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    Q: Are we getting dividend for last year?

    A: A recommendation will be made at the Annual General Meeting for the membership’s approval.

    Q: What is the total of bad debt written off to date and the total bad debt recovered to date. Thanks

    A: Total Bad debt written off (2018-2022) – $138 M , Total Bad Debt recovered (2018-2022) $ 3M.

    Q: What can we improve in?

    A: We have made aggressive steps in expenditure management and collection efforts. However, we need improvement in our loan disbursements.

    Q: Can you make an over the counter deposit on your shares, even if you make monthly direct deposits to your account?

    A: Yes, you may deposit sums to your account over the counter as well as online at any time.

    Q: Were we able to make any headway in the outstanding non performing loan to Mr DJ Williams?

    A: We are not at liberty to discuss the specifics of another member. However, we do have several matters either at the Commissioner’s office and in some cases judgements registered in the High Court.

    Q: Financial Statements as at 2022 and how the Covid-19 global pandemic may affect business

    A: For this AGM we will be presenting the Financial Status for 2021. Please see link: here. The fall-out from Covid 19 for the Credit Union has been lower loan disbursements due to falling demand, reduced surplus, interruption of service due to branch closures, increased costs with sanitization. In 2020 and 2021, we instituted loans waivers to cushion members cash flow, we collaborated with the Central Financing Facility on the possibility of financial assistance and members were afforded re-schedules to assist with financial difficulties.

    Q: The assets, shares and loans has been on a trending downwards for the last 5 years. What has the board considered to do differently in 2022 to change this trend?

    A: In our recently concluded Strategic Plan 2022-2025 the Board identified Portfolio Growth and Quality as a strategic imperative. Having done so, there are several initiatives outlined to achieve this including Marketing and Service Improvement Strategies to encourage increased sales of existing and new products.

    Q: What does the credit union have in place for members in order to recover from this pandemic in the form of debt consolidation….

    A: Our Debt Consolidation Promotion is coming up soon. Kindly come in or call and speak with one of our loan officers

    Q: can i have a financial statement to present to the HOUSING DEVELOPMENT CORPERATION

    A: Account statements are available to members upon request. We wish to advise that we have available our Residential Mortgage Loan. Come in or call and speak with one of our loan officers

    Q: Can statements be sent via email on a monthly basis to avoid usage of paper and ttpost ? If so I would like to request that method. That is my only question for now. Once I have another one I will add it accordingly.

    A: Please note that members have access to online services and e-statements with VENTURE. With these features you can access your account at any time. Please see link for online services: venturecreditunion.com/Products & service. Online services

    Q: Are they online

    A: The Financial Statements along with the notes are found in the AGM brochure, pages 60 through 78 which is online, Please see the following link: venturecreditunion.com/our credit union/our society/annual reports

    Q: Would like to have online banking doing everything from the tip of your hands with your electronic devices also being able to do transactions with external financial institutions as well

    A: For your convenience VENTURE has online services that include transfers from your bank account to the Credit Union and from the Credit Union to your bank. This is currently in place for RBC, FCB & RBL. You can also access our mobile app. Please see the link here

    Q: What is dividends and how and when do dividends occur? Do dividends show on your financial statement?

    A: Dividends is the return paid to members for their investment in the Credit Union. It is derived from the annual surplus gained from the operations of the Credit Union. It is proposed at the Annual General Meeting for approval by the membership. Kindly note that dividends are ready for payment and you can fill out the application online or come into you preferred branch.

    Q: In the future how difficult is it for me to attain capital to start a business of my own or to invest

    A: VENTURE Credit Union continue to entertain small business loans. Kindly come in or call to speak with one of our loan officers

    Q: If an account becomes dormant, what is the procedure to reactivate back that said account ?

    A: To activate a dormant account requires that you execute a transaction, you may deposit to your account at your preferred branch or through ACH.

    Q: How Long does it take for an account to become dormant?

    A: No action on the account for a period of 365 days will be classified as a dormant account

    Q: Any new branch locations in the pipeline?

    A: Continual improvement in our service to our members is a prime strategic objective. Considerations around new locations are informed by this objective. At this time, we thank you for your contribution we will be sure to advise the membership on any new developments

    Q: Do VCU do consolidation of loans, if yes what’s the criteria?

    A: Our Debt Consolidation Loan Promotion starts soon. Call or come in to speak with one of our loan officers

    Q: For members who do not have the required capital but is able to make the monthly payments, How is Venture willing to help them?

    A: Our ‘Start it Right’ loan product is suitable for this particular need. This loan allows you to borrow up to $200,000 where 50% is placed on a Fixed Deposit and the other 50% is for your use. Kindly come in or call to speak with one of our loan officers

    Q: Are we going to have the 5k back again this year?

    A: Having begun the year with the uncertainty of the Covid-19 measures and protocols that would remain in place, this was not a consideration, however this can be considered in the new term

    Q: Amendment to my previous question. What percentage of bad debts are allowed to be written off?

    A: According to International Financial Reporting Standards, loans that have not be paid for more than 365 days are recommended for write off

    Q: who would have authorized the removal of the assets if there is nothing being held that were held against the lending of those bad debts.

    A: Inherent in the loan contract is the condition of allocating any and all assets to the loan if there is default by the borrower.

    Q: What percentage of bad debts are allowed?

    A: International Financial Reporting Standards through the PEARLS Ratios directs that the standard for Delinquent/bad Debts should not exceed 5% of the total loan portfolio

    Q: In the past year, we have seen significant growth in foreign equities ie stocks. Does Venture have plans to invest in these securities? Or do these type of investments fall out of our risk appetite

    A: Our investment portfolio is managed for optimal returns. The Society continually reviews the investment portfolio and will consider investment both local and foreign to bring maximum returns to the Credit Union

    Q: Note 4 as disclosed in the financial statements outlines a very diverse and extensive investment portfolio. Does Venture have a Treasury specialist dedicated to monitoring these investments?

    A: The society has in its employ a manager for our investment portfolio. Further, external resources are invited to advise as the need arises

    Q: Please explain expected loss credit losses on investments 1.767 million yet you report income from investment of 34.6 million

    A: International Financial Reporting Standards directs that provision is made for the impairment of investments. This is listed as an expense in the Statement of Comprehensive Income, it does not affect the income accrued on the investment.

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