a

Murray Green . Alex Melnechuk

Pictured above are the Directors of the North Shore Community
Credit Union. The Directors are elected by the members and are a
vital part of the Credit Union organization. Through them the
members can have a say in the running of the credit union, since the
Directors determine the policy to be followed.

EN

At the 38th Annual General Meeting held at Centennial Theatre,

North Vancouver, on the 27th of March 1979, four directorships .

became due for election. Elected were Susan Burdak, Alex
Melnechuk, and Olga Wood for three year terms, and John Taylor
was elected for a one year term. At a meeting immediately following
the Annual Meeting elections, Rod Aylwin was elected Vice-
President by the Board. A balance sheet is shown below.

BALANCE SHEET AS AT DECEMBER 31, 1978

- John Taylor

ASSETS 1978 1977
Cash & Li iquid Deposits 9,600,448. 8,931,250.
Loans to Members 104,653,749. 79,565,717.
Investments 5,000,899. 3,327 ,682.
Fixed Assets 2,304,678. 2,128,079.
Other Assets 156,363. 140,014.
Cash Held In Trust 6,191. 28,852.
121,722,328. 94,121,594.
LIABILITIES 1978 1977
Members’ Accounts 116,324,343. 90,920,741.
Loans 2,612,044. 1,207,008.
Statutory Reserves 1,871,993. 1,387,536.
Retained Earnings 230,670. 136,903.
Other Liabilities 677 ,087. 440,554.
Liability for funds
held In Trust 6,191. 28.852.
1 24 722, 328.

1977 figures have been reclassified for comparison to this year.

94,121,594.

= —North ‘oe | .
— Beer 8

\

Rod Aylwin
Vice-President:

— Eric van Driel

1978 Highlights

Total assets grew by 29% from $94,121,000 to $121,722, 000.

This is an excellent record in view of the fact that during

-- 1978 the Credit Union had aimed at consolidating our —
position rather than striving for growth. ».

Membership increased by 24% from 27,306 members in
December 1977 ta 33,825 members in 1978. .

A new branch was opened on the 1th of December, 1978 at
3131 Edgemont Boulevard in the Capilano Highlands
Village.

Another new branch was opened for business on the 21st of
February, 1979 at 399 Dollarton Highway North in the

Dollar Shopping Centre to serve our members in the Deep
Cove area.

»

‘

North Shore Community Credit Union
Balance Sheet and Statement of Earnings

STATEMENT OF EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1978

REVENUE 1978 1977
Interest on Members’ Loans 10,193,836. 7,333,200.
Interest on Investments 796,385. 880,294.
Sundry Income 396,582. 311,306.
11,386,803. «8,524,800.

EXPENSES 1978 1977
Operating Expenses 2,578,942. 2,060,387.

Interest on Members’
Deposits 7,507 823. 5,636,326.
Interest on Borrowed Moncy 199,086. 50,133.
Other Expenses 136,964. 57,868.
Total Expenses 10,482,815 7,804,714.
Earnings from Operauon 903,988. 720,086.
Less Provision for-Dividend 109,164. 92,245.
-Income Tax 216,600. 171,000.
578,224,

456,841.

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