community savings€¦ · · 2008-10-15community savings bonds term deposits canada savings bonds...

www.comsavings.com

INSURANCE SERVICESMortgage, Line of credit, Life and disability, Payment protection plan,Extended Warranty & Buyer Protection

SAVINGS AND INVESTMENTSPlan 24Special SavingsT-Bill SavingsRRSPs, RIFs and RESPsOlympian term depositElevator term depositRedeematerm depositCommunity Savings BondsTerm depositsCanada Savings BondsMutual funds

CHEQUING ACCOUNTSPersonal, Package, Strictly Business, Union,US Chequing, Golden, FatCat, Headstart,StudentAccess, MemberAbility,CommunityCare

LENDING SERVICESLines of creditPrimeLinePersonal loansRe-advanceable RRSP loansResidential mortgagesRe-advanceable mortgagesCommercial mortgages

CHEQUE / CREDIT CARDSMasterCard* Global Payment, No-Fee Low-Fee, Low-Fee Gold, Gold, Platinum ,Student and Business Card. ChoiceRewards* is optional.

DIRECT ACCESSMemberCard*Internet/Telephone bankingAutomated Teller Machines (ATM)Drive-Thru ATM (Surrey branch)Interac* Direct Payment

BUSINESS SERVICESStrictly Business chequing, Lines of creditLetters of credit, Commercial loans,Commercial mortgages, MasterCard*Merchant, Night deposit service,Internet/Telephone banking

BOARD OF DIRECTORSTrevor Oram, ChairpersonKen Isomura, Vice-ChairColleen Jordan, Secretary-Treasurer

Directors: Narinder Bhullar, Marie Decaire, PhilipLegg, Patricia Michael, Dale Sagmoen,Jagdip Sivia, David Tones, DavidWilson

CORPORATE OFFICE1170 - 8th Avenue, New WestminsterBritish Columbia V3M 2R6

Sr. Executive ManagementD. Robert Parkinson - C.E.O.Lynda Arland - Executive AssistantBruce Cook - Chief Operations OfficerDana Dekker - Manager, Marketing &Strategic Planning

Centralized AccountingRobin Medelko - ComptrollerRoselle Felgner - Financial Analysis andInvestment ManagerViviana Dos Santos, Rina Kumar, LaliniPrasad, Kathie Sawtell, Aneela Verma

Financial ServicesKen Hodge - Manager Special ProjectsIsabel Willey

Statement CentreJan McKay, Judy Stevens

Human Resources / TrainingJudy Towill - Manager, Human ResourcesRosie Garcha, Ireri RamosNick Moseley - Manager, Training &Development.

Information SystemsPaul Thiessen - Manager I.S.Gordon Chung, Jose Codrington, Felix

Okojie, Silviu Virlan

Commercial LoansLori Cooke - Assistant Manager CreditLillian Carroll, Carol Silver

Centralized LendingCharles De Souza, Pauline Mann, Lisa Rai

NEW WESTMINSTER 1188 - 8th AvenueBritish Columbia V3M 2R6

Sandra Verrecchia, Business DevelopmentManager

Angela Friesen, Office Manager

Member ServicesSandip Bains, Della Beaton, LoraleeDallas, Lois Eburne, Cameron Gillett,Rae King, Julia Klein, Janet Lansimaki,Sukhjinder Sangha, Reta Thiara,Lorraine Wilson, Cathy Woodthorpe,Chantel Zhou. Lending - LynnStaschuk, Maria Stevenson

Call CentrePriscilla Sundar, Kim Lyons

PORT COQUITLAM 100-1125 Nicola AvenueBritish Columbia V3B 8B2


Tracey Weir, Office Manager

Member ServicesLisa Bellingham, Michelle Dostal,Akshay Sharma. Lending - ShelleyBlondheim, Carla Gilliland

SURREY900-7380 King George Hwy.British Columbia V3W 5A5

Pravin Narotam, Branch Manager

Linda Dumka, Office Manager

Member ServicesWendy Abells, Dinesh Bali, JessicaBasran, Linda Black, Anita Dosanjh,Kari Foreman, Satwinder Grewal,Meena Jaswal. Lending - Cecliea Dyer,Balbir Sekhon

VANCOUVER5108 Joyce StreetBritish Columbia V5R 4H1


Ann Henderson, Office Manager

Kathy Wutke, Union Account Manager

Member ServicesElizabeth Liu, Shalina Surendra, EuniceWang. Lending - Will Bodner

VICTORIA103-2750 Quadra StreetBritish Columbia V8T 4E8

Moira Hauk, Business DevelopmentManager

Kiyoko Shimizu, Office Manager

Member ServicesCameron Brown, Barbara Foreman,Bernie Janus, Tracy Sutton. Lending -Jo-Anne Cannon, Kelvin McKay

BRANCH HOURSMonday to Thursday 10am - 5pmFriday 10am - 6pmSaturday 10am - 3pm

* PoCo, Vancouver and Surrey branches are closed onMondays. Corporate Offices are open Monday toFriday 9am - 5pm.

HOW TO REACH USTelephone: Greater Vancouver 604-654-2000Greater Victoria 250-385-8431Toll free in BC 1-888-963-2000

Fax:New Westminster 604-654-2050Surrey 604-592-2265Port Coquitlam 604-654-2145Vancouver 604-654-2130Victoria 250-385-8679Corporate Office 604-654-2017

E-mail: [email protected]

Web: http://www.comsavings.com

*INTERAC is a trademark owned by InteracInc., used under license.

MASTERCARD is a trademark owned byMasterCard., used under license.

MEMBERCARD is a trademark owned byCredit Union Central of Canada., used underlicense.

CHOICE Rewards is a trademark owned byCUETS, used under license.

Directors, management and staff

A n n u a l R e p o r t

C a l e n d a r2 0 0 3

C o m m u n i t y S a v i n g s

2 0 0 2

AU D I TO R ’ S R E P O R T

To the Members of CommunitySavings Credit Union

The accompanying summarized balance sheet and statements of earnings and retained earnings and cashflows are derived from the completefinancial statements of CommunitySavings Credit Union as at September 30,2002 and for the year then ended onwhich we expressed an opinion withoutreservation in our report dated November20, 2002. The fair summarization of thecomplete financial statements is theresponsibility of management. Ourresponsibility, in accordance with theapplicable Assurance Guideline of TheCanadian Institute of CharteredAccountants, is to report on the summarized financial statements.

In our opinion, the accompanyingfinancial statements fairly summarize, inall material respects, the related completefinancial statements in accordance withthe criteria described in the Guidelinereferred to above.

These summarized financial statements do not contain all the disclosures required by Canadian generally accepted accounting principles.Readers are cautioned that thesestatements may not be appropriate fortheir purposes. For more information onthe credit union’s financial position,results of operations and cash flows,reference should be made to the relatedcomplete financial statements.

New Westminster, CanadaNovember 20, 2002

GRANT THORNTON LLPChartered Accountants

Board of Directors

Summarized Statement of Earningsand Retained EarningsYear Ended September 30

Financial income

Financial expense

Financial margin

Provision for loan losses

Other income

Operating margin

Operating expenses

Earnings before income taxes

Income taxes

Net earnings

Retained earnings,

beginning of year

Retained earnings,

end of year

$12,387,337

7,017,065

5,370,272

(240,000)

1,811,196

6,941,468

6,258,694

682,774

120,500

562,274

7,332,943

$ 7,895,217

$10,199,931

4,711,034

5,488,897

(676,389)

2,505,232

7,317,740

6,527,603

790,137

128,374

661,763

7,895,217

$ 8,556,980

Summarized Balance SheetSeptember 30

Assets

Cash resources

Loans

Investments and other

Premises and equipment

Liabilities and equity

Deposits

Payables and accruals

Equity shares

Retained earnings

$ 42,075,450

141,891,030

1,327,405

1,982,916

$187,276,801

$176,144,370

1,168,922

1,406,529

8,556,980

$187,276,801

$ 42,819,792

139,783,199

1,585,137

2,137,777

$186,325,905

$175,557,039

1,509,003

1,364,646

7,895,217

$186,325,905

20012002

20012002

Summarized Statement of Cash FlowsYear Ended September 30

Cash resources provided by (used in)

Operating activities

Financing activities

Investing activities

Net increase (decrease) in cash resources

Cash resources, beginning of year

Cash resources, end of year

$ 1,615,606

299,552

3,162,523

5,077,681

37,742,111

$42,819,792

$ 1,000,843

1,003,653

(2,748,838)

(744,342)

42,819,792

$42,075,450

20012002

T. Oram, Chairperson C. Jordan, Secretary-Treasurer

A full set of financial statements is available from the Credit Union.

From left to right:

Narinder Bhullar, Marie

Decaire, Ken Isomura,

Colleen Jordan, Phil Legg,

Pat Michael, Trevor Oram,

Dale Sagmoen, Jagdip

Sivia, Dave Tones,

Dave Wilson.

On behalf of the Board of Directors

S U M M A R I Z E D F I N A N C I A L S TAT E M E N T S2 0 0 1 - 2 0 0 2

additional staff this year. The additions, along with salaryincreases under our collective bargaining agreement,increased our operating expenses by 4.3%. However, ouroperating margin grew 5.4%.

Finally, the year concluded with another improvement toour bottom line. We are pleased to report that net earningsincreased 17.7% from the prior year and totalled $661,763for the year ending September 30, 2002. Member's equityalso continued to grow at a healthy pace with an 8.4%increase in retained earnings and a 3.1% increase in equityshares.

Solid results indeed. And yet despite these achievements, oursuccess will always be tempered by a sense of great loss andsadness with the passing of our Chairperson, Terry Smith lastfall. As Chair for over 20 years, Terry helped build and shape asolid foundation from which the credit union benefits today.In recognition of this remarkable man and his 20 year legacywe have set aside $100,000 towards a foundation or bursary inhis name.

We would also like to acknowledge the wonderful accomplishments of our employees and directors in 2002.Their dedication, support and focus following the loss ofMr. Smith was truly exemplary.

As we plan for the coming year we'll certainly remember2002 as a year without precedent. We believe the yearsahead hold great promise for Community Savings, ourmembers and our employees. We look forward to continuedsuccess -- for you, your family and your credit union.

Trevor Oram D. Robert ParkinsonChairperson Chief Executive Officer

Community Savings had an exceptional year in 2002 interms of our commitment to the community, the challengesfaced and results accomplished. Despite a sluggish economyin BC, the credit union made good progress on a numberof fronts - from improving our financial performance topreparing for future growth.

2002 can best be described as a year of transition andrenewal. It began with the appointment of Trevor Oram asChairperson and two new directors - Marie Decaire andDavid Tones in February. Trevor continues to lead the organization with tremendous insight, while Marie andDavid provide a well-rounded perspective.

It was also a year in which we focused on adding morevalue to being a member of Community Savings. Membersnow enjoy free Extended Warranty & Buyer Protection withmost purchases made with their MemberCard. And weadded the ability to collect Choice Reward points. Finally,we launched a bold new look to MemberCard to capture allthis added value. One that better reflects our proud historyand diverse membership.

To further enhance member service we made major in-roads in three key areas; convenience, access and choice.It began by providing our staff with the expertise to approvemost credit card applications “on-the-spot”. We also redesigned and relocated our Port Coquitlam branch to abrighter and more accessible location at Ottawa andLougheed. And finally, we introduced four special needschequing accounts; Member Ability (for people with disabilities), HeadStart (for teens), Community Care (fornon-profits and charities) and StudentAccess (for studentsenrolled full-time). We also refined our “Strictly Business”Accounts to help us attract and retain, recognize and rewardthe growing small business market.

We are by no means finished. Watch for a new andimproved All-In-One statement, an electronic chequingaccount this year, a new “ease-in” mortgage product, 7 and10 year car loans and the ability to waive your monthlychequing fee based on your minimum monthly balance.

Financially, it was one of our best years yet. Our depositportfolio grew .33% despite members keeping their fundsshort while waiting for interest rates to bottom out. Stillothers decided to use their funds to pay down debt. By yearend, total deposits stood at $176.1 million compared to$175.5 last year.

On the flip side, this low interest rate environment alsofuelled demand for mortgages, housing construction andrefinancing. Even though intense competition for newmortgages resulted in a small decline in our residentialmortgage portfolio, our operating margin actually improvedas members took advantage of lower rates to refinance.Strong growth in our commercial portfolio also helped offset the decline. The net result was a 1.51% increase intotal loans to $141.9 million.

Keeping member service foremost in mind, we hired

Report from the Chair and the C.E.O.

W O R K I N GTO SAVE YOUM O N E YAt Community Savings, we

work hard to tailor financial

services to your specific

needs and demands. We’re

proud to offer you banking

that gives you the best value

and the highest level of

personal service. Find out

how we can save you money.

Call or visit any branch of

Community Savings today.

www.comsavings.com

J a n u a r y 2 0 0 3

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New Year’s Day

Greater Vancouver 604-654-2000Greater Victoria 250-385-8431

Toll free in BC 1-888-963-2000TeleBanking 604-526-5494

Toll free in BC 1-888-526-5494

31

T O P - U PC A T C H - U PG R O W !

A Community Savings

RRSP is an excellent way to

protect your family’s

financial future while

reducing your taxes.

Affordable RRSP

contribution loans are

also available to make sure

you top-up or catch-up on

your RRSP allowance.

Explore ways to secure your

future. Call today!

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Valentine’s Day

Annual GeneralMeeting

OUR ROOTS - R U N -D E E PWhat began as a small but

ambitious dream in the

spring of 1944 has grown to

over 5 branches in the lower

mainland and Victoria

serving nearly 13,000

members. Our success today

can be attributed to one

thing... never losing site of

the member -- and our

humble roots.

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St. Patrick’s Day

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S A V I N G- Y O U -M O N E Y

Expecting an income tax

refund? Open a special

savings account and watch

your refund grow! Owe

more taxes? Call us for a

debt consolidation loan or

minimize your taxes with a

monthly RRSP contribution

plan. Talk to us about a

personal financial plan.

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Easter Monday




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Easter Sunday

Good Friday

IMPORTANTS E C U R I T YT I P S

Whether you use your

MemberCard, Global

Payment Card, Telephone or

Internet Banking, be sure to

protect the confidentiality

of your Personal

Identification Number

(PIN) or PassCode. Don’t

choose an obvious PIN,

don’t share it with anyone

and never write it down.

For more security tips visit

www.interac.ca

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Victoria Day




Mother’s Day

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H O M ES W E E TH O M EA new “home sweet home”

could soon be yours with a

pre-approved mortgage

from Community Savings.

You could even qualify with

as little as five percent down

through CMHC! Certain

restrictions apply. See your

branch for details. Then rest

easy. We can help make

your dream come true.

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H A S S L EFREE SUMMERHOLIDAYS

Planning a vacation this

summer? Family camping in

the Rockies? You deserve a

great vacation without the

worries. We can help with

traveller’s cheques. Or one

of our credit cards or debit

card which are accepted

worldwide. And be sure to

ask about a personal loan

with flexible repayment

schedules. Call or drop by

today.

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Canada Day




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A N Y P L A C E !ANYWHERE!ANYTIME!

Community Savings can

show you some creative

ways to save you money and

time! Like using Telephone

or Internet Banking. You

can bank on us anywhere,

anytime or from anyplace!

Call for a free

PassCode

or visit us at

www.comsavings.com.

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F A T C A THEADSTARTSTUDENT

It’s back to school and a

great time to start saving for

your children’s future. Open

a Community Savings

FatCat, Head Start or

Student account. Then start

contributing to a

Community Savings

Registered Education

Savings Plan (RESP) today.

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Labour Day




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C R E D I TU N I O ND A Y !

Credit Union Day is a

worldwide event that

celebrates the tradition of

people helping people. Be

sure to drop by any branch

of Community Savings on

Thursday, October 16th for

free coffee and pastries

during Member

Appreciation Day.

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National Co-opWeek begins




Thanksgiving Day Credit Union Day

Halloween 31

HIGH-TECHHIGH-TOUCHBANKING

Bank on the internet,

ATM, telephone or face-to-

face. We give you choice,

control and convenience.

Count on us for all your

secure on-line banking

needs plus personalized

service. For high-tech

high-touch - bank where

you belong. Call for your

free PassCode today.

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W E M A K ES H O P P I N GE A S Y

Interac Direct Payment

means easy holiday

shopping! Use your

Community Savings

MemberCard and receive

extended warranty and

buyer protection on most

purchases! Plus you can

now collect valuable

CHOICE Rewards points

for great prizes. Call for

details and sign-up today!

www.comsavings.com D e c e m b e r 2 0 0 3


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Christmas Eve




Christmas Day

New Years Eve

Boxing Day

GET YOUR RSPE A R N I N GM O R E

Start the New Year right

with a Registered

Retirement Savings Plan

(RRSP) from Community

Savings. It’s never too early

or too late to make your

money work harder - and

minimize your taxes. Be

sure to ask about

Future Plan.

www.comsavings.com

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New Years Day1

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community savings€¦ · · 2008-10-15community savings bonds term deposits canada savings bonds...

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