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    Q: Pg 28 of the brochure speaks about a delinquency consultant and measures implemented since 2017 but the delinquency graph shows a substantial and continuous increase in delinquency from this period. This gives the impression that the consultant and initiatives implemented for delinquency are not working. Please explain.

    A: The increase in delinquency post 2017 resulted from the deterioration of loans granted pre 2017. The risk framework developed by the consultant in 2018 was used to segment the loan portfolio and provide recommendations. Further, the information presented on pg 28 shows percentages with loan balance as the denominator. The decline in loan balance is an additional factor in the rise in delinquency percentage.

    Q: The overall standard of the brochure was lowered by the quality of the text in the financial report. I hope that what I have heard that this was deliberate to give the reader a headache and so avoid questions is not the case. Question: pg 75 Faxes. Are you charging members to send a fax?

    A: The quality of the text in the financial statements is the same as that of the rest of the Annual Report. It is unfortunate that Members would even venture to think that any perceived difference could be deliberate. Indeed, VENTURE welcomed Members’ questions at this forum and did nothing to inhibit them. While we were unable to field all during the live event, we have committed to responding to every question in the following week and posting same to our website.

    The only reference to faxes on page 75 is in Note 16 – Occupancy costs (Facsimile). This note details the various expenditure associated with occupancy of the Branches and Administration building. Among those costs are the various utilities, including the cost of the lines for our facsimile machines. Nothing in this note pertains to charges to Members. Also, it can be categorically stated that Members are not charged for faxes. Members are not charged for many things.

    The credit balance in 2019 arose as a result of the reversal of excess accruals made during the year.”

    Q: With respect to the consultant engaged in the business continuity study. Do we have an update subsequent to March 2020?

    A: The Business Continuity Plan is a current document being used by the office. An update post March 2020 was done with a focus to ensure continuity of the business during the current pandemic. This status will be reported in the next AGM Report

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