Tuesday, May 24, 2011
Is The Choiseul Co-operative Credit Union Moving Up?
Many critics paint a bad picture of the operations of this Credit Co-operative. It may be for spite or maybe they genuinely know their way around.
There have been a lot of rumours about disappearances of funds, cover-ups and many more which is beyond the scope of this post.
However, the financial statements as of December 31, 2010 paints a very favourable and healthy state of this financial institution. Whatever is hidden in there will and can only be detected by a Cyborg. (Lol)
The balance sheet as at December 31, 2010 reads as follows:
Total Assests: $37,191,300.00
Total Liabilities: $30,672,009.00
Total Members' Equity: $6,519,291.00
Total Liabilities and Members' Equity: $37,191,300.00.
There is an increase of $2,461,205.00 over last year's figures.
To the observant eye one would see a massive reduction in the total members' equity compared to the 2009 figure of $27,811,110.00. A reduction of over twenty million dollars.
Why is this so? Speaking with the General Manager over the phone he says that the accounting system has changed and that it is only permanent shares that.....(my credit ran out)
However the reasons for this change will be pursued by this blog.
A section of the financial statement reads 'Statement of changes in Members' equity.' this will be perused and blogged for your info.
Can we proudly say that our institution is over two million dollars richer now?