2015 ANNUAL REVIEW
Community... it keeps people here The landscape sculpted by rivers and punctuated by mountains has drawn people to Revelstoke from all corners of the world. Whether the initial purpose was to conquer geography or just experience life and time here, a desire to stay developed in many. This has enriched and diversified the community. Revelstoke has a strong sense of community and Revelstoke Credit Union (RCU) is proud to have shared that passion for the past 63 years, hence our label of Community Partners. Over the years, the foundation and strength of RCU has been built by our loyal Members who have put their confidence in our organization. Just like the community itself, our business was built and sustained by the proud citizens of Revelstoke. RCU is a Member owned, Cooperative financial institution providing full services to nearly 5000 members. The cooperative principle is based on sharing profits with all Owner/Members and supporting the community at large. Performance is key. We provide 2 We value Trust
We value Loyalty competitive products and pricing to maintain Member satisfaction while being compliant with all Regulatory standards. RCU Members each have one vote and elect a Board of s to represent them. We are transparent. RCU is one branch, one local head office and we know our Members. Our staff provide knowledgeable face to face expertise and personalized service. Decisions are made here, quickly and tailored to our Member s needs. We are committed to staying current with technology so our Members can conduct their business remotely and securely. Revelstoke Credit Union Members choose to be part of something bigger, not just something big. They are part of our community and own their financial institution. They make a local choice, a democratic choice, a cooperative choice. SOME CHOICES MATTER www.somechoicesmatter.ca
RCU is the financial institution of choice in our Community. - Our Vision
The Value of Membership... where do the profits go? To our Members: MEMBER REWARDS: $200,000. A reimbursement of loan interest paid and a bonus to deposit interest earned. Increased for 2015 from $150,000. SHARE DIVIDENDS: $10,764. Declared annually by Board of s. Paid to Share Accounts. To our Community: COMMUNITY GIVING: $50,000. Applications accepted annually from a variety of service groups and organizations for special projects. COMMUNITY GIVING CAPITAL PROJECTS: $50,000. New in 2015. FRED OLYNYK BURSARY: $2,750. Jacqueline Cottingham, 2015 recipient. YES CAMP: $3,375. An exceptional leadership camp for young adults. Sponsored 5 youth in 2015. REVELSTOKE HIGHWAY RESCUE SOCIETY: $10,000. Final funds needed for purchase of new highway rescue vehicle & equipment. CEO DISCRETIONARY DONATIONS: $11,811. A variety of requests throughout the year. RETAINED EARNINGS: $355,479. Added to capital. RCU capital ratio is very strong so the Board voted to increase funding to the Member Rewards & Community Giving Programs for 2015. VOLUNTEER HOURS: more than 3,000! Our staff personally gave of their time to a variety of projects, clubs, and committees.
A message from the Chair 2015 was another great year for Revelstoke Credit Union. Your Board of s believes very strongly in the credit union philosophy. It is our job to serve our members and our community. We are proud to have continued our traditions of providing Member Rewards, Community Giving and support for community initiatives and events. Quite simply, the success we have as a financial institution is seen in local benefits. Our Board members and staff care about Revelstoke and we serve on many committees in town to ensure we are able to contribute to the betterment of our community. Alan Chell Chair Dave Raven Vice Chair Adelheid Bender Financial institutions are heavily regulated and we continue to be in good standing with our regulator, the Financial Institutions Commission. Each year, there seems to be more oversight required and in 2015 we did a lot of work in establishing a Risk Registry that is reviewed at every Board meeting and we also formed a Subsidiary Committee to ensure we are fulfilling our Board responsibilities in this critical part of our operations. Our staff provide the leadership to ensure we are extremely well managed and have all the proper procedures and audits in place to protect your money and investments. Janis Borden Mike Copperthwaite Pam Doyle Finally, I would like to thank Roberta Bobicki, our Chief Executive Officer. There is no one who cares as passionately about the Credit Union and her experience, knowledge and skills are invaluable. The Board and staff of the Revelstoke Credit Union are committed to serving you, our members, and we are proud to be part of the Credit Union family. Alan Chell Chair Dennis Grey Norm Langlois 2015 Board of s John Teed
We value Knowledge We value Integrity
Maintain profitability while being sensitive to the needs of our Members. Be recognized as a community partner and a progressive, responsible employer. - Our Mission
A message from the CEO Yet again I am pleased to report that Revelstoke Credit Union and RCU Insurance Services had a good year. In spite of the continued low interest rate environment, the Credit Union operation performed well and the new location for our General Insurance division in combination with the excellent service provided produced amazing results. I thank our Members and insurance clients for their continued confidence in us. Roberta Bobicki CEO Todd Webber Human Resources Neil Carroll Credit It is wonderful to see new faces in our community. We notice a younger demographic migrating to Revelstoke for the exceptional lifestyle and atmosphere that Revelstoke provides. We welcome these arrivals and are very interested in introducing the Credit Union system and cooperative banking concept. We want to share our philosophies on community support and sharing profits with our member-owners, and the great benefits that this choice provides. Some Choices Matter. Martin Ralph IT, Security & Risk Barb Tetrault Deposit Services Michelle Lenzi Controller We were thrilled to be chosen by the Revelstoke ChildCare Society for the Family Friendly Workplace Award for the second time. We understand that there needs to be a work-life balance and we endeavour to provide flexibility to our staff. The appreciation from our staff is apparent in their loyalty and pride. Randy Driediger General Manager, RCU Insurance Dominik Dlouhy Wealth Services, RCU Insurance 2015 Management Team In 2016 we will be seeking feedback from our Members and the community by way of Focus Groups. We want to hear from you. In this ever changing world we are interested to know if we are meeting your needs. Are we using the right delivery systems? What are we doing well and what could we improve on? If you are interested in participating, please contact us. A sincere thank you to our Board of s and Staff for the excellent work that they do on behalf of you, our valued Members. Roberta Bobicki, CEO
Financial Statements Revelstoke Credit Union Summary Consolidated Statement of Financial Position December 31, 2015 Revelstoke Credit Union Summary Consolidated Statement of Income and Retained Earnings For the Year Ended December 31, 2015 2015 2014 2015 2014 Assets Financial income $5,321,815 $5,693,047 Cash and term deposits $25,790,416 $23,404,021 Financial expenses 1,803,255 2,062,793 Members loans 129,509,158 125,983,762 Financial margin 3,518,560 3,630,254 Other 667,688 867,552 Other income 2,018,575 1,703,487 Investments 676,461 663,901 Operating margin 5,537,135 5,333,741 Property, plant and equipment 3,850,533 3,834,153 Operating expenses 4,582,836 4,383,362 Intangible assets 1,200,000 800,000 Earnings before income taxes and rewards to members 954,299 950,379 $161,694,256 $155,553,389 Income taxes 234,134 179,358 Liabilities and members equity Earnings before rewards to members 720,165 771,021 Members deposits and non-equity shares $147,486,517 $142,190,509 Rewards to members 205,599 165,000 Accounts payable and accrued liabilities 546,461 526,048 Net earnings 514,566 606,021 Deferred income taxes 237,079 123,814 Retained earnings - beginning of year 11,946,620 11,340,599 Members equity shares 148,270,057 142,840,371 Retained earnings - end of year $12,461,186 $11,946,620 606,110 704,085 Accumulated other comprehensive income 356,902 62,313 Retained earnings 12,461,187 11,946,620 Summary Consolidated Statement of Cash Flow $161,694,256 $155,553,389 For the Year Ended December 31, 2015 On behalf of the board: 2015 2014 Alan Chell Cash flow from (used by) operating activities $ 906,582 $ 895,413 Michael Copperthwaite Cash flow used by investing activities (3,718,219) (612,594) A complete set of financial statements is available online at www.revcu.com Cash flow from financing activities 5,198,033 (4,935,555) Increase (Decrease) in cash flow 2,386,396 (4,652,736) Cash beginning of year 23,404,020 28,056,757 Cash end of year $ 25,790,416 $ 23,404,021
RCU Insurance Services 2016 marks the 10th Anniversary of the opening of our General Insurance operation! RCUI s first ever customer from 2006, Brenda Deibert, helping us celebrate our 10th Anniversary! 201 Victoria Road W www.rcuinsurance.com
www.revcu.com 250.837.6291 A special thank you to Albert VanGoor for his beautiful photographs. We dedicate this publication to the memory of Sherrian VanGoor for all of her valuable contributions to our community over the years.