annual report - access credit union2011 annual report notes mission 2011 annual report our mission...

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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


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


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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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


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


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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


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


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.


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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Plum Coulee School; Plum Coulee Advisory Council; Morden United Way; Miami Arena; Winkler Fire Rescue; Carman Boyne School

2011 ANNUAL REPORT 7

FINANCIALSTATEMENTS20 11

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

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


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


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


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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

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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.


Listing as of December 31, 2011

2011 ANNUAL REPORT


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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


BRA

NC

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STA

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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


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


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

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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


Marina Sawatzky, Manager of Banking SystemsFran Derksen, ControllerLinda Zacharias, Manager of Member Service CentreCarissa Wall, Manager of Loan Processing


Hank Hildebrand, Manager of TransitionRichard Dyck, Manager of Branch OperationsRandy Penner, Manager of Information Technology


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.”


CO

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Plum Coulee School; Plum Coulee Advisory Council; Morden United Way; Miami Arena; Winkler Fire Rescue; Carman Boyne School


FINANCIALSTATEMENTS20 11

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RTReport of the Independent Auditor on the Summary Financial Statements


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.


Winnipeg, ManitobaFebruary 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.


CO

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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



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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STA

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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


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

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2011 ANNUAL REPORT

Balance at January 1, 2010 Net income for the year

Issue 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


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


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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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


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


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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Open 6 Days in 4 Locations:






Tuesday-Thursday 9:00 am to 4:30 pmFriday 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

annual report - access credit union2011 annual report notes mission 2011 annual report our mission...

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