it’s now or never!...serge kirouac, table régionale d’économie sociale de...

IT’S NOW OR NEVER!

RESPONSIBLE FINANCING

THE BALL IS IN YOUR COURT

2014 ANNUAL REPORT

WINDS OF AUSTERITY

Winds of change are on the horizon but not the kind that fill our sails and propel us forward.

The present storm has brought about destruction and upheaval in its path. We’ve spent years patiently building a development infrastructure accessible to youths, women, rural and urban citizens, etc. It took only a few weeks for the winds of austerity to destroy our youth employment centers (Carre fours jeunesse-emploi), halt the development of new Centres de la petite enfance (public daycare centres), eradicate Solidarité rurale du Québec (SRQ), and annihilate our local development centres (CLDs) and Community Economic Development Corporations (CDECs). We were taken by surprise as mention of these cutbacks was conveniently left out during elections.

A CALL TO ACTION

Though our infrastructure has been attacked, our collectively acquired expertise and democratically managed tools remain unscathed. Within this arsenal, the Caisse d’économie solidaire Desjardins is a power tool.

We, at the Caisse, take it upon ourselves to play an even greater role in developing Quebec’s socially responsible finance sector.

Rest assured that the Caisse is aware of its growing responsibility to encourage innovative ventures and support the

development of economic projects that have social, environmental, and ethical objectives. The Caisse hopes to meet these challenges along with its network of financial partners.

BUILDING A BETTER TOMORROW

Our cutting edge strategies are sharper than ever! We see a growing population of investors looking to make a difference. These conscientious members of society need loans to see their socially productive projects through. They want the reassurance that their money will go towards building a better tomorrow. The Caisse shares these goals and wants to do even more!

RESPONSIBLE FINANCING AT THE HEART OF OUR OPERATIONS

Socially responsible investing (SRI) is making headlines. Responsible financing is at the heart of the Caisse’s operations. We act as guides for those seeking to contribute to society through loans, savings and investment solutions. It is our duty to help all individuals and organizations to discover investment solutions tailored to their needs.

The 2015 Rendezvous solidaire (AGM) will mark the starting line for the Caisse’s increased support of responsible financing. Now is the time to turn towards responsible financing as the foundation of a strong, just, democratic society and as a shelter against the winds of austerity.

Gérald Larose Gérald Larose President

The social and political context of 2014 proved challenging for many of our members and partners, and the Caisse certainly felt the impact. This is especially true seeing as we work within a network as does the entire cooperative and associative movement. Together, we contribute towards the development and support of social economy businesses

throughout the province. The major reforms now seen have weakened this ecosystem and led to repercussions within our area of expertise.

No matter the cost, we’ve rolled up our sleeves and gotten to work to ensure that you, our members, may continue enriching our society by making your dreams come true and your projects come to life.

The following report is a result of this changing climate and a testament to the commitment of all those involved in the Caisse’s cooperative project. Overall, the results are impressive. If 2013 was a year of transition, 2014 was one of continued improvement.

Focusing on our wish to continue better serving our members, we were able to quickly implement a way to continuously and systematically evaluate your level of satisfaction.

This will allow for quicker access to a clearer picture of how the quality of our services has improved and to pro-actively seek out new solutions.

As for our Cooperative Support division, they have had more of an impact on the Caisse’s team in terms of mobilization, consultation, and innovation thanks to a clearer vision. Once again, they have proven to be a unique and integral part of our team and we will continue to deve-lop their role in our decision making.

We have also undertaken a participative evaluation process to take the pulse of our workplace. The results were better than expected, considering we are working with an all new management team.

None are spared by the current state of the economy, the Caisse included. However, these relative setbacks have not halted the Caisse’s impressive performance. Changes must be brought to the current sociopolitical infrastructure if our cooperative project is to remain.

Regardless of the current state of affairs, the Caisse continues to progress. We will continue to support your endeavors through top-notch services. Together, through solidarity and responsibility, we will build a fair, human economy! Happy reading!

Marc PicardMarc Picard General Director

Continued Improvement in 2014

PH

OTO

: PA

UL

LAB

ELL

E

2 2014 ANNUAL REPORT > CAISSE D’ÉCONOMIE SOLIDAIRE DESJARDINS

Continued Improvement in 2014

Catering to Our Members’ Needs

“Our goal is to become better in all we do by being attentive to your every need. Together, we can see your project become a reality! Your satisfaction is our main focus and responsibility. To reach this goal, meetings, trainings and seminars are put in place to fine-tune our staff. We do everything in our power to go above and beyond your expectations.”

Yves Savard, Carole Verreault and Daniel Fortin, Management Committee, Personal and Collective Business Services

Right by Your Side, Throughout Quebec We are eager to follow up on each visit because we value your thoughts regarding our services.We believe that by providing you with face-to-face communication and rapid assistance, a strong partnership will ensue. We prove our commitment to you through personalized care.

Expanding Social Economy Social economy plays an important role in Quebec’s economic development boasting 7 000 businesses, 150 000 jobs and 5% of Quebec’s gross domestic product. In 2014, we had the privilege of participating in numerous member endeavors.

PROMOTING UNTAPPED COLLECTIVE WEALTH Carole Verreault was honorary president of the 6th edition of Semaines de l’économie sociale, held throughout the Capitale-Nationale and Chaudière-Appalaches regions.

Serge Kirouac, Table régionale d’économie sociale de Chaudière-Appalaches (TRÉSCA); Carole Verreault, Caisse d’économie solidaire Desjardins; Sylviane Pilote, La Nef, Coopérative de solidarité Notre-Dame-de-Jacques-Cartier; Charles Demers, Pôle régional d’économie sociale de la Capitale-Nationale.

VISAGES DE L’ÉCONOMIE SOCIALEA traveling exposition dedicated to the Lanaudière region’s many social economy organizations.

RECOGNIZED EXPERTISE The Caisse de dépôt et placement du Québec entrusted the Caisse d’économie solidaire with a portfolio

contain ing 29 cooperative hous ing mortgage loans. Their confidence is a result of the Caisse d’économie solidaire’s well-known expertise in the field of community housing, a field which now has $12 million more at its disposal thanks to this loan portfolio.

NEWCOMERS TO THE AFIC PROGRAMThe Fédération des coopératives d’habitation de l’Estrie (FCHE) became the sixth regional

federation to adhere to the Avantage financier intercoop (AFIC) program (Inter-coop Financial Advantage Program).

FINANCING NEW PREMISES By joining

the My Plan program, the Fédération des OBNL en habitation de Montréal (FOHM) will benefit from over $600 000 in fundingfor its new premises.

FCHE general meeting, November 14th, 2014

2014 ANNUAL REPORT > CAISSE D’ÉCONOMIE SOLIDAIRE DESJARDINS 3

To view complete financial statements, click on the following link: http://www.caissesolidaire.coop/bilan/2014/telechargez

Providing Homes: Refinancing Cooperatives and Housing NPOs In 2014 alone, the Caisse’s team of experts granted financial support to over 32 community housing projects whose loan agreements with the Canada Mortgage and Housing Corporation (CMHC) were coming to term. That number increases to 70 projects if we include 2013. One out of every three housing cooperatives in Quebec (which represents 10 000 housing units) has a business account with the Caisse d’économie soldiaire. Since 1971, the Caisse has earned the well-respected title of pioneer in the field of affordable housing.

Striking an Agreement With the Regional Co-op Housing Federations In order to ease the refinancing process for housing co-ops nearing the end of their CMHC operating agreement, the Caisse d’économie solidaire struck a collaborative agreement with the Fédération des coopératives d’habitation intermunicipale du Montréal métropolitain (FECHIMM), as well as with the Fédération des cooperatives d’habitation montérégiennes (FECHAM).

This project, started by FECHIMM and completed after more than a year of team efforts, combines FECHIMM’s strength and FECHAM’s planning and work assistance as well as management assistance teams.

Ghislaine Pion, Management Support Director for FECHIMM;Moussa Beye, Advisor for the Caisse d’économie solidaire; Francine Néméh, Executive Director of FECHIMM; Daniel Fortin, Director of Personal and Collective Business Services for the Caisse d’économie solidaire’s Montréal-Lanaudière Service Centres;

Yvan Pedneault, Collective Business Services Coordinator at the Caisse d’économie solidaire; Sophie Rousseau-Loiselle, Executive Director of FECHAM; Nathalie Livernois, Liaison and Members Services Representative at FECHAM; Daniel Fortin, Director of Personal and Collective Business Services and Lamia Belmedroum, Advisor, both at the Caisse d’économie solidaire; Loïc Nigen, Projects Officer at FECHAM.

$292 million$30 million more then in 2013

Overhalf of

our corporate loans �nance

community housing

59%

Carefully Planned Refinancing

THE MARQUIS DE NICOLET CO-OP “With the end of its CMHC operating agreement fast approaching, the Marquis de Nicolet cooperative, encompassing 24 housing units in six buildings, was able to refinance its debt while maintaining rental fees at current indexed rates by taking on a

loan with the Caisse solidaire. The co-op was thus able to complete maintenance projects to prolong the life expectancy of its buildings. Seeing as the loan’s monthly fees were less than previous debt servicing costs, the cooperative decided to continue providing households with assistance, to increase its contribution to the replacement reserve fund and to make necessary improvements to its buildings.”

Michel Legault, President of the Marquis de Nicolet cooperative

THE BOURRET COOPERATIVE“In order to receive financing for much needed repairs, we found ourselves under the obligation to reimburse our CMHC loan. What originally appeared to be a financial setback, proved to be a business opportunity.

The loan granted to us by the Caisse d’économie solidaire allowed the completion of major renovations ensuring the preser-vation of our building as well as the longevity of our co-op.”

Mikhail Babenko-GofmanThe Montreal Coopérative d’habitation Bourret



Loans: $646 Million in Loans to Help Finance Your Projects Our total loans amount to $678 million, including $32 million shared with other branches and affiliates of the Desjardins Group.

The majority of this amount, $494 million, was lent to cooperatives and associations. Furthermore, $146 million* went towards helping adherents of the Caisse’s cooperative projects such as affordable housing, daycares, union offices, reorganization of a social integration organization, theatres, museum exhibits, summer camps, etc. The Lasting Sustainable Development: Taking Action brochure is available at: actions2014.coop

* Excluding accrued interest

Savings: $651 Million in Savings Help Finance Co-ops and NPOsIt’s all thanks to our Social Return Investment plan, with over 80% of adherents being collective organizations, that we are able to finance your projects

As a whole, savings and investments account for $782 million including $131 million from mutual funds and Capital régional et coopératif Desjardins funds offered by Desjardins.

“Why choose the Social Return Investment? To see what my values are worth! In all seriousness, I believe in having a strong set of values that guide my actions. The Social Return Investment lets my values shine through in my financial decisions.”

Stéphanie Guico, Montreal

“The Social Return Investment is my way of contributing to a better tomorrow… The recipe for success is incomplete without a pinch of idealism. My vision includes helping those in need. In other words, I try to give back.”

Lorraine Leduc, Quebec

THEY CHOSE THE SOCIAL RETURN INVESTMENT. 85 % OF OUR SAVINGS PRODUCTS chosen by our members are responsible investment (RI) products.

PH

OTO

: P

ER

CO

LAB

Cultural Sector

8 %

Cooperatives32 %

Unions

2% Other

3%

Individuals23 %

Associations and social initiatives32 %

Corporate and individual loans as of December 31st, 2014

g Social Return Investment

g Solidarity Based Savings

g Capital régional et coopératif Desjardins

g SocieTerra Portfolios and Desjardins Environment Funds*

g Other Desjardins Funds*

* Desjardins Funds and other investment funds are offered by such registered dealers as the Desjardins Financial Services Firm, a mutual fund dealer belonging to the Desjardins Group

67 %15 %

2 %1%

15 %

ISR PRODUCTS As of December 31st, 2014

Distribution of Our Individual Members’ Portfolios


2014 ANNUAL REPORT > CAISSE D’ÉCONOMIE SOLIDAIRE DESJARDINS 5

Track RecordThe Caisse solidaire Desjardins, your financial cooperative, boasts total assets of $757 907 000, a $20 362 000 increase in regards to last year.

Liabilities amount to $693 599 000, a 2.3% increase.

Borrowings have decreased by a staggering 40.8% and are currently at $28 466 000.

As of December 31st, 2014, your cooperative’s total equity experienced an impressive 7% increase, reaching $64 308 000. Besides capital stock, total equity counts $5 370 000 in distributable surplus earnings and $41 312 000

in reserves. The stabilization reserve amounts to $3 031 000. Furthermore, your Caisse has amassed $2 107 000 in its Community development fund.

At year-end, the Caisse’s capitalization ratios were in compliance with those required under the standard established by the Federation.

HighlightsThrough strong commitment, our team gave the very best of itself in order to provide unrivaled member satisfaction. Whether it be welcoming our members or ensuring high quality operational risk management, following the rules and regulations is always a priority.

Ensuring Economic Stability

“We display promising results while continually striving to improve. The Caisse d’économie solidaire enjoys excellent capitalization while conforming to the recommendations and regulations of the Basel II Accord whose aim is to ensure the stability of financial institutions. The previous decade has proven kind to the Caisse d’économie solidaire Desjardins as our assets have doubled. These results clearly demonstrate the pertinence of our distinct service offer tailored to meet our members’ needs.”

Ghislaine Boutin, Director of Conveniences, Finances and Risk Management.

Equity Funds As of December 31st, 2014

HELD SHARES AS OF AVERAGE PROVINCIAL FUNDS DECEMBER 31ST, 2014 YIELD

Caisse centrale Desjardins (CCD) 14 565 236 $ 7,19 %

Société de Services des caisses Desjardins (SER) 0 $ 0 %

Desjardins Capital de risque (INV) 138 969 $ 47,78 %

NordOuest & Ethiques, VMD (RF1) 0 $ 7,80 %

Desjardins société financière (FIN4) 11 354 456 $ 12,95 %


EQUITY FUNDS

With the investments it holds in equity funds, the Fédération des caisses Desjardins du Québec has the means to manage the regional investments and Desjardins Group branch investments. As a result of their work, branches enable Caisses to expand their scope of activity by offering a wide array of financial products and services to businesses, groups and individuals. The following chart presents the Caisse’s participation and yield in each equity fund at year’s-end.


630 Trade UnionOrganizations and Groups Basic Unions

669Cooperatives Federations and GroupsHousing CooperativesConsumer and Service Cooperatives Producer CooperativesSolidarity CooperativesWorker CooperativesEmployee-Shareholder CooperativesFuneral Services CooperativesSchool Cooperatives

1137 Members of the Associative and Civic SectorInternational Development Organizations Federations, Groups, Coalitions and Collectives Science Research CentersTeaching and Training CentersEnvironmental ProjectsFoundationsTechnical Resource Groups (TRG) Community HousingCommunity Action Organizations (assistance, human rights, foster homes) Local Development OrganizationsEarly Childhood Centers Social Integration OrganizationsRecycling DepotsDevelopment FundsReligious Communities

360Members of the Cultural Sector Artist CentersEditorial Projects Cultural EventsCommunity MediaMuseumsMusical ProjectsTheatres

Right by Your Side, Throughout Quebec

Graphics: Brunel Design. May 2015

Lanaudière Service Center206 Baby StreetSuite 200Joliette QC J6E 2V5

Phone: 450-753-7055 or 1-866-753-7055Fax: 450-752-5589

Montreal Service Center2175 E De Maisonneuve Blvd Suite 150Montreal QC H2K 4S3Phone: 514-598-2122 or 1-877-598-2122Fax: 514-598-2055

Quebec Service Center155 E Charest BlvdSuite 500Quebec QC G1K 3G6

Phone: 418-647-1527 or 1-877-647-1527Fax: 418-647-2051

[email protected]

2 796 Social Economy Collectives + 244 Socially Engaged Private Companies = 3 040 Businesses + 11 754 Individual Members of which

4 167 are from Nunavik = 14 794 Members

We are ‘‘Econo-Unified’’

The Caisse d’économie solidaire Desjardins is a one-of-a-kind hub for its 14 794 members striving to build a better economic and financial structure. In 2014, the Caisse counted 2 796 social economy collectives across trade union, cooperative, associative and cultural networks. In addition to said collectives, 11 754 individuals have made the Caisse their home.

Earnings StatementOver the course of the previous year, your Caisse achieved

an operating surplus of $5 865 000, a 42.6 % increase over the preceding year.

it’s now or never!...serge kirouac, table régionale d’économie sociale de...

Documents