TPC
ANNUAL REPORT Annual General Meeting 2016
Our Success Is Your Success Serving you for 62 years...
ANNUAL REPORT
2015
62nd Annual General Meeting
VISION The Trintoc (Penal) Credit Union will be the preferred credit union providing maximum benefits to our members with heavy emphasis on transparency, accountability and equity in our relationships with all stakeholders.
MISSION In accordance with the Co-operative Societies Act chapter 81:03 of 1971 and our bye-laws, the mission of the Trintoc (Penal) Credit Union is to promote the holistic growth and development of our membership by rendering prudent financial management, continuous member education and sound advice and services which exceed expectations.
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Our Success Is Your Success
The National Anthem Forged from the love of liberty In the fires of hope and prayer With boundless faith in our Destiny We solemnly declare Side by side we stand Islands of the blue Caribbean Sea This our native land We pledge our lives to thee Here every creed and race Find an equal place And may God bless our Nation Here every creed and race Find an equal place And may God bless our Nation
The Credit Union Prayer Lord, make me an instrument of thy peace Where there is hatred, let me sow love Where there is injury, pardon Where there is doubt, faith Where there is despair, hope Where there is darkness, light, and Where there is sadness, joy 0 Divine master grant that I may not So much seek to be consoled as to console To be understood as to understand To be loved as to love For it is in giving that we receive It is in pardoning that we are pardoned And it is in dying that we are born To eternal life
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AGM 2016
ANNUAL REPORT
2015
62nd Annual General Meeting
Table of Contents Notice of AGM
4
Agenda
5
Standing Orders
6
Minutes of AGM 2015
7-15
Tribute to the late President Mrs. Sandra D. Kelly
16
Board of Directors Report
19-25
Credit Committee Report
27-28
Supervisory Committee Report
30
Education Committee Report
32-35
Nominations Committee Report
36
Auditors Report
37-39
Statement of Financial Position
40
Statement of Comprehensive Income
41
Statement of Changes in Members’ Equity
42
Statement of Cash Flows
43
Statement of Receipts and Payments
44
Notes to the Financial Statements
45-61
Budget 2016
62
Resolutions
63
Products and Services
64-66
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Our Success Is Your Success Notice of the Annual General Meeting Notice is hereby given that the Sixty Second (62nd) Annual General Meeting of the Trintoc (Penal) Credit Union Co-operative Society Limited will be held on: Date
:
April 23rd, 2016
Time
:
3:00 pm
Venue
:
Penal Central Community Centre
Ali Avenue Clarke Road Penal The main business of the meeting will be to: 1. Receive the Minutes of the 61st Annual General Meeting 2. Receive reports for the Year 2015 as follows: a.
Board of Directors
b.
Credit Committee
c.
Supervisory Committee
d.
Nominations Committee
e. Auditors 3. Present the 2016 Budget 4. Propose Resolutions 5. Elect Board and Committee Members 6. Transact any other business Registration starts at 2:30 pm; annual brochures can be collected at our office from April 18th, 2016 For and on behalf of TRINTOC (PENAL) CREDIT UNION CO-OPERATIVE SOCIETY LIMITED
_______________________ SHARIDA ALI Hon. Secretary
Published on April 4th, 2016
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ANNUAL REPORT
2015
62nd Annual General Meeting
Agenda 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
Call to Order Credential Report and Notice of the Annual General Meeting The National Anthem of Trinidad and Tobago The Credit Union Prayer HSE Advisory President’s Address Motion for Acceptance of the Standing Orders (to be taken as read) Motion for Acceptance of the 2016 Brochure (to be taken as read) Confirmation of Minutes of the 61st Annual General Meeting held on May 9th, 2015 and Business Arising
10.0
Adoption of Reports 10.1 Board of Directors 10.2 Credit Committee 10.3 Supervisory Committee 10.4 Education Committee 10.5 Nominations Committee 10.6 Auditors Report and Financial Statements for 2015
11.0 Budget Presentation 12.0 Resolutions 13.0 Election of Board and Committee Members 13.1
Supervisory Committee - Outgoing Mrs. Pearl Lewis Browne (statute-barred) Mr. Wazir Khan (statute-barred) Mr. Camal Jagasar
13.2 Credit Committee
- Outgoing Mr. Eric Forde Mr. Seunarine Surajbally Mr. Sanatan Roop Persad (alternate) Greetings from Guests Drawing of Door Prize Other Business Vote of Thanks 13.3
14.0 15.0 16.0 17.0
- Outgoing Mr. Peter W. David Mr. Rudolph Felix Mr. Kelvin Pustam Mr. Winston Samm Mr. Calvin Sargeant
Board of Directors
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Standing Orders 1.
(a) (b)
2.
A member shall only address the meeting when called upon by the Chairman to do so, after which, the members shall immediately be seated.
3.
No member shall address the meeting except through the Chairman.
4.
A member may not speak twice on the same subject except: (a) The Mover of a Motion-who has the right to reply. (b) Rising to object or explain (with the permission of the Chair).
5.
No speeches are to be made after the “Question” has been put and carried or negated.
6.
A member rising on a “Point of Order” shall state the point clearly and concisely. (A “Point of Order” must have relevance to the “Standing Order”).
7.
(a) (b)
8.
Only one amendment shall be before the meeting at one and the same time.
9.
When a motion is withdrawn, any amendments to it fail.
10.
The Chairman shall have a right to a “casting vote”.
11.
If there is an equality of voting on an amendment, and if the Chairman does not exercise his casting vote, the amendment is lost.
12.
The Chairman shall make provision for protection from vilification (personal abuse).
13.
No member shall impute improper motives against another member.
6
A member shall stand when addressing the Chair. Speeches shall be clear and relevant to the subject before the Meeting.
A Member shall not call another member “to order” but may draw the attention of the Chair to the “Breach of Order”. On no account can a member call the chair to “order”.
AGM 2016
ANNUAL REPORT
2015
62nd Annual General Meeting
Minutes of the 61st Annual General Meeting held at the Penal Central Community Centre on Saturday 9th May, 2015 1.0
CALL TO ORDER
The meeting was called to order by the President/Chairperson, Mrs. S. D. Kelly at 3:25 p.m.
2.0
CREDENTIAL REPORT AND NOTICE OF THE ANNUAL GENERAL MEETING
Present were members of the Board of Directors, Credit Committee, Supervisory Committee, Education Committee, nine (9) guests, ninety-three (93) adult members and six (6) minors.
The
Chairperson
advised
that
at 3:25 p.m., there were ninetythree (93) members present and, therefore, the meeting was properly constituted.
The
Honorary
Secretary,
Ms.
Sharida Ali, was invited by the President to read to the members present the Notice of the Annual General Meeting. 3.0
THE NATIONAL ANTHEM OF TRINIDAD AND TOBAGO
The National Anthem was played.
4.0
CREDIT UNION PRAYER
The Credit Union Prayer was recited.
5.0
HSE ADVISORY
Mr. P. Jagdeo advised on the housekeeping aspects, safety procedures and muster point of the meeting’s venue.
6.0
PRESIDENT’S ADDRESS
The President, in her opening address, extended a cordial welcome to all members, minors, officers
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and special guests to the 61st Annual General Meeting.
Following is a text of her delivery:-
“Distinguished Guests, Fellow Cooperators, Ladies, Gentlemen and Children.
It gives me great pleasure to welcome you to our 61st Annual General Meeting.
Current State
We ended on a positive note last year and have continued that way thus far. Our loan portfolio is increasing, delinquency is currently on the decline and we are experiencing a general attitude of belonging and caring coming from the membership. Some members are still withdrawing shares but others, (net savers included) are taking advantage of our numerous loan sales and this will ultimately sustain the profits of our Credit Union. For the month of April, we crossed the $4 million mark in loans disbursed.
Strategic Plan
The strategic plan – 2014 to 2017 was developed and presented to all officers.
We had one general
workshop on February 28 2015, in which we identified areas to be urgently addressed, particularly those th
which impact the impending Credit Union Bill and its effect on co-operatives. We formed specific groups with specific activities to achieve the recommendations of the strategic plan; we will meet to report on action plans developed or in the process of development and will finalize by early next month, a master plan to anticipate and put in place all necessary actions for compliance with the more reasonable aspects of the Bill.
Newest Member
TPCU, in some small measure over the years, has been a mentor, or a benefactor to the community in which we exist – mainly through donations to sporting, religious bodies and schools in the area. Sometime late last year, we were approached by the Co-operative Development Division of the Ministry of Labour and Small and Micro Enterprise Development to partner with them on a pilot project called the Junior Cooperative Entrepreneurship Program (JCEP).
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2015
62nd Annual General Meeting
This, in itself, is a collaborative effort between the JA Company’s programme and the Co-operative Development Division in which Fourth Form students of secondary schools are required to organize and operate an actual society in the school as well as to develop and operate a business within the society.
The Co-operative Development Division requested our assistance as the Sponsor of one such school and we chose Shiva Boys Hindu College, with whom we have always had a very cordial relationship. Their society was formally given their certificate of registration by the Co-operative Development Division last Wednesday and, as such, will soon become the newest member of Trintoc (Penal) Credit Union. That is to say, that the entire body, not individuals, will be a member of this Credit Union.
Building
We have received no news from UDECOTT regarding the construction of the other buildings on either side of the proposed site for our Credit Union. We are initiating further talks to attempt to isolate our portion of the land in order to construct our building.
Departure of former Vice President
As per letter dated January 22, 2015, we lost the services of one of our hard working officers and then Vice President, Mr. Deonarine Jaggernauth. He said that he had been contemplating that decision for a while, since he felt that it was time for him to move on to another organization. Mr. Jaggernauth stated that it had been a pleasure serving with us and wished the best in our future endeavours.
We responded in a similar vein, thanking him for his services and wishing him, likewise, the best for the future. Mr. Eric Forde has replaced him as Vice President.
I would like to close now by thanking everyone who has volunteered their efforts to make this Credit Union a success and wish us all a happy Mothers’ Day, tomorrow.
Thank you, ladies and gentlemen.”
7.0
MOTION FOR ACCEPTANCE OF THE STANDING ORDERS
The motion was moved by Mr. S. Grant and adopted by Mr. H. Ali. The House agreed.
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8.0
MOTION FOR ACCEPTANCE OF THE 2015 BROCHURE
The President asked that the entire brochure be taken as read. Mr. C. Jagassar moved the motion and this was adopted by Mr. H. Johnson. The House agreed.
9.0
CONFIRMATION OF THE MINUTES OF THE 60TH ANNUAL GENERAL MEETING HELD ON SATURDAY, 2014 MAY 10
The Minutes was confirmed by Mr. P. David and seconded by Mr. C. Sargeant. 9.1 General Meeting
Omissions and Corrections
Nil.
9.2 Business Arising out of Minutes
Nil.
10.0 ADOPTION OF REPORTS
10.1 Board of Directors’ Report
This was moved by Mrs. A. David and seconded by Mr. S. Grant.
Matters Arising
Nil.
10.2 Credit Committee Report
This was moved by Mr. P. David and seconded by Mrs. A. David.
Matters Arising
Nil.
10.3 Supervisory Committee Report
This was moved by Mr. C. Sargeant and seconded by Mr. R. Felix.
Matters Arising
Nil.
10.4 Education Committee Report
This was moved by Mr. K. Pustam and seconded by Mrs. A. David.
Matters Arising
Nil.
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ANNUAL REPORT
2015
62nd Annual General Meeting
10.5 Auditor’s Report and Financial Statements as at December 31st, 2014
This was moved by Mr. S. Grant and seconded by Mr. K. Lewis.
A representative from the Auditing Firm, Maharaj Mohammed & Co., Mr. Mohan Ramnath, read the
Independent Auditor’s Report.
The acceptance of the Auditor’s Report was moved by Mrs. A. David and seconded by
Mr. K. Pustam.
Matters Arising
Nil
The Treasurer then explained to the meeting, in detail, the Financial Statements as at
December 31st, 2014.
Matters Arising
Nil. 11.0 PROPOSED BUDGET 2015
Mr. N. Johnson, Treasurer, presented the 2015 budget.
This was moved by Mr. C. Sargeant and adopted by Mr. S. Grant.
Matters Arising
Mrs. M. Wharwood sought clarification on the “Provision for bad debt” and “Provision for Doubtful Debts”. She was advised that they are the same – The Auditors use “Doubtful Debts” and the Credit Union use the term “Bad Debts”.
Ms. K. Felix enquired on the Death Benefit Payment. The Manager explained that originally it was $10,000.00 and the coverage now is $24,000.00.
Mr. S. Roop Persad enquired on the amount
allotted
to
the
Education
Committee and the President explained that there are mandatory amounts for the Reserve Fund and Education Fund.
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Mr. D. Roop Persad sought clarification on the Annual General Meeting cost on Page 58 of the brochure of $108,896 as opposed to Page 40 which reflects $271,166. The Manager explained that the tokens’ cost for the 60th Anniversary was reflected. Mr. Roop Persad noted the explanation.
12.0 NOMINATIONS COMMITTEE
Mrs. M. Wharwood, Secretary of the Nominations Committee read the report.
This was moved by Ms. K. Felix and seconded by Mr. A. Kelly.
13.0 RESOLUTIONS
The President read the proposed resolutions.
Resolution 1 – Appointment of Auditors
The President read the resolution for the appointment of Messrs. Maharaj Mohammed & Co, Chartered Accountants, as external auditors for the year ending 2015.
Resolution 2 – Distribution of Surplus
The President read the resolution that the Credit Union realized a net surplus for the financial year ended December 31st 2014 and that a dividend of 4.95% be declared on members’ shares and credited to their share accounts.
Resolution 3 – Maximum Liability
The President read a resolution that the maximum liability of the Society be set at Ten Million TT Dollars ($10,000,000.00).
These resolutions were adopted by Mr. W. Samm, seconded by Mr. H. Ali and approved by the membership.
14.0 ELECTION OF BOARD AND COMMITTEE MEMBERS
At this stage, Mrs. M. Santlal-Phagoo, Co-operative Officer, Co-operative Development Division was asked by the Chairperson to conduct the elections. All outgoing positions were declared vacant.
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ANNUAL REPORT
2015
62nd Annual General Meeting
Mrs.
Santlal-Phagoo
reminded
members that election of officers in any organization was very important and that before nominating a member to serve on any Committee, that member should be closely examined.
Further,
any member who served on the Supervisory Committee for three (3) consecutive years would not be eligible for re-election on the Supervisory Committee.
Election results were as follows:
14.1 Supervisory Committee
Names No. of Votes
Wazir Khan
118
Pearl Lewis-Browne
107
Camal Jagassar
63
Kevin Musrap
61 (1st Alternate)
Reza Ali
32 (2nd Alternate)
Mr. I. Mohamed moved that nominations cease.
Mr. K. Pustam seconded same.
14.2 Credit Committee
Names
No. of Votes
Winston Samm
125
Peter W. David
122
Calvin Sargeant
109
Rudolph Felix
104
Kelvin Pustam
100
Mr. F. Samaroo moved that nominations cease.
Mr. K. Pustam seconded same.
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14.3 Board of Directors
Names No. of Votes
Neal Johnson
105
Sharida Ali
102
Godfrey Ransome
101
Sandra D. Kelly
95 (to serve for one year upon
Mr. Deonarine Jaggernauth’s resignation)
Sanatan Roop-Persad
59 (1st Alternate)
Adriana Vialva-Ralph
55 (2nd Alternate)
Mr. S. Grant moved that nominations cease.
Mr. P. Browne seconded same.
The Chairperson thanked Mrs. Santlal-Phagoo and her team for conducting the elections and
congratulated the elected members. Voting was carried out by ballots which were destroyed following a motion moved by Mr. P. David and seconded by Mr. I. Mohamed.
15.0 GREETINGS FROM GUESTS
Mr. Brian Moore of the Co-operative Credit Union League brought greetings and spoke at length about the intention to pass new legislation for Credit Unions.
Mr.
W.
Guadeloupe
of
Antilles
Employees’ Credit Union/South West Regional Chapter talked about the Credit Union Act and brought greetings as well.
Messrs. Simon Gowrie of CUNA Caribbean Insurance Society, Khristendath Neebar, Legal Representative, Aldwin Ferguson Jr. of Palo Seco Credit Union, Evans Cadogan of Zenith Credit Union and Mrs. Marsha Santlal-Phagoo of the Co-operative Development Division brought greetings from their respective organizations.
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ANNUAL REPORT
2015
62nd Annual General Meeting
16.0 DOOR PRIZE
The following door prizes were drawn ~
16.1 $500.00 to be credited to her Share Account and drawn by Mr. Frankie Samaroo member, Lisa
Young Sylvester
16.2 $500.00 to be credited to his Share Account and drawn by Mr. Ivan Ashby member, Mr. Rudolph Felix
16.3 $500.00 to be credited to his Share Account and drawn by Ms. Tammitha Shaw member, Mr. Curt Dyer
17.0 OTHER BUSINESS Nil. 18.0 VOTE OF THANKS
The vote of thanks was moved by Mr. Omar Maraj.
There being no further business for discussion, the Chairperson thanked the members for attending and declared the meeting closed at 6:20 p.m.
Respectfully submitted
_________________________ SHARIDA ALI Hon. Secretary
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Tribute to the late President Mrs. Sandra D. Kelly
Mrs. Sandra D. Kelly Passed away on August 10th, 2015 Mrs. Sandra D. Kelly, Ms. Sandra D. Spencer, or simply “Sandra”, as she was fondly called by many, was a very humble and valued member of the Trintoc (Penal) Credit Union for over thirty (30) years. During her earlier years in the Credit Union, she served selflessly on the various Committees. For the past twenty (20) years she served as President of the Credit Union. As President, Sandra suffered a medical setback, that left her a bit physically challenged. However, owing to her unconditional love and unwavering passion for the Credit Union, she did not allow that impediment to hinder her from demonstrating her astute leadership skills. Skills that chartered the way forward for Trintoc (Penal) Credit Union and brought it national recognition and a position of excellence in the Credit Union environment.
Sandra always believed in the Credit Union philosophy to “be thrifty and spend wisely”. She had an open door policy both to her management team and the general membership at large. You were free to call on her for financial advice or simply to request assistance in a problematic area financial or otherwise.
She was a
renowned credit unionist and very much respected in the Credit Union arena. We have truly suffered a great loss, her leadership and friendship will be missed immensely by the Board of Directors, Committee Members, Staff and we are certain by the general membership. We will remember her as a joyful, charitable and compassionate individual who always strived for excellence and we pray that the Almighty Father will bless her soul as we continue to carry out the legacy.
MANAGER
ASSISTANT MANAGER
The Office Staff
Mrs. Sharida Gaffar-Ramrattan
LOAN OFFICER
CUSTOMER SERVICE REP.
Mrs. Nadraka Persad
Mrs. Ann Marie Lee-Pulchan
TECHNICAL ASSISTANT
CUSTOMER SERVICE REP.
Ms. Lazina Hosein
Mr. Adrian Mohammed
Mrs. Peaches Francis-Mc Nish
January–September 2015
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SECRETARY
PRESIDENT
VICE PRESIDENT
Board of Directors
Mr. Eric Forde
Dr. Godfrey Ransome
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DIRECTOR
Ms. Sharida Ali
DIRECTOR (1st Alternate)
DIRECTOR
DIRECTOR
TREASURER
ASSISTANT SECRETARY
Mr. Imtiaz Mohamed
Mr. Seunarine Surajbally
Mr. Sanatan Roop Persad
ANNUAL REPORT
2015
62nd Annual General Meeting
Board of Directors Report Distinguished Guests, Fellow Co-operators, Members; the Board of Directors is pleased to present to the 62nd Annual General Meeting the report on its stewardship for the period, January to December 2015. The Board of Directors consists of the following members: Sandra D Kelly Seunarine Surajbally Imtiaz Mohamed Deonarine Jaggernauth Eric Forde Sharida Ali Neal Johnson Perry Jagdeo Ananias Johnson Godfrey Ransome Sanatan Roop Persad (Alternate) Board Attendance Record The Board of Directors held sixteen Officers’ Meetings for the period.
- - - - - - - - - - -
President (until August 01, 2015 ) President (effective August 01 – September 11, 2015) President (effective September 14, 2015) Vice President (resigned effective January 22, 2015) Vice President (effective February 06, 2015) Secretary Treasurer Assistant Secretary Director Director Director (effective August 03, 2015 until AGM 2016)
(16) Statutory Board Meetings, seven (7) Special Meetings and four (4) All Statutory Meetings
Special Meetings
All Officers’ Meetings
Excused
Sandra Kelly
8
4
2
1
Seunarine Surajbally
14
5
3
5
Imtiaz Mohamed
16
7
4
-
Deonarine Jaggernauth
1
1
-
-
Eric Forde
16
7
4
-
Sharida Ali
15
7
4
1
Neal Johnson
15
6
4
2
Perry Jagdeo
11
6
4
6
Ananias Johnson
15
7
4
1
Godfrey Ransome
13
5
3
3
Sanatan Roop Persad (Alternate)
8
1
1
2
Director
1.0 INTRODUCTION Trintoc (Penal) Credit Union continued to deliver a good financial performance for the financial year 2015 despite facing high liquidity. With aggressive marketing strategies we were able to lend $51.4 million, in 2015 compared to $44.8 million, in 2014. This was a positive indication that our membership chose to borrow from us instead of other financial institutions.
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In October 2015, the Co-operative Credit Union League of Trinidad and Tobago recognized our Credit Union for its 2014 performance with the following awards:• • •
HR Development (Medium) Best Financial Performance (Medium) Most Outstanding Credit Union (Overall)
This is the first time that the Credit Union has been recognized for three (3) awards for one year’s performance. We accepted these awards, as it is an excellent indicator that your Credit Union is being managed efficiently. We will continue to monitor our performance using the PEARLS ratios and strive to deliver improved performance based on the current economic climate. For 2015, our share accounts closed at $186 million reflecting an increase of over $17 million on the previous year and again highlights the growing confidence of our members on the growth and stability of the organization. The total value of members’ loans: increased over $14 million from last year to $110 million in 2015. Whilst this growth is encouraging, there is an increasing imbalance between the share and loan portfolio. In order for the Trintoc (Penal) Credit Union to thrive, and pay competitive dividends, members must acknowledge that loans must grow in proportion to shares. The interest on loans is our main source of income, particularly in these economically uncertain times, where we are only able to secure minimal rates for investment. Following are the financial highlights of our performance for 2015: 2.0 FINANCIAL HIGHLIGHTS At the end of 2015, the total assets stood at $221,561,628 representing an increase of 9.8% over the previous year’s figure of $201,854,765. The membership grew by 110 members to 2,652 compared to 2,542 for 2014. This growth is attributed to increases in members’ shares of 10%, as members continued to show confidence in the credit union. Loans to our members amounted to $110,838,637 representing an increase in membership borrowing which continues to grow steadily. The investment portfolio stood at $87,936,563 representing 39.6% of our total assets for 2015, as compared to the 38.6% of total assets from the previous year. Although our loan portfolio increased, the credit union still had excess liquidity leading to external investment. Despite increases in total assets and loan activity, the Credit Union generated a net surplus of $9,339,980 which is an increase of 11.6% as compared to $8,371,083 (2014) mainly due to innovative products to attract members in the declining economy. Expenses amounted to $4,322,228 an increase of 16.3% from $3,715,950 (2014). The increase is mainly due to higher cost of operations such as CUNA insurance premiums, staff cost, provision for doubtful debts, bank charges and interest. The credit union was able to manage its overall expenditure through
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ANNUAL REPORT
2015
62nd Annual General Meeting
prudent spending. The cautions that my predecessors have noted however, have now been realised, in that the disparity between our share and loan growth has this year meant that we have no option but to reduce our annual dividend.
In short, the Credit Union needs loan interest to be able to perform to the maximum, for the benefit of all members. If a small loan would assist you to meet your needs, thus leaving your savings in-tact to attract dividends at the end of year, this is worth considering.
Performance Comparative for the period 2011 – 2015 Items Total Assets Reserve Fund
2011 $’000
2012 $’000
2013 $’000
2014 $’000
2015 $’000
147,525
168,254
185,992
201,855
221,562
8,482
9,202
10,020
10,858
11,795
Members’ Shares
122,482
141,845
152,995
169,138
186,020
Loan Balances
77,726
85,854
87,283
95,213
108,898
Investment
48,996
52,556
74,555
78,051
87,937
Expenses
2,933
2,992
3,439
3,716
4,322
Income
9,955
10,184
11,612
12,087
13,662
Item
2011
2012
2013
2014
2015
Membership
2,188
2,331
2442
2542
2,652
Total Assets – this represents the total of the credit union’s current and non-current assets. Our assets have grown steadily over the years Reserve Funds – In accordance with Bye Law 12, the Credit Union and the Co-operative Society Act, 1971 Section 47 (2), at least ten percent (10%) of the net surplus for the year is to be transferred to a reserve fund. All losses on investments, which are beyond the control of the Credit Union, are written off to the reserve fund. Loan Balances – this represents loans granted to members and amounts outstanding to the Credit Union as at year end. The loan balances have increased over the years, reflecting a steady growth in our loan portfolio. Investments – this represents investments in government bonds, shares and other short term investments made by the Credit Union. Expenses – this represents the cost of operating the organization, including administrative & other expenses, staff costs, officers’ expenses, CUNA insurance premiums, provision for doubtful debts, bank charges and interest. Income – this represents revenue generated from operations. The main source of revenue is interest on loans. Membership - this represents the total membership as at the end of the financial year.
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250
Total Assets 2011-2015 $Millions
12
Reserve Fund 2011-2015 $Millions
10
200
8
150
6 100
4
50 0
2 2011
2012
2013
2014
2015
0
Members Shares 2011-2015 $Millions
2011
2012
2013
2014
2015
Loan Balances 2011-2015 $Millions 120
200
100 150 80 60
100
40 50 20 0
2011
22
2012
2013
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2014
2015
0
2011
2012
2013
2014
2015
ANNUAL REPORT REPORT ANNUAL
2015
62nd Annual Annual General General Meeting Meeting 62nd
100
Investment 2011-2015 $Millions
15
80
12
60
9
40
6
20
3
0
2011
2012
2013
2014
2015
Expenses 2011-2015 $Millions 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00
Income 2011-2015 $Millions
0
2011
2012
2013
2014
2015
Growth in Membership 2011-2015 3000 2500 2000 1500 1000 500
2011
2012
2013
2014
2015
0
2011
2012
2013
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23
2015
Our Success Is Your Success
3.0 DIVIDEND
The Board of Directors is proposing a dividend of 4.5% for ratification by members at this Annual General Meeting for the financial year ended December 31, 2015.
4.0 MEMBERSHIP
Membership as at January 1st, 2015
- 2,542
New members joined in 2015
-
Deaths
-
7
Resignations
-
nil
Membership as at December 31st, 2015
- 2,652
117
5.0 CONDOLENCES
We offer heartfelt sympathy to the families of our departed members who have loyally contributed to Trintoc (Penal) Credit Union’s success over the years. •
Bohitanand Maraj
•
Francis Mitchell
•
Chandra Gobinsingh
•
Jacob Joseph
•
Mervyn Mayers
•
Jevorn Herbert
•
Sandra D. Kelly
6.0 CUNA
CUNA Caribbean Insurance remains the primary insurance provider for our credit union and as such our professional relations remain intact.
7.0 DELINQUENCY CONTROL AND LOAN COLLECTION
Delinquent loans stood at $1,940,922 of our total loans for 2015; this represents an increase in the provision for bad and doubtful debts of $390,039 from $1,550,882 (2014) to $1,940,922 (2015) i.e. 1.75% of the total loans portfolio. Recovery efforts continue to be vigorously pursued by our Delinquent Loans Committee, office staff, and ultimately through the Commissioner for Co-operative Development.
8.0 COMMUNITY CONTRIBUTIONS
The Trintoc (Penal) Credit Union has continued to remain dedicated to charitable causes within the community and its immediate environs.
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9.0 TRAINING AND DEVELOPMENT
This Credit Union continues to invest in educating its staff and officers through their participation in seminars, training programmes and short courses which are conducted in-house or held by the Co-operative Credit Union League, the South West Regional Chapter and other external organizations.
10.0 MANAGEMENT SYSTEMS
10.1 Emortelle (Credit Union Management Information System)
The office staff continues to use the Emortelle system and it is supported by the software developer as required.
10.2 FINANCIAL INTELLIGENCE UNIT (FIU) TRAINING
The Co-operative Credit Union League of Trinidad and Tobago was contracted by the Board to train the Credit Union officers and employees in Anti- Money Laundering (AML) procedures. The Credit Union’s Compliance Programme was also updated and submitted to the Financial Intelligence Unit.
11.0 AUDITOR
In keeping with our procedure, we hereby recommend to this House, the appointment of Maharaj Mohammed and Co. Chartered Accountants as Auditor for year ending December 31, 2016.
12.0 ACKNOWLEDGEMENT
The Board of Directors extends sincerest thanks to the Management of Petrotrin for the use of their building and fixtures.
Our thanks as well, to the dedicated and hard working officers, committee members and staff of the Trintoc (Penal) Credit Union for providing efficient and timely services to you the membership. We highly appreciate their efforts which remain and will continue to be a key factor in the development and stability of our Credit Union.
For and on behalf of the Board of Directors
_________________________ SHARIDA ALI Hon. Secretary
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CHAIRMAN
SECRETARY
Credit Committee
MEMBER
Mr. Peter W. David
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Mr. Calvin Sargeant
MEMBER
MEMBER
Mr. Rudolph Felix
Mr. Winston Samm
ANNUAL REPORT
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62nd Annual General Meeting
Credit Committee Report At the 2015 Annual General Meeting, the following members were elected to serve on the Credit Committee: Messrs. Rudolph Felix - Chairman Calvin Sargeant - Secretary Peter W. David - Member Kelvin Pustam - Member Winston Samm - Member During the period under review the Committee held fifty-three (53) weekly meetings and were invited to attend four (4) All Officers’ meetings. Attendance was as follows:Regular Meetings
All Officers’ Meetings
Excused
Rudolph Felix
52
4
1
Calvin Sargeant
50
4
3
Peter W. David
52
4
1
Kelvin Pustam
52
4
1
Winston Samm
52
4
1
Name
A total of 1,488 loans amounting to $51,379,348.22 were approved and disbursed. This total represented a 14.70% increase in loans granted compared to $44,798,216.13 in 2014. Initiatives were introduced to encourage the membership to borrow. The main areas of focus were mortgage loan, Christmas/Carnival and vehicle loan promotions. The membership received these promotions well by showing great interest in the acquisition of properties i.e. the purchase of land and building, construction, renovations, purchase of vehicles and repairs. These categories are represented in the graph below and are shown by the segments reflecting 18% and 15% of the total loans disbursed. The Credit Committee met with members upon their request and provided financial planning, counseling and guidance in securing loans, whilst ensuring that the loan policies were upheld. The committee conducted many site visits to ensure that loans borrowed were being used for the purposes they were granted. We take this opportunity to thank the Board of Directors for their support and leadership, the office staff and the membership for selecting us to serve for another year. Respectfully submitted, ____________________________ CALVIN SARGEANT Secretary
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LOANS DISBURSED FOR THE PERIOD JANUARY - DECEMBER 2015 Statistical Data Related to Loans PURPOSE OF LOAN
TOTAL $
NO. OF LOANS
Business/Investment
4646,886.35
51
Debt Consolidation/Legal
3766,850.26
76
Education/Computer
1006,051.00
77
18393,573.15
266
Travel/Vacation/Medical
2878,200.00
168
Vehicle & Vehicle Repairs
12518,522.85
216
8169,264.61
634
51379,348.22
1488
Property/Repairs/Furnishings
Other TOTAL
2015 Loans Disbursed Business/Investment $4646,886.35 3%
Debt Consolidation/Legal $3766,850.26 5%
Education/Computer $1006,051.00 5% Property/Repairs/Furnishings $18393,573.15 18%
Other $8169,264.61 43%
Travel/Vacation/Medical $2878,200.00 11%
Vehicle & Vehicle Repairs $12518,522.85 15%
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CHAIRMAN
Supervisory Committee
SECRETARY
Mr. Camal Jagassar
MEMBER SECRETARY
Mr. Wazir Khan
Mrs. Pearl Lewis Browne
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Our Success Is Your Success Supervisory Committee Report The Supervisory Committee is pleased to present its report on the affairs of Trintoc (Penal) Credit Union Co-operative Society Limited for the year ended December 31st, 2015 for consideration at the 62nd Annual General Meeting. The Supervisory Committee comprised of three (3) members: Mr. Camal Jagassar - Chairman Mr. Wazir Khan - Secretary Mrs. Pearl Lewis Browne - Member
Attendance Report The Committee convened for five (5) regular meetings and attended four (4) all officers’ meetings for the calendar year 2015 as follows: Name Camal Jagassar Wazir Khan Pearl Lewis Browne
Regular Meetings
All Officers’ Meetings
Excused
4/4 5 4/5
4 4 4
1
The following internal audits were undertaken: 1. Compliance with policies and procedures. 2. Monitoring of securities, fixed deposits and investments. 3. Randomly sampled loan applications, approvals and disbursement. 4. Delinquent loans. 5. Review minutes of meetings – Board of Directors, Credit and Education Committees. 6. Verification of cheque numbers with disbursement vouchers. 7. Reviewed expenditures. 8. Cash management practices and control procedures. These activities allowed us to make certain observations, suggestions and recommendations which were submitted to the Board of Directors for review and implementation as necessary. In August 2015, the Supervisory Committee was invited by the Board to conduct elections for the office of President of the Credit Union. Mr. Imtiaz Mohamed was elected as the new President. The committee congratulated Mr. Mohamed on his appointment and reinforced our commitment to the success of the organization. This committee executed its duties according to the bye-laws of the Credit Union. We concluded that the financial and accounting records and activities of the credit union to be in accordance with best accounting practices, policies and procedures. We wish to thank the Board of Directors, Officers, Manager and office staff for their support during our tenure and in the execution of our duties. We also thank you, the membership for your confidence in electing us to office and the opportunity to serve as you continue to make Trintoc (Penal) Credit Union Co-operative Society Limited your first choice in financial institutions. ________________________ CAMAL JAGASSAR Chairman
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____________________ WAZIR KHAN Secretary
______________________ PEARL LEWIS BROWNE Member
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SECRETARY
CHAIRPERSON
Education Committee
Mrs. Sharida Gaffar-Ramrattan
MEMBER
MEMBER
Mrs. Tahara Pustam
Ms. Adriana Vialva-Ralph
MEMBER
Ms. Christina Bahadoor-Hosein
Mr. Omar Maraj
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The Education Committee is pleased to report on its activities/programs for the year under review. We have been encouraged and inspired by the attendance and support from the members and assure the membership that we remain quite committed in our pursuits towards the prosperity and growth of the Credit Union. The Education Committee held twelve (12) regular meetings and was invited to four (4) All Officers’ meetings as follows:-
Record of Attendance Name
Regular Meetings
All Officers’ Meetings
Excused
Tahara Pustam
11
4
1
Sharida Gaffar-Ramrattan
11
4
1
Christina Bahadoor-Hosein
9
4
3
Omar Maraj
12
4
0
Adriana Vialva-Ralph
6/7
4
0
Interfaith Service Our traditional Interfaith Service was held on January 11, 2015 at the Penal Community Centre. The National Anthem was performed by a violinist and religious leaders from the Hindu, Muslim and Christian faiths led us in prayer. Songs of praise and steelpan renditions were included in the morning’s service followed by brunch.
Walk-a-thon This year’s Walk-a-Thon was held on March 22, 2015.
Accompanied
by the Petrotrin Cadets, over 150 members and their families participated. Health Service providers inclusive
of
Wellness
Petrotrin Caravan,
Optometrists
Today
and
Habits
Healthy
Technologies
were
available to all attendees.
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An aerobic display was done and those in attendance were invited to participate. All members were treated to a healthy fruit breakfast and fish broth.
Retreat Coco Reef Resort in Tobago was the venue of the TPCU’s Annual Retreat 2015. Our presenter, the late President, Mrs. Sandra D. Kelly focused on the Impact of the Impending Bill, Teambuilding and a rollout of the Strategic Plan (2014 – 2017).
Officers’ Training and Development The Trintoc (Penal) Credit Union is committed to the on-going training and development of its officers and staff. The local programmes attended were hosted by the Co-operative Credit Union League of Trinidad and Tobago Limited and encompassed areas such as Directors and Managers Development Programme, Compliance Officers’ Workshop, Anti-Money Laundering and Counter Finance Terrorism Awareness Training. Officers also attended Introduction to Fraud Detection hosted by Global Forensic Institute and Cashiers Training hosted by Micro Software Designs Limited. Officers also participated in foreign conferences such as the 15th Annual Leadership Conference (May 2015) Caribbean Confederation of Credit Union (CCCU) Convention (June 2015) and the World Council of Credit Unions (WOCCU) Conference (July 2015). All attendees submitted comprehensive reports to the Board of Directors.
Defensive Driving Course Training and Logistics Limited conducted another session on Defensive Driving on July 11, 2015 and Certificate of Completion was awarded to each participant. Due to the national concern with respect to road accidents/fatalities and the numerous requests by the membership to continue this program, TPCU will again seek the assistance of Training and Logistics Limited to partner with us in the New Year 2016.
Summer Camp Young members between the ages of 5 – 15 years have the opportunity to participate in the Arts and Swimming classes. A number of members’ children have benefitted from these programmes at the end of which Certificates of Participation are awarded.
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JCEP Program The United Nations declared 2011 – 2020 ‘The Decade of Cooperatives’. The Cooperative Development Division, Ministry of Labour and Small Enterprise Development places great importance in the Junior Cooperative model within the Secondary School system. The first year’s program (beginning 2015 January) will involve over 240 students from twelve (12) schools across Trinidad and Tobago. In this light, TPCU warmly welcomes the Shiva Boys Hindu College Junior Co-operative Society Limited as a member of our Credit Union. Family Day Family Day celebration was held on October 24, 2015. The day’s activities included all members and their families. The kids enjoyed the bouncy castle, face painting, treasure hunt, rock climbing, hula hoop and much more. The adult events included the popular All Fours, ‘Know Your Credit Union’ competition and talent show. Young Achievers 2015 Children of members continue to excel in the field of sports and education. The TPCU recognize these performers who excelled in 2015 and they will receive their awards at a function in January 2016. The recipients are:National Scholarship Stephanie Singh Keri Gobin Amaara Khan CSEC (> 8 Distinctions) Naveela N. Sookoo SEA (> 98%) Hailey Jade Seegobin Nivel N. Sookoo SPORTS Darryl Thomas
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Youth Arm of TPCU As a follow-up from 2014 and based on feedback from the young membership, the Credit Union undertook a project to form a Youth Arm of TPCU. A training session entitled, ‘Credit Unions Made Simple’ was held where the focus was on the operations of the Credit Committee. The Education Committee will pursue the development of the Youth Arm and offers its full support in 2016. Membership Drive The on-going membership drive which started over a few years ago and with the revised Bye-Laws to accommodate contract employees of Petrotrin Limited, have resulted in membership growth from 2542 in 2014 to 2652 at the end of 2015. Conclusion The Education Committee recognizes its role in contribution to the strategic development of the Credit Union and as such remains committed to reaching the membership through programmes, newsletters, social media, texts and other necessary means to ensure that this Credit Union remains a cohesive entity. We wish to extend our gratitude to the Board of Directors, the Credit and Supervisory Committees, and the Office Staff for giving us the opportunity to serve for another year.
________________________________ SHARIDA GAFFAR-RAMRATTAN Secretary
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Our Success Is Your Success Nominations Committee Report The Board of Directors of the Trintoc (Penal) Credit Union appointed the following persons to serve on the Nominations Committee in accordance with section 26 of the Bye Laws of the Credit Union: Mr. Perry Jagdeo Chairman Mrs. Marva Johnson-Friday Member Mrs. Marilyn Wharwood Member Mrs. Desiree Barclay Member Mr. Sewnarine Sirju Member The Committee’s duties included the selection of qualified members who are willing to volunteer themselves to be considered for election to the Board, Credit and Supervisory Committee at the Annual General Meeting. In addition, the Committee had the responsibility of submitting for consideration and approval by the Board, the names of those volunteers who met the established criteria. In order to facilitate such, two (2) documents were used: 1. A Nomination Policy 2. A Nomination Form A total of ten (10) persons applied to serve on the various committees. The panel reviewed all ten (10) Nomination Forms where special emphasis was placed on the “Fit and Proper Criteria” as outlined in the Credit Union’s ByeLaws (26). The persons listed below have been deemed eligible by the committee to be considered for election. BOARD OF DIRECTORS CREDIT COMMITTEE Mr. Eric Forde Mr. Kelvin Pustam Mr. Sanatan Roop Persad Mr. Winston Samm Mr. Omar Maraj Mr. Peter David Mrs. Pearl Lewis Browne Mr. Rudolph Felix Mr. Calvin Sargeant SUPERVISORY COMMITTEE Mr. Camal Jagassar The panel agreed that all volunteers should be sensitized on the roles and functions of the Board, Credit and Supervisory Committees.
_________________________ Perry Jagdeo Chairman On behalf of the Nominations Committee March 10th, 2016
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Auditors Report & Financial Statements as at December 31st, 2015
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Chartered Accountants 34 St. Vincent Street, San Fernando, Trinidad, W.I. Tel: (868) 652 5245 Fax: (868) 653 6053 Email : info@maharajmohammed.com
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Statement Of Financial Position At 31st December 2015
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Statement Of Comprehensive Income For The Year Ended 31st December 2015
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Statement Of Changes In Equity For The Year Ended 31st December 2015
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Statement Of Cash Flows For The Year Ended 31st December 2015
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Receipts And Payments Account For The Year Ended 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Notes To The Financial Statements At 31st December 2015
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Proposed Budget 2016 Budget 2015 Actual 2015 Variance Budget 2016 INCOME Interest on Loans 10092,056 10605,320 513,264 11893,772 Income from Investments/Fixed Deposits 2186,828 2831,214 644,386 2885,226 Other Income 140,000 225,675 85,675 250,000 TOTAL INCOME 12418,884 13662,209 1243,325 15028,998 EXPENDITURE All Officers Meeting/Social Events 40,000 33,839 (6,161) 40,000 Advertising 10,000 2,185 (7,815) 8,000 Annual General Meeting 120,000 110,897 (9,103) 120,000 Audit Fees 40,000 38,125 (1,875) 38,125 Bank / Finance Charge 30,000 485,509 455,509 490,000 Board & Committee Expenses 550,000 602,219 52,219 630,000 Building Maintenance 77,000 91,183 14,183 80,000 Capital Expenditure - Property 1000,000 - (1000,000) 240,000 Computer & Office Equipment Maint,/CUMIS upgrade 120,000 62,026 (57,974) 125,000 Credit Union League Dues 24,550 37,125 12,575 24,550 CUNA LP/LS 575,000 642,138 67,138 700,000 Death Benefit Payment 24,000 - (24,000) 0 Depreciation 62,000 55,198 (6,802) 75,000 Donations 50,000 12,576 (37,424) 30,000 Education Committee 460,000 451,216 (8,784) 464,000 Insurance & Pension 122,000 227,678 105,678 158,000 Interest on Members Fixed Deposits & Savings 165,000 161,735 (3,265) 160,000 Office Expense 90,000 56,540 (33,460) 65,000 Professional Fees - IT, legal, compliance 60,000 29,000 (31,000) 58,000 Provision for bad debt 150,000 390,039 240,039 300,000 Salary/Contract Labour 647,546 738,012 90,467 750,000 Security fee (CIT) 13,000 14,444 1,444 15,000 Subscriptions 4,500 8,687 4,187 8,800 Telephone 43,000 36,900 (6,100) 38,000 Tokens (Christmas) 7,000 - (7,000) 0 Training and Development 25,000 34,958 9,958 45,000 TOTAL EXPENDITURE 4509,596 4322,228 (187,367) 4,662,475 SURPLUS 7909,288 9339,981 1430,693 10,366,523
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Resolutions Resolution 1 – Appointment of Auditors Whereas the Commissioner for Co-operative Development has drawn up a list of approved Auditors for the accounts of Co-operative Societies in accordance with Section 51 of the Co-operative Societies Act and Regulations thereof; And whereas Bye-Law 22(k) of the Trintoc (Penal) Credit Union requires the Annual General Meeting to appoint an Auditor for the ensuing term from the list of Auditors approved by the Commissioner; Be it resolved that Maharaj Mohammed and Co. be appointed Auditors of the Trintoc (Penal) Credit Union Cooperative Society Limited for the financial year ending December 31st 2016. Resolution 2 – Distribution of Surplus Whereas the Credit Union has realized a net surplus for the financial year ended December 31st 2015; and whereas Bye-law 12 of the Society makes provision for the distribution of this surplus in accordance with the regulations of the Co-operative Societies Act; Be it resolved that a dividend of 4.5% be declared on members’ shares as at December 31st 2015 and credited to their share accounts; And be it further resolved that any account which is in arrears, the said sum be credited to outstanding loan and interest. Resolution 3 – Maximum Liability Whereas Bye-Law 22(i) of the Society states that the Annual General Meeting can set the maximum liability of the Society: Be it resolved that the maximum liability of the Society be set at Ten Million TT Dollars ($10,000,000.00). Resolution 4 - Building Fund Whereas Bye-Law 12 (g) of the Society, states the balance of the net surplus may be used at the discretion of the General Meeting for the constitution of a Building Fund. Be it resolved that $240,000 be transferred from the surplus to this building fund which represents a portion of the surplus for 2015.
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Products and Services Term / Fixed Deposits Term/Fixed Deposits – where the member agrees to place a fixed amount of money for a specific period of time to receive an interest rate for the duration of that time period. TPCU interest rates vary between 1% - 2% per annum. Deposits are repayable on demand however penalties apply. Shares The Credit Union’s strength is represented by its Share Capital. Members purchase shares which contribute to the pool of resources, members can then borrow in their time of need. The members accumulated shares increases the total resources of the Credit Union. As a shareholder you are part-owner of the Credit Union, entitled to benefit from all services provided by the Credit Union. Your share balance is considered in your eligibility for loans. Members are required to purchase at least one share (cost $5.00) each month in order to keep an active status. Benefits include: • • •
Free loan protection and life savings insurance on shareholdings. The use of Shares as collateral for loans Dividends are paid annually on shareholdings on rates of interest as determined at Annual General Meetings
Loans At TPCU, we provide a variety of personal loans for our members designed to help them achieve their shortand long-term goals: • • • • • • • • • •
Vehicle loans Mortgage loans Education loans Vacation loans Debt consolidation loans Carnival loans Life Event loans e.g. for weddings, christenings, funerals etc. Investment loans Insurance loans Miscellaneous loans.
CUNA Caribbean Insurance is the leading provider of insurance protection and retirement solutions for credit unions and co-operative societies across the Caribbean. Trintoc (Penal) Credit Union has enjoyed a very long and beneficial partnership with the company whose focus is to ensure that our members can have access to
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insurance products that they can trust and afford. As partners with CUNA Caribbean Insurance, we are able to provide a few of the insurance products to our membership.
LIFE SAVINGS INSURANCE (LS) Pre-approved insurance coverage can automatically double your savings upon death. • Your savings are insured up to a maximum of $30,000 • At no direct cost to you • Approval is automatic • You can leave your family an inheritance
LIFE SAVINGS PLUS (LS PLUS) TPCU members are eligible to get coverage of a fixed death benefit of twenty-four thousand dollars ($24,000) upon death of the policy holder. The plan cost one hundred and fifty dollars ($150.00) per annum Benefits to the Member: • Pass on a transition income to a family member • Allow for the lump sum from Life Savings to be invested or used to pay outstanding bills, while LS “PLUS” is income for a predetermined period • Life insurance with no medical or age requirements • Group term life that is affordable • One simple annual payment deducted from dividend or shares • Insurance covers members up to age 80
LOAN PROTECTION INSURANCE (LP) Leave your family an inheritance, not a debt. Enjoy the security of knowing that your family will be taken care of. • Get insurance coverage for your loan of up to a maximum of $60,000 if you become permanently disabled or pass away • Insurance coverage at no direct cost to you • Only your family will receive the benefits.
THE FAMILY INDEMNITY PLAN (FIP) The Family Indemnity Plan offers peace of mind during a difficult time by providing a cash benefit to cover funeral expenses in the event of the member or his eligible family members’ death. Coverage is provided for a maximum of six eligible (6) family members as follows: • • • • •
Member Spouse or significant other Children between the age 1through 25 Members’ parents below the age of 76 (any two (2) persons you choose from your parents and parents-in-law)
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Advantages of the Family Indemnity Plan: • No medical questions • One monthly premium covers up to 6 family members (including any two persons you choose from your parents and parents-in-law enrolled by age 76) • Full benefit is paid (per person) every time a claim is made • Payments for claims are made within 2 working days • Lifetime insurance coverage. Choose the option that best suits you: Plan PLAN A PLAN B PLAN C PLAN D PLAN E PLAN F
Premium $52.80 monthly $79.20 monthly $105.60 monthly $158.40 monthly $211.20 monthly $343.20 monthly
Benefit $10,000 $15,000 $20,000 $30,000 $40,000 $65,000
We strongly recommend this plan to all members since it provides a measure of relief for bereaved families at a crucial time.
THE FAMILY INDEMNITY PLAN WITH CRITICAL ILLNESS (FCI) We are happy to introduce a new solution designed just for you, a living benefit option for FIP Plan F. You can now access $25,000 as a partial payment of the Plan F face amount to help with medical expenses if you are diagnosed with one of the following critical illnesses: • Cancer • Heart Attack • Stroke • Paralysis • Major Burns Benefit • $25,000 – if primary insured/owner is diagnosed with a critical illness • $40,000 – in the event of the primary insured/owner death, the balance of the benefit is payed • $65,000 – in the event of the primary insured/owner death and no critical illness claim was submitted • $65,000 – coverage for all other dependents enrolled Premium • $400 – FIP Plan F with FCI ($343.20 Plan F + $56.80 CI) • The CI Rider premium ($56.80) would be refunded if the member dies before age 75 and did not submit a critical illness claim Sign up today and give yourself a reason to be comforted in difficult times!
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Notes
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