annual report 2013 - prospera€¦ · at prospera, we have big dreams. we believe that by working...
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annual report 2013
It’s in our natureAt Prospera, we have big dreams. We believe that by working together we can help build a better world. We also believe everyone is entitled to financial security. That’s why making a meaningful difference in the financial well-being of our members and our communities isn’t just something we say, it is a commitment that influences everything we do. It is a commitment to really listen to our members when they tell us what they want and need from their financial institution. It is a commitment to build relationships with our members based on trust and care. It is a commitment to provide the highest level of service coupled with sound advice to help our members accomplish their most important goals. And it is a commitment to invest in our communities in ways that will have a positive and lasting impact.
As a co-operative, it’s in our nature to care for our members. Every day, people of all ages and from all walks of life come through our doors, each with their own unique needs and we do our best to help them. Sometimes that help is as simple as replacing a lost debit card and sometimes it’s as complex as financing a business start-up.
Whatever our members need, our employees are an important part of delivering on our commitments. We know without their passion and dedication we couldn’t succeed. Offering our employees a great place to come to work every day where they have a unique opportunity to make a difference in the lives of others and their community is a key part of how we do business and we’re proud to say that in 2013, Prospera Credit Union was named one of BC’s Top Employers.
By living our values every day, every single member of our team at Prospera Credit Union is focused on making a meaningful difference in the financial well-being of our members and our communities. In 2013, we took time as an organization to reflect on our values and following a truly amazing exchange of ideas, we summarized what we stand for with seven powerful ideals that speak to our commitment to our members, our communities and our team: Passion, Teamwork, Integrity, Focus, Accountability, Member First and Community.
Something else that’s in our nature is the desire to make life better…for everyone. One way we do that is by supporting United Way and all of the organizations they provide funding for in our local communities. In 2013, our employee-led campaign raised more than $83,000. Earlier in the year, 170 Prospera staff (from the Okanagan to Vancouver) also participated in our very first United Way Day of Caring, taking part in any one of 30 different opportunities including volunteering at a therapeutic horse farm, painting murals at a food bank, helping with landscaping and garden cleanup or serving meals at the Salvation Army. Another first this year was joining together with five other BC credit unions to donate a total of $245,000 to our neighbours in Alberta following the devastating floods last June—which reminded us all how much more of an impact we can have when we work together.
IntroductionProspera Credit Union Annual Report 2013
Our ValuesProspera Credit Union Annual Report 2013
Accountability
passion teamwork integrityfocus accountabilitymember firstcommunity
video
employees
community
youth and education
making connections
member stories
the business
partnerships
C O N T E N T S Prospera Credit Union Annual Report 2013
a meaningful difference
board of directors
financials
governance
message from the president & ceo
contact info and branch locations
message from the chair
T H E B U S I N E S S C O N T E N T S Prospera Credit Union Annual Report 2013
committee assignments
overview 2013
communityProspera Credit Union Annual Report 2013
Part of building meaningful relationships is the opportunity to connect with members outside of our branches—in the community. In 2013, we engaged with members and our communities in so many different ways.
GranFondo – Event of the YearIt may have been raining, but that didn’t dampen the spirits of those attending the Langley Tourism AGM as the local tourism authority presented the Prospera Valley GranFondo with the Tourism Excellence 2012 Event of the Year Award. The Prospera Valley GranFondo also garnered Prospera an AIM Award from the Marketing Association of Credit Unions in the special event category.
In addition to winning awards, the 2013 ride was bigger and better than ever—all in support of Special Olympics BC. For many riders, the “better” part was the addition of a shorter 50km PrestoFondo, which made it possible for scores of novice riders to experience the thrill of a mass road-cycling event. More than 300 volunteers, including a large contingent from Prospera, joined in the excitement, cheering on the riders, operating aid stations and assisting organizers throughout the weekend.
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Prospera Golf Classic Tops $500,000 TotalProspera Credit Union’s Annual Golf Classic has been raising money in support of The Centre for Child Development for an amazing 18 years. Located in Surrey, The Centre serves children aged 0-19 years who have the most complex and severe developmental disabilities within the communities of Surrey, Langley, Delta and White Rock. The $35,000 raised during the 2013 tournament helped push the lifetime total for this tournament over the $500,000 mark. The highlight of the event was an inspiring speech by Jiwan Dhanoa, a graduate and Ambassador for The Centre, who spoke about how The Centre has helped thousands of young people just like him to lead meaningful lives and pursue their biggest dreams.
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Taste of BC’s Finest For the second year, Prospera was proud to be the Presenting Sponsor for the Semiahmoo House Society’s 2013 gala event, A Taste of BC’s Finest, raising more than $40,000 for the Society’s Recreation & Leisure Program (which serves people of all ages with developmental disabilities in the communities of Surrey, White Rock, Delta, Langley and Cloverdale). With more than 40 exhibitors taking part, including restaurants and wine, beer and spirits merchants, a crowd of 400 plus enjoyed an amazing array of sumptuous food and tantalizing beverages in support of programs that make it possible for participants to enjoy activities such as camping trips, sewing classes, movie nights and sporting events. “Semiahmoo House Society has been serving local families for more than 50 years,” said event organizer Zena Peden. “We couldn’t do it without wonderful community partners like Prospera.”
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Cinema Under the Stars 2013 was another great year for Prospera Cinema Under the Stars as we hosted nearly a dozen free family movie nights from the Okanagan to Surrey; including a new event in Vernon where our team of staff volunteers raised money and awareness for their community partner, Habitat for Humanity. As a matter of fact, all of our movie nights are run by volunteers from Prospera’s branches and each team collects donations on behalf of a local community partner. Some movie nights also feature activities such as a bouncy castle before the show, with Prosbeara and other guests. Our partners this year included Big Brothers Big Sisters of Langley, Success by 6, Mission Heritage Association, Habitat for Humanity and the Okanagan Similkameen Neurological Society Child Development Centre. By far, this is our most popular community program and you can bet we’ll be back with more fun in 2014.
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Kids Discovery Centre – The Reach Gallery & Museum Supporting young families and the community is important to us and we’re proud of the role Prospera plays in Abbotsford. Since 2010, we’ve funded Sunday Family Arts at The Reach Gallery Museum, a free program that allows families to explore and create art projects together under the guidance of local artisans. With our support, The Reach has doubled their program offering, making this interactive opportunity available for even more families and in 2013, we expanded our sponsorship to develop a Kids Discovery Centre at The Reach. We’re confident this experiential play area will be a big hit with kids as they explore local history, culture and the arts, as well as learn cool things—like how a camera works. One of the best things about the Discovery Centre is the activities will tie in with current exhibitions, encouraging kids to explore further.
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AGM Highlights Community A highlight of Prospera’s 2013 AGM was a presentation by 19-year-old Special Olympian Paige Norton who has represented both British Columbia and Canada in a variety of sports and won numerous gold medals. Special Olympics BC is the charity partner for the Prospera Valley GranFondo and Paige spoke with passion about how the support that Special Olympics receives from donors like Prospera makes a profound difference in her life and the lives of her friends and fellow athletes.
Venture Okanagan Investment Forum
It takes a lot of different things to build a successful business venture: hard work, dedication, perseverance…these are all important. But it also takes guts. It’s a competitive world and it can be pretty tough to attract the kind of attention and money that’s needed to get a new idea off the ground, even a really great idea! Obtaining financing for both start-up and operational costs can be one of the biggest challenges for an entrepreneur. That’s why forums like Venture Okanagan, which has been supporting entrepreneurs in the Okanagan for three years now, are so important. At the forum, selected entrepreneurs have the opportunity to pitch their business to investors, business leaders and the forum’s judges. Prospera is proud to be a title sponsor of Venture Okanagan and we’re also proud that we’ve been a part of the Okanagan community, supporting the growth of small business throughout the region, for ten years.
Severe flooding in Alberta in June 2013 caused serious damage and displaced 100,000 from their homes, with losses estimated to be more than $5 billion. Clean up and restoration is expected to take several years.
partnerships – a better worldAs a co-operative, working together is in our nature
Prospera Credit Union Annual Report 2013
When disasters such as this occur, naturally, we all want to help and as a credit union and a co-operative, it’s in our nature to come together in the co-operative spirit and assist in any way we can. In response to the devastating floods in Alberta, Prospera Credit Union joined together with five other British Columbia credit unions to donate $245,000 to the Canadian Red Cross Alberta Floods Fund to help our neighbours recover and rebuild. These donations helped the Canadian Red Cross deploy personnel to assist with relief efforts including the registration of evacuees and the provision of blankets, cots, clean-up kits and clean water to the affected communities.
Alberta Flood Relief – Helping Our Neighbours
Eat It to Beat It
The reality is, there probably isn’t one person reading these words who doesn’t know or care about someone who has battled cancer. The BC Cancer Agency is the provincial organization responsible for cancer control on behalf of all BC residents and in a single year, agency staff will guide more than 24,000 British Columbians through their cancer experience—from prevention and screening, diagnosis and treatment, patient support and counseling, to rehabilitation or end-of-life-care. In support of the agency’s important role in the lives of people in the Okanagan, Prospera Credit Union and SUBWAY® restaurants joined forces once again in 2013 to host Eat It To Beat It. For a donation of $20, Okanagan residents were able to order a delicious SUBWAY® meal including a six-inch sandwich, cookies and fruit snacks all packed up in a special reusable thermal bag provided by Prospera. This was the seventh year in a row for Eat It To Beat It and to date the event has raised $151,220 with 100 per cent of every donation going to support the work of the BC Cancer Agency in the Southern Interior.
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Prospera Credit Union Annual Report 2013
Identity theft or the theft of your personal information can be the starting point for a range of crimes—from financial fraud and forgery to insurance fraud. What’s more, a thief only needs a small amount of information, (such as your name and birthdate), to start committing fraud. The Royal Canadian Mounted Police (RCMP) estimate that approximately one million Canadians are victims of mass marketing fraud and identity theft in Canada every year at a cost of $10 billion.
Fraud Awareness Shredding Event
member storiesProspera Credit Union Annual Report 2013
Just Like Family“I’ve been a member with Prospera from the time the Kelowna Branch opened ten years ago,” says Wim Zuydervelt, a Kelowna-based residential property developer who has completed seven projects with financing from Prospera. “I believe in Prospera. It doesn’t feel like a regular bank where you have to go through so many hoops to get things done. It’s like a family bank.”
Wim’s first business in Canada was a door and window company that he started in the early 80s and later sold to Jeld-Wen, before taking on the role of General Manager in their Kelowna vinyl window factory. When the production relocated to Winnipeg, Wim decided, “That’s not for me,” and looked for a new opportunity. He found what he was looking for and became a partner in Sunrise Construction.
“I started with Sunrise in 1999 and that’s where I learned about all aspects of project development,” explains Wim. One of the projects Wim took on was a subdivision with 62 homes that was owned by a company in Holland and had been sitting dormant for a long time. He contacted the owners and made a deal to work together in building and selling the homes—a win/win solution. “I also took courses through the Homebuilder’s Association and in 2004, I started my own development and construction business, Molembeek Ventures Development Corporation (MVDC).”
That 62 home deal worked out so well that the principle of one of the largest Dutch development companies, Gerrit Tijhuis, became Wim’s silent financial partner in MVDC. Since then, they’ve completed several projects including a 28 unit apartment building (Aberdeen Heights) in Vernon and a 50 unit residential home project (Creekside Park) in West Kelowna. In 2006, Paul Teeuwen joined MVDC and has since become integral to the success of the company which currently has two more large projects on the go in Kelowna: Elkridge and Skyview Terraces. At 70 years of age, Wim’s plan is to transition the company over to
Wim Zuydervelt“I feel at home with Prospera. They always treat me like family.”
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Paul during the next five years as he moves to more of a consulting role.
“From the beginning, I have dealt with Michael Dorsel from Prospera’s Business Banking group and over the years he has become much more than a bank manager,” says Wim. “He comes to our subdivisions, he understands our business and it’s not a one way relationship; no matter what comes up, we talk it through and we always agree in the end on the thing that’s good for both parties, I consider him my friend in business.” More recently, Michael has introduced his colleague Greg Wyma to Wim and his team and the two are currently working with MVDC on financing the final phase of the Elkridge development.
Wim also does his personal banking and investing through Prospera.
“I feel at home with Prospera. The staff at Mission Park Branch are fantastic, they have what I need, their rates are good and they always treat me like family.”
YES CampSummer was a lot more fun this year for 16 young Prospera members. Last year, Prospera set up an annual program to sponsor one youth between 14-18 years of age from each of our 16 branches to attend YES Camp on Vancouver Island. Run by the Youth Excellence Society in partnership with the BC Co-operative Association, YES Camp provides a unique learning experience for youth from across BC with an action packed week of adventure, co-operative learning and leadership training. During each session teens enjoy hiking, canoeing, kayaking and campfires along with the chance to experience the power of teamwork, communication, co-operation and trust.Here’s what 14 year old Seth, who is from Chilliwack Branch, had to say about his experience at YES Camp this past summer:
Educational Awards ProgramThrough our Educational Awards Program, every year Prospera helps youth within our communities get started on the road to success. The Ron Sweeney Rising Star Award is reserved for an outstanding individual—this year it was Hayley Inglis, a well-rounded, community-minded young woman who lives in Surrey and is a longtime member at Prospera’s Langley Branch. Hayley is a grade 12 student who dedicates much of her time to helping others, whether she is acting as a peer tutor, volunteering at a senior’s care home or organizing events as a founding member of the Duke of Edinburgh group at her school. An honour roll student, athlete, student council member and artist, Hayley was also chosen to represent her school (Clayton Heights Secondary), in Ottawa for the Encounters With Canada program. Following graduation, she plans to pursue a Bachelor of Arts degree.
“At YES Camp I felt that I could truly be who I was meant to be. I stepped completely outside my comfort zone and into my courage zone. YES Camp, unlike many camps, isn’t just there so you can have fun, it also teaches you about yourself at the same time.” — Jayme Reitsma, Prospera member, Clearbrook Branch
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Dear Prospera,I want to thank you for sending me to this amazing camp. Every day I was able to wake up with a smile on my face. At first I did not want to go but I’m glad I did. It was an opportunity everybody should get to have.
Chutzpah! Workshops Since 2011, Prospera has been the Premier Dance Sponsor for the Chutzpah! Festival, which takes place in Vancouver and showcases an exciting repertoire of dance, theatre and musical performances by local, Canadian and international artists. In 2013, we took our support to a new level by providing the funding to offer free workshops to schools across the Lower Mainland led by performers participating in the festival.
URoc Award from Abbotsford Youth Committee Growing up is not easy. As adults, we sometimes forget how many challenges youth face on a daily basis. Thankfully, there are organizations like Abbotsford Community Services that provide youth with access to the education and resources they need to become active, engaged members of the community and Prospera is committed to supporting those efforts. That commitment has not gone unnoticed by the youth in our community. In 2013, the Abbotsford Youth Committee (AYC) presented Prospera with their “URoc Award” in recognition of the credit union’s sponsorship of youth leadership camps, family movie nights, community festivals, educational workshops and scholarships for youth.
“We really want to thank you. You are the people who make a difference in our own community,” said AYC Executive Director Bev Olfert in presenting the award to Prospera.
“The workshops and other outreach activities that Prospera supports strengthen our cultural connection with Lower Mainland schools and youth organizations and use the talents of our artists to foster cultural understanding and audience-building initiatives. Being able to introduce this talent to our students and encourage their own artistic expression through professionally facilitated workshops is an amazing opportunity.” — Mary-Louise Albert, Chutzpah! Festival’s Artistic Managing Director
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Starting ConversationsAt Prospera, having a presence on Facebook isn’t just about sharing what we’re up to—although it’s a great way to let you know about all of our community programs and popular events like Prospera Cinema Under the Stars movie nights—it’s also the perfect place to start conversations about the issues that impact your financial well-being. During Financial Literacy Month in November, we hosted a lively conversation with members about their savings habits, how they deal with debt, whether or not they have a Financial Roadmap and what money habits they’re passing on to their kids. We’re always happy to hear from you about what’s going on in your world. Visit us on Facebook today to join the conversation.
Tap, Snap, Send…Deposit AnywhereTM
Deposit AnywhereTM has arrived. In October 2013, Prospera introduced a new mobile banking app for iPhone, iPod Touch and iPad devices that allows members to deposit a cheque to their account whenever and wherever they want. Fast, secure and free to download, the new application offers great mobile features to make online banking more convenient than ever before. Try it for yourself.
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Growing Up In MissionProspera has been serving members in the community of Mission since 1949 and one thing we know for sure is that this is a very artistic community, with a lot of creative talent. So, together with the Mission Arts Council we decided to celebrate that talent by hosting a “Growing Up In Mission Art Contest” and offering $1,500 in cash prizes to artists of all ages. Artists were free to create their work using the medium of their choice and nearly 30 artists submitted pieces, including drawings, paintings, sculpture and photography, for a juried art show. Winners were announced at a gala reception on November 29 and all of the submissions were displayed for public viewing at the Mission Arts Council, Rock Family Gallery through December.
Night Out At ProsperaAny entrepreneur will tell you, running a business can take all of your time and energy, so sometimes it’s good to check in and make sure you’re using all the tools available to manage your business effectively and maybe get a little networking in at the same time. In November, Prospera’s Business Banking team hosted a very special evening out at Prospera, providing business members and guests from the Abbotsford area with the opportunity to network with each other as well as meet our Business Banking and Wealth Management staff and a number of our preferred partners. In addition to good food, networking and an opportunity to get all of their questions answered, the evening featured an engaging presentation by Anthony Windeyer, Business, Insurance & Estate Manager, on how to “Live Forever and Pay Less Tax,” which, let’s face it, is something we’d all like to do.
YouTube ChannelOur YouTube channel continues to grow. It all started with our Community video a couple of years back. Since then, we’ve made five or six more videos about some of the great programs and events we’re involved with—including the Prospera Valley GranFondo— as well as a few instructional videos to help members use our mobile banking Apps. 2014 is going to be a busy and exciting year and we’ll be adding new videos to share the highlights. We invite you to visit us on YouTube anytime to see just what we’ve been up to.
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“Having a positive and engaged team working toward a common purpose makes for a great place to work. We strive to create an environment where employees can’t imagine working anywhere else and where they have an opportunity every day to make a difference, a truly meaningful difference, for our members and our communities.” — Bruce Howell, President & CEO, Prospera Credit Union
A Day of CaringWe love our communities. During National Volunteer Week from April 21-27, 2013, Prospera employees from the Okanagan to Vancouver contributed 1,360 volunteer hours for United Way agencies in their local communities while taking part in the credit union’s first annual Day of Caring. In total, 170 staff members had a great time while participating in one of 30 volunteer opportunities including helping out at a therapeutic horse farm in the Okanagan, painting murals for the Surrey Food Bank, preparing and serving a meal at the Salvation Army in Abbotsford and assisting with spring cleanup and gardening at the Cheamview Clubhouse in Chilliwack.
“We all know volunteering supports our communities at a grassroots level and that’s something we, as a co-operative and a credit union, are passionate about,” says President & CEO Bruce Howell. “Based on the success we’ve experienced this year, we look forward to making a Day of Caring an annual opportunity for our staff to give back.”
Charity of Choice That’s right, we did it again. For nine years, BC Children’s Hospital Foundation has been Prospera’s employee “Charity of Choice” and we’re happy to say that we’re still going strong. Thanks to our Staff Fundraising Committee and all of the generous donations and participation in our fundraising efforts, we presented a cheque for more than $51,000 to the BC Children’s Hospital Foundation during their annual Miracle Weekend. Donations to the Miracle Weekend are used to support the purchase of life-saving equipment, research into the treatment, prevention and cure of childhood diseases, recruitment
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and educational programs for caregivers, and programs in communities throughout the province. Some of the fundraising activities from the past year in support of BC Children’s Hospital Foundation include payday jeans days, 50/50 draws, gift card and popcorn sales, pop can recycling and a penny drive—it all adds up to make a difference for kids in BC!
All Staff Event – Values RefreshAt Prospera, we know we have a meaningful mission, the purpose of which is to enhance the financial well-being of our members. We also have a meaningful vision that encompasses our members, staff, communities and the credit union. It is our mission and our vision that define who we are. Likewise, our values (the shared set of beliefs that define what we stand for), provide us with the clarity and direction needed to help us stay true to our vision and focused on our mission every day, in everything we do.
Early in 2013, every staff member at Prospera was invited to participate in a Values Refresh. Through this process, we identified seven draft values: Accountability, Community, Focus, Integrity, Member First, Passion and Teamwork and once these values had been identified everyone was encouraged to get creative and submit a video, story, poem, image or song that defines how Prospera staff live their values.
What did people share? Let’s just say there are some pretty creative folks here at Prospera. In total, 36 values submissions were received and shared at our annual All Staff Events in the Lower Mainland and the Okanagan.
Ronald McDonald House VolunteersWhen you’re far from home and worried about a sick child, a home cooked meal and some friendly conversation can make all the difference in the world. On July 30, that’s what the families staying at Ronald McDonald House in Vancouver were greeted with when they returned after a long day spent at BC Children’s Hospital or the BC Cancer Clinic, all thanks to a group of volunteers from Prospera Credit Union.
Ronald McDonald House BC is a “home away from home” for seriously ill children and their families when they must travel to Vancouver for treatment. At the house, families have access to hot meals, comfortable accommodation and other services that put some sense of normalcy back into their lives.
“This is the second time within the past year that we’ve put a group together to volunteer for the Family Dinner Program,” says Jim Brown, a member of Prospera’s Business Banking group and the organizer of the volunteer night. “In addition to providing all of the food and doing the cooking, we clean up after the meal, making it a real night off for the families to relax.”
The group of volunteers also stayed to have dinner, which gave everyone the opportunity to enjoy a big family-type dinner with good food and good company.
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Ron Sweeney Community ChampionRon Sweeney has inspired generations of Prospera members and staff with his enthusiasm and dedication to building and strengthening the community, so it only made sense that we would name our Community Champion Award after him. The award, presented annually at Prospera’s AGM, recognizes the outstanding volunteer efforts of one Prospera employee and includes a gift of $1,000 to a charity of the winner’s choice. Marilyn Vik was the inaugural Ron Sweeney Community Champion in 2012 and in 2013 Stacey Irwin won the honour. The question on all of our minds is, “So what did they do with the money?” Not surprisingly, neither of these champions had any difficulty deciding where they would like their donation to go. Marilyn split her $1,000 gift between two organizations that are close to her heart, the Chilliwack Hospice Society and BC Children’s Hospital Foundation while Stacey donated her $1,000 plus another $500 of her own money to start an endowment at the University of the Fraser Valley called Alumni Changing Lives.
Top Employer of 2013 AwardProspera Credit Union is very proud to have been recognized as one of BC’s Top Employers for 2013. Now in its eighth year, BC’s Top Employers is an annual competition organized by the editors of Canada’s Top 100 Employers. This special designation recognizes the British Columbia employers that have led their industries in attracting and retaining quality employees.
“Offering our 430 employees a great place to come to work every day where they have a unique opportunity to make a difference in the lives of others and their community is a key part of how we do business,” says President and CEO, Bruce Howell. “To be recognized as a Top Employer for being true to our core values is a humbling experience for us.”
The selection of BC’s 100 Top Employers is based on performance in several areas, including physical workplace, work and social atmosphere, vacation and time off, employee communications, training and skills development, and health, financial and family benefits.
As a 2013 Top Employer, Prospera was featured in a special supplement to the Vancouver Sun newspaper and on the Eluta.ca job search engine, as well as the BC’s Top Employers website.
A Random Act of KindnessIn the late morning of a clear July day, staff from Prospera’s Clearbrook Branch visited a restaurant that serves the residents of a senior’s highrise two blocks from the branch. With two other financial institutions closing their branches in the neighbourhood and moving away, staff at Clearbrook Branch wanted to ensure that our neighbours knew we were still in the area and happy to help them with their financial needs. What better way to do that than to buy them lunch!
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S TA C E Y I R W I N
M A R I LY N V I K
As people lined up waiting for the doors to open, we secretly informed the staff that they didn’t have to work the cash register or serve the meals because Prospera would be taking care of everything. As the doors opened and people began to move inside, news of the free lunch spread quickly. One woman was so overwhelmed, she almost broke into tears, saying, “I can’t believe I can sit down and have lunch with my husband and have it paid for. This is my lucky day!”
She wasn’t the only one in disbelief. The consensus around the room was that although many people had heard about something like this happening at a Tim Hortons somewhere back East, it never happened in Abbotsford! Near the end of the lunch, when a microphone was brought out to announce the lunch sponsor, Prospera’s Clearbrook Branch staff were treated to a loud round of applause. In total, 145 lunches were bought and served that day and all of the staff participating felt great about being part of this well-received act of kindness.
MovemberThroughout the month of November, Prospera’s “Guys of Movember” took their best shot at growing facial hair and then we let our discerning public pick a winning “stache” by voting on our Facebook page. For every vote received, Prospera donated $2 to Prostate Cancer Canada and the “stache” with the most votes received a $500 donation towards their Movember fundraising efforts. The competition was fierce as all ten candidates did their best to sway support to their corner. When all the votes were counted, $486 was raised for Prostate Cancer Canada in support of men’s health and #7 Dan Whalley received top honours for his cookie monster-style cookie duster with 63 votes.
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Voice of the MemberWhere do members belong at Prospera? Front and centre. Always! It’s important for us to see the world through your eyes and now we can. Voice of the Member is a unique member feedback program that allows us to gather comments and suggestions directly from members.
Throughout the year, a company called Greenwich Associates calls a sampling of members on behalf of Prospera, requesting input about their recent banking experience. The results of these short five minute surveys are used to help us understand what is most important to members and to provide even better experiences by confirming what we are doing right (so we can keep doing it), and also where we could make improvements.
Our goal is to get closer to members and strengthen our relationships with them. Asking members for their input is an important step towards fulfilling that goal.
Accredited Business Lender ProgramCongratulations to Senior Business Account Manager Lory Hinz on becoming an Accredited Business Lender—with Honours. Lory has been with Prospera for 11 years and is a member of the Business Banking Group at South Granville Branch. She is the first Prospera employee to attain the designation.
“This is big news not only for Lory but also Business Banking and Prospera,” says Michael Yeates, Vice President, Business Banking. “The Accredited Business Lender Program aligns with our Business Banking training model which is focused on ensuring our staff have the skills and expertise to deliver an exceptional business member experience—both to enhance existing small business owner relationships and grow new relationships with the next generation of business owners.”
Similar to other certification programs, the Accredited Business Lender Program is geared toward helping working professionals and takes several years to complete. Having achieved the Accredited Business Lender designation also qualifies Lory as a Fellow of the Credit Union Institute of Canada, which is another first for Prospera.
“A lot of business owners don’t realize that a credit union can meet all of their banking and lending needs,” says Lory. “Being an Accredited Business Lender is an excellent starting point for a conversation about all of the business services Prospera has to offer members.”
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Celebrating 10 Years in the OkanaganIn 2003, our Prospera team was very excited to extend our credit union operations to serve the Okanagan community. In the ten years since, we have put down roots, built strong relationships and grown our membership base to almost 12,000 and we continue to see strong growth.
Angela McLeanRegional Manager
“Wow! Ten years, how time flies. It’s hard to believe we’re already celebrating a decade of serving our members in the Okanagan. But whether we were helping members reduce their mortgage faster so they could put their feet up and retire early; showing them how they could save more money to send their children to college; or saving them time in their busy schedule to enable them to spend more time with family, our strategy has always been to focus on the people, not the product, and to engage our hearts as well as our minds in serving the communities we live in and play in.”
Marek BuryskaBranch Manager, Kelowna Mission Park
“When I started with Prospera ten years ago, many members thought we were a brand new financial institution because Prospera had just rebranded following the joining of Fraser Valley Credit Union and Edelweiss Credit Union. We explained the history of Prospera’s roots and in the first full year of operation in the Okanagan, we also secured naming rights for the Kelowna arena, which really helped raise our profile. Interestingly, most of our new Okanagan staff were hired from banks and many of them came to Prospera because they wanted to be able to provide a more personal level of service. “Wowing” our members is still very important to staff and as a result they attract a lot of referrals. In fact, one of the top reasons new members give for opening an account at Prospera is because of a “referral” and that’s a testament to the relationships we’ve built with members in the Okanagan.”
Darren FraserWealth Management Specialist
“I arrived in the Okanagan in January 2008, just as Prospera was implementing a new strategy within the Wealth group. The Okanagan staff were eager to get down to business and much of the Wealth strategy “build and process” was created and pioneered by Okanagan staff. During the past decade, our Wealth business has grown extensively in the Okanagan. We could not have celebrated this success without exceptional teamwork and co-operation from both the Retail and Business Banking teams and a shared commitment to understanding each other’s business, making appropriate referrals and further deepening the important relationships we have with members across all business units. During that same time, our team has coached and mentored many young staff with a passion for Wealth and gained a commitment from them to complete their educational requirements. Some of these individuals have now received their Certified Financial Planner designation while others are still working towards their goal, and we are proud of them all, our future Planners, homegrown and successful!
There have been many proud moments arising from our teamwork as a region. I am fortunate to have played a part in our past success and respect our entire team for their support and commitment to making the Okanagan the thriving region it is today. We are all in this together.”
Kenda RelesWealth Management Assistant
“It was an exciting time back in April 2003; we faced the challenge of opening a brand new branch and introducing Prospera to the Okanagan community—one member at a time.That’s how it was done and I truly believe that Prospera has built a strong reputation in the Okanagan for member service and a duty of care not only for our members, but also our community and each other! That’s what I know for sure.”
a meaningful difference cont’d Celebrating 10 Years in the Okanagan
the businessProspera Credit Union Annual Report 2013
2013 Business OverviewThere’s a lot that could be said about the ups and downs of the economy in 2013, but the quick version is that 2013 was yet another year with a sluggish economy and low, yet volatile, interest rates which means for the most part we’ve been thinking about—and responding to—the same economic challenges we were at the end of last year. That’s not to say we’ve been sitting doing nothing as we wait for the economy to pick up. We’ve been busy.
Busy making sure we continue improving our member experience whether members are coming into our branches, visiting us online, or via their mobile devices. Busy building deeper relationships with members to help them achieve their goals. Busy in our communities. Busy learning and busy getting better at delivering top notch member service.
So what have we been up to?
The pace of technological change is continually accelerating and enabling us to provide our members with innovative financial solutions. Making transactions easier and more secure for our members is something we invest a great deal of time and effort into. In 2013, we completed the retail rollout of Enterprise Content Management (ECM), which allows us to capture and store important data such as member signatures and photo ID in a shared database that is available at all branches. The biggest benefit of ECM is it allows our members to visit any branch of Prospera and have staff quickly and accurately verify their information as if they were at their home branch.
the business - cont’dProspera Credit Union Annual Report 2013
In collaboration with a group of credit unions, we also introduced a cool new mobile banking App this year called Deposit AnywhereTM, making it possible for members to deposit cheques using their iPhone, iPod Touch or iPad devices.
Nobody likes paying ATM charges and as a member of Prospera, when you use an ATM at any one of more than 2,400 credit union locations across Canada, you don’t have to! We know it’s an awesome benefit of being a credit union member and this year credit unions from sea to sea participated in the Ding Free® campaign to help get the word out and educate more Canadians about the benefits of joining a credit union.
What’s the biggest difference between people who achieve their goals and those who don’t? More often than not, it comes down to one simple thing, having a plan. At Prospera, we believe every member needs a Financial Roadmap to help them reach their dreams. That’s why we offer the Roadmap planning service to all of our members free of charge, regardless of their net worth or current life stage. Over the past five years, we’ve helped more than 12,000 members establish their own plans and every day they tell us what a difference it’s made.
As we just mentioned, building strong relationships with our members and helping them accomplish their most important goals is the driving force behind our mission. Buying a home is the biggest purchase most of us will ever make and one that comes with a lot of extra stress. To help ease some of that stress, this year we introduced Prospera Perks, a bundle of additional offers and discounts for members that are getting a new mortgage or renewing an existing one.
The relationships we build with members also extend beyond our branches, into the community, where we are actively engaged in making life better—and more fun—for everyone. In 2013, we engaged with members at our Cinema Under the Stars movie nights in Langley, Surrey, Mission, Abbotsford, Chilliwack, Agassiz, Vernon and Penticton, all while highlighting the services offered by a variety of community partners. We also played ball in Kelowna in support of BC Children’s Hospital and made it possible for students in the Lower Mainland to attend workshops led by world-renowned artists as part of the Chutzpah! Festival in Vancouver. And we cheered and volunteered as 1,200 cyclists hit the pavement during the second annual Prospera Valley GranFondo in the beautiful Fraser Valley.
2013 marked another significant leg in our journey to become a better, stronger credit union as we considered how our values support us in our mission to make a meaningful difference in the financial well-being of our members. As you may recall, during 2012 we joined likeminded organizations to celebrate the International Year of the Co-Operative, during which time we reflected on what it means to be a member focused organization. Having reaffirmed the co-operative principles that define who we are, in 2013 we reached out to every member of our Prospera team, including Board members, executive and staff, with the goal of refreshing our values to ensure they are in alignment with our mission and also dynamic and relevant to all.
An important part of our strength as a credit union rests upon sound financial management. Today we have grown to be a $2.5 billion financial co-operative and in 2013 we reached a significant milestone of $100 million in solid retained earnings. With a focused and committed team leading this organization, we have achieved solid growth, effectively managed our costs and demonstrated system leadership on risk governance and risk management while establishing strong working relationships with our peers, regulators and other stakeholders.
Message from the ChairProspera Credit Union Annual Report 2013
We have further improved our financial footprint by building meaningful relationships with our members and working towards understanding their financial needs better through initiatives such as Voice of the Member, which gathers significant insight into what members want and expect from us. We have touched our communities across the Lower Mainland, throughout the Fraser Valley and into the Okanagan by not merely funding events with sponsorship dollars but by having our people physically present and lending a helping hand to build a better world. And whether they were attending our family movie nights, Bats for a Cause, the Surrey International World Music Marathon, the Agassiz Fall Fair or the amazing Prospera Valley GranFondo…our people were there because we believe wholeheartedly in the importance of a strong, collaborative, community spirit.
Prospera is a member-owned credit union that exists for its members. Fundamental to our mission is the belief that every member deserves the opportunity to achieve financial well-being and security and working together, we will help you, our members, to achieve the goals that are most important to you. Education is also fundamental to our mission and we will strive to educate and support members through programs such as YES Camp, which helps to develop future leaders; Junior Achievement’s Economics for Success program, which brings financial literacy to our young people; through our Educational Awards Program, which offers scholarships for post secondary education; and through ongoing financial education seminars offered at our local branches for members of all ages.
We are in a period of tremendous economic and social change and there is no question that as an industry, financial challenges are still with us. We must continue to manage compressed margins, build strong capital and maintain liquidity to meet your needs. But we will continue to build sustainable growth with a focus on quality over quantity and we will do this by staying true to our core co-operative value of people before profits.
I would sincerely like to thank the people in our organization who I believe continue to be the pulse and power of our credit union. Under Bruce Howell’s leadership, we have a strong and dedicated executive team that has shown a willingness to continually inspire and engage our staff to build a strong financial co-operative. We also have amazing people throughout the organization who understand that every Prospera member has unique needs and those can only be unveiled through meaningful conversations and by building relationships.
The Prospera journey continues and each one of you has a role to play in our success. I hope you will assist as we move forward, building on the power of our values, on the power of strong relationships and on the power of you, our members.
Angela KaiserChair, Board of Directors
Message from the Chair Cont’dProspera Credit Union Annual Report 2013
Prospera Credit Union is a member-owned financial co-operative and it is our members that ground us as both our customers and the owners/shareholders of our organization. Our members come to us looking for a safe, secure place for their savings; someone to provide quality advice that is relevant to their personal situation; and great service. Prudent financial management and proactive member advice is critical to meeting all of these member needs.
The years since the global financial crisis started in 2007 have presented particular challenges to all financial institutions. 2013 was no exception. Our local markets continue to recover very slowly, as does Canada’s economy as a whole, and it’s pretty much the same story for the rest of the developed world. We continue to have very low interest rates as central bankers try to stimulate their individual economies. Those low interest rates are great for borrowers but not so great for anyone living off their savings. Low interest rates aren’t great for credit union margins and bottom lines either, as net interest spreads narrow and costs continue to increase.
Even with these challenges, throughout 2013, Prospera’s entire team continued to focus our efforts on working smarter within every part of the credit union and we continued to build sustainable growth as a result. During 2013, we managed to increase balance sheet
Message from the President & CEOProspera Credit Union Annual Report 2013
assets by $158 million, which helped to increase revenues, but due to a narrow net interest spread that increase was a modest $1.2 million. Working smarter also allowed us to control expenses, resulting in a small increase of $1.1 million at year end, with the result that net income was up over 2012.
Despite operating within a tight expense regime, we continued to improve service levels and the member experience by continuing to invest in how we deliver member advice, launching Deposit AnywhereTM, and completing the Retail implementation of Enterprise Content Management which allows us to access important data (such as member signatures and photo ID) at any branch. We also extended our business hours at Prospera’s Ocean Pointe Branch, and upgraded our intranet, all of which is aimed at helping staff to serve members more efficiently.
As a co-operative, our goal is to ensure that we are serving the needs of our members. Asking members for their input is an important step. In 2013, we initiated the Voice of the Member feedback program which allows us to gather comments and suggestions directly from our members. This helps us to understand what we are doing right as well as where we could make improvements. During the first year, we’ve used this member feedback to evolve how we deliver service and advice and as a result we saw improvements in our results throughout 2013.
The team I work with at Prospera is remarkable and this year we took the opportunity to refresh our values as an organization. What I realized as I listened to people talk about what motivates them to come to work and what’s important to them, is that their passion and commitment to our members is an invaluable asset to this enterprise. You can’t buy that kind of enthusiasm and you definitely can’t fake it. Thank you to all staff for making a meaningful difference for our members every day.
Bruce HowellPresident & CEO
Message from the President & CEO Cont’dProspera Credit Union Annual Report 2013
Management’s Responsibility for Financial Reporting
February 27, 2014
Management is responsible for preparing the accompanying financial statements and is responsible for their integrity and objectivity. The financial statements are prepared in conformity with International Financial Reporting Standards and include amounts based on informed judgments and estimates of the expected effects of current events and transactions.
The Board of Directors oversees management’s responsibilities for financial reporting. An Audit Committee of non-management directors is appointed by the Board of Directors to review the financial statements and report to the directors prior to the approval of the financial statements.
Management is also responsible for maintaining systems of internal control that provide reasonable assurance that financial information is reliable, that all financial transactions are properly authorized, that assets are safeguarded, and that the Credit Union adheres to legislative and regulatory requirements. These systems include the communication of policies and the Credit Union’s code of ethics and business conduct throughout the organization. Management continually monitors the systems of internal control for compliance. In addition, internal controls are actively reviewed and evaluated by the Credit Union’s internal auditors.
The Audit Committee also conducts such review and inquiry of management and the internal and external auditors as it deems necessary towards establishing that the Credit Union is employing appropriate systems of internal control, is adhering to legislative and regulatory requirements and is applying the Credit Union’s code of ethics and business conduct. Both the internal and external auditors have full unrestricted access to the Audit Committee, with and without the presence of management.
The Financial Institutions Commission of British Columbia conducts a periodic review of the Credit Union’s affairs to determine if the Credit Union has operated within the provisions of governing legislation and to ensure that the interests of members are safeguarded.
PricewaterhouseCoopers LLP has been appointed as independent auditors to examine and report on the financial statements and their report follows.
Bruce HowellPresident & CEO
Financial StatementsProspera Credit Union Annual Report 2013
Waheed HirjiChief Financial Officer
Report of the Independent Auditor on the Condensed Consolidated Financial Statements
February 27, 2014
To the Members of Prospera Credit Union
The accompanying condensed consolidated financial statements, which comprise the condensed consolidated statement of financial position as at December 31, 2013 and the condensed consolidated statements of income and comprehensive income, retained earnings and other reserves for the year then ended are derived from the audited consolidated financial statements of Prospera Credit Union for the year ended December 31, 2013. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated February 27, 2014.
The condensed consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the condensed consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of Prospera Credit Union.
Management’s Responsibility for the Condensed Consolidated Financial StatementsManagement is responsible for the preparation of the condensed consolidated financial statements on the basis described in note 1.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the condensed consolidated financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements”.
OpinionIn our opinion, the condensed consolidated financial statements derived from the audited consolidated financial statements of Prospera Credit Union for the year ended December 31, 2013 are a fair summary of those financial statements, in accordance with the basis described in note 1.
PricewaterhouseCoopers LLP Chartered AccountantsVancouver, BC
Financial Statements Cont’dProspera Credit Union Annual Report 2013
Condensed Consolidated Statement of Financial Position
December 31, 2013 December 31, 2012 (expressed in thousands of dollars)
Assets Cash and cash equivalents 5,373 19,250 Interest bearing deposits with financial institutions 230,704 154,484 Loans to members 2,196,277 2,106,749 Derivative financial instruments 944 3,134 Investments 25,952 16,182 Property, premises, equipment and intangibles 9,257 10,580 Other assets 5,229 5,572Total Assets 2,473,736 2,315,951
Liabilities Borrowings 173,241 170,770 Member deposits 2,178,512 2,029,488 Accounts payable and accrued liabilities 10,508 12,930 Total Liabilities 2,362,261 2,213,188
Members’ Equity Members’ equity shares 4,388 4,764 Retained earnings and other reserves 107,087 97,999 Total Members’ Equity 111,475 102,763
Total Liabilities and Members’ Equity 2,473,736 2,315,951
Financial Statements Cont’dProspera Credit Union Annual Report 2013
Karl NoordamChair, Audit Committee
Angela KaiserChair, Board of Directors
Approved by the Board of Directors:
Financial Statements Cont’dProspera Credit Union Annual Report 2013
Condensed Consolidated Statements of Income & Comprehensive Income, Retained Earnings & Other Reserves Year ended Year ended December 31, 2013 December 31, 2012 (expressed in thousands of dollars)
Interest income 89,961 88,082 Interest expense 38,312 37,182 Net interest income 51,649 50,900 Loan impairment expense 1,700 1,500 Net interest income after loan impairment expense 49,949 49,400 Other income 12,257 11,590 Net interest income and other income 62,206 60,990
Non-interest expenses Salaries and employee benefits 30,427 28,932 Other non-interest expenses 22,328 22,711 52,755 51,643Income before dividends on member shares 9,451 9,347 Dividends on member deposit shares 425 817 Income before income taxes 9,026 8,530 Income tax expense 876 717Net income 8,150 7,813Other comprehensive income (loss) 1,068 (3,128)Comprehensive income 9,218 4,685
Retained earnings and other reserves, Beginning of the Year 97,999 93,452 Comprehensive income 9,218 4,685 Dividends on members’ equity shares, net of tax (130) ( 138)Retained earnings and other reserves, End of the Year 107,087 97,999
Note 1 – Message to Members The management of Prospera Credit Union is responsible for the integrity and fair presentation of the condensed consolidated financial statements and other information in the Annual Report. The complete consolidated financial statements are prepared in accordance with International Financial Reporting Standards, including amounts based on estimated and judgements. Financial information and operating data presented elsewhere in this Annual Report are consistent with that in the complete consolidated financial statements.
The accompanying condensed consolidated financial statements have been prepared, in accordance with Section 128 (4) of the Financial Institutions Act, from the consolidated balance sheet of Prospera Credit Union as at December 31, 2013, and the consolidated statements of income, comprehensive income and changes in members’ equity for the year then ended. Readers are cautioned that these condensed consolidated financial statements do not include all the disclosures necessary for complete and fair presentation. Complete audited consolidated financial statements for the year ended December 31, 2013, together with the auditor’s report, are available from the Credit Union at www.prospera.ca or in branch and will be presented at the annual general meeting of members on April 17, 2014.
Prospera’s Board and Management are committed to acting responsibly, ethically and with the highest standards of integrity to ensure that Prospera’s activities are continually structured and delivered in a manner that allows us to meet the needs of our members.
To achieve this, sound corporate governance business practices and policies have been adopted by the Board and cascaded throughout all levels of the organization. The Board of Directors strives to ensure that its governance is of the highest standard, while at the same time practical and transparent to Prospera members.
The Board’s governance responsibilities include, but are not limited to: • Board composition and committee structure; • Approval and monitoring of the strategic plan; • Selection, evaluation, development and succession planning of the President and Chief Executive Officer (CEO); • Decision-making framework; • Board assessment; • Risk assessment; and • Accountability and transparency mechanisms.
The Board’s governance model has been developed over time and is a blending of practices that are deemed to be most appropriate for Prospera. These practices include the following principles, which have been adopted by the Board:
• The Board governs and Management manages. The Board’s role is to ensure that Prospera has the appropriate Management in place. Day to day management is the responsibility of the CEO, who reports to the Board of Directors.
• The Board follows a consent agenda which includes items such as minutes and items of information that are provided to Directors in advance of the meeting. These items are accepted as read and agreed to unless a Director requests an item be removed from the consent agenda for discussion.
• The Chair and the CEO are the official spokespersons for the Credit Union and a decision made by the Board is a decision that is publicly supported by all Directors.
• The Board has committed to transparency in its overall governance of Prospera.
• The Board’s Governance Manual is reviewed biennially and any amendments are reviewed and approved by the Board.
Board Composition & StructureAs specified in the Credit Union’s Rules, the Board is comprised of nine shareholding members, each elected by the membership for a three-year term. The Directors may have special expertise and points of view but they do not represent a particular constituency.
GovernanceProspera Credit Union Annual Report 2013
Collectively, the Board has over 92 years of Director experience specific to Prospera Credit Union and its predecessors (Fraser Valley and Edelweiss Credit Unions). Individual Director tenure ranges from 1 to 25 years.
The Board meets at least eight times annually and regularly convenes ‘in-camera’ sessions.
To ensure that it is functioning at an optimal level, the Board undertakes an assessment of its performance on an annual basis. In order to keep the process meaningful, the Board utilizes various evaluation methods each year on an alternating basis such as peer evaluation, full Board self-assessment as well as an anonymous evaluation by Executive Management.
Board Remuneration & CompensationTo attract and retain Directors with the business experience and skills required to achieve the Credit Union’s strategic plan, Prospera offers a level of remuneration that both reflects its co-operative heritage and satisfies the market reality.
Annual honorariums are as follows:Board Chair $27,000Vice Chair $16,500Committee Chairs $16,500 (Audit Chair receives an additional $1,000)All other Directors $13,500
In addition to the honorarium, Directors receive a $500 per diem for attendance at Board meetings, and $300 per diem for Committee meeting attendance.
Board Oversight ResponsibilitiesThe Board of Directors is responsible for the stewardship and oversight of the management of the Credit Union. These responsiblities include the review and approval of:
• The organizational structure;
• Human resources and compensation policies and practices, including those pertaining to succession planning;
• Business objectives, strategies and plans, and regularly monitoring their execution;
• Financial statements and related disclosures;
• Significant risk management policies and practices on an annual basis, and obtaining assurances that they are adhered to and effective;
• Liquidity, funding and capital management policies and plans, and obtaining assurances that they are adhered to and effective;
• Communication and disclosure policies;
Governance Cont’dProspera Credit Union Annual Report 2013
• Dividend Resolutions for the various classes of shares on a quarterly basis, or as required; and
• Policies and practices for dealing with conflicts of interest.
Board Meeting AttendanceThe Board met eight times in 2013 and excusals were approved as follows:Larry Thurston – February 2013 (Retired from the Board in April 2013)Eric Nadin – June 2013Stacey Crawford – September 2013
Board EducationThe Governance Committee determines and facilitates periodic learning opportunities for all Directors by way of special presentations made by topical experts at Board meetings and planning sessions. 2013 presentations included:
• BC Credit Union Employees’ Pension Plan – Central 1 Credit Union
• Treasury Yields – In-house presentation
• Cloud Computing and Governance – Peter Reimer and Associates Group (Internal Auditors)
• Internal Capital Adequacy Assessment Process (ICAAP) – In-house sessions
Individual Director Educational PursuitsIn addition to completing the Credit Union Director Achievement Program required by the Credit Union Incorporation Act, Directors are also required to engage in learning activities that will expand their knowledge and enhance their role as a Prospera Director.
In order to facilitate active participation in individual continuous learning, Prospera provides funding up to $15,000 per Director for each three-year term. This allowance covers registration, travel and accommodation costs for attendance at conferences and seminars.
Angela Kaiser, Board Chair • Institute of Corporate Directors (ICD) - How Boards Should Fulfill Their Role in IT Oversight• KPMG Audit Committee Roundtable• World Council of Credit Unions Conference• After the Crisis: Co-operatives and the Civil Economy• Professional and Personal Ethics in Organizations• FICOM Credit Union Industry Conference• ICD Webinar - Enlightened Co-operative Governance• Large Credit Union Conference
Governance Cont’dProspera Credit Union Annual Report 2013
Karen Laing, Vice Chair• ICD - How Boards Should Fulfill Their Role in IT Oversight• KPMG Audit Committee Roundtable• FICOM Credit Union Industry Conference
Karl Noordam• World Council of Credit Unions Conference• ICD - Enterprise Risk Oversight
Sylvia Pranger• World Council of Credit Unions Conference
Tracy Gray• ICD - Enterprise Risk Oversight• Webinar - How to Count Membership
Stacey Crawford• ICD Webinar - Private Company Governance: Issues and Challenges• World Council of Credit Unions Conference• After the Crisis: Co-operatives and the Civil Economy
Amyn Somani• Watson MacKay Seminar - CEO & Board Dynamics
Pauline Havelock• Webinar - How to Count Membership• ICD Webinar - Enlightened Co-operative Governance• ICD Enterprise Risk Management
Prospera Executive Management TeamExecutive management team bios are available on prospera.caBruce Howell, President & Chief Executive OfficerGreg Dyck, Chief Information OfficerWaheed Hirji, Chief Financial OfficerHeather Johnson, Senior Vice President, Human ResourcesTrudi Kloepper, Senior Vice President, Personal Financial Services (retired from Prospera March 31, 2014)Marv Neufeld, Senior Vice President, Credit ServicesSundeep Sandhu, Senior Vice President, MarketingGrant Gamble, Vice President, Wealth ManagementMichael Kerdachi, Vice President, TreasuryJayne Taylor, Vice President, Centralized AdministrationDan Whalley, Vice President, Branch OperationsMichael Yeates, Vice President, Business Banking
Governance Cont’dProspera Credit Union Annual Report 2013
Angela KaiserChair
Karl NoordamDirector
Prospera believes in the importance and value of each and every member, however large or small. It is the member to whom we owe our existence and it is the member we are committed to serve.
Board of DirectorsProspera Credit Union Annual Report 2013
Eric NadinDirector
Karen LaingVice Chair
Tracy Gray Director
Pauline Havelock Director
Stacey Crawford Director
The passion and power of our people to always put our members first is the underlying foundation of the value Prospera Credit Union creates for its members and it is this simple value that defines and demonstrates the true power of co-operatives.
As a co-operative, putting members first means responsibly maximizing service and value to our members ahead of profits to the organization.
Our values anchor every product and service we provide. If we can’t link what we do to our values and to the benefit of our members, it simply isn’t a consideration. This year, I am most proud of our efforts to refine our understanding and focus on member service; we will continue to be a financial services co-operative for those who want not a company, but a member focused credit union.
Member first means listening to our members, advocating for them and keeping them at the forefront of what we do, how we do it, and the decisions we make for the organization. Often, when we are faced with complex or difficult decisions at the Board level, the answers can easily be found when we ask ourselves, “How will this affect our members?”
As both a co-operative and a credit union, Prospera was established to serve the financial needs of our members and we should never lose sight of that. Putting members first is one of the important values that define who we are and how we operate as a financial institution. Without our members, we don’t exist, it’s as simple as that.
I’ve experienced first-hand what it means to put members first, both on a personal level through informative seminars, positive outcomes to non-typical financial needs and impartial advice and also in terms of behind the scenes decision making that embraces the co-operative principles while keeping the member’s best interest front and centre.
Sylvia PrangerDirector
Committee AssignmentsProspera Credit Union Annual Report 2013
Committee Members(Chair noted in bold)
Number of Meetings
Attendance
Much of the Board’s groundwork takes place at the Committee level and the Prospera Board of Directors currently has six Committees in place. Each year, following the Annual General Meeting, the Committee assignments are realigned. The 2013 Committees were as follows:
CONDUCT REVIEW & GOVERNANCE
Sylvia Pranger, Angela Kaiser, Amyn Somani
5
100%
Amyn SomaniDirector
INVESTMENT & LENDING
Karen Laing, Karl Noordam, Tracy Gray, Larry Thurston*
4
100%
AUDIT
Karl Noordam, Sylvia Pranger, Eric Nadin
4
100%
Committee Members(Chair noted in bold)
Number of Meetings
Attendance
NOMINATIONS & ELECTIONS
Stacey Crawford, Amyn Somani, Pauline Havelock
4
100%
HUMAN RESOURCES
Eric Nadin, Angela Kaiser, Karen Laing
5
100%
MEMBER/COMMUNITY RELATIONS
Tracy Gray, Stacey Crawford, Pauline Havelock
7
100%
* Larry Thurston was a Committee member until retiring from the Board in April 2013
Note: As Board Chair, Angela Kaiser also serves as an ex-officio member on all Committees.
It gives me a sense of pride to know that Prospera continues to put members first as a co-operative and gives back to our communities not only in monetary ways but by the contribution of volunteer hours by so many of our staff members.
Putting members first is important across the organization and at the Board. Member interests come up at each and every board meeting, and are a consistent priority in everything we do.
L I N K T O D I R E C T O R S ’ B I O S
SOUTH GRANVILLE BRANCH3088 Granville StreetVancouver, BC V6H 3J8604 734 5774
LANGLEY BRANCH500 – 6339 200th StreetLangley, BC V2Y 1A2604 533 5477
OCEAN POINTE BRANCH102 – 1688 152nd StreetSurrey, BC V4A 4N2604 538 8200
SURREY CENTRE BRANCH13747 – 104th AvenueSurrey, BC V3T 1W6604 588 0111
ABBOTSFORD BRANCH34630 DeLair RoadAbbotsford, BC V2S 2C9604 853 3317
MISSION BRANCH101 – 32423 Lougheed HwyMission, BC V2V 7B8604 826 3644
CHILLIWACK BRANCH45820 Wellington AvenueChilliwack, BC V2P 2C9604 792 3301
AGASSIZ BRANCH1810 No.9 HwyAgassiz, BC V0M 1A0604 796 2202
FLEETWOOD BRANCH100 – 15288 Fraser HighwaySurrey, BC V3R 3P4604 589 3211
WEST OAKS BRANCH40 – 32700 South Fraser WayAbbotsford, BC V2T 4M5604 853 3430
SARDIS BRANCH7565 Vedder RoadChilliwack, BC V2R 4E8604 858 7080
CLEARBROOK BRANCH100 – 32071 South Fraser WayAbbotsford, BC V2T 1W3604 850 0091
MISSION PARK BRANCH15 – 3151 Lakeshore RoadKelowna, BC V1W 3S9250 979 6400
PROSPERA CENTRE BRANCH100 – 2106 Harvey AvenueKelowna, BC V1Y 6G8250 869 3600
VERNON BRANCH910 – 4400 32nd StreetVernon, BC V1T 9H2250 550 7500
PENTICTON BRANCH402 Main StreetPenticton, BC V2A 5C4250 770 8500
CORPORATE OFFICE500 – 32071 South Fraser WayAbbotsford, BC V2T 1W3604 850 0999
WEBSITEwww.prospera.ca
TOLL FREE1 888 440 4480
FACEBOOKwww.facebook.com/ProsperaCreditUnion
YOUTUBE CHANNELwww.youtube.com/prosperacreditunion