1 CASERA CREDIT UNION 2014 Annual Report to Members

CASERA CREDIT UNION
2014 Annual Report to Members
Banking.
Uncomplicated.
2014 ANNUAL REPORT TO MEMBERS
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Contents
Uncomplicated Banking............................................................................................................................................................................................................1
Vision, Mission & Values.............................................................................................................................................................................................................2
Providing Leadership & Governance.....................................................................................................................................................................................3
Achieving Stability.......................................................................................................................................................................................................................4
Board Committees.......................................................................................................................................................................................................................5
Building Vibrant Communities................................................................................................................................................................................................6
Our People are Our Assets........................................................................................................................................................................................................7
Balancing Technology with Service.......................................................................................................................................................................................8
Products & Services.....................................................................................................................................................................................................................9
In Focus......................................................................................................................................................................................................................................... 10
FINANCIAL STATEMENTS
Independent Auditor’s Report.............................................................................................................................................................................................. 11
Summary Balance Sheet......................................................................................................................................................................................................... 12
Summary Statement of Comprehensive Income.......................................................................................................................................................... 13
Summary Statement of Changes in Members’ Equity................................................................................................................................................. 14
Summary Statement of Cash Flows.................................................................................................................................................................................... 15
Notes to Summary Financial Statements......................................................................................................................................................................... 16
CASERA CREDIT UNION
2014 Annual Report to Members
Uncomplicated Banking.
We believe that exceptional service should be an easy flowing transaction
between a credit union and its membership. At Casera, we’re working
hard to eliminate inefficiencies, streamline processes and enhance our
interactions. We’re striving to make our members’ banking experiences
as seamless and straightforward as possible. In other words, we’re
making banking uncomplicated.
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Vision, Mission & Values.
Vision
As a leading prosperity builder and our members’ first choice for financial services,
we enrich the lives of individuals, families and communities.
Mission
To fulfill the ever-changing financial needs of our members by efficiently delivering
exceptional service and creative solutions.
Values
OUR PEOPLE
The Foundation of our Success
Delivering exceptional member service is the focus of every employee.
We invest in our employees’ growth by providing in-depth training and a diversity of career development opportunities.
CARING FOR OUR COMMUNITY
Focused on our Neighbourhoods
We support programs and initiatives that enhance the lives of our members and the communities we serve.
BUILDING AND MOVING FORWARD
Vision for the Future
We embrace change and achieve success by anticipating our members’ financial needs, leveraging technologies
and delivering creative financial solutions.
FINANCIAL STRENGTH
Stability and Security
Within the framework of the co-operative philosophy, we are committed to achieving sustainable growth through
prudent management of our financial resources.
CASERA CREDIT UNION
2014 Annual Report to Members
Providing Leadership & Governance.
At Casera, we are committed to providing financial services that enrich our members’ futures.
By prudently managing our resources in 2014, we maintained our already solid financial footing.
Robert Riddell (L), Brent Thomas (R).
The task for Casera’s Board of Directors in
2014 was to preserve stability and remain
cautious in the face of increasing financial
regulation and low-interest rates. As a
result of the Board’s established in-depth
strategy and planning sessions, we elected
to maintain a disciplined approach to
growth. The Board also chose to work
on enhancing its governance model by
helping design and implement a more
formal Enterprise Risk Management
framework. Because the objectives to
increase Casera’s capital position and
retained earnings met the levels required
by regulatory bodies, we have positioned
the credit union favourably for the future.
Casera remains focused on meeting
the needs of members by introducing
innovative technologies that help deliver
efficient and member-focused service.
In 2014, we upgraded our Information
Technology (IT) network and installed
additional firewalls to create an even
more secure IT environment. We rolled
out Small Business Online Banking, which
increased accessibility for small business
owners, and our free app, Casera CU
Mobile, made it even easier for members
to do their banking.
In a rapidly changing business world,
Casera believes that an investment in
education produces significant returns for
our credit union. We remain committed
to providing educational opportunities
for our staff, board and membership.
In 2014, we provided a number of
informational seminars for members. Our
staff, management group, and Board also
engaged in group seminars and programs
tailored to their individual needs.
Looking forward to 2015, we will be
entering a new era of online technology
with a revitalized website that will
engage members and non-members in
exciting new ways. As well, the Deposit
Anywhere feature of the mobile app
will allow members to deposit cheques
remotely by snapping a photo of their
cheque and submitting it online.
The Board of Directors underwent a
number of changes in 2014 with the
retirement of Vic Kuffner and the election
of Brian Walker. Dave Abel stepped down
as President after serving in that role
for 19 years. We truly recognize Dave’s
contribution to Casera and appreciate
the untold hours of work and guidance
that he provided during his tenure as
President. Dave continues to serve on
the Board in a Director’s role.
Casera’s success this year would not have
been possible without the dedication of
our management and staff who worked
tirelessly to meet the needs of our
membership. The Board sincerely thanks
them for their dedication, and we look
forward to another successful year.
Robert Riddell
President, Board of Directors
Brent Thomas
Chief Executive Officer
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Achieving Stability.
In 2014, Casera’s Board of Directors worked to govern the credit union in the face of a slower
economy and highly regulated industry. Through stringent oversight, comprehensive strategic
planning, and a formalized risk management program, the Board stayed true to its disciplined
and prudent approach, resulting in a stable, sustainable credit union with a solid future.
Casera is proud to be part of a vibrant provincial, national and international co-operative community. When establishing policies
and helping develop products and services, the Board pursues a member-centric approach that focuses on co-operative principles,
which means that it strives to create conditions that lead to positive member experiences. The member survey conducted in 2014
affirms that the work of the Board and the efforts of the management group and staff to engage, inform and serve members has
been a success.
Under the leadership of President Robert Riddell, Casera’s Board met regularly as a group and in five sub-committees — Executive, Audit,
Policy, Risk Oversight and Nominating. Their collective efforts have helped Casera achieve stability.
Celebrating Success
Casera’s Kildare branch opened in 1994. In March, the branch celebrated 20 years
of neighbourhood success with a “thank you” anniversary event for members
and guests.
CASERA CREDIT UNION
2014 Annual Report to Members
Board Committees.
Executive Committee
Risk Oversight Committee
Robert Riddell (Chairperson),
Barbara Anderson, Jason Whittaker,
Beverly Lafrance
The Executive Committee governs
Casera between board meetings
and works closely with management
to ensure the credit union’s overall
success.
Beverly Lafrance (Chairperson),
Dave Abel, Barbara Anderson,
Barry Hoeppner, Martin Johnson,
Robert Riddell, Brian Walker,
Jason Whittaker, Stephen Zurawecki
Audit Committee
Barry Hoeppner (Chairperson),
Martin Johnson, Brian Walker,
Stephen Zurawecki
As the liaison between Casera’s auditors
and Board, the Audit Committee focuses
on financial disclosure, internal controls,
risk management and the integrity of
the audit process.
Policy Committee
Stephen Zurawecki (Chairperson),
Dave Abel, Barbara Anderson,
Brian Walker
The Policy Committee oversees Casera’s
policies, evaluates sound business
practices and recommends changes
to bylaws and policies.
The Risk Oversight Committee reviews
Casera’s risk assessment and ensures
that the enterprise risk management
program is integrated into the Board’s
strategic planning.
Nominating Committee
Martin Johnson (Chairperson),
Barbara Anderson, Jason Whittaker
The Nominating Committee
ensures member inclusion in Casera
by identifying, interviewing and
recommending director candidates,
and coordinating board elections.
Meetings Held
Board meetings.................................... 11
Planning meetings............................... 2
Committee meetings:
Executive.......................................... 4
Policy................................................... 5
Audit.................................................... 5
Nominating..................................... 4
Total meetings held in 2014......... 31
Row 1 L to R: Robert Riddell, Barbara Anderson
Row 2 L to R: Jason Whittaker, Beverly Lafrance
Row 3 L to R: Dave Abel, Barry Hoeppner
Row 4 L to R: Martin Johnson, Brian Walker
Row 5: Stephen Zurawecki
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Building Vibrant Communities.
Our ongoing support for community groups and local initiatives in Transcona, St. Vital and
St. Boniface has enhanced our relationships with new and established members, and helped
strengthen the neighbourhoods where we conduct business. Over the year, we continued
our support for such time-honoured events as Transcona Hi Neighbour Festival and Walk
With L’Arche, and community-focused organizations such as United Way of Winnipeg,
Save Our Seine and Transcona BIZ.
Casera’s commitment to young people also continued in 2014. We supported local community centres, neighbourhood sports
programs and community organizations like The Dream Factory, a group that helps realize the dreams of kids battling life-threatening
illnesses. We also provided bursaries to deserving students from seven area high schools, something we have been doing since 1972.
Building Neighbourhoods
Through ongoing support of important community
programs such as United Way and Buhler Recreation
Park, and long-established events like Walk With L’Arche
and Transcona Hi Neighbour Festival, we continue to
help our neighbours build vibrant neighbourhoods.
Sponsoring Youth
Our ongoing support of Save Our Seine (SOS) includes sponsoring the community-based, environmental organization’s
Urban Green Team. The summer employment program is essential to SOS in its efforts to keep the Seine River clean and tidy.
CASERA CREDIT UNION
2014 Annual Report to Members
Our People are Our Assets.
Our staff members are critical to our success. We rely on their commitment to delivering
exceptional member service. Their everyday efforts in 2014 reflected in a survey that showed
an overall member satisfaction rate of 93 per cent.
In-branch or by phone, our staff work hard to engage members, answer their questions and provide solutions to their financial needs.
We’re proud of our time-honoured reputation for personalized service, a sustaining principle that helps us grow our membership.
Casera’s Staff
Staff as of December 31, 2014
Corporate Office:
Nicholas Boudreau
Shaylene Hurl
Evelyn Kouk
Beverley Self
Serena Streilein
Brent Thomas
Courtney Vanden Berg
Plessis Road Branch:
Gail Armstrong
Stephanie Desjardins
Heather Dufresne
Jennifer Fokeer
Karen Genung
Cari Goncalves
Robyn Hiller
Terry Jones
Marjorie Kolimlim
Jayme Marien
Ryan Oliveros
Caleigh Pokrant
Sharon Slater
Cindy Smith
Marianne Unruh
Kildare Avenue Branch:
Elaine Banman
Marla Costa
Krista Gmiterek
Karen Hainstock
Doloreen Hector
Marlee Jasper
Jason Klassen
Elyne Marion
Jonathan Olsen
Kim Podolsky
Donna Waslenko
Breanne Wynnobel
St. Annes Road Branch:
Karen Baxter
Kristen Burton
Lorelei Cochrane
Jaclyn Girouard
Ashley Guy
Aser Hailu
Heather Koniak
Kathy Lemky
L to R: Brent Thomas, Chief Executive Officer; Jason Klassen, Manager, Kildare Avenue branch;
Evelyn Kouk, Manager, Branch Operations and Lending, and Acting Manager, Plessis Road
branch; Kathy Lemky, Manager, St. Anne’s Road branch.
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Balancing Technology
with Service.
In a competitive financial service industry, technology remains
the key to holding an advantage in the marketplace. In 2014,
we continued to keep pace with the launch of a new mobile app,
Casera CU Mobile. The Apple and Android compatible app has
made it easier for members to access their accounts, transfer
funds and pay bills via their mobile devices. We also introduced
Small Business Online Banking, a suite of online banking features
that meets the specific needs of businesses.
While technology drives our industry, it is still the personal relationships that we build with
members that are predictive of Casera’s long-term success. New banking technologies will
keep us competitive, but making our members and their families feel at home when they
walk through our doors will help us maintain our unique place in the market.
Providing Convenience
With the launch of Casera CU Mobile, online banking
became even more convenient for members. The
free Apple and Android app provides easy access
to accounts and transactions such as bill payment
and transfers.
Educating Members
To enhance efforts to educate and inform members,
Casera entered into an association with the Credit
Counselling Society. Through presentations and
personal sessions, the non-profit group offers free,
confidential debt help and solutions.
Volunteering Expertise
Since establishing Titan Credit Union at Transcona Collegiate Institute in 1997, Casera has continued to support the
student-run credit union. Our staff reaches out to the award-winning high school business program through volunteer
mentoring and presentations.
CASERA CREDIT UNION
2014 Annual Report to Members
Products & Services.
Deposit Accounts
MAXIMIZER® Chequing Accounts
e-Chequing
PLAN 24® Daily Interest Savings Accounts
Regular Savings Accounts
High Yield Savings
e-Savings
FAT CAT® Accounts
HEADSTART® Accounts
HEADSTART® Grad Pac Accounts
Club 55 Accounts
Trust Accounts
U.S. Dollar Accounts
Business Accounts
Lending Products
& Services
Mortgages
Personal Loans
Mortgage Life Insurance*
Credit Disability &
Credit Life Insurance*
Overdraft Protection
Lines of Credit
Commercial Loans
Investment Products
& Services
Term Deposits
Tax-free Savings Accounts (TFSAs)
Registered Retirement
Savings Plans (RRSPs)
Registered Retirement
Income Funds (RRIFs)
Registered Education
Savings Plans (RESPs)
Investment Planning
Mutual Funds**
Credential Direct Online Brokerage***
Online & Mobile
Banking Services
CU@HOME®
Casera CU Mobile
Deposit Anywhere™
Small Business Online Banking
Go Mobile
Mobile Web
Direct Alerts
Additional Services
e-Statements
MEMBER CARD® Debit Cards
Drive-thru and In-branch ATMs
INTERAC Direct Payment†
Direct Deposits (payroll, pension
and government)
Money Orders
Travellers Cheques
INTERAC e-Transfer†
American Express U.S. Drafts
Bill Payments
MasterCard
Executor EASE
Safety Deposit Boxes
Night Depository
Travel & Homeowners Insurance*
   *Mortgage Life, Credit Disability, Credit Critical Illness
and Credit Life Insurances are underwritten by CUMIS
Life Insurance Company. Homeowners Insurance is
underwritten by CUMIS General Insurance Company.
Travel Insurance is underwritten by Co-operators General
Insurance Company. These services are provided to credit
union members through the Credit Union Insurance
Services Program.
  **Mutual funds are offered through Credential Asset
Management Inc. Commissions, trailing commissions,
management fees and expenses all may be associated
with mutual fund investments. Please read the
prospectus before investing. Unless otherwise stated,
mutual fund securities and cash balances are not covered
by the Canada Deposit Insurance Corporation or by any
other government deposit insurer that insures deposits
in credit unions. Mutual funds are not guaranteed, their
values change frequently and past performance may not
be repeated. ®Credential is a registered mark owned by
Credential Financial Inc. and is used under licence.
***Credential Direct® is a division of Credential Securities
Inc., and operates as a separate business unit. Credential
Securities Inc. is a Member of the Canadian Investor
Protection Fund. ®Credential is a registered mark owned
by Credential Financial Inc. and is used under licence.
   ®ACCULINK, FAT CAT, HEADSTART, MAXIMIZER, PLAN 24,
CU BY PHONE and CU@HOME are registered trademarks, MEMBER CARD and MEMBER CARD & Design are
registered certification marks owned by Credit Union
Central of Canada, used under license.
   † Trade-mark of Interac Inc. Used under license.
  ™MemberDirect Design and ®MemberDirect are trade-marks
owned by Credit Union Central of Canada, used under
license.
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In Focus.
2014 Financial Highlights
Strength
Expenses
Net income was $1,893,339 for the year.
Gross operating expenses increased by 3.11% to $6,022,273
compared to $5,840,570 in 2013. Our efficiency ratio was
72.59% compared to 73.38% in 2013.
Equity
Our equity position was further strengthened by $2,485,810
to reach total equity of $20,894,487. Our regulated equity is
currently above requirements of 5%.
Dividend
A total of $134,000 was paid out as a share dividend, bringing the
total dollar amount paid to members, to date, over $3.6 million.
Assets
Assets grew by $10,393,555 or 3.11% to reach $344,729,183
at December 31, 2014.
Loans
Member loans at December 31, 2014 were $310,148,198,
an increase of 3.28% from $300,309,846 in 2013. There was
no major change in our loan mix with residential mortgages
representing 79.17% of our loans portfolio. Loans represented
89.97% of assets at December 31, 2014.
A provision for impaired loans was set up for $80,043, with
the allowance for doubtful loans at $182,411, up from $134,867
in 2013. Loans written-off were $32,499 compared to $147,808
in 2013.
Deposits
93% 95% 88%
Measuring Satisfaction
Our members were surveyed to determine their level of contentment with Casera’s
products and services. Results measured overall member satisfaction at 93 per cent,
95 per cent would recommend Casera to friends and family, and 88 per cent conduct
the majority of their financial business with Casera.
Member deposits at December 31, 2014 were $319,728,725
an increase of 5.75% from $302,338,157 in 2013. There was no
major change in our deposit mix with the majority of member
deposits held in term deposits and registered plans.
CASERA CREDIT UNION
2014 Annual Report to Members
Report of the Independent Auditor
on the Summary Financial Statements
To the Members of CASERA CREDIT UNION LIMITED
The accompanying summary financial statements, which comprise the summary balance sheet as at December 31, 2014, and the
summary statement of comprehensive income, summary statement of changes in members’ equity and summary statement of cash
flows for the year then ended, are derived from the audited financial statements of CASERA CREDIT UNION LIMITED for the year ended
December 31, 2014. We expressed an unmodified audit opinion on those financial statements in our report dated March 30, 2015.
The summary financial statements do not contain all the statements and disclosures required by International Financial Reporting
Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the
Credit Union.
Management’s Responsibility for the Summary Financial Statements
Management is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1
to the summary financial statements.
Auditor’s Responsibility
Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted
in accordance with Canadian Audit Standard (CAS) 810, ‘Engagements to Report on Summary Financial Statements’.
Opinion
In our opinion, the summary financial statements derived from the audited financial statements of CASERA CREDIT UNION LIMITED
for the year ended December 31, 2014 are a fair summary of those financial statements, on the basis described in Note 1 to the
summary financial statements.
Chartered Accountants
Winnipeg, Manitoba
March 30, 2015
BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
BDO Canada s.r.l., une société canadienne à responsabilité limitée, est membre de BDO International Limited, société de droit anglais, et fait partie du réseau international de sociétés membres indépendantes BDO.
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Casera Credit Union Limited
Summary Balance Sheet
20142013
December 31
ASSETS
Funds on hand and on deposit Other assets Investments Loans to members Property, plant and equipment Intangible assets
$
3,738,861 $
1,177,349 27,327,821 310,148,198 1,594,052 742,902 $
344,729,183
$
3,563,248
1,203,413
26,827,646
300,309,846
1,760,577
670,898
334,335,628
LIABILITIES AND MEMBERS’ EQUITY
Borrowings Income taxes payable Other liabilities
Members’ deposits Deferred income tax liability Members’ shares $
2,838,407 $
67,855 625,798 319,728,725 394,000 179,911 323,834,696
12,280,935
190,277
590,302
302,338,157
403,000
124,280
315,926,951
Members’ Equity
Members’ shares Retained earnings 3,927,233 16,967,254 20,894,487 $
344,729,183 $
3,204,633
15,204,044
18,408,677
334,335,628
Approved on behalf of the Board of Directors:
_____________________________________ Director
_____________________________________ Director
The accompanying notes are an integral part of these summary financial statements.
CASERA CREDIT UNION
2014 Annual Report to Members
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Casera Credit Union Limited
Summary Statement of Comprehensive Income
20142013
For the year ended December 31
REVENUE
Interest on loans to members
Lines of credit
$904,633$
819,023
Term loans
1,835,813
1,872,827
Real estate
8,768,085
8,963,910
Investment income
Liquidity deposits
418,228
500,502
CUCM shares
37,717
44,878
Debenture
40,461
40,275
12,004,937
12,241,415
COST OF FUNDS
Interest paid to members
6,254,557
6,396,780
Interest on borrowings
124,950
456,664
6,379,507
6,853,444
Gross financial margin
5,625,430
5,387,971
OPERATING EXPENSES
Personnel
2,577,593
2,497,872
Administrative
1,831,010
1,761,588
Occupancy
1,066,172
1,007,993
Members’ security
323,981
339,490
Organizational
219,646
231,758
Distributions to members
3,871
1,869
Gross operating expenses
6,022,273
5,840,570
Less other income
2,670,770
2,570,951
3,351,503
3,269,619
Gross operating income
2,273,927
2,118,352
Provision for impaired loans 80,043
64,268
Income before income taxes
2,193,884
2,054,084
Provision for income taxes
300,545
445,132
Net and total comprehensive income for the year
$
1,893,339$
The accompanying notes are an integral part of these summary financial statements.
1,608,952
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Casera Credit Union Limited
Summary Statement of Changes in Members’ Equity
For the year ended December 312014
Balance on December 31, 2012
Net income for the year Distributions to members
Issue of members’ shares
Redemption of members’ shares
Transfer from liabilities
Balance on December 31, 2013
$
Net income for the year Distributions to members
Issue of members’ shares
Redemption of members’ shares
Transfer to liabilities
Balance on December 31, 2014
Members’ Shares
Retained Earnings
Total
2,009,372
13,697,223
15,706,595
—
1,608,952
1,608,952
—
(102,131)
(102,131)
1,000,277
—
1,000,277
(387,951)
—
(387,951)
582,935
—
582,935
3,204,633$ 15,204,044$ 18,408,677
$
—
—
1,051,693
(273,461)
(55,632)
3,927,233$
1,893,339
1,893,339
(130,129)
(130,129)
—
1,051,693
—
(273,461)
—
(55,632)
16,967,254$ 20,894,487
The accompanying notes are an integral part of these summary financial statements.
CASERA CREDIT UNION
2014 Annual Report to Members
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Casera Credit Union Limited
Summary Statement of Cash Flows
20142013
For the year ended December 31
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year
$1,893,339$
1,608,952
Adjustments for
Interest and investment revenue
(12,004,937)
(12,241,415)
Interest expense
6,379,507
6,853,444
Depreciation expense
399,595
397,524
Provision for impaired loans
80,043
64,268
Gain on disposal of property, plant and equipment
(252)
(400)
Deferred taxes
(9,000)
150,000
(3,261,705)
(3,167,627)
Change in other assets and liabilities
61,560
(220,023)
Change in income taxes payable
(122,422)
277,167
(60,862)
57,144
Changes in member activities (net)
Change in loans to members
(9,918,594)
(16,792,849)
Change in members’ deposits
17,226,312
11,253,632
7,307,718
(5,539,217)
Cash flows related to interest, dividends, and income taxes
Interest received on loans to members
11,508,723
11,613,010
Interest received on investments
477,322
605,970
Interest paid on members’ deposits
(6,090,301)
(6,622,463)
Interest paid on borrowings
(124,950)
(456,664)
Income taxes paid
—
(3,174)
5,770,794
5,136,679
Total cash flows from operating activities
9,755,945
(3,513,021)
CASH FLOWS FROM INVESTING ACTIVITIES
Redemption of investments
18,915
Purchase of property, plant and equipment
(94,427)
Purchase of intangible assets
(210,647)
Proceeds on disposal of property, plant and equipment
252
Total cash flows from investing activities
(285,907)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of common, surplus and preference shares
Redemption of common and surplus shares
Dividends on shares
Total cash flows from financing activities
1,051,693
(273,461)
(130,129)
648,103
329,670
(203,646)
(87,629)
400
38,795
1,000,277
(387,951)
(102,131)
510,195
Net increase (decrease) in cash and cash equivalents
10,118,141
(2,964,031)
Cash and cash equivalents, beginning of year
15,782,313
18,746,344
Cash and cash equivalents, end of year
$25,900,454$
15,782,313
Comprised of the following:
Funds on hand and on deposit
$3,738,861$
Credit Union Central of Manitoba deposits
25,000,000
Credit Union Central of Manitoba Borrowings
(2,838,407)
$25,900,454$
The accompanying notes are an integral part of these summary financial statements.
3,563,248
24,500,000
(12,280,935)
15,782,313
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Casera Credit Union Limited
Notes to Summary Financial Statements
For the year ended December 31, 2014
1.Basis of Presentation
Management is responsible for the preparation of summary financial statements. The summary presented includes only the
summary balance sheet, summary statement of comprehensive income, summary statement of changes in members’ equity
and summary statement of cash flows. It does not include any notes to the financial statements. The summary balance sheet,
summary statement of comprehensive income, summary statement of changes in members’ equity and summary statement of
cash flows are presented in the same detail as the audited financial statements except the note referencing has been removed.
Copies of the December 31, 2014 audited financial statements are available at the Credit Union’s head office at 1300 Plessis Road,
Winnipeg Manitoba or online at www.caseracu.ca.
2.Compliance with Minimum Capital and Liquidity Requirements
The Credit Union is in compliance with the capital and liquidity reserve requirements at December 31, 2014 established by the
Regulations to The Credit Unions and Caisses Populaires Act of Manitoba.
Readers of the summary financial statements are advised that in order to appropriately interpret the Credit Union’s capital and
liquidity, the reader must refer to the audited financial statements including notes for the year ended December 31, 2014, which
contain the information detailing the calculations.
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1300 Plessis Ph: 204-958-6300 | 8-630 Kildare Ph: 204-958-6320
720 St. Anne’s Ph: 204-958-6600 | E-mail: talktous@caseracu.ca
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