2009 investment report - westminster savings · 2010-04-19 · 2009 community investment report |...

cir

communityinvestment report0920

GOOD CONDUCT MATTERS

community investment report0920

Corporate citizenship refl ects how we conduct ourselves each and every day. It means that we are committed to operating in socially, fi nancially and environmentally sustainable ways that support our members, employees and our neighbourhoods. At Westminster Savings, our philosophy of caring is deeply rooted in our culture and is one that we bring to life through our people and our actions. Corporate citizenship is a part of every aspect of our business, from member practices, employee policies and programs, community support and corporate governance to our environmental sustainability.We know that our good conduct matters. Th at’s why we always look for ways to improve the fi nancial success and quality of life of our members and employees, and to help build healthy and vibrant communities through caring and sustainable practices.

Table of Contents

3 Good Conduct Matters4 Our Community Spirit5 Creating Positive Impact6 We Practice the 3 Rs: Reduce, Reuse & Recycle7 Caring from the Ground Up8 Supporting an Exceptional Team9 Our People, Our Diff erence10 Celebrating Academic Achievement11 Ethics and Principles14 Building on a Foundation of Caring14 Donation Policy and Guidelines16 Financial Statements21 Westminster Savings Foundation Board of Directors

4 2009 community investment report | westminster savings

OUR COMMUNITY SPIRIT

We care about our members, our employees and the communities where we live and work. Caring is one of our core values. We continue to develop and build on it each year. At Westminster Savings, we support and sustain happy, healthy communities and are proud to be recognized as an Imagine Caring Company. Th is means that we donate a minimum of one per cent of our pre-tax profi ts to the community, adopt the principles of good corporate citizenship and meet Imagine Canada’s benchmarks for community investment. Th e Westminster Savings Foundation, the second largest credit union foun-dation in Canada, has contributed more than $1.7 million to many charities and organizations since it was established in 1992. Since then, we havefollowed our hearts to make a diff erence, and each year we keep improving and building momentum to give more and to do more.

Crossroads Hike for Hospiceribbon cutting event.

Westminster Savings employees in Maple Ridge present a cheque to Cythera House.

Hyde Creek WatershedSociety Salmon Festival.In the fall, we helped toput on a day of fun activities to celebrate the return of salmon to their spawning grounds and to promote preservation, protectionand stewardship.

5552009 community investment report | westminster savings

CREATING POSITIVE IMPACTIt feels good to help others, and this is a feeling we all share at Westminster Savings. Our strong ties to the community are at the heart of our corporate culture. We believe in taking a lead role in supporting and sustaining vibrant, healthy communities. We do this through charitable contributions, sponsorships and community donations, educa-tion awards and employee engagement.Supporting the community means that we get actively involved, from helping Cana-dian athletes reach new heights to giving salmon a safe place to spawn. In 2009, West-minster Savings made a positive impact on our communities by taking part in local events and off ering support to important causes, including:

• Canada Ski Cross Team. Westminster Savings was proud to become the offi cial fi nancial partner of Canada’s Ski Cross Team. With its high speeds and head-to-head action, Ski Cross became one of the more engaging and popular events as a debut sport at the Vancouver 2010 Winter Olympics, where our athletes made medal history.

• Douglas College Entrepreneur of the Year awards. To celebrate the spirit of hard work and the drive of ambitious minds, our credit union was pleased to partner with Douglas College and award exceptional entrepreneurs.

• Heart and Stroke Foundation – South Asian Fashion Gala. Held during the national campaign in February and March to raise awareness of the risks of heart disease and stroke, this fashion gala was the fi rst of its kind for women in the South Asian community. With support from Westminster Savings, over $100,000 was raised.

By supporting these and other events, Westminster Savings is well-known as a caring neighbour as we continue to help to enrich lives and create a positive impact in our local communities.

Canadian Ski Cross Team and some of their young supporters.


WE PRACTICE THE 3 RS: REDUCE,REUSE & RECYCLE

From the paper we use and recycled products we purchase to the paperless services we off er our members, we continue to fi nd ways that promote the three ‘Rs.’• We off er our members a variety of paper reduction options, including statement

opt-out, electronic statements, paying bills by e-post and the elimination of transac-tion forms in our branches.

• Our online and telephone banking features make it easy for members to access theproducts and services they need without traveling to a branch.

• Our board members and employees receive information online, which cuts down on the amount of printed newsletters and reports we produce.

• We off er fl exible work schedules to our employees and accommodate work locations close to home, so we can reduce how far and how many vehicle trips employees make to and from work.

• We provide our employees with reusable mugs and stainless steel water bottles. After all, a paper cup takes 20 years to break down in the landfi ll.

• We know that water is a precious resource and work to reduce how much we use, from installing low-fl ow toilets and waterless urinals to using tankless hot water systems.

As a part of Westminster Savings’ commitment to sustainability, we continue to build on our momentum and explore ways to protect the environment through ourdaily operations.


CARING FROM THE GROUND UPLeaving a smaller carbon footprint is an important step in our mission to protect the environment. Each year, we work smarter to practice green thinking, and we have introduced a number of strategies to support this goal. From making our work stations more energy effi cient to improving our working environment, here are some ways we make the most of our energy:• Th e computers in our branches and offi ces are set to activate a sleep mode that saves

energy when they are not in use.• Our buildings feature double-paned windows and special window fi lms that main-

tain temperatures and reduce heating and cooling needs. • We turn off the heating and air conditioning on evenings and weekends when the

branches are closed. After all, why heat an empty building?• We’ve switched to using compact fl uorescent bulbs in pot lights and pendant

fi xtures and special high effi ciency fl uorescent lights that generate more light than standard bulbs.

• We use timers to activate lights and occupancy sensors to light only when roomsare occupied.


SUPPORTING AN EXCEPTIONAL TEAMWestminster Savings is fortunate to have talented, passionate employees who regularly contribute to our success and help strengthen our communities. We value our team and work to help each person become the best they can be through ongoing train-ing and enrichment programs, promoting from within and recognizing their many accomplishments.Knowing how busy our employees are with managing life’s priorities, we off er acomprehensive total rewards package that promotes a healthy work-life balance. Westminster Savings off ers its team alternative work schedules and the opportunity to engage with one another through enriching social activities. We also make employee health a priority by hosting wellness seminars, weight loss clinics and providing spon-sored gym memberships so that our employees can enjoy the benefi ts of active living.Our eff orts to provide a supportive work environment were recognized in 2009. We were the recipients of the BC Psychological Association Healthy Workplace Award —the fi rst organization to be so recognized two consecutive times. By continuing to provide jobsecurity and support for our employees during recessionary times, we were recognized by the Psychological Association during their award presentation.

first jobzed


OUR PEOPLE, OUR DIFFERENCEOur employees are both the backbone of our credit union and the public face that people see. Each year, they volunteer in self-directed community involvement teams, take part in community activities, fundraise for local charities and support many deserving causes.Each community involvement team decides what activities they would like to be involved in, and the credit union off ers each team fi nancial support, corporate wear and an employee liaison. Here are just a few of the community involvement team activities in 2009:

• Sale of Playland tickets that delivered proceeds to charity• Collection of clothing and household items for the Monarch Place women’s shelter• Fundraising for a donation of plush animals to children at Royal Columbian Hospital• Volunteering at the Crossroads Hospice Society Hike for Hospice, the Heart of

the Matter fundraiser in New Westminster and the Terry Fox RunIn addition to these activities, our employees participate in fundraising events such as Jeans Day, which benefi ts BC Children’s Hospital and Dress Red Day to support the Heart and Stroke Foundation. In 2009, several groups of Westminster Savings employees participated in Build Days at the Habitat for Humanity’s greater Vancouver project site in Burnaby. Th ese hard-working volunteers enjoyed a day of painting, doing site clean-up and completingconstruction tasks. At the end of the day and for years to come, our employees are proudto know that their eff orts helped families in need gain safe and decent housing.Westminster Savings is very proud of the lasting contributions our employees make to communities, enriching the quality of life throughout our service area.


CELEBRATING ACADEMIC ACHIEVEMENTWestminster Savings provides numerous educational awards each year to encourage and reward outstanding achievements by youth. Our annual Youth in Action awards recognize graduating high school students who have made a diff erence in theircommunities. In 2009, $20,000 in awards was given to students who showed tremen-dous spirit in their community leadership.We also provide scholarships and bursaries to students of Douglas College and Kwantlen University College. A $2,500 Westminster Savings Barry Butler Memorial scholar-ship is also awarded annually to a third or fourth-year undergraduate student in theFaculty of Business Administration at Simon Fraser University to recognize their superioracademic performance.

“When I received your bursary I was excited and happy, and it felt wonderful to think that someone out there actually cared about my success. I felt like I wasn’t alone in my determi-nation to make a better life for myself and my daughter. I warmly thank you again for your support. It has meant a lot.”

~ Douglas College student

DID YOU KNOW? Since inception, the Westminster Savings Youth in Action awards have given students a total of $168,000 towards their academic goals.


ETHICS AND PRINCIPLES

Westminster Savings Credit Union recognizes the importance of adhering to superior corporate governance standards. We have developed corporate governance policies and procedures that are monitored and reviewed on a regular basis, and we’ve adopted a best practices approach to our corporate governance initiatives.Our Board of Directors believes that strong corporate governance is essential to delivering value for members, and it takes direct responsibility for monitoring the development of, and compliance with, corporate governance standards. In fulfi lling its responsibilities, the Board of Directors annually reports to its member owners on governance practices and adherence to governance standards.Disciplined practices, enhanced disclosure and measuring our activities against industry guidelines all help to strengthen our position at the forefront of credit union governance practices in Canada. We will continue to monitor our performance and update our governance practices to ensure we are accountable as a responsible organi-zation and trusted partner.

Westminster Savings has created a legacy of support for education by investing in the SFU Surrey campus.

“Th ank you for your recent support for our Social and Independence Program.We’re proud of the work wedo with this group of our more vulnerable residents. We know from family members and caregivers how much diff er-ence the social interactionand recreational activities make in supported adultparticipants’ lives.”

~ Lois Peterson,AlexandraNeighbourhoodHouse

“It is my sincere pleasure to thank Westminster Savings for your generous donation to Blind Beginnings’ Youth Leadership Network. Th is is a momentous occasion for our organization as your contribu-tion is one of our fi rst major gifts and will enableus to launch this program.Our Youth LeadershipNetwork provides childrenand youth who are blindor visually impaired theopportunity to challengethemselves and embrace a‘no limits’ philosophy.”

~ Peter Moroney,Board of Directors,Blind Beginnings Society

“Th is generous contribution from Westminster Savingswill provide safety, supportand hope. Th ank you forcaring and for helpingthose who are most inneed in our community.”

~Teri Nicholas,Family Services ofGreater Vancouver

WESTMINSTER SAVINGSFOUNDATION

community investment report0920


BUILDING ON A FOUNDATION OF CARING

Th e Westminster Savings Foundation is vital to developing the credit union’scommunity presence. Incorporated under the Society Act of B.C. and registered with the Canada Revenue Agency as a charity, our foundation is guided by a dedicated Board of Directors and senior executives of Westminster Savings Credit Union.Formed in 1992 as a means of sharing our success, the foundation provides a lastinglegacy of our dedication to building strong and vibrant communities. As one of the largest credit union foundations in Canada, the Westminster Savings Foundation now has assets of approximately $6.6 million. Since it began, the foundation has contributed more than$1.7 million in charitable support to local organizations. It receives all of its capital from the credit union, and the interest income derived from this capital is given to a variety of charitable endeavours each year.

DONATION POLICY AND GUIDELINES

Th e Westminster Savings Foundation provides direct funding to charities in thecommunities we serve. When reviewing applications, the Board of Directors achieves abalanced cross-section of fund distribution in the areas of education, health, social services, youth and culture.

John Gowans, VP and GM, Leasing, presents a cheque on behalf of the Westminster Savings Foundation to the Alberta Children’s Hospital Foundation.


White Rock Branch Manager Maria Mura (left) visits the Supported Adults Social Group at Alexandra Neighbourhood House.

Maple Ridge Branch Manager, Paul Pederzini, supporting recyclingin Ridge Meadows.

In 2009, the Westminster Savings Foundation worked in partnership with twenty-four charitable organizations on a variety of projects including:

• Providing a grant to Aunt Leah’s Independent Lifeskills Society to help youth leav-ing the foster care system get the necessary skills for healthy, independent living.

• Funding the Alexandra Neighbourhood House Social and IndependenceDevelopment program to support people with disabilities.

• Creating a founding grant to enable the Blind Beginnings Society launch its Youth Leadership Network, which encourages blind and visually impaired youth to develop their skills, confi dence and mentorship abilities.

• Supporting a cardboard recycling program run by the Ridge MeadowsRecycling Society.

• Providing a grant to Family Services of Greater Vancouver to provide counselling and community education workshops to seniors in the New Westminster area.


AUDITORS’ REPORT

To the Directors of Westminster Savings FoundationWe have audited the balance sheet of Westminster Savings Foundation as at Decem-ber 31, 2009 and the statement of revenues, expenditures and fund balances for the year then ended. Th ese fi nancial statements are the responsibility of the foundation’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit.We conducted our audit in accordance with Canadian generally accepted auditing standards. Th ose standards require that we plan and perform an audit to obtain rea-sonable assurance whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation.In our opinion, these fi nancial statements present fairly, in all material respects, thefi nancial position of the foundation as at December 31, 2009 and the revenues, expendi-tures and fund balances for the year then ended in accordance with Canadian generally accepted accounting principles. As required by the British Columbia Society Act, we report that, in our opinion, these principles have been applied on a basis consistent with that of the preceding year.

Chartered AccountantsVancouver, British ColumbiaFebruary 24, 2010“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member fi rms of the network, each of which is a separate legal entity.


BALANCE SHEET

2009 2008Assets

Cash and term deposits (note 3) $ 6,561,046 $ 6,061,904Interest receivable 9,659 9,621

$ 6,570,705 $ 6,071,525Fund Balances

Non-restricted fund $ 18,455 $ 19,275Restricted fund 6,552,250 6,052,250

$ 6,570,705 $ 6,071,525

STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCES

2009 2008Restricted Fund

Donations from Westminster SavingsCredit Union $ 500,000 $ 500,000Fund balance - Beginning of year 6,052,250 5,552,250

Fund balance - End of year $ 6,552,250 $ 6,052,250

As at December 31, 2009

For the year ended December 31, 2009

2009 2008Non-restricted Fund

Revenues

Interest $ 237,208 $ 227,144Expenditures

Grants (note 4) 238,027 245,310Deficiency of revenues over expenditures (819) (18,166)Fund balance - Beginning of year 19,274 37,440

Fund balance - End of year $ 18,455 $ 19,274

Signed,Patty Sahota, Chair

Signed,Darlene Hyde, Vice Chair


NOTES TO FINANCIAL STATEMENTS

1. PURPOSE OF THE FOUNDATIONTh e foundation was incorporated in 1992 under the British Columbia Society Act to create a permanent source of funds to support various organizations and activities that work to improve the quality of life within the general trade area of Westminster Savings Credit Union (the credit union).Th e foundation is registered as a tax-exempt charity with Canada Revenue Agency under Paragraph 149(1)(f ) of the Income Tax Act.Th ese fi nancial statements have been prepared in accordance with Canadian generally accepted accounting principles.

Fund accounting

Th e foundation follows the restricted fund method of accounting for contributions.Th e non-restricted fund accounts for the foundation’s support of community organizations.Th e restricted fund reports resources contributed from the credit union for endow-ment. Investment income earned on resources of the endowment fund is available to and reported in the non-restricted fund.

Investments

Investments are recorded at cost. Interest is accrued as earned.

Administrative services

Administrative services for the foundation are provided by the credit union at no charge.

2. OPERATIONSTh e foundation is managed by a Board of Directors that consists of members of the credit union’s Board of Directors as well as senior managers of the credit union. Th e foundation is funded by donations from the credit union. Th e foundation intends to use the income generated from such funds to provide support to community organiza-tions. Th e board of the foundation has determined that grants will be allocated in the following categories: education, health, social services, and youth activities and culture.


3. CASH AND TERM DEPOSITSTh e foundation has on deposit with the credit union cash and term deposits with thefollowing interest rates and maturity terms:

Average rate %

2009 2008

Maturing in2009 3.51 $ - $ 851,2502010 3.58 2,085,750 2,034,5002011 4.16 2,566,500 2,566,5002013 4.20 600,000 600,0002013 2.76 1,300,000 -Restricted investments $ 6,552,250 $ 6,052,250Uninvested cash 8,796 9,654Cash and term deposits $ 6,561,046 $ 6,061,904

NOTES TO FINANCIAL STATEMENTS continued

Th e fair value of cash and term deposits at December 31, 2009 was $6,800,259(2008 - $6,327,163).


4. GRANTSTh e following grants were made during the year ended December 31, 2009:

EducationSimon Fraser University $ 30,000Th e Last Door Recovery Society 19,500Hyde Creek Watershed Society 5,000Down Syndrome Research Foundation 5,000Junior Achievement of British Columbia 10,000Adoptive Families Association of British Columbia 1,000

HealthOptions Services to Communities Society $ 15,000Family Services of Greater Vancouver 2,000Langley Senior Resources Society 10,000Friends in Need Food Bank Society 2,500Alberta Children’s Hospital 5,000

Social services, youth activities and cultureBC Seniors Services and Housing Information Society $ 13,500Bonsor Seniors Society 16,500Missing Children Society of Canada 10,000Special Olympics Alberta Association 5,000Association of Neighbourhood Houses of Greater Vancouver 10,000Ridge Meadows Recycling Society 12,000Aunt Leah’s Independent Lifeskills Society 6,000Servants Anonymous Society 20,000Children of the Street Society 10,000PoCoMo Youth Services Society 10,027Blind Beginnings Society 10,000Starlight Children’s Foundation 2,500Cameray Community Fund 7,500

$ 238,027

As an Imagine Caring Company, Westminster Savings dedicates a minimum of 1% of our pre-tax profits to charitable causes. The Imagine program is an initiative established by the Canadian Centre of Philanthropy and focuses on increasing corporate support to voluntary associations and networks.

Cert no. SW-COC-002263

Westminster Savings Credit UnionCorporate Head Offi ce108 - 960 Quayside Drive New Westminster, bc v3m 6g21.877.506.0100 604.517.0100 wscu.com


WESTMINSTER SAVINGS FOUNDATIONBOARD OF DIRECTORS

Left to rightPatty Sahota, ChairDarlene Hyde, Vice ChairDarlene Dean, President

Mark Carter, Secretary-TreasurerKathleen Kennedy-StrathMichael Edwards

Director Board MeetingsMark Carter 4 / 4Darlene Dean 4 / 4Michael Edwards 4 / 4Darlene Hyde 4 / 4Kathleen Kennedy-Strath1 2 / 2Patty Sahota 4 / 4

NOTES:1 Appointed to the Westminster

Savings Foundation BoardMay 16, 2009

SUMMARY OF MEETINGS HELD:Westminster Savings Foundation Board: 4

2009 investment report - westminster savings · 2010-04-19 · 2009 community investment report |...

Documents