix
Diane McInnis
Agente administrative
Administrative Officer
Agente administrative
Administrative Officer
Agente de marketing
Marketing Officer
Liette McInnis
Sheila-May Muttart
Thelma Blanchard
Commis administrative
Administrative Clerk
Commis comptable
Accounting Clerk
Secrétaire-Réceptionniste
Secretary-Receptionist
L’équipe administratif / Administration Team
7
Rapport
du directeur général
J’ai eu le plaisir de contribuer à la direction de cette organisation au cours des 13
dernières années, et surtout au cours des 14 derniers mois. Le soutien important que
nous avons continué de recevoir des membres est évident lorsque nous constatons la
croissance qui se poursuit année après année. J’apprécie énormément l’appui soutenu
du Conseil d’administration qui a travaillé fort au cours des deux dernières années
à évaluer la fusion éventuelle avec la caisse populaire avoisinante, Central Credit Union.
Je suis très chanceux d’avoir eu l’occasion de gérer également la Central Credit Union
au cours de la dernière année. Cette occasion m’a permis de comparer adéquatement
les forces et les faiblesses des deux organisations, d’analyser où des profits pourraient
être réalisés, d’évaluer le niveau de préparation du personnel face à une fusion et
d’élaborer un plan de transition pour le personnel et les membres.
Malgré les faibles taux d’intérêt et l’incertitude des marchés financiers qui se poursuivent
au niveau mondial, nous avons réussi à générer des gains semblables à ceux de l’an
dernier, offrant une augmentation des bénéfices par action de ,25 pour cent. Nous
n’avons pas pu atteindre notre plein potentiel en matière de gains puisque notre
surliquidité demeurait relativement élevée pendant toute l’année, et ce, en raison, en
partie, de la perte du programme provincial de prêts étudiants. Ayant connu encore une
fois une importante croissance en matière d’actif, soit 6,8 pour cent de plus par rapport
à l’an dernier, nous avons pu augmenter nos capitaux propres de 7,19 pour cent de
l’actif ce qui représente 5 245 916 $. Ces capitaux propres, presque entièrement
composés de recettes non distribuées, offrent une importante stabilité à l’organisation
et nous permet de continuellement augmenter notre compétitivité au sein de notre
secteur local des marchés financiers.
Vous êtes client et
propriétaire de votre
Caisse populaire.
Vous bénéficiez ainsi
d’une relation de
qualité supérieure qui
met toujours vos
besoins au premier
plan, ce qui vous
donne le pouvoir de
prendre votre avenir
financier en main.
Comme résultat de la fusion des trois centrales provinciales, on s’attend à une
importante distribution de dividendes parmi les caisses populaires de l’Île au cours des
prochains mois, lorsque la Credit Union Central of PEI sera finalement liquidée et
versera le reste de ses recettes non distribuées à ses membres. Puisque nous ne sommes
toujours pas certains de montant précis de ces dividendes, rien n’a été consigné au
rapport financier puisque nous continuons à traiter un tel investissement au prix
coûtant, comme il a été le cas auparavant.
Je tiens à remercier tout particulièrement le personnel pour son souci du bien-être des
membres. Je veux aussi exprimer ma reconnaissance à l’équipe de gestion pour son
appui au cours de la dernière année, lorsque je passais la moitié de mon temps à la
Central Credit Union en tant que directeur général par intérim. Malgré mes
nombreuses absences du bureau, l’organisation semblait tout de même fonctionner
extrêmement bien.
Grâce à la fidélité de nos membres, à notre solide position financière et à la composition
de notre personnel, j’ai très grande confiance au succès à long terme de notre Caisse
populaire.
8
General Manager’s
report
It has been a pleasure for me to have a role in leading this
organization for the past 13 years, and more specifically over
these past 14 months. The continued strong support of our
membership is evident as we look at the level of growth that we
continue to experience year after year. I truly appreciate the
continued support of the Board of Directors as we have worked hard over the past
two years in evaluating a potential amalgamation with our neighboring credit union,
namely Central Credit Union.
Alfred Arsenault
Directeur général
General Manager
I am very fortunate to have had the opportunity to also manage Central Credit
Union over the past year. This process has allowed me to properly compare the
strengths and weaknesses of both organizations, analyze the area where efficiencies
could be generated, assess the staff preparedness level to an amalgamation and
develop a seamless transition plan for the benefit of our staff and members.
Despite our continued environment of low interest rates and ongoing global
uncertainty in the financial markets, we were able to generate similar earnings in
comparison to the previous year while providing a 0.25% higher return on shares.
We were unable to attain our full earning potential, as our excess liquidity remained
relatively high throughout the year, which was in part related to our loss of the
provincial student loans program. Having experienced once again a strong asset
growth for the year, at 6.8% over the previous year, we have been able to also grow
our equity to 7.19% of assets or $5,245,916. This equity, which is almost entirely
made up of undistributed income, provides significant stability for the organization
and allows us to continuously enhance our competitiveness within our local
financial services marketplace.
As a result of the amalgamation of the three Provincial Centrals, a significant
dividend distribution back to PEI Credit Unions is expected over the next few
months as Credit Union Central of PEI finally gets fully liquidated and returns its
remaining undistributed revenues back to its shareholders. As we are still unsure
of the precise amount of this dividend, no entries were made to this year’s financial
report as we continue to carry such investment at cost, as was the case in previous
years.
At your Credit Union,
you’re a customer and
an owner. A better
relationship that
ensures your needs
always come first.
I would like to express special appreciation to the staff for its genuine concern for the
well being of the members. I would also like to thank my management team for its
Giving you the power
support over the past year as I spent half of my time at the Central Credit Union
to take ownership of
as acting General Manager. Despite my significant absence from the office, the
your financial future.
operation continued to perform extremely well.
Taking into consideration our membership loyalty, our strong current financial
position along with our staffing composition, gives me great confidence in the
long-term success of our Credit Union.
9
November 1, 2011
Auditor's Report
To the Members of
Evangeline Credit Union Ltd.
We have audited the accompanying financial statements of Evangeline Credit Union Ltd., which comprise the
balance sheet as at September 30, 2011, and the statements of earnings, undistributed income and cash flows for
the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with Canadian generally accepted accounting principles, and for such internal control as management determines
is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with Canadian generally accepted auditing standards. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of
Evangeline Credit Union Ltd. as at September 30, 2011, and the results of its operations and its cash flows for the
year then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants
(1)
Evangeline Credit Union Ltd.
Statement of Undistributed Income
For the year ended September 30, 2011
Undistributed income - Beginning of year
Net earnings for the year
Undistributed income - End of year
(3)
2011
$
2010
$
4,842,231
4,399,994
375,220
442,237
5,217,451
4,842,231
Evangeline Credit Union Ltd.
Statement of Earnings
For the year ended September 30, 2011
2011
$
2010
$
3,138,853
177,259
392,255
445,602
79,902
3,226,859
162,067
372,719
404,493
74,831
4,233,871
4,240,969
1,086,367
137,244
145,614
135,049
579,335
378,802
929,551
1,202,630
143,718
135,486
138,474
594,592
264,120
944,540
3,391,962
3,423,560
841,909
817,409
193,179
197,497
-
148,929
128,500
35,000
390,676
312,429
451,233
504,980
76,013
62,743
375,220
442,237
Revenue
Loan interest
Investment
Service fees
Commissions
Other income
Expenses
Staff
Premises
Insurance
Office
Service fees
General
Cost of capital
Operating earnings
Other expense
Share dividends
Provision for loan losses
Provision for real estate held for resale
Provision for current income taxes
Net earnings for the year
(4)
Evangeline Credit Union Ltd.
Statement of Cash Flows
For the year ended September 30, 2011
2011
$
2010
$
375,220
442,237
87,085
197,497
2,555
86,191
128,500
35,000
-
662,357
691,928
(38,468)
76,674
(26,137)
22,521
38,258
729,256
7,655
226,820
33,875
(104,926)
(22,288)
(22,521)
(40,958)
56,836
(9,115)
-
Cash provided by (used in)
Operating activities
Net earnings for the year
Items not affecting cash
Amortization
Provision for loan losses
Provision for real estate held for resale
Loss on disposal of property and equipment
Net change in non-cash working capital items
Decrease (increase) in accrued loan interest receivable
Decrease (increase) in real estate held for resale
Increase in prepaid expenses and other
Decrease (increase) in income taxes receivable
Increase (decrease) in accrued interest payable
Increase in other liabilities
Increase (decrease) in income taxes payable
Increase in long-term payable
1,698,936
582,831
3,294,137
3,261,397
(34,837)
(3,020,196)
(790,265)
(155,788)
(346,645)
(1,732,969)
(3,845,298)
(2,235,402)
Increase in net cash
1,147,775
1,608,826
Net cash - Beginning of year
9,615,308
8,006,482
10,763,083
9,615,308
1,224,546
9,538,537
1,731,925
7,883,383
10,763,083
9,615,308
3,277,644
891,293
2,008
148,929
22,521
63,358
3,421,608
985,498
2,008
135,803
94,379
Financing activity
Increase in member deposits
Investing activities
Purchase of property and equipment
Increase in investments
Increase in loans and mortgages
Net cash - End of year
Net cash consists of
Cash and equivalents
Current accounts
Supplementary disclosure
Interest received
Interest paid
Dividends received
Dividends paid
Income taxes received
Income taxes paid
(5)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
1
General
The Evangeline Credit Union Ltd. is incorporated under the Prince Edward Island Credit Unions Act. Its
principal business activities include financial and banking services for credit union members.
2
Summary of significant accounting policies
Loans and mortgages
Loans and mortgages are stated at the principal amount less allowances established to recognize estimated
credit exposure and impairment.
Provision for impaired loans
A loan is classified as impaired when, in management's opinion, it is prudent to establish a provision against
specific loans for which the timely and full collection of the loan may be questionable. This provision is
determined in two manners, specific provisions and general provisions.
Specific provision
Specific provisions are established on an individual facility basis to recognize expected credit losses.
The specific provision is the amount that is allocated to reduce the carrying value of an impaired loan
to its estimated realizable amount. Generally, the estimated realizable amount is either the fair value
of any security underlying the loan, net of expected costs of realization and any amount legally
required to be paid by the borrower.
General provision
A general provision is established when required to absorb credit losses attributable to the
deterioration of credit quality within major portfolios for which specific provisions have not been
established.
The provision for credit losses is maintained at an amount considered adequate to absorb estimated creditrelated losses. The provision for credit losses reflects management's best estimate of the impairment existing
in the portfolio and their judgments about economic conditions. If the circumstances under which these
estimates and judgments were made change, there could be a significant change to the provision for credit
losses currently recognized. The provision is increased by a charge to "provision for credit losses" which is a
charge to income and reduced by write-offs net of recoveries.
Real estate held for resale
Real estate held for resale is acquired from foreclosed loans and is carried at the lower of cost of the impaired
asset prior to the realization of the related security and the underlying estimated realizable value of the
security.
(6)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Property and equipment
Land is carried at cost. All other property and equipment are carried at cost less accumulated amortization.
Amortization is calculated using the declining balance method as follows:
Buildings
Furniture, equipment and computers
Pavement
4%, 5%, 10%
20%, 30%, 45%, 55%
8%
Amortization of some furniture and equipment is also calculated using the straight-line method over 5 years.
Investments
Investments in securities that are classified as held-to-maturity are valued at cost or amortized cost, adjusted
to recognize impairment other than a temporary impairment in the underlying value.
Investments in securities that are classified as available for sale are initially recognized at acquisition cost and
subsequently re-measured at fair value at each reporting date. The fair value of publicly traded securities is
based on their quoted market prices. All other securities' fair value is determined by discounting the expected
future cash flows at current market rates. When the fair value of the security cannot be reliably measured, it is
be recorded at cost.
Revenue recognition
Loan interest
Interest accrued on loans is recognized in income except where a loan is classified as impaired. A loan is
classified as impaired when a specific provision has been established, a write-off taken or when, in the
opinion of management, there is a reasonable doubt as to the ultimate collectibility of principal or interest.
Interest received on an impaired loan is recognized in income only if there is no longer doubt as to the
collectibility of the carrying value of the loan, otherwise, the interest is credited to the principal. Loans are
generally returned to accrual status when all delinquent principal and interest payments are brought current
and the timely collection of both principal and interest is reasonably assured.
Investment and other income
Investment and other income is recognized as revenue on an accrual basis.
Service fees
Service fees income is recognized on an accrual basis in accordance with the service agreement.
Commissions
Commissions income is recognized when the event creating the commissions takes place.
(7)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Management estimates
The presentation of financial statements in conformity with Canadian generally accepted accounting
principles requires management to make estimates and assumptions mainly considering values that affect the
reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial
statements and the reported amounts of revenues and expenditures during the reported period. It is reasonably
possible that changes in future conditions could require a material change in the recognized amounts.
Market value
Quoted market prices are not available for a portion of Evangeline Credit Union Ltd.'s financial instruments.
Consequently, fair values presented are estimates derived using redemption values, present values or other
valuation techniques which may not be indicative of the net realizable value.
Risk management policies
Management's risk management policies are informal and are typically performed as a part of the overall
management of the entity's operations. Management's close involvement in operations identifies risks and
variations from expectations leading to changes in risk management activities and requirements and actions.
Management has not entered into hedging transactions to manage risk. As a part of the overall management
of the entity's operations, management informally considers avoidance of undue concentrations of risk, and
may require collateral to mitigate credit risk. These policies and procedures are unchanged from the prior
year.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the
exchange rate prevailing at the balance sheet date. Revenues and expenses denominated in foreign currencies
are translated at the average monthly exchange rate.
Credit risk
Credit risk is the risk that a borrower will fail to meet principal and interest obligations. Evangeline Credit
Union Ltd. is exposed to credit risk through its loans and mortgages, and mitigates its exposure to this risk
through strict adherence to credit granting and monitoring policies and procedures. These policies include
requiring collateral be pledged proportionate to the size and term of the loan and mortgage.
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign
exchange rates. Evangeline Credit Union Ltd. is exposed to currency risk through its cash accounts and
member deposits. Evangeline Credit Union Ltd. maintains deposits in foreign currencies to service its
member accounts.
(8)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Financial instruments
Fair value of financial instruments
The fair value of Evangeline Credit Union Ltd.'s financial instruments are derived using the valuation methods
and assumptions described below. The estimated fair values disclosed do not reflect the value of items that
are not considered financial instruments, such as property and equipment. Since many of Evangeline Credit
Union Ltd.'s financial instruments lack an available trading market, the fair values represent estimates of the
current market value of instruments, taking into account changes in market rates that have occurred since their
origination. Due to the estimation process and the need to use judgment, the aggregate fair value amounts
should not be interpreted as being necessarily realizable in an immediate settlement of the instruments.
The following methods and assumptions were used to estimate the fair value of financial instruments:
(a)
the fair values of cash and equivalents, current accounts, accrued loan interest, accrued interest
payable and other liabilities are assumed to approximate book values due to their short-term nature.
(b)
The amortized cost of floating rate loans and mortgages and members deposits are assumed to equal
book value as the interest rates automatically reprice to market.
(c)
The amortized cost of fixed rate loans, mortgages and fixed rate deposits is determined by discounting
the expected future cash flows of these loans and deposits at the current market rates for products
with similar terms and credit risks.
(d)
The fair value of available for sale investments cannot be reliably measured, therefore, they will be
recorded at cost.
(e)
The fair value of the long-term payable is assumed to approximate book value due to the nature of the
liability.
The entity classifies financial instruments using the following criteria:
Loans, mortgages and receivables
Evangeline Credit Union Ltd. classifies non-derivative financial assets resulting from the delivery of cash or
other assets by a lender to a borrower in return for a promise to repay on a specified date or dates, or on
demand, usually with interest, as loans, mortgages and receivables.
Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and
fixed maturity that the entity has the intention and ability to hold to maturity.
Available for sale
Available for sale financial assets are those non-derivative financial assets that have been so designated by
management or have not been classified as loans, mortgages, receivables or held to maturity investments.
(9)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Future accounting changes
The CICA has announced that Canadian GAAP for publicly accountable enterprises will be replaced by
International Financial Reporting Standards (IFRS), effective for Evangeline Credit Union Ltd.'s 2012 fiscal
year.
Evangeline Credit Union Ltd. will present its IFRS opening balance sheet as at October 1, 2010 which
represents the first day of the earliest comparative period to be included in its 2012 financial statements. As
at that date, Evangeline Credit Union Ltd. will record adjustments to amounts reported on its Canadian GAAP
balance sheet to reflect the balance which would have been presented had IFRS always been used.
Differences between Canadian GAAP and IFRS will be debited or credited to undistributed income as
appropriate. The 2011 comparatives will be presented under IFRS standards as well.
The impact of transitioning to IFRS is undetermined at this time but the areas expected to have the most
significant impact are financial instruments and note disclosure to the financial statements.
3
Loans and mortgages
Total
$
Personal
Business
Mortgages
Lines of credit and
overdrafts
Student loans
League Savings and
Mortgage
Impaired
Loans
$
(included
in total)
General
Provision
$
Specific
Provision
$
2011
2010
Net
$
Net
$
9,090,077
18,775,996
15,499,357
78,487
2,504,860
13,930
31,250
31,250
31,250
46,140
1,237,054
13,930
9,012,687
17,507,692
15,454,177
9,521,063
16,093,142
15,610,962
8,028,135
44,300
310,116
-
31,250
-
59,497
-
7,937,388
44,300
8,300,196
1,350,518
3,160,419
-
-
-
3,160,419
1,648,014
54,598,284
2,907,393
125,000
1,356,621
53,116,663
52,523,895
Continuity of provision for impaired loans
2011
$
Provision for impaired loans - Beginning of year
Add: Recoveries during the year
Provision for loan losses
Less: Amounts written off during the year
1,418,878
7,628
197,497
(142,382)
Provision for impaired loans - End of year
1,481,621
(10)
2010
$
1,329,665
8,740
128,500
(48,027)
1,418,878
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Mortgages and other loans
In 2011, mortgages are secured by realty mortgages with an average interest rate of 5.135%. Personal and
business loans have an average rate of 6.492%. Line of credits and overdrafts have an average rate of 6.129%
and 11.843%, respectively. Other loans are priced at market rates unless circumstances warrant special
considerations. The loans are secured by an assignment of specific call deposits and share capital of the
borrower and other specific assigned securities.
Evangeline Credit Union Ltd.'s prime lending rate
Evangeline Credit Union Ltd.'s prime lending rate is set by the Board of Directors based on the prime interest
rate of other chartered banks in Canada. The prime rate at September 30, 2011 was 3.00% (2010 - 3.00%).
4
Property and equipment
Land
Buildings
Furniture, equipment and
computers
Pavement
2011
2010
Cost
$
Accumulated
amortization
$
Net
$
Net
$
36,289
1,399,728
622,021
36,289
777,707
36,289
812,149
1,238,005
50,967
1,010,966
7,611
227,039
43,356
240,243
50,513
2,724,989
1,640,598
1,084,391
1,139,194
(11)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
5
Investments
Held to maturity:
Liquidity reserve deposit
Term deposits
2011
Amortized
Cost
$
2010
Amortized
Cost
$
4,333,246
2,000,000
3,874,000
-
6,333,246
3,874,000
2011
Fair
Value
$
Available for sale:
Credit Union Central shares
Atlantic Central
League Savings & Mortgage
shares
League Data shares
Co-operative membership
Cost
$
2010
Fair
Value
$
Cost
$
264,625
954,350
264,625
954,350
658,025
-
658,025
-
66,944
30,820
2,291
66,944
30,820
2,291
66,944
30,820
2,291
66,944
30,820
2,291
1,319,030
1,319,030
758,080
758,080
Total investments
7,652,276
4,632,080
In order to meet the Credit Union national standards, Evangeline Credit Union Ltd. is required to maintain on
deposit in Atlantic Central an amount equal to 6% of the prior quarter's assets. The deposit bears interest at a
variable rate throughout the year.
No market exists for shares of Credit Union Central of Prince Edward Island and Atlantic Central except that
they may be surrendered on withdrawal from membership for proceeds equal to the paid-in value, to be
received in accordance with a Evangeline Credit Union Ltd. by-law providing for the redemption of its share
capital.
All other equities with no specified maturity date are classified as available for sale. As there is no market
value for the shares in Co-operatives, the fair value of the shares is estimated at amortized cost.
(12)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
Term deposits
Term deposits are invested with Atlantic Central and are carried at cost. These term deposits have the
following maturity dates and rates of return:
Amount
$
1,000,000
1,000,000
Total
6
Rate of
Return
2.11%
2.50%
Maturity
February 25, 2013
February 24, 2014
2,000,000
Member deposits
Share accounts (notes 9 and 13)
Savings and Plan 24
Chequing accounts
Term deposits
RRSP and RRIF
2011
$
2010
$
12,078,870
10,812,361
14,779,594
8,685,079
19,491,123
11,537,099
10,013,123
13,469,653
8,385,941
19,147,074
65,847,027
62,552,890
Share accounts include the $5 membership share plus individual member deposits.
Share accounts pay a dividend return at the discretion of the Board of Directors. Privileges of the shares are
under the authority of the Board of Directors. The dividend rate declared and paid for 2011 was 1.75% (2010
- 1.50%) based on the average minimum monthly share account balance.
Savings and Plan 24 are on a call basis and earn a variable interest rate ranging from 0.15% - 2.75% and
0.15% - 1.25%, respectively.
Chequing accounts are on a call basis and pay interest at Evangeline Credit Union Ltd.'s stated rates.
Non-redeemable term deposits for periods of one to five years generally may not be withdrawn prior to
maturity, without penalty. Redeemable term deposits may be withdrawn, subject to an interest reduction.
Fixed term deposits bear interest at various rates ranging from 0% - 5% and extend for a term of up to 5 years.
(13)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
RRSP and RRIF
Concentra Financial is the trustee for the registered savings plans offered to members. Under an agreement
with the trust company, members' contributions to the plans, as well as income earned on them, are deposited
in the credit union. On withdrawal, payment of the plan proceeds is made to the member, or the parties
designed by them, by the credit union, on behalf of the trust company. RRSP and RRIF term deposits bear
interest at various rates.
Withdrawal privileges on all deposit accounts are subject to the overriding right of the Board of Directors to
impose a waiting period.
7
Long-term payable
The 2.6% long-term payable is unsecured and is repayable in weekly principal instalments of $1,770 until
February 2015 with the accrued interest to be paid in March 2015. The current portion of this payable is
included in other liabilities.
8
Contingent liability
Outstanding guarantees on behalf of members
9
2011
$
2010
$
50,000
284,500
Share accounts
Unlimited membership shares, with a par value of $5 each, non-transferable, redeemable by Evangeline Credit
Union Ltd., retractable by shareholders subject to Evangeline Credit Union Ltd.'s right to suspend redemption,
if the redemption would impair the financial stability of Evangeline Credit Union Ltd., for a period of up to
twelve months by Board resolution and indefinitely by Board resolution with the approval of the Credit Union
Deposit Corporation. Dividends are payable at the discretion of the Board of Directors.
10 Income taxes
Evangeline Credit Union Ltd. has an unrecognized future income tax asset of $92,179 (2010 - $23,468). The
unrecognized future income tax benefit is as a result of $293,752 (2010 - $195,563) of temporary differences
available to reduce taxable income in future years.
11 Line of credit availability
In 2011, Evangeline Credit Union Ltd. had an approved line of credit with Atlantic Central of $6,000,000. As
of September 30, 2011, the line of credit was not being utilized.
(14)
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
12 Related party transactions
Evangeline Credit Union Ltd. provides financial services to members. These members hold the loans and
mortgages and member deposits and therefore the interest income and interest expense are transacted in the
ordinary course of business with these members.
13 Regulatory equity
Evangeline Credit Union Ltd. has agreed to maintain an equity level equal to 5% of the total assets.
In accordance with the recommendations of the Canadian Institute of Chartered Accountants related to the
financial statement presentation of financial instruments, the ownership shares are presented in the balance
sheet as financial liabilities. At September 30, 2011, the equity level for regulatory purposes is as follows:
2011
$
2010
$
Ownership shares
Members' equity
28,465
5,217,451
27,650
4,842,231
Total regulatory equity
5,245,916
4,869,881
72,937,570
68,266,224
Total assets
Equity level
7.19%
(15)
7.10%
Evangeline Credit Union Ltd.
Notes to Financial Statements
September 30, 2011
14 Interest rate sensitivity
The following table sets out assets and liabilities on the earlier of contractual maturity or repricing date. Use
of the table to derive information about the company's interest rate risk position is limited by the fact that
certain borrowers may choose to terminate their financial instruments at a date earlier than contractual
maturity or repricing dates. For example, notes receivable are shown at contractual maturity but certain notes
could prepay earlier.
Under
1 year
$
Assets
Cash and equivalents
Current accounts
Effective interest rate
Investments
Effective interest rate
Loans and mortgages
Effective interest rate
Lines of credit and overdrafts
Effective interest rate
League Savings & Mortgage
reverse MOP program
Over 1 to
5 years
$
2,000,000
2.31
33,937,011
5.85%
-
109,181
3.15%
-
3,051,238
4.46%
-
Not interest
rate sensitive
$
Total
$
-
1,224,546
3,067,796
1,224,546
9,538,537
-
2,291
7,652,276
-
42,018,723
-
7,937,521
-
-
3,160,419
-
200,656
120,501
1,084,391
200,656
120,501
1,084,391
359,500
5,700,181
72,937,570
-
12,494,393
53,768,157
-
-
12,078,870
-
-
531,163
7,655
1,107,454
531,163
7,655
1,107,454
-
-
-
226,820
5,217,451
-
226,820
5,217,451
-
Total liabilities and surplus
36,394,361
16,958,273
-
19,584,936
72,937,570
Interest rate sensitivity gap
(8,504,721)
22,029,976
359,500
Accrued loan interest receivable
Prepaid expenses
Property and equipment
6,470,741
0.84%
5,649,985
1.34%
7,722,212
5.30%
7,937,521
6.30%
Over
5 years
$
Total assets
27,889,640
38,988,249
Liabilities and surplus
Member deposits
Effective interest rate
Share deposits
Effective interest rate
Accrued interest payable
Income taxes payable
Other liabilities
24,315,491
1.45%
12,078,870
1.75%
-
16,958,273
3.07%
-
Long term payable
Undistributed earnings
359,500
4.41%
-
(13,884,755)
-
As at September 30, 2011, Evangeline Credit Union Ltd.'s net interest spread was 3.35% (2010 -3.67%). The
net interest spread is calculated by expressing the difference between (a) the percentage of income earned on
the average year-end interest bearing assets and (b) the percentage of costs of capital and borrowings on the
average year-end interest bearing liabilities.
(16)
Capitaux propres / Equity
Standard
% des actifs / % o f Assets
Capitaux propres
Equity
Les capitaux propres mesurent de la stabilité de la Caisse populaire. Il s’agit de la valeur
nette réelle de la Caisse populaire et appartient aux membres. Plus l’organisation possède
de capitaux propres, plus elle est stable et rentable. Nous continuons à accroître nos
capitaux propres au-delà de la norme nationale de 5 pour cent de l’actif. Depuis le
30 septembre 2011, le niveau de nos capitaux propres se situe à 7,15 pour cent,
représentant 5 217 451$.
Equity is the measurement of the Credit Union’s stability. It is the actual net worth of the
Credit Union and is owned by its members. The more equity an organization has, the more
stable and profitable it is. We continue to grow our equity past the national standard of
5.0% of assets. As of September 30th, 2011, equity stands at 7.15% representing $5,217,451.
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%
4.00%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
A nnée s / Ye a r s
La croissance
Growth is
• a measurement of success
• how well the Credit Union is accepted in the community
• how satisfied the members are with the service offered
Dépôts des propriétaires / Owner Deposits
Prêts des propriétaires / Owner Loans
Actifs / Assets
Millions
Croissance
Growth
• est une mesure de succès;
• est le reflet du degré d’acceptation de la Caisse populaire dans la communauté;
• est le reflet du niveau de satisfaction des membres quant aux services offerts.
$90
$75
$60
$45
$30
$15
$0
26
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Statistics
Reçus de dépôts
Parts
Shares
Dépôts à terme
Deposit Receipts
Term Deposits
$12,078,870
$4,789,494
$8,685,079
Vos parts représentes
votre droit de propriété
et sont soumises à des
intérêts dividendes.
Vous donne une
flexibilité maximum
pour une période courte
d’investissement.
Shares represent your
ownership in the Credit
Union and are subject to
dividend interests.
Gives you maximum
flexibility in a short
term investment.
Offrent une excellente
façon d’épargner et
d’accumuler de l’argent
avec une garantie de
capital et intérêt.
Provides a great way to
save and earn money
with a guaranteed
principal and interest.
REÉR & FERR
RRSP & RRIF
$14,779,594
$21,028,176
Des forfaits sont
disponibles pour vos
besoins transactionnels
et pour épargner des
frais de service.
Package accounts are
available to meet your
transactional needs and
to save on service fees.
Un régime enregistré
que vous cotisez. Les
cotisations sont
déductibles à fin d’impôt
A registered retirement
plan that you contribute
to. Contributions are
tax deductable.
Prêts personnels
Hypothèques
Prêts commerciaux
Mortgages
Personal Loans
Commerical Loans
$10,083,430
$9,090,077
$18,141,316
Nous offrons des options
de paiements les plus
flexibles dans l’industrie
et des pré autorisations
sont disponibles.
We offer the most
flexible payment options
in the industry and preapprovals are available.
Aucune pénalité pour
paiements additionnels
ou remboursement
anticipé sur tous les
prêts personnels.
No penalties for
extra payments or
early repayment on all
personal loans.
Termes de
remboursements
flexibles pour assortir
votre marge.
Marges de crédit
Flexible repayment
terms to match your
cashflow.
Hypothèques référées
Lines of Credit
Referred Mortgages
$8,028,135
$9,211,025
Accès aux fonds quand
vous en avez besoin sans
devoir attendre ou
obtenir un prêt.
Hypothèques référées à
notre compagnie filiale
League Savings &
Mortgages.
Access to funds when
needed without waiting
or arranging for a loan.
Mortgages referred to
our affiliate company
League Savings &
Mortgages.
Total des prêts
Total Loans
Comptes de chèques
Chequing accounts
Total des dépôts
Total Deposits
Statistiques
27
Rod MacInnis
CGA, CFP
[email protected]
888-5530
854-2699
•
•
•
•
Planification d’investissement
Assurance personnelle
Planification de la retraite
Planification de la succession
Contactez Rod n’importe
quand pour un
rendez-vous sans frais
et sans obligation.
•
•
•
•
Investment planning
Personal insurance
Retirement planning
Estate planning
Contact Rod anytime for
a no cost, no obligation
appointment.
Après deux ans de croissance soutenue, l'économie de la plupart des pays
autour du monde a connu un ralenti en 2011, ayant entraîné une
croissance économique plus lente et une volatilité des marchés financiers.
Cette instabilité est le résultat de préoccupations grandissantes au sujet
de la capacité des États-Unis et de plusieurs pays européens d’agir sur
leur niveau d'endettement.
À ce moment, il n'est pas clair si le contexte économique actuel se soldera
par le début d'une nouvelle récession ou s’il s’agit simplement d’un
ralentissement de la reprise qui se poursuit après la récession de 20072008. Ceux qui pensent qu’il s’agit d’un ralentissement indiquent qu’un
bon nombre des conditions qui contribuent à une forte activité
commerciale sont en place. Il s'agit notamment de faibles taux d'intérêt,
d’une faible inflation et de l'accès au crédit. En général, les sociétés cotées
en bourse en Amérique du Nord sont en bonne situation financière, la
grande majorité affichant des revenus et des profits à la hausse.
Malheureusement, en 2011 on a écarté l’importance de cette conjoncture
économique positive en raison des préoccupations face à la dette
publique. À court terme, on peut s’attendre à ce que la volatilité du
marché se poursuive alors que les pays font face à leurs problèmes
d'endettement. À long terme, une croissance économique plus robuste
et une expansion des marchés financiers ne se réaliseront que si les gens
sont convaincus que les gouvernements autour du monde ont mis de
l’ordre dans leurs finances.
Following two years of steady growth, the economy of most countries
around the world hit a speed bump in 2011 resulting in slower economic
growth and volatile financial markets. The volatility is the result of
growing concerns about the ability of the U.S. and several European
countries to effectively deal with their government debt levels.
At this point, it is not clear whether current economic conditions will
result in the beginning of a new recession or is simply a slowdown in a
continuing recovery from the 2007/08 recession. Those who favour the
latter point out that many of the conditions that support strong business
activity are in place. These include low interest rates, low inflation and
access to credit. In general, publicly traded companies in North America
are in good financial condition, with the vast majority reporting growing
revenues and profits.
Unfortunately, these positive business conditions have largely been
ignored in 2011 due to government debt concerns. In the short term,
continued market volatility can be expected as countries deal with their
debt challenges. In the long term, more robust economic growth and
rising financial markets will only be achieved when people are confident
that governments around the world have their financial house in order.
28
Prix
Volunteer
bénévole de l’année
of the Year Award
Ce prix rend hommage et reconnaît les bénévoles du milieu pour leur
dévouement envers la collectivité et leurs réalisations en activité coopérative.
This award honours and recognizes community volunteers for their dedication
to their community and achievements in cooperative activity.
2010
Comité dépôts étudiants
Student Deposit Committee
Engagées
Committed
to our
envers nos
youth
jeunes
Pompiers de Wellington
Wellington Fire Department
2010
De gauche à droite / Left to right : Kayla Cameron, Ashley Arsenault, Josée Gallant,
Lyanne Savoie et / and Samuel Niyonzima. Missing/Absente: Miranda Kelly
Un programme conçu pour éduquer les élèves et leur apprendre la notion d’économiser et de
respecter la valeur de l’argent. Par l’entremise de ce programme, les élèves en apprennent
davantage au sujet des mathématiques, du travail en équipe et du leadership. Ils se préparent pour
leur avenir financier dès un jeune âge.
A program designed to educate students on the notion of savings and to respect the value of
money. Students enhance their math, teamwork and leadership skills. They learn at a young age
how to prepare for their financial future.
29
Scholarship
recipients
Récipiendaires
de bourses
2011
Nicole
Nicole
Sydney
Amy
Arsenault
Les caisses populaires
de l’île contribuent
200 000 $ à la
campagne de
financement à
Holland College.
Credit Unions of PEI
pledge $200,000 to
Holland College’s
Learning. For Life.
Campaign.
Ellis
Diane
Irakoze
Brown
Gallant
James
MacLean
Olivia
Doran
Krista
Gallant
Shanda
Mosher-Gallant
En 2011, la Caisse populaire Évangéline a
contribuée 5 000 $ en bourses d’études.
In 2011, Evangeline Credit Union contributed
$5,000 in scholarships.
Briana
30
Paugh
Commanditaire
provincial
Provincial Event
sponsor
Relais pour la vie
Les caisses populaires de l’Île appuient le Relais pour la vie en
s'engageant à contribuer 100 000 $ sur cinq ans. En plus, les
employé.es contribuent leurs levées de fonds en appuyant les
évènements dans leurs communautés. En 2011, un autre 43 000 $ a
été collecté portant le grand total de cinq ans à 225 000 $. Un autre
engagement de 100 000 $ pendant cinq années commence en 2012.
Commanditez un participant
Appuyez une levée de fonds
PEI credit unions support the Relay for Life by pledging $100,000
over 5 years. In addition, employees contribute with fundraising
efforts as support of the Relay for Life events in their respective
communities. In 2011, another $43,000 was raised,
bringing the five year grand total to $225,000.
Another $100,000 five year pledge begins in 2012.
Register a Team
Buy a luminary
Relay for life
Enregistrez une équipe
Achetez une lumière
2011
Membres de l’équipe de la Caisse populaire Évangéline / Members of Evangeline Credit Union’s Team:
Freda Perry, Corinne Arsenault, Diane McInnis, Sheila-May Muttart, Diane Richard, Suzanne Côté,
Diana Arsenault, Marc Côté & Alfred Arsenault.
Pledge a participant
Support a fundraising event
31
2011 Commanditaires
majeurs
Major
sponsorships
Parc à bicycles
Quagmire
Terrain de jeux
école d’Ellerslie
Quagmire
Bike Park
Ellerslie
Consolidated
School Playground
Tirage éliminoire
Programme de
déjeuner à l’école
Évangéline
Projet de lumières du
Tyne Valley
Sports Centre
Evangeline School
Breakfast Program
Tyne Valley
Sports Centre
Lighting Project
Centre de
récréation
Évangéline
Evangeline
Recreation Centre
La Caisse populaire
Évangéline a
contribué 68 337 $
en commanditaires et
en dons en appuyant
nos communautés
en 2011.
Evangeline
des pompiers
Credit Union
de Tyne Valley
contributed a total of
$68,337 in donations
Tyne Valley Fire Dept.
and sponsorships in
Elimination Draw
support of our
communities in 2011.
32
L’Exposition
agricole et le
Festival acadien
Tyne Valley
Oyster Festival
Village des sources
l’étoile filante