29 CONSOLIDATED FINANCIAL STATEMENTS 2023 With the continued return to higher levels of normalcy it is our intention to resume the hosting of an annual workshop for secondary school teachers to facilitate the teaching of cooperative principles, credit union studies and financial literacy in schools. Donations & Sponsorships The strength of the Credit Union as a co-operative organisation is not simply its financial position but also its position as it relates to giving back to those in need of help and support. We consider the role we play in the community and the contributions we make through our various committees and Legacy Foundation to be critical elements of our operations and they will continue to receive our support on an annual basis. Sponsorship Requests Received for Financial Year April 2022 - March 2023 Total sponsorship amounts disbursed to: Total ($) Individuals $ 10,699 05 Schools $ 13,850 00 Organizations $ 58,615 00 Churches $ 1,000 00 $ 84,164 05 No of sponsorships approved: 68 No of sponsorships declined: 91 Total no of sponsorship requests received: 159 Social Outreach Assistance The Social Outreach Assistance Committee met seventeen (17) times during the period and approved eighty (80) applications out of a total of one hundred and twenty-seven (127) received. A total amount of Barbados $255,395.43 was disbursed across various categories of needs, including but not limited to: • Medical procedures, tests, therapies, equipment or medication • Replacement of essential personal or household items lost due to fire or natural disaster • Funeral expenses • Circumstances where general personal financial hardship is present Where a category is not clearly aligned to the request received, the Social Outreach Assistance Committee reserves the right to consider the request and help as they consider appropriate. The breakdown of the Committee’s consideration for this year’s application is as follows: Approved 80 Declined 26 Payments Deferred 12 Cancelled 5 Incomplete Requests 2 Referred (i e to loans, sponsorship etc ) 2 Total 127 Educational Scholarships & Grants The funds allocated to the Educational Scholarships & Grants Fund are used to assist members by way of gratuitous payments in accordance with the approved Annual Academic Awards, Scholarships and General Educational Grants Policy. Applications from members, are reviewed by an Educational Scholarships & Grants Committee appointed by the Board of Directors. Assistance is considered for annual academic awards, scholarships and general grants for tertiary level studies. The Educational Scholarships & Grants Committee met five (5) times during the reporting period and approved Barbados $194,510.00 for disbursement, distributed as follows: General Tertiary Level Grants $ 120,210 Annual Academic Awards $ 66,800 Ralph Boyce Scholarship Awards $ 7,500 Barbados Community College Awards $ 0 Samuel Jackman Prescod Polytechnic $ 0 BIMAP – MOU Educational Partnership $ 0 Career Development Institute – MOU Educational Partnership $ 0 Overcomer Scholarships – Local Secondary School Leavers $ 0 Sports And Arts Achievement $ 0 $ 194,510 The educational partnership with the Career Development Institute (CDI) which expanded the number and range of options offered to members ended during the reporting period. The CDI has expressed an interest in renewing the partnership and discussions are ongoing in this regard. We have received feedback that the online member application process for scholarships and grants is not as efficient as you would like, and are working with the service provider to introduce the necessary enhancements that will result in improvements to the user experience and to our internal monitoring and reporting capabilities. We look forward to introducing these enhancements during the course of the coming fiscal period.
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