draft-annual report 2018 - horizon credit union · horizon credit union is dedicated to the...

CREDIT UNIONHORIZON

2018

2018 ANNUAL REPORT HORIZON CREDIT UNION

1

TABLE OF CONTENTS

2018 Annual Meeting Agenda……………………………………………………………..….2

2017 Annual Meeting Minutes…………………….………………………………………..…3

Board of Directors’ Report………………………………………………………………….….6

Chief Executive Officer’s Report - Management Discussion & Analysis ………………...7

Vision, Mission & Values…………...…………………………………………….…...7

Co-operative Principles….………………………………………………………….…8

Value Proposition……….....……………………………………………………….….8

Credit Union Market Code…………………………………………………………….8

Introduction………………………………………………………………………….….9

Key Strategic Objectives …………………………………………………………......9

Results…………………………………………………………………………………..10

Capital Management…………………………………………………………………..11

Liquidity Management…………………………………………………………………13

Enterprise Risk Management………………………………………………………...14

Loan and Residential Mortgage Portfolio..………………………………………….16

Corporate Structure & Governance………………………………………………….17

Corporate Social Responsibility……………………………………………………...20

Staff List & Years of Service…….……….…………………………………………………....24

Independent Auditors’ Report - Summary Financial Statements………………………….26

Credit Union Deposit Guarantee Corporation Message .………………….……………….32


2

Horizon Credit Union’s 70h Annual General Meeting

Horizon Credit Union Centre - Convention Centre Melville, Saskatchewan

April 9, 2019

Agenda

1. Declaration of Quorum (at least 15 members) and Notice of Meeting 2. President’s Welcome/Opening Remarks

3. Appointment of a Chairman and Secretary 4. Approval of Agenda

5. Last Year’s Minutes/Approval/Business Arising from Minutes 6. Board of Director’s Report - Heidi Schofer, President 7. Chief Executive Officer’s Report - Larry Yeadon, CEO 8. Auditors’ & Financial Report - MNP 9. Adoption of Reports 10. Appointment of Auditors 11. Service Awards 12. Election Results/Destruction of Ballots 13. Door Prizes 14. Other 15. Adjournment


3

69th Annual General Meeting Minutes of Horizon Credit Union Tuesday, April 10th, 2018

Horizon Credit Union Centre – Convention Centre Melville, Saskatchewan

The 69th Annual General Meeting of Horizon Credit Union was held on April 10th, 2018 at Horizon Credit Union Centre – Convention Centre, commencing with registration at 6:00 p.m. and supper at 6:30 p.m. President, Heidi Schofer, called the meeting to order at 7:12 p.m. A quorum was declared with 77 members and 8 guests present. President, Heidi Schofer, presented Tim Taylor as Chairperson. MOTION #2018-1-AGM: Stacey Richards/Colleen Beres moved that the selection

stand. CARRIED Mr. Tim Taylor proceeded to chair the meeting. Chairperson, Tim Taylor, presented Heidi Schofer as secretary. MOTION #2018-2-AGM: Ronda Hahn/Jackie Sagan moved that the selection stand.

CARRIED Chairperson thanked the caterers. T. Taylor then introduced our guests from MNP, Sarah Cozman, from CUMIS, Myrna Obelman and from SaskCentral, Glen Ferguson. MOTION #2018-3-AGM: Helen Libner/Larry Kienas moved that the agenda be

approved as presented. CARRIED

Time was given to read the Minutes of the 2017 Annual General Meeting. MOTION #2018-4-AGM: Heather Molnar/Valdeen Mathies moved that the Minutes of

the 2017 Annual General Meeting of Horizon Credit Union be adopted as circulated.

CARRIED Business arising from the Minutes:

Nothing to discuss Reports: Board of Directors’ Report: Heidi Schofer, President


4

Heidi Schofer spoke to uniqueness of credit unions and what makes credit unions better banking alternatives. Emphasis on the co-operative principles and how they make credit unions a financial family. The work of Horizon Credit Union and how it fits into each of the principles was presented.

Chief Executive Officer’s Report: Terry Sieffert

Terry Sieffert talked about the membership and non-membership numbers. The CEO spoke to Horizon Credit Union’s financial position for 2017 and the Balance Score Card. The CEO addressed the success of the staff, the volunteer hours and fundraising initiatives.

Auditor’s Report:

Sarah Cozman, of MNP, Chartered Accountants, presented the audited Financial Statement to December 31st, 2017. Ms. Cozman made note of where the full financial statements were available for review – copies available at the branches and online. Ms. Cozman explained that the statements are the responsibility of Horizon Credit Union and MNP’s job is to review, check and test the statements for errors. Review and testing of internal controls were conducted. The 2017 audit went well and no deficiencies were noted. The Summary Statement of Financial Position was reviewed and explained. MNP was able to express a clean audit with no reservation.

MOTION #2018-5-AGM: Christi Tank/Jackie Guidry moved that the Board of Directors’ Report, Chief Executive Officer’s Report and Auditor’s Report, which includes the Summarized and Full

Financial Statements, be accepted as presented. CARRIED Appointment of Auditors: MOTION #2018-6-AGM: Lori Somogyi/Elissa Schmeltzer moved to appoint MNP as

Auditors for Horizon Credit Union for a 3-year term for the years 2018, 2019, and 2020. CARRIED

Service Awards: Chief Executive Officer, Terry Sieffert, presented the following staff service awards:


5

Krista Johnson received recognition for 5 years of service, Jackie Sagan received recognition for 10 years of service, Trevor Dumalski received recognition for 20 years of service, Monique Chaban received recognition for 30 years of service, Jacki Kienas received recognition for 35 years of service, and Larry Yeadon received recognition for 35 years of service.

Chief Executive Officer, Terry Sieffert, presented awards to the following:

Jackie Guidry was presented a certificate in recognition of her 228 volunteer hours. Noel Kish was presented a certificate in recognition of her 193 volunteer hours. Trevor Dumalski was presented a certificate in recognition of his 191 volunteer hours.

Election Results: Terry Sieffert, CEO MOTION #2018-7-AGM: Terry Sieffert/Noel Kish moved that:

it be confirmed that the election of Brian Hicke to the office of director of Horizon Credit Union for the Melville Branch for a three-year term, by acclamation; it be confirmed that the election of Tim Taylor to the office of director of Horizon Credit Union for the Wolseley Branch for a three-year term, by acclamation;

CARRIED Door prizes were drawn. Winners were: Doug Schmirler Brian Ulmer Other: No other business arising. Adjournment: MOTION #2018-8-AGM: Darrell Webster/Brian Hicke moved that the meeting be

adjourned at 7:57 p.m. ______________________________ _______________________________ Chairperson - T. Taylor Secretary - H. Schofer


6

BOARD OF DIRECTORS’ REPORT

The Board of Directors is pleased to present to the owners of Horizon Credit Union the 2018 Annual Report. 2018 was an extremely successful year, as Horizon Credit Union exceeded or met all nine performance measures in the 2018 Business Plan. Our strategic framework for the last few years has been to build Horizon Credit Union’s capital and generate equity for our members. We are excited that 2018 has done that! The past year, while profitable, has brought challenges, particularly with the departure of the CEO at the end of August. A leadership change can often be detrimental to a financial institution our size. This was not the case at Horizon Credit Union. The challenge was met head on by our staff. This meant there was no significant impact to the organization or our owners. On November 1st, the Board of Directors announced the appointment of long-time employee, Larry Yeadon, to the position of CEO. His experience at and knowledge of Horizon Credit Union will provide continuity and bring a new direction for 2019 and onward. The Board of Directors looks forward to working with Larry in the years to come. Our commitment to the co-operative principles continues to be a driver in the role Horizon Credit Union defines for itself. Just when we thought our staff had done all they could, they stepped up and did so much more. The combined volunteer hours for staff in 2018 came to 2717 hours. This is an increase of 507 hours - the equivalent of over 63 business days. Horizon Credit Union and the staff take our role in your communities seriously and we hope you see the benefit of us being there for you. Lastly, the Board of Directors has undertaken a large overhaul of our Strategic Plan. A day and a half was scheduled in December for Board and the Executive team to begin the process that will take our organization through to 2023. We are pleased and excited with the outcome. This new plan is ambitious, future forward and a little bold. We hope to see the fruits of this new plan throughout 2019 and going forward. This is the foundation for Horizon Credit Union going forward: Our New Vision: Financial Wellness: Today, Tomorrow, Together Our New Mission: Working with our members to support their financial goals

Our New Values: Proactive Listeners, Excellent Communicators, Approachable Employees, Knowledgeable Support, Accountable for our Actions, Flexible with our Solutions, and Confident in our Behaviors.

The Board of Directors, staff and members will continue on this journey together so that we can all feel confident in our Financial Wellness together. Heidi Schofer, On behalf of the Board of Directors


7

CHIEF EXECUTIVE OFFICER’S REPORT

MANAGEMENT DISCUSSION & ANALYSIS

VISION, MISSION & VALUES Vision Statement Building Financial Prosperity Today, Tomorrow, Together. Mission Statement Horizon Credit Union is dedicated to the co-operative principles. We strive to be an innovative and service-oriented organization that employs knowledgeable and professional staff. We deliver quality products and services that improve the economic and social prosperity of our communities. Strong financial management is critical to our success. Values Co-operation and Accountability: We are committed to working together to provide our members with the highest quality service. Our strength and development is enhanced by acting co-operatively as a system. We take into account the effect of our actions on each other. Service Excellence: We strive for the highest quality service in the financial community. We provide all credit union members with friendly, knowledgeable and helpful service. Product Excellence: Our continuous innovation ensures members receive added value. We provide access to a full range of financial products tailored to meet or exceed member needs. Financial Performance: Our strong financial performance allows us to fulfill our co-operative principles. We balance our need for financial results with the needs of our members and communities. We earn the confidence of our members and ensure our continued growth and development by providing an unlimited guarantee on member deposits and adhering to sound business practices. Community Impact: We actively support the development of our communities locally, provincially and beyond. Our communities are stronger because of the credit union system. Professional Conduct: Members’ financial affairs are conducted with integrity in a professional manner. Our ethical principles are rooted in the concern for the individual. Confidentiality is integral to the way we do business.


8

Employee Satisfaction: We respect our employees and their contribution to our success. We encourage employee involvement and participation. We recognize and reward them for their creativity, teamwork and for achieving objectives. We support their development by providing training and educational opportunities. We respect their need to balance personal and professional lives.

CO-OPERATIVE PRINCIPLES We practice the seven Co-operative Principles as established by the International Co-operative Alliance, September 1995: *Voluntary and Open Membership *Education, Training and Information *Democratic Member Control *Co-operation among Co-operatives *Member Economic Participation *Concern for Community *Autonomy and Independence Value Proposition Statement: We take the time to listen when other financial institutions won’t. We build long-term relationships on a foundation of trust. *Personalized service *Comprehensive solutions

CREDIT UNION MARKET CODE Horizon Credit Union voluntarily adheres to the Credit Union Market Code. This Code has been jointly developed by Saskatchewan Credit Unions, SaskCentral and Credit Union Deposit Guarantee Corporation to ensure the protection of credit union members. The Code addresses five themes that clarify objectives for market practice and consumer protection which are: Fair Sales; Transparency & Disclosure; Professional Standards; Privacy of Personal Information and Problem Resolution. Horizon Credit Union’s commitments to you, the member, are that we will: • Act fairly and reasonably in all its dealings; • Make sure that advertising and promotional literature is clear and not misleading and that

you are given clear information about our products and services; • Give you clear information about how an account or service works, the terms and conditions

along with the fees and charges that apply to it; • Help you use our accounts and services by providing regular statements (where applicable)

and keep you informed by providing notices of changes to the interest rates, charges or terms and conditions;

• Try to help you deal with things that go wrong; • Have a complaint resolution process available to you with no charge applied by the credit union

to address any complaints or concerns that may arise; • Per the credit union’s Privacy Code, treat all personal information as private and confidential

and operate secure, reliable banking and payment systems; • Train employees so they are qualified and capable of fulfilling their duties; • Abide by the co-operative values defining our standards of business conduct and ethics; • Publicize its Market Code, have copies available and make sure all employees are trained to

put it into practice; and • Meet its commitments in the Market Code.


9

INTRODUCTION

Horizon Credit Union is an independent regional credit union owned by our members. Under the current credit union legislation, Horizon Credit Union is able to provide financial services to members and non-members. As of December 31, 2018 Horizon Credit Union had 5186 members and 1273 non-members. Non-members do not participate in the democratic processes of the credit union.

Horizon Credit Union serves the communities of Melville, Grayson, Neudorf, Grenfell and Wolseley through its five branches. In these communities we provide a range of financial services including agricultural, commercial, personal loans and lines-of-credit, deposit accounts, term deposits, registered products such as RRSP, RRIF, RESP, TFSA and wealth management services.

KEY STRATEGIC OBJECTIVES

Horizon Credit Union strategically positions itself as a community financial institution servicing the needs of its members and community. Our slogan is “Today, Tomorrow, Together.” This is synonymous with its plan of careful and measured growth. The credit union is committed to achieving its financial plan, but at the same time it must begin moving forward with its long-term strategic plans to remain current in today’s changing marketplace.

To monitor specific objectives throughout the year that support this vision, a strategic planning document is developed which in turn is used to create our Business Plan. Horizon Credit Union’s key strategic objectives in 2018 were: People & Community, Financial, Member Focus and Sustainability. These documents are regularly measured and monitored to achieve our goals and targets. To do this a Balanced Scorecard is used.

Balanced Scorecard 2018 Targets Results

Growth

Growth of the credit union $218,000,000 $220,098,790

Grow the wealth management portfolio $195,000-$200,000 $205,130

Loan to asset growth 77% to 79% 79.54%

Sustainability

Efficiency ratio 82.14% to 80% 77.05%

People & Community

Employee retention less than 15% staff turnover 12.77%

Community support staff volunteer hours 1400 to 1600 2,717

Financial

Increase capital 12.39% to 12.49% 13.14%

Increase non-interest revenue 0.53% to 0.55% 0.67%

Net operating income before tax 0.50% to 0.60% 0.74%


10

RESULTS

Balance Sheet Horizon Credit Union balance sheet for on book assets increased by $4,714,781 or 2.18% in 2018. On book assets at December 31, 2018 were $220,098,790. Our credit union had budgeted 3.04% growth in this area and ended with 2.18%. Member deposit balances increased by $3,367,736 or 1.70%. Member deposits at December 31, 2018 were $201,959,385. Our credit union had budgeted 3.03% growth in this area and ended with 1.70%. Management will continue to monitor and manage deposit growth to ensure that the liquidity requirements of the organization are met. Horizon Credit Union loan balances grew by $3,959,457 or 2.31% in 2018. Loans as a percentage of assets at December 31, 2018 now sit at 79.54%. It is the goal of our organization to work towards keeping the loans as a percentage of assets between 75% and 83%. At the year ending December 31, 2018 our total loan book sat at $175,074,975. Our budget for loan growth in 2018 was 3.90% and we ended the year at 2.31%.

Operating Statement Interest rates in 2018 have increased due to three prime rate changes. The net interest margin for a financial institution is the difference between the interest received from members on outstanding loans and the interest received on investments, less the interest paid to members on deposits. The 2018 interest margin is $5,598,207 or 2.54% of assets. The 2017 interest margin was $5,009,317 or 2.33% of assets. Non-interest revenue is an important source of revenue for Horizon Credit Union and will therefore continue to receive attention as we move forward in 2019. Non-interest revenue is made up of a combination of market valuation gains/losses, insurance, Wealth Management commissions and service fees. Horizon Credit Union will continue to work towards maximizing revenues through non-interest revenue sources while remaining competitive within the marketplace. Operating expenses at December 31, 2018 were at $5,450,428 or 2.47% of assets. At the end of December 31, 2017 operating expenses were $5,034,845 or 2.34% of assets. At 2018 year end, Horizon Credit Union operating costs were under budget by $59,876.


11

Net earnings for 2018 were $1,396,294 up from the previous year which net earnings were $972,924. At 2018 year-end our retained earnings grew by $1,038,280 and our total equity was $16,864,751 or 7.66% of assets. Management of Horizon Credit Union feels we had a successful year and will continue to focus on building a strong capital position.

CAPITAL MANAGEMENT

One of the primary measures of financial strength of any financial institution is its capital position. A capital plan is developed by management in accordance with the regulatory framework and is reviewed and approved by the Board of Directors. The goal of the capital plan is to forecast Horizon Credit Union’s capital strength going forward and outline the strategies and actions available to the Board and Management to ensure the credit union’s ongoing capital strength over the term of the plan. As our capital is comprised of our retained earnings, Horizon Credit Union relies on profitability to grow its capital position. In 2013 the Credit Union Deposit Guarantee Corporation (CUDGC) released a revised version of their Capital Adequacy Requirements. CUDGC prescribes capital adequacy measures and minimum capital requirements. Regulatory standards require credit unions to maintain a minimum total eligible capital to risk-weighted assets of 8%, a minimum total tier 1 capital to risk-weighted assets of 6% and a minimum common equity tier 1 capital to risk-weighted assets of 4.5%. Eligible capital consists of total tier 1 and tier 2 capital. In addition to the minimum capital ratios, Horizon Credit Union is required to hold a capital conservation buffer of 2.50% effective January 1, 2016. The capital conservation buffer is designed to avoid breaches of the minimum capital requirement. Failure to comply with regulatory limits may result in regulator intervention. Horizon Credit Union is in compliance with these regulated limits. Risk-Weighted Capital is a ratio that measures capital in relation to the risk in Horizon Credit Union’s assets and operations. Based on the prescribed risk of each type of asset, a weighting of 0% to 1,250% is assigned. Tier 1 Capital is defined as a credit union’s primary capital and comprises the highest quality of capital elements while tier 2 is secondary capital and falls short of meeting tier 1 requirements for permanence or freedom from mandatory charges. Tier 1 capital consists of two components: common equity tier 1 and additional tier 1 capital. Common equity tier 1 includes retained earnings, contributed surplus and accumulated other comprehensive income. Deductions from common equity tier 1 capital include goodwill, intangible assets, deferred tax assets (except those arising from temporary differences), increases in equity capital resulting from securitization transactions, unconsolidated substantial investments and fair value gains/losses on own-use property. Additional tier 1 capital consists of qualifying membership shares and other investment shares issued by the credit union that meet the criteria for inclusion in additional tier 1 capital.


12

Tier 2 capital includes a collective allowance for credit losses to a maximum of 1.25% of risk-weighted assets, subordinated indebtedness and qualifying membership shares or other investment shares issued by the credit union that meet the criteria for inclusion in tier 2 capital and are not included in tier 1 capital. Horizon Credit Union’s minimum ratio for eligible capital to risk-weighted assets is 10.5% and our long term range has been set at 12.35% - 14.35% as supported by our Internal Capital Adequacy Assessment Process or ICAAP analysis. As of December 31, 2018 Horizon Credit Union’s common equity tier 1 to risk-weighted assets is 12.51% and total tier 1 capital to risk-weighted assets is 12.51%. Horizon Credit Union’s total eligible capital to risk-weighted assets for 2018 is 13.14% which is up from 2017’s as it was 12.00%. Horizon Credit Union does meet minimum regulatory standards but continues to implement strategies to improve capital levels to be within our target range. Another measurement of capital levels is called the leverage test and it is a calculation of eligible capital to leverage assets. Currently, the regulatory requirements for a credit union is to have a minimum leverage ratio of 5%. Horizon Credit Union has established a target range of 6.5% - 8%. Horizon Credit Union’s leverage ratio as of December 31, 2018 is 7.84%. This is an increase compared to 7.28% in 2017. Credit Unions assess additional capital requirements based on risks faced by their individual operations using an Internal Capital Adequacy Assessment Process (ICAAP). ICAAP evaluates requirements for capital relative to strategic plans and the credit union’s risk appetite. The assessment of risks with assigned capital requirements is a key tool in making strategic business decisions. Enterprise-wide stress testing and scenario analysis are also used to assess the impact of various stress conditions on our risk profile and capital requirements. Failure to comply with regulatory standards, enacts CUDGC to take any necessary action. Necessary actions may include, but is not limited to: • Reducing or restricting the credit union’s authorities and limits • Subjecting the credit union to preventive intervention • Issuing a compliance order • Placing the credit union under supervision or administration; and • Issuing an amalgamation order As of December 31, 2018, Horizon Credit Union meets all minimum regulatory standards.


13

The total capital position of Horizon Credit Union is:

LIQUIDITY MANAGEMENT

Managing liquidity is essential to maintaining the safety and soundness of the credit union. Horizon Credit Union’s liquidity management framework, targets and strategies are established and documented in a Liquidity Plan which is approved by the Board of Directors annually. Adequate levels of liquidity are required to meet regulatory requirements and fluctuations in member loans and deposit demand. Horizon Credit Union diligently manages the balance sheet, aiming for a loan-to-asset ratio in the range of 75 to 83%. Horizon Credit Union ended the year with a ratio of 79.54%. The main funding sources managed by Horizon Credit Union are cash and securities and member deposits. Horizon Credit Union has an authorized line-of-credit with SaskCentral in the amount of $4.3 million. SaskCentral and Concentra Bank have options for funding programs available to credit union’s for liquidity purposes. Horizon Credit Union also has the ability to syndicate loans to other credit unions for liquidity and diversification purposes. SaskCentral is the statutory liquidity manager for the Saskatchewan Credit Union system. Credit unions are required to hold 10% of member deposits in statutory liquidity funds and adjust those figures on a quarterly basis. As of January 1, 2017 the provincial regulator, Credit Union Deposit Guarantee Corporation (CUDGC) issued new liquidity standards. The new standards introduced the liquidity coverage ratio (LCR). The purpose of the LCR is to ensure Horizon Credit Union has an adequate stock of unencumbered, high-quality assets (HQLA) to meet its liquidity needs for a 30-day calendar stress scenario and consisting of cash or assets that can be converted into cash at little or no loss of value. Horizon Credit Union’s HQLA consists of cash/cash equivalents and statutory liquidity investments at SaskCentral. Net cash outflows (obligations) consists of retail deposit run-off, unsecured wholesale deposit funding run-off, drawdown commitments, undrawn line-of-credit commitments less contractual inflows due in less than 30 days and amounts received from financial institutions and other counter-parties. The Corporation has developed a phased-in approach where the minimum LCR requirements start out at 80% in 2017, then go to 90% in 2018 and in 2019 it will be 100%.

2017

Member Equity $216,051 Member Shares $26,450

Retained Earnings $15,826,471

Collective Allowance $225,632

Eligible Capital to Risk-Weighted Assets 12.0%

2018

$213,864 $25,930

$16,864,751

$602,934.87

13.14%


14

Horizon Credit Union has completed an assessment of the LCR since 2016 and the ratio was well above the standard. Therefore, Horizon Credit Union has set a target range of 125% - 150%. Horizon Credit Union’s LCR ratio as of December 31, 2018 is 477.73%. Failure to comply with regulatory standards, enacts CUDGC to take any necessary action. Necessary actions may include, but is not limited to:

• Reducing or restricting the credit union’s authorities and limits • Subjecting the credit union to preventive intervention • Issuing a compliance order • Placing the credit union under supervision or administration; and • Issuing an amalgamation order

Horizon Credit Union meets all liquidity regulatory requirements in 2018.

ENTERPRISE RISK MANAGEMENT

Each year our credit union spends significant resources measuring and assessing risks and ensuring we are adequately prepared to serve our communities now and in the future. This process is called Enterprise Risk Management or ERM for short and is a requirement of credit unions in Saskatchewan as laid out by Credit Union Deposit Guarantee Corporation. What is Enterprise Risk Management (ERM)

• An ongoing process to identify risks both current and emerging, measuring the potential impact and then articulating how you are going to protect the value of those risks.

• It is the link between Strategic and Business Plans and optimization of the value they will create.

• The goal of good risk management is not to minimize risk, but to achieve the best balance of risk and opportunity.

Who is responsible

• Employees - identify risks and opportunities, be aware of the strategic direction and impacts and to apply risk management.

• Management - apply risk management to all key decisions and processes, assign, monitor and report key risks and opportunities also to support a risk-smart culture.

• Board of Directors - review all components of the process, monitor management of key risks/opportunities, evaluate management and reporting, assist in identifying, evaluating, auditing risk exposure, review corporate exposure, review appropriateness of risk treatment and get management confirmation they are adhering to the risk management framework.

How do we manage risk

• Education - board, management, staff • Risk Appetite Statement • Business strategies • Risk identification and analysis • Treatment of risks • Strategic alignment • Controls


15

Guiding Principles of Risk Management

• Creates value – risks and opportunities – opportunities have risk. • Is an integral part of all organization processes – it’s everyone’s responsibility. • Is part of decision-making – every decision should be tested to your Risk Appetite

Statement and ERM. • Explicitly addresses uncertainty – anticipate and prepare. • Is systematic, structured and timely – part of the whole planning and management cycle,

all year long, every year. • Is based on the best available information – update as things change. • Is tailored - suited to Horizon Credit Union’s needs. • Takes human and cultural factors into account - people manage risk. • Is transparent and inclusive – rationale is visible, decisions are supported. • Is dynamic, iterative and responsive to change – adjust as you go as things change and

as you learn more. • Facilitates continual improvement in the organization – if everyone understands your

risks, they will work to improve them. • Will be supported by and be the responsibility of everyone in the organization, beginning

with the Board and Senior Management. Horizon Credit Union’s Risks & Opportunities Below are the top risks and action plans of Horizon Credit Union for 2018:

• Liquidity Risk: The risk of our inability to sustain interest margin. Management’s action plan is to monitor competitors’ prime rates; monitor loan fees; improve operating efficiencies; focus on achieving growth without adding proportionate costs; ensure members understand the likely cost (i.e. slightly higher loan rates) of keeping locally controlled financial institutions in their community.

• Liquidity Risk: The risk that we are unable to maintain loan-to-asset ratio targets resulting in decreased profitability. Management’s action plan is to stimulate local lending by developing a local lending strategy focused on increasing organic growth; maintain and enhance relationships with like-minded credit unions and acquire loans as needed; work with existing partners while pursuing new leasing partners.

• Liquidity Risk: The risk that we are unable to create efficiencies and maintain non-interest service charge revenues. Management’s action plan is to continue to review back-office functions with like-minded credit unions with the objective of achieving efficiencies; review all goals/targets; annual service charge review; create a wealth management strategy and complete income/expense reviews (implement mitigating actions if actual expenses projected to exceed budget).

• Credit Risk: The risk of significant losses or concentration risk in the purchased syndicated loan portfolio. Management’s action plan is to closely monitor trends; potential impact of credit risk losses included in ICAAP provisions and ensure the Board has sufficient credit risk information to execute its oversight responsibilities.

• Strategic Risk: The risk if we do not meet our strategic objectives. Management’s action plan is to look at strategies to share the risk and have ongoing participation in collaboration discussions.


16

• Operational Risk: The risk of uneven distribution of workloads to managers/supervisorsdue to the significant number of projects and decreased staff complement increase therisk we lose key people within Horizon Credit Union. Management’s action plan is tomonitor trends very closely; identify opportunities to flow work down through HorizonCredit Union; continue to prioritize project work and address on an individual basis ascircumstances warrant.

Below is a risk to Horizon Credit Union added in 2018: • Operational Risk: The risk of exposure to information technology and cyber security

related risks. Management’s action plan is to continue to closely monitor events and provide ongoing staff and member education.

LOAN AND RESIDENTIAL MORTGAGE PORTFOLIO

Credit Union Deposit Guarantee Corporation introduced regulatory guidance relating to residential mortgage underwriting. The guideline reaffirms the need for credit unions to have a stress-testing regime that considers unlikely, but plausible, scenarios and their impact on the residential mortgage portfolio. Results of these stress tests should be considered in the Credit Union’s ICAAP. Credit union’s should reflect assets with inherently greater risk through risk-sensitive increases in capital identified through their ICAAP.

Lower loan to value on uninsured properties enables Horizon Credit Union to withstand significant decreases in residential property values. Decreases in residential property values are assumed to only trigger a theoretical financial risk for Horizon Credit Union if the holders were unable to make minimum payments and were forced to sell or defaulted.

Horizon Credit Union uses a 30% decrease in the fair value of underlying properties and the loan to value of the uninsured portfolio is estimated to be <70%. These calculations outlined support that the Credit Union would be able to withstand a 30% decrease in residential mortgage values; assuming it had to take over ownership of the properties as the calculated residual value of the properties would still exceed book value.

This is, however, material exposure by product type, demographic characteristic or associated groups/individuals. We do have limited geographic exposure given our 5 branches in east central Saskatchewan and therefore use syndications to diversify our portfolio as well as manage concentration limits. We continue to manage on the assumption that a dramatic downturn in any industry could impact earnings/capital of the loans portfolio.

At year-end, our $175,074,975.00 loans portfolio was comprised of 11.8% of insured residential mortgages and 15.18% of uninsured residential mortgages. Our portfolio also consists of $1,705,996.50 of approved home equity lines-of-credit or 0.97% of our total loan portfolio. In line with the draft Residential Mortgage Underwriting Guideline, the Credit Union will continue to review its mortgage underwriting practices/documentation to ensure it meets the guideline standards. Horizon Credit Union does not believe it has undue risk in its uninsured mortgage portfolio or underwriting practices and that current risk-weighted, asset-based concentration provision in the ICAAP sufficiently address risk in the residential portfolio.


17

CORPORATE STRUCTURE & GOVERNANCE The governance of Horizon Credit Union is anchored in the co-operative principle of democratic member control. Members elect the Board of Directors, who in turn provide oversight of the Chief Executive Officer and the operations of Horizon Credit Union. Horizon Credit Union’s SaskCentral member representative is appointed as required and can be a credit union General Manager/CEO, a board member or an individual of the credit union’s choosing. The member representative’s responsibility is to ensure participation in the democratic system of SaskCentral, develop and maintain active and open communication, to provide system leadership and policy decision-making support, and to keep Horizon Credit Union updated on all matters relating to the democratic governance structure of SaskCentral. BOARD OF DIRECTORS Mandate & Responsibilities The board is responsible for the strategic oversight, business direction and supervision of management of Horizon Credit Union. In acting in the best interest of the credit union and its members, the board’s actions adhere to the standards set out in The Credit Union Act, 1998, the Standards of Sound Business Practice and other applicable legislation.

ARCO - Audit & Risk Committee NC - Nominations Committee PC - Policy Committee PRC - Public Relations Committee CRC - Conduct Review Committee EC - Executive Committee SRC - Staff Relations Committee *The President is a voting ex-officio of all committees.

Name Title Branch Term Expires

Years of Service

Meeting Attendance Committees

Heidi Schofer President Melville 2019 15 13/13 ARCO, PRC, EC, SRC

Bonny Schweitzer Director Neudorf 2019 3 13/13 PRC, CRC

Alvin Gallinger Director Grenfell 2019 10.8 10/13 EC

Valdeen Mathies Director Melville 2020 8 12/13 PC, CRC, EC

Darrell Webster Director Melville 2020 2 12/13 ARCO, PRC

Ken Zimmer Director Grayson 2020 34 13/13 ARCO, PRC, PC

Philip Peter Director Grenfell 2020 27 11/13 PRC

Tim Taylor Vice-President Wolseley 2021 25 13/13 ARCO, PRC, CRC, EC, SRC, NC

Brian Hicke Secretary Melville 2021 7 13/13 ARCO, PC, EC, SRC, NC

VACANT Director Melville 2021


18

Board Composition The Board of Directors of Horizon Credit Union will be comprised of 10 persons as determined by Horizon Credit Union bylaws. Five directors from Melville, one from each Grayson, Neudorf and Wolseley and two from Grenfell. Horizon Credit Union will comply with The Credit Union Act, 1998 regarding any vacancy on the Board of Directors. A person shall be eligible to serve as a director for an indefinite number of terms. Terms are for three years. Nominations are made by advertising for nominations which are due three weeks prior to the election week. Election week is the week before the Annual General Meeting. Voting is by paper ballot and election results are announced at Horizon Credit Union’s Annual General Meeting. Committees The responsibilities of the board of a modern financial services organization involve an ever- growing list of duties. Horizon Credit Union maintains a number of committees comprised of directors. This partitioning of responsibilities enables a clear focus on specific areas of activity vital to the effective operation of our credit union. *See the Director Chart on previous page for who sits on which committee. Executive Committee - To act in the capacity of, and on behalf of, the Board of Directors between regular or special board meetings on all board matters except those which the board may not, in compliance with legislative requirements, delegate. The committee will consist of the president, the vice-president, the secretary, two directors, one alternate director and the chief executive officer (non-voting ex-officio). Conduct Review Committee - Horizon Credit Union will act to ensure the integrity and objectivity of its directors, officers and employees by having in place policies, processes and practices that protect people and the organization from claims and perception of unfair benefit or conflict of interest. The committee will consist of three directors, two alternate directors, the president (voting ex-officio), the chief executive officer (non-voting ex-officio) and the vp of retail services (non-voting, ex-officio). Nominations Committee - It is credit union policy to encourage qualified persons to seek election to the board and to provide for director contact to those who wish to express their interest in or inquire about elected office. This committee is responsible to oversee the nomination and election processes for elections of directors. The committee will consist of the directors of the board who were elected the previous year, the president (voting ex-officio) and the chief executive officer (non-voting ex-officio). Public/Member Relations Committee - To provide liaison between Horizon Credit Union and its members and communities by monitoring needs, recommending services for board consideration to meet those needs, planning activities that respond to expressed interests and recommending changes to service policies to better serve member, customer, community and credit union needs. The committee will consist of five directors, one representing each respective district, two staff members, the president (voting ex-officio), the chief executive officer (non-voting ex-officio) and one executive manager (non-voting ex-officio). Staff Relations Committee - To review situations identified by any employee that the employee feels was not handled satisfactorily after going through the normal grievance procedures with their immediate supervisor and executive management. The committee will consist of the president, the vice-president, the secretary, two staff members and one manager. The chief executive officer may attend the meeting by invitation only.


19

Audit & Risk Management Committee - Ensures an independent review of Horizon Credit Union’s financial operation on areas deemed necessary to maintain the integrity of financial data, adequacy of internal controls and adherence to requirements of The Credit Union Act, 1998, The Credit Union Regulations, 1999, the Credit Union Insurance Business Regulations and the Standards of Sound Business Practice. The committee will consist of four directors of the board and the president (voting ex-officio). Policy Review Committee - Works closely with management to assure the review and maintenance of prudent and practical policies and to ensure such polices are in place that govern all aspects of the operation of the credit union. The committee will consist of three directors of the board, the president (voting ex-officio) and the chief executive officer (non-voting ex-officio). Branch Advisory Committee - The purpose of this committee is to provide a liaison between Horizon Credit Union and its members and communities by monitoring needs, issues and providing feedback on matters relevant to the credit union. Each branch, with the exception of Melville branch, has an Advisory Committee. The committee will consist of three members of each respective branch location, all directors representing the respective branch, the president (voting ex-officio), and the chief executive officer (non-voting ex-officio). See chart below for committee members and details. Compensation It is the general policy of Horizon Credit Union that officers, directors and committee members are reimbursed for their services on a per diem basis. The primary objective of the credit union is to serve the members. It is this commitment that guides the leadership of the credit union and any reimbursement is designed to offset expenses, not to directly provide a benefit. Board members are volunteers, but are compensated for expenses and time. Board remuneration for 2018 was: Honorarium & per diem $46,145.00, training/meetings/conferences $4,377.19 and other expenses of $5,173.46.

Name Branch Term Expires Years of Service

Colleen Stinson Grayson 2019 1

Deborah Goebel Neudorf 2019 14

Caroline Pasnak Grenfell 2019 28

Terence Miller Wolseley 2019 15.8

Donna Golling Grayson 2020 20

Cathy Andrews Neudorf 2020 1

Donald Kent Grenfell 2020 32

David Gwilliam Wolseley 2020 14

Allan Gelowitz Grayson 2021 25

Jody Sefton Neudorf 2021 3

Bev Haugen Grenfell 2021 1.7

Rod Edgar Wolseley 2021 26


20

Director Training Director training for 2018 included the following:

• Anti-Money Laundering & Privacy Training • Understanding Your Fiduciary Role in the Audit Process • CUDA (Credit Union Director Achievement) - Level C - Governing Credit Risk • CUDA - Level C - The Role of the Audit Committee

Executive Management Horizon Credit Union operates under the following Executive Management structure:

• Chief Executive Officer - Terry Sieffert / Larry Yeadon • VP of Retail Services - Larry Yeadon • VP of Finance - Racquel Dobranski • VP of Information Technology & Corporate Services - Trevor Dumalski

CORPORATE SOCIAL RESPONSIBILITY Horizon Credit Union continues its commitment to being a strong corporate citizen within our trading area and beyond. The credit union provides funding to many projects and events that enrich our communities and improve the quality of life for our people. Our organization is proud to support and will continue to support initiatives that enhance our communities and are a positive reflection of the credit union’s co-operative principles business model. In 2018, Horizon Credit Union contributed over $18,773.00 in cash donations, sponsorships, gifts in kind and scholarships to local projects and events. Some of the notable donations include: $4000.00 to Neudorf Fire Brigade; $2,000.00 to Melville Veterans’ Park; $505.00 to Mils Baseball; $500.00 to 4H Regional Show & Sale; $500.00 to Goodeve Community Center Harvest Cabaret and many more donations to our local community sports teams, schools and clubs. In addition, a total of $3,530.00 in scholarships was awarded to students in the branches. Horizon Credit Union recognizes that the existence of many of these organizations, clubs and committees depend on the support from businesses such as ours and we will continue to sponsor them when we are able to. The staff at Horizon Credit Union recognize the importance of social responsibility and willingly volunteer their time and effort to various community organizations and events throughout the course of the year. In 2018, a total of 2,717 hours of volunteer time was given back to our five communities. The staff also contributes each week to a dress down fund which allows them to dress in casual attire on Fridays for a small fee. All the proceeds are then donated. A total of $2,565.00 was donated from the Dress Down Fund in 2018 to: Canadian Mental Health Association-Melville Branch; Kinsmen Telemiracle; Melville and District Food Bank; Canadian Red Cross; Cystic Fibrosis Canada-Love for Lena; Dannicka Kequahtooway; Lincoln Lipinski; Pandas/Pans-Jagur Manum; Grenfell Ministerial Association-Grenfell Food Bank; Alzheimer Society of Saskatchewan; Canadian Cancer Society; Operation Christmas Child and Help-Portrait.


21

Our Staff There are twelve employees who celebrated milestones with us this year. We want to acknowledge their accomplishments and thank them for their loyalty. We could not have had the success we had this year without you. Congratulations on reaching this milestone in your career. Recognition for years of service goes to: 5 years: Eden Cooper, Christine Gottschalk 10 years: Cindy Baillie, Colleen Beres, Chantelle Ottenbreit, Angela Silzer, Tracy Stokal 20 years: Stacey Richards, Kris Schneider 25 years: Sherry Hoehn, Cheryl Zulyniak 35 years: Connie McDougall Our Directors / Advisory Committee There are three Directors and three Advisory Committee Members that will receive long-term service awards this year. These awards are presented at the Annual General Meeting and the Branch Information Supper Meetings. The directors’ service awards also include previous commitments on other credit union boards. Recognition goes to: Board of Directors: Advisory Committee: Alvin Gallinger - 10 years Terence Miller (Wolseley) - 15 years Heidi Schofer - 15 years Donna Golling (Grayson) - 20 years Tim Taylor - 25 years Allan Gelowitz (Grayson) - 25 years

Photo courtesy of Cindy Baillie

Back Row (left to right) - Ken Zimmer, Philip Peter, Darrell Webster, Tim Taylor, Alvin Gallinger, Brian Hicke

Front Row (left to right) - Heidi Schofer, Bonny Schweitzer, Valdeen Mathies.


22

Melville Staff 2017

Neudorf Member Appreciation Day BBQ

Grayson Member Appreciation Day BBQ

Grenfell Member Appreciation Day BBQ Wolseley Credit Union Day

Melville Staff 2018

Melville Member Appreciation Day BBQ


23

Conclusion On behalf of myself and the Horizon Credit Union staff, we would like to thank the membership for their continued support and dedication to Horizon Credit Union. Respectfully submitted, Larry Yeadon, Chief Executive Officer

Today, Tomorrow, Together

Credit Unions Top IPSOS Financial Service Excellence Awards - November 2018 Top honours for Credit Unions at this year’s IPSOS Financial Service Excellence Awards were: 1. First for Customer Service Excellence (14th consecutive year); 2. First for Branch Service Excellence (14th consecutive year); 3. First for Values My Business (11th consecutive year); 4. First for Online Banking Excellence (4th consecutive year, First in 2018, tied last

three years); 5. Winner (tied) for Live Agent Telephone Banking Excellence (6th year); 6. Winner (tied) for Mobile Banking Excellence (4th time, 3rd consecutive year); 7. Winner (tied) for Financial Planning and Advice (11th consecutive year); 8. Winner (tied) ATM Banking Excellence; and 9. Winner (tied) for Automated Telephone Banking Excellence; (6th consecutive

year [note: prior to 2013 there was a single Award for total Telephone Banking, which the credit union system shared each year from 2008 to 2012]).


24

Staff Title Years of Service Melville Branch Administration Services Larry Yeadon Chief Executive Officer 36.78 Helen Achtymichuk Executive Assistant 13.67 Ronda Hahn Risk & Compliance Assistant 8.30 Angela Silzer Administrative Clerk 10.31 Information Technology & Corporate Services Trevor Dumalski VP of Information Technology & Corporate Services 21.98 Heather (Molnar) Adam Technical Business Analyst 28.11 Cindy Baillie Technical Analyst 10.66 Christi Dmytriw Marketing Specialist 7.65 Finance Services Racquel Dobranski VP of Finance 28.60 Monique Chaban Human Resource Manager 31.35 Eden Cooper Accounting Clerk 5.54 Lending Services William (Bill) Gulka Loan Manager 13.00 Cheryl Zulyniak Lending Support Representative 25.24 Stacey Richards Consumer Lending & Mortgage Specialist 20.85 Elissa Schmeltzer Lending Support Supervisor 19.59 Colleen Beres Agriculture & Commercial Specialist 10.66 Cameron Breitkreuz Lending Service Representative 8.61 Christine Gottschalk Lending Support Representative 5.90 Deposit/Wealth Management Services Jacki Kienas Deposit Control Clerk 36.94 Dorothy Schramm Teller/Member Service Representative 34.77 Lorie Somogyi Teller Supervisor 27.82 Angie Robison Manager of Deposit Services 21.79 Jackie Guidry Wealth Management Representative 17.83 Cindy Exner Member Service Representative 17.55 Bonnie Schmirler Teller 14.26 Jennifer Petrichuk Manager of Deposit Services 13.96 Jackie Sagan Wealth Management Representative 11.23 Tracy Stokal Commercial Teller 10.18 Noel Kish Receptionist 8.44 Kayla Johnson Member Service Representative 4.12 Mycah Dunlop Teller 3.54 Melissa Kohlenberg Teller 1.78 Bryton Bilinski Wealth Management Representative 0.49


25

Staff Title Years of Service Grayson Branch Sarah Dietrich Financial Services Supervisor - all branches 11.97 Chantelle Ottenbreit Lending Service Representative - Grayson & Neudorf 10.66 Tina Schmieder Teller/Member Service Representative 3.62 Neudorf Branch Sherry Hoehn Teller/Member Service Representative 25.95 Deb Ewachow Teller - all branches 5.42 Grenfell Branch Joanne Amy Risk & Compliance Manager 36.61 Karen Linnell Lending Service Representative 21.95 Kris Schneider Senior Teller/Member Service Representative 20.60 Tamara Speidelsbach Teller/Member Service Representative 11.98 Ellen Rae Overand Teller - all branches 11.42 Denise Couture Teller - all branches 1.17 Wolseley Branch Connie McDougall Branch Loan Supervisor 35.79 Dayle Hess Teller/Member Service Representative 7.65 Krista Johnson Teller/Member Service Representative - Wolseley & Grenfell 6.21

Horizon Credit Union Summary Financial Statements

December 31, 2018

Report of the Independent Auditor on the Summary Financial Statements

To the Members of Horizon Credit Union:

Opinion

The summary financial statements, which comprise the summary statement of financial position as at December 31, 2018, and thesummary statements of comprehensive income, changes in members' equity and cash flows for the year then ended, and related notes,are derived from the audited financial statements of Horizon Credit Union (the "Credit Union") for the year ended December 31, 2018.

In our opinion, the accompanying summary financial statements are a fair summary of the audited financial statements, in accordancewith International Financial Reporting Standards.

Summary Financial Statements

The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards. Readingthe summary financial statements and the auditor's report thereon, therefore, is not a substitute for reading the audited financialstatements and the auditor's report thereon.

The Audited Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited financial statements in our report dated February 28, 2019.

Management’s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of the summary financial statements in accordance with International Financial ReportingStandards.

Auditor’s Responsibility

Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the audited financialstatements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS) 810, Engagementsto Report on Summary Financial Statements.

Saskatoon, Saskatchewan

February 28, 2019 Chartered Professional Accountants

Horizon Credit Union Summary Statement of Financial Position

As at December 31, 2018

A full set of audited financial statements is available from the Credit Union 1

2018 2017

Assets

Cash and cash equivalents 16,050,202 7,296,211

Investments 27,574,602 31,859,287

Member loans receivable 175,074,975 171,115,518

Other assets 547,465 4,263,479

Property, plant and equipment 851,546 849,514

220,098,790 215,384,009

Liabilities

Member deposits 201,959,385 198,591,649

Other liabilities 1,034,860 723,388

Membership shares 25,930 26,450

Equity accounts 213,864 216,051

203,234,039 199,557,538

Members’ Equity

Retained earnings 16,864,751 15,826,471

220,098,790 215,384,009

Approved on behalf of the Board

Director

Director

Horizon Credit Union Summary Statement of Comprehensive Income

For the year ended December 31, 2018


2018 2017

Interest income

Member loans 6,449,689 5,998,418

Investments 1,089,935 659,007

7,539,624 6,657,425

Interest expense

Member deposits 1,940,999 1,648,130

Borrowed money 418 1,978

1,941,417 1,648,108

Gross financial margin 5,598,207 5,009,317

Other income 1,475,421 1,199,032

7,073,628 6,208,349

Operating expenses

Personnel 3,132,743 3,047,626

Security 192,901 188,431

Organizational 164,502 143,628

Occupancy 248,146 241,867

General business 1,712,136 1,413,293

5,450,428 5,034,845

Income before provision for (recovery of) impaired loans and provision for (recovery of)

income taxes 1,623,200 1,173,504

Provision for (recovery of) impaired loans (239) 41,988

Income before provision for (recovery of) income taxes 1,623,439 1,131,516

Provision for (recovery of) income taxes

Current 317,289 173,690

Deferred (90,144) (15,098)

227,145 158,592

Comprehensive income 1,396,294 972,924

Horizon Credit Union Summary Statement of Changes in Members’ Equity



Retained earnings

Total equity

Balance December 31, 2016 14,853,547 14,853,547 Comprehensive income 972,924 972,924Balance December 31, 2017 15,826,471 15,826,471

Comprehensive income 1,396,294 1,396,294IFRS 9 Transition Adjustments (358,014) (358,014)

Balance December 31, 2018 16,864,751 16,864,751

Horizon Credit Union Summary Statement of Cash Flows



2018 2017Cash provided by (used for) the following activities

Operating activitiesInterest received from member loans 6,465,022 5,996,072Interest received from investments 1,053,515 674,825Other income 1,475,421 1,199,032Cash paid to suppliers and employees (4,888,169) (8,225,208)Interest paid on deposits (1,904,370) (1,699,404)Interest paid on borrowed money (418) (1,978)Income taxes paid (212,682) (118,328)

1,988,319 (2,174,989)

Financing activitiesNet change in member deposits 3,331,107 3,152,377Net change in membership shares and equity accounts (2,707) (3,774)

3,328,400 3,148,603

Investing activitiesNet change in investments 4,493,367 3,481,135Net change in member loans receivable (905,088) (6,687,913)Purchases of property, plant and equipment (151,007) (103,022)

3,437,272 (3,309,800)

Increase (decrease) in cash and cash equivalents 8,753,991 (2,336,186)Cash and cash equivalents, beginning of year 7,296,211 9,632,397

Cash and cash equivalents, end of year 16,050,202 7,296,211


32

CREDIT UNION DEPOSIT GUARANTEE CORPORATION ANNUAL REPORT MESSAGE 2018

January 2019

________________________________________________________________________________________

Deposits Fully Guaranteed Credit Union Deposit Guarantee Corporation (the Corporation) is the deposit guarantor for Saskatchewan credit unions, and the primary regulator for credit unions and Credit Union Central of Saskatchewan (SaskCentral) (together, Provincially Regulated Financial Institutions or “PPFIs”). The Corporation is charged through provincial legislation, The Credit Union Act, 1998, with the main purpose of guaranteeing the full repayment of deposits held in Saskatchewan credit unions. The Corporation was the first deposit guarantor in Canada and has successfully guaranteed deposits since it was established in 1953. By guaranteeing deposits and promoting responsible governance, the Corporation contributes to confidence in Saskatchewan credit unions.

For more information about deposit protection, the Corporation’s regulatory responsibilities and its role in promoting the strength and stability of Saskatchewan credit unions, talk to a representative at the credit union or visit the Corporation’s web site at www.cudgc.sk.ca.

draft-annual report 2018 - horizon credit union · horizon credit union is dedicated to the...

Documents