31 CONSOLIDATED FINANCIAL STATEMENTS 2024 The City University Member Course Kimberly Straughn Speech and Language Therapy Toronto Metropolitan University Member Course Karlton Holligan Civil Engineering University of East London Member Course Rhea Callender MSc Data Science University of Kent Member Course Marlon Blackman BEng Electronic and Computer Engineering (Hons) University of Regina Member Course Akia Graham Business Administration Shomicha Jackson Actuarial Science Community Involvement & Outreach During the reporting period, the Credit Union participated in various outreach visits to community groups and organisations delivering presentations with the primary objective of sharing knowledge about its products and services, while also seeking to enhance general financial literacy. Social Outreach Recognising the vital role we play in the well-being of our members, we actively contribute to their social, economic, and financial advancement. Beyond traditional financial services we also continued to assist through our active community involvement and social outreach, providing monetary assistance totalling just under two hundred and forty-five thousand dollars ($245,000) to 854 members in the following areas: • 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 Donations & Sponsorships The strength of the Credit Union as a co-operative organisation is not simply its financial position but also its corporate social responsibility to the communities it serves. Sponsorships and donations are two ways in which the Credit Union provides obtains promotional opportunities and make a difference in the communities we serve. We consider 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. The Credit Union is consistently in support of opportunities for community connection and impact, which are in support of our mission, values and goals. During the financial period under review approximately two hundred and fifty-eight thousand dollars ($258,000) was disbursed as sponsorships and donations to a wide cross-section of individuals and organisations. Organisational Strengthening Operations We continue to focus our energies on our youth and the future of the Credit Union, having successfully relaunched the Thrift Club account and making allowance for our young savers to maintain a single account throughout their Credit Union membership. By way of a change in the associated By-law, we also made the Thrift Club account more accessible and affordable to our new young members by reducing the minimum share requirement required to open that account to $50. This reduction was well embraced and resulted in the expansion of our Thrift Club school program into new schools this year. As reported last year, the Credit Union continues to expand its online/digital service offerings through the Real Time Payment service offered via Co-Optima Mobile and Online platforms. This service allows our members to send and receive funds in real time, to and from other participating financial institutions on the island, complementing our already established bill payments service and making it more convenient for our members to do business electronically.
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