TEN-PAGE SPECIAL WEDNESDAY, JANUARY 27, 2016.
THE UWI (Cave Hill) Cooperative Credit Union Limited is proud and excited to celebrate 30 years of service this year and invites everyone to join us in this The Year Of The Borrower! We have many milestones and achievements to celebrate. The credit union has grown and developed in so many ways from its founding in 1986, but one thing has remained constant, and that is EXCELLENT MEMBER SERVICE which remains a core value. With the existence of the economic downturns throughout the world, we cannot turn a blind eye to what is happening around us, as it has especially forced the financial sector to pay closer attention to how we do business. We have for the past 30 years worked hard to connect with our membership, assisting them in achieving their
continue to provide convenient products and services at competitive rates and enhance the members’ experience. Our success would not have been possible without our dedicated staff, new and long-term members and the leadership of our board of directors and committee members who continue to serve our credit union with distinction. It has been a pleasure working with such great individuals. We look forward to a JENNIFER HINKSON (GP) challenging yet exciting financial goals. Our mission future together. The Board therefore is not only to enhance our thanks the management members financially, but and staff, other committee also to develop each members, and all those member by providing who in any way have opportunities for growth contributed to the growth through education, and success of the UWI community building and (Cave Hill) Co-operative leadership development. Credit Union Limited. We are also here to advance the Credit Union – JENNIFER HINKSON, Movement as a whole. Our vision for the future PRESIDENT, UWI (CAVE HILL) CO-OPERATIVE is to create positive value CREDIT uNION LIMITED for our members. We will
THE BOARD OF DIRECTORS of the UWI (Cave Hill) Co-operative Credit Union Limited: Standing (from left) are Ian Proverbs - director, Neil Broome – secretary, Charles A O Alleyne – treasurer, and David Myles – vice-president. Seated are (from left) Sharon Alexander-Gooding – director, Jennifer Hinkson – president, and Natasha Corbin – director (GP)
6. WEDNESDAY, JANUARY 27, 2016. MIDWEEK NATION SPECIAL.
GENERAL MANAGER Judith Baynes (seated) with (from left) Denise Holford (assistant manager), Angela Burton-Scott (member relations officer), Shakerah James (member relations representative), Krystle Moore (member services representative, Kimel Watson (office assistant), and Ricardo Peterson (accounting assistant). (RC)
I HAVE BEEN a credit unionist for more years than I can remember. I believe in the credit union principles and the fact that the credit union, more than any other financial institution, is there to help its members. Unlike other financial institutions, as a member, one has a say in the activities of their credit union. People often feel that they have to earn a lot of money to invest or save, but saving even $10 a week, adds up to $520 at the end of year plus any interest accumulation. That is $520 more than they had at the start of the year. People should join the credit union from an early age. There are members who have signed up their children from birth. Some of those same children are now attending our annual general meetings and applying for our undergraduate or postgraduate scholarships. While it can sometimes be demanding to keep up with the requirements and mandates of the regulatory body, the Financial Services Commission, the credit union has been able to meet this challenge with the full co-operation of its board, other elected officers and volunteers. I would like to acknowledge the stellar support and service from our staff. We are truly blessed to have had some wonderful people working with the credit union over the years such as Denise Holford who has been working with the credit union since 1999, Angela Burton-Scott, Krystle Moore, Ricardo Peterson, Shakerah James and Kimel Watson. No man, or woman in this case, is an island. The support of the Barbados Cooperative & Credit Union League Limited, Co-operators General Insurance Company Limited, general managers and staff of the other credit unions, who have been willing to provide assistance and share information over the years has been invaluable. While we might not have some of the services offered by the larger credit unions such as automated teller machines, we take pride in our ability to give our members a very good return on their savings, to offer low interest rates on loans and most importantly to provide quality service. The year 2015 saw an update of our website along with the launch of our Facebook page. In 2016, we will continue
to introduce new products and services to benefit our members. In the words of Professor Emeritus Sir Frank Alleyne, the UWI (Cave Hill) Co-operative Credit Union Limited is a “small heavyweight” in the Barbados credit union movement. May we continue to have a positive influence in the lives of our members for another 30 years. – JUDITH BAYNES, GENERAL MANAGER, UWI (CAVE HILL) CO-OPERATIVE CREDIT UNION LTD.
THE BOARD OF DIRECTORS, Committees, management and staff wishes to extend heartiest congratulations to the UWI (Cave Hill) Credit Union on the occasion of the celebration of your 30th anniversary. We salute you BARRY HUNTE on the achievement of this significant milestone. You have undoubtedly contributed in a very meaningful and substantial manner to the university community through your credit and savings products and other innovative ways of giving back to our members. In addition, your society has been one of the shining lights as it relates to the practice of co-operation through its unswerving support of movement wide initiatives with a beneficial impact on the movement and the wider Barbadian public. – BARRY HUNTE, PRESIDENT, BARBADOS CO-OPERATIVE & CREDIT LEAGUE
UNION
MIDWEEK NATION SPECIAL. WEDNESDAY, JANUARY 27, 2016. 7
WORDS CAN NEVER seem to adequately express the extreme pride I feel to be associated with an institution that has made an indelible difference in the lives of many Barbadians. As we congratulate the credit union on reaching this milestone, there is little doubt that the UWI (Cave Hill) Co-operative Credit Union has provided critical access to funds and funding for countless people, without which they could not achieve many of their life’s goals. Since opening its doors in 1986 with a membership of 24 people, the UWI (Cave
Hill) Co-operative Credit Union now boasts a membership base of 1 623 people. This is testimony to its contribution and its importance in our socio-economic landscape and the extremely high regard within which it is held. From education to consumer loans, including mortgages, car loans and the like, this credit union has continued to play a pivotal role in societal advancement that belies its 30-year history . . . and there is more to come. Our committee has pledged to play its part in changing the lives of those who
THE CREDIT COMMITTEE. From left, Roseanne Maxwell (chairperson), Julian McCollin (member), Ingrid Lashley (secretary), Ryan Headley (member), and Maria Maynard (member). (RC) support our organisation, and to provide reaching this significant milestone and future generations with a solid financial pledges its continued support in achieving base through which they can further attain another 30 years of success. their hopes and dreams. We take this opportunity to thank the We cannot do it without the support of board of management, the supervisory each member, particularly those yet to committee, the education committee and recognise the myriad of benefits to be staff for their contribution to the success derived from being a member of UWI Credit of the UWI (Cave Hill) Co-operative Union and its affiliated organisations. Credit Union Limited. – ROSEANNE MAXWELL, The credit committee extends sincere CHAIRMAN, CREDIT COMMITTEE, congratulations to the UWI (Cave Hill) UWI (CAVE HILL) CO-OPERATIVE CREDIT UNION LIMITED Co-operative Credit Union Limited on
THE SUPERVISORY COMMITTEE. From left, Linnell Nurse (secretary), Owen Ellis (chairperson), and Betty Thorpe (member). (GP)
THE SUPERVISORY COMMITTEE in its role as statutory oversight committee ensures that the operations of the credit union are carried out to the highest standards, and that management closely adheres to all rules and regulations. The role of the supervisory committee is made easier since the committee works closely with management to carry
out its mandate, and has a very good working relationship with the Board and staff of the credit union. Over the years, the committee has been able to state without fail that the UWI (Cave Hill) Cooperative Credit Union Limited continues to function efficiently and effectively to meet the needs of its members. These needs have been wide, varied and continue to
grow but the credit union has been able to keep up with these requests while maintaining its integrity. The supervisory committee would like to offer congratulations to the UWI (Cave Hill) Co-operative Credit Union Limited for having reached this major milestone. – OWEN ELLIS, CHAIRMAN, SUPERVISORY COMMITTEE, UWI (CAVE HILL) CO-OPERATIVE CREDIT UNION LIMITED
barteachcredit@caribsurf.com
8. WEDNESDAY, JANUARY 27, 2016. MIDWEEK NATION SPECIAL.
by PATRICK E. McDONALD President, 2010-2015
The credit union is a founding shareholder of CGICL, an insurance company registered in 1990. CGICL had IN JANUARY of 1986, ten people, from some challenges during the first 15 years; a group of approximately 25, signed however, that company has come into its a document that would change, in a own strongly over the last ten years and significant and positive way, their lives, is now a bright light in the credit union the lives of their co-workers, their families, movement. and their communities. That document was When the Y2K scare was sweeping the the registration of the UWI (Cave Hill) Coworld, the credit union turned to a local operative Credit Union Limited. (Barbadian) entrepreneur for technology Those ten people were Professor solutions. That local firm, Integrated Emeritus Sir Frank Alleyne, Victor Cooke, Computing, and its managing director Kathleen Drayton, Professor Neville Shelstone Lorde, have supported the credit Duncan, Marion Forde, Nicholas Liverpool, union’s growth by providing up-to-date Euna Moore, Dr Hervine Pelter, Gerald information technology products Rose, and Maurice Webster. and support for the past 22 years. Without lessening the contribution In 2010, the decision was made by of any of the founding members, it is Government to take away all the savings appropriate to highlight and acknowledge allowances granted to credit union the yeoman service given to the credit members. The credit union came up union, the Barbados Co-operative & Credit with alternative ways to encourage PATRICK E. McDONALD, Union League Limited, (BCCULL) and members to save and this approach PRESIDENT, 2010-2015 Co-operators General Insurance Company has been successful. Ltd (CGICL), by the late Roy Brathwaite, one Following on the removal of allowances, movement. To list a few: the credit union of the 25 and himself also a founding a tax was recently imposed on the credit weathered the economic trauma of the member of the credit union. union movement. While this move has hurt early 1990s; watched with much credit union members, it is hoped that trepidation the division in the credit union Overcoming the challenges it will not have a lasting effect on the movement in the mid 1990s, but yet played movement’s growth. As the trying economic Over the years the credit union faced and overcame many significant challenges a meaningful role in the rebuilding of the times have persisted, movement, starting with the while at the same time it also made the credit union has been making every meaningful contributions to the credit union 2000-2001 reunification. effort to cushion the negative impact
on its members. Safety and soundness The success of the credit union can be closely linked to good management and putting members first. The credit union has tried to ensure that it “walks the walk” and practices what is stated in its motto: “not for profit but for service”. Long before corporate governance became the new buzz term, the UWI (Cave Hill) Cooperative Credit Union Limited had these principles in place along with other excellent management practices. For example, in 2006 the movement started to grapple with a major accounting change, that of IAS 32. The credit union was one of the first in the movement to adopt this new accounting standard. When the revised Co-operatives Act was proclaimed in 2007, the credit union went to work immediately to ensure that it became compliant. When anti-money laundering and other financial guidelines and compliance requirements were announced, the credit union made sure that it took steps to comply. The credit union is constantly updating its policies and strategies. However, the impact on its members and the Credit Union’s structure are always fully considered before any new policy is
• Continued on next page.
The City of Bridgetown Co-operative Credit Union Ltd congratulates the UWI Co-operative Credit Union on the celebration of its 30th Anniversary. We wish you many more years of continued success.
SAVINGS PLANS | RRSP | LOANS | INTERNET & MOBILE BANKING | FINANCIAL SERVICES
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MIDWEEK NATION SPECIAL. WEDNESDAY, JANUARY 27, 2016. 9
IT GIVES ME great pleasure and satisfaction to congratulate you on the achievement of a signal milestone in your organisation. Thirty years of existence and service to the UWI Cave Hill community is indeed a significant and laudable achievement. Your consistent growth, particularly in the past ten years, clearly reflects the confidence and support of your growing membership as well as the strong leadership and management of your organisation.
Of particular significance is your positive performance in the last three years despite the deep recession and myriad social and economic challenges. No doubt, your adherence to the credit union’s core values and people-centric focus contributed to your resilience, relevance, sustainability, and overall growth. As you look forward to the next 30 years of continued service and engagement with your membership and community
• From Page 8. introduced or strategy implemented. These successes have put significant pressure on the credit union over the years, as the Co-operatives Department (now Financial Services Commission, FSC) has held it up as a standard bearer. The credit union’s accommodation has improved dramatically over the years, thanks to its very kind benefactor, the UWI Cave Hill Campus. The credit union moved from a file folder, to a drawer in a file cabinet; from a full file cabinet to sharing an office; from having a very small office to what might be considered its well-appointed facilities located in the Caricom Research Building of the UWI Cave Hill Campus. The financial growth of the credit union has been nothing but spectacular. This has been achieved through the power of co-operation. Listed below are two important growth areas: 1986
1996
2006
2016
Membership
24
517
1390
1623
Total Assets
47K
4.76M
22.42M
47.50M
The future As the credit union moves forward into the future, the path ahead is as uncertain as when the founding members embarked upon their journey. However, it will continue to build on the things that have brought success while trying to avoid the hostile forces that could threaten its survival. As far as the movement is concerned, it is reasonable to expect more challenging times and changes ahead. However, the movement has survived wars, natural and human made disasters. This is because the movement has kept God at the head and our people (members) as top priorities. It is critical that those credit unions in the movement that are struggling under the weight of new regulations, competition and greater demands from their members, take voluntary steps to ensure their survival. They should not wait until they are forced to take action, as the outcomes might not be in their best interest. They must now see mergers and amalgamations among those of similar bonds as an urgent matter for the benefit of their members. Finally, on behalf of the UWI (Cave Hill) Co-operative Credit Union, I would like to express very special thanks to the UWI Cave Hill Campus and the administrators for the exceptional support given to the credit union over the years. I would also like to thank the BCCULL, the Cooperatives Department, the FSC, and fellow credit unions for the support given to the credit union over the years.
AARON MOSES: President, Caribbean Confederation of Credit Unions (GP) within an intensely competitive environment, I am confident that the UWI (Cave Hill) Co-operative Credit Union Limited will maintain its connectedness and proximity to its membership, demonstrating responsiveness, agility, and caring. Ultimately, these are the distinguishing uniqueness about our great movement. The Caribbean Confederation of Credit Unions extends congratulations and remains ready to provide any assistance and support required as you continue on your upward journey and growth. Best wishes and God’s blessings. – AARON MOSES, PRESIDENT, CARIBBEAN CONFEDERATION OF CREDIT UNIONS
Email: bartelcreditunionltd@caribsurf.com
10. WEDNESDAY, JANUARY 27, 2016. MIDWEEK NATION SPECIAL.
by VICTOR COOKE President (1989 to 1991) BEFORE THERE was a credit union, there had to be a period of gestation. The gestation period was some ten years which started in the mid 1970s with a consumers buying club. This was an informal group organised by the then finance office under the leadership of the finance officer Victor Cooke, ably assisted by Ivy “Blossom” Layne, Marion Forde, Marlene Harris, Shirley Baynes and Patricia Corbin, to name a few of the people involved. The object of the club was to purchase goods wholesale from the importing agents such as Geddes Grant, A. S. Bryden and K.R. Hunte, for sale to members of the club at wholesale prices rounded to the nearest dollar. It is amazing how much money the club accumulated from the rounding process. Needless to say, the activities of the club grew exponentially. Who doesn’t want to buy food stuff cheaper? People love bargains. Lists were drawn up as to what items should be offered. No perishable goods, no items requiring refrigeration or anything that had to be weighed, parcelled or measured. Items selected included canned or packaged goods such as corned beef, rice or anything that could be counted and distributed. We began collection and distribution in the old conference room. Faculty and departmental agents were appointed to collect lists from their members for submission to Layne and Baynes by a cut-off date. Lists were combined to determine how much of each item needed to be ordered. There had to be a rounding up or down of items requested to ensure that only full cases would be ordered. Payment had to be received before the orders were placed. When all goods were received, the sorting was then undertaken by the finance office group and agents summoned to collect for their group. Over time as a result of the increased size of the orders, a new sorting and distribution area had to be found. The
Drayton, was elected as the first president by the group of officers present at the first meeting. The officers for the years 1986 to 1988 were Forde, Harris, Robertine Chaderton and Cooke.
VICTOR COOKE (GP) Senior Common Room became the new venue. Professor Binks, who was quite computer savvy, created a database. The total orders were sometimes as much as $30 000 a month. The popularity of the club increased significantly to the extent that the operation was becoming a full-time job. The workload involved in running the club proved to be unsustainable and it had to be terminated in 1985. The void created by the closure of the club needed to be filled. This led to the birth of the credit union that we now know and love. A group of university employees held informal discussions which led to a meeting with the Registrar of Co-operatives. The advice given was that the group should establish itself as a savings society for a period of time, during which the rules and regulations of the co-operative movement and the ethos of the movement could be studied. The name of the proposed co-operative, officers and other particulars were discussed and agreed upon. I was elected president of that society. When we were ready to seek registration as the University of the West Indies (Cave Hill) Co-operative Credit Union Limited, I was on study leave, and my second in command, Kathleen
So a “baby” was born and is now 30 years old! Where did those years go? The spirit of cooperation was high, the enthusiasm remained and steered the ship to its present port. Long may it sail!
MIDWEEK NATION SPECIAL. WEDNESDAY, JANUARY 27, 2016. 11
by MARVA COSSY
remember that the “credit union is not for profit but for service” therefore its methods AN ORGANISATION’S plan to ensure its of operation sets it apart from other longevity is often linked to its efforts at financial institutions such as commercial developing people internally who can take banks. over critical leadership positions. In this vein, the ardent credit unionist There is evidence of this at the UWI listed four broad benefits. These were that (Cave Hill) Co-operative Credit Union unlike commercial banks, surplus of the Limited, where young members such as credit union is returned to members as Natasha Corbin and Julian McCollin hold dividends; the credit unions offer attractive key positions, and others are inspired savings and lending rates; members are to benefit from training programmes not customers but are owners; and fourth, and seminars that will enable them to members have lifetime benefits. become valuable members while Focusing specifically on the Cave Hill improving their leadership skills credit union, she said it was a family and credit union knowledge. and this was evident from its initiatives, Corbin, who is employed at the campus’ including having special funds which Faculty of Pure and Applied Sciences, are used to provide for members who was described by her employers as an encounter negative events in their lives “energetic powerhouse with an exceptional such as illness or disaster. ability to plan and manage projects”. Of course, Corbin also spoke about She brings this level of drive and education. “Our credit union is about more experience to her role as a member of the than borrowing and saving, educating our UWI (Cave Hill) Co-operative Credit Union members is very important,” she added. board of directors, which is considered the “The education programme is not only highest decision-making body of a credit geared at helping their members become union. She also chairs the education and financially prudent but it caters to other membership committee but after speaking aspects of their lives,” she said. with her, one will add another title to her, Her comments were supported that of credit union advocate. by McCollin, though their interviews She speaks confidently about the were conducted separately. advantages of being a credit union member, McCollin, joined the credit union around pointing out that it was always important to 2001, after he joined the campus staff. He
NATASHA CORBIN. (GP) said it helped him to save easily and with discipline since a direct deduction was made from his salary. But over the years, McCollin, a systems engineer, has been exposed to credit union education programmes, reaped the benefits of his membership, and saw how the organisation has help improve the lives of fellow members as well as contribute to the development of Barbados. Consequently, he is sold on the credit union movement and approaches his duties and responsibilities as a member of the credit committee and the education and membership committee seriously and with confidence, knowing their importance to the credit union’s financial health. He explained that the education and membership committee, which coordinates
JULIAN MCCOLLIN. (GP) workshops and seminars for its people, recognised the need for them to be exposed to financial and non-financial information. As a result, the credit union’s education outreach has focused on topics such as budgeting, investment and saving as well as on non-financial ones such as disaster preparedness. It has also held health and student fairs, and summer workshops. McCollin urged people to join the credit union movement. He spoke about the feeling of intimacy and sense of belonging that were extended to members, noting that this could not be easily achieved by the multinational financial banking institutions. But he added that such an atmosphere was important to people, especially those going through difficulties.
12. WEDNESDAY, JANUARY 27, 2016. MIDWEEK NATION SPECIAL.
MY ASSOCIATION with the UWI (Cave Hill) Co-operative Credit Union Limited dates back to 1994, soon after joining the staff of the Cave Hill Campus. As an individual grounded in the co-operative principles, being the member of another credit union, I recognised the potential of the UWI’s credit union with one paid employee and a core of hardworking and dedicated members. One of the rules governing credit unions at the time was no dual membership, and I was quite eager to become a part of that potential of exponential growth and development, I therefore discontinued my membership with the other credit union and joined the UWI’s credit union. This young and vibrant organisation with a hallmark of service and prudent financial management was the catalyst for my further involvement at the level of board of directors. In 1996, with the encouragement of Victor Cooke, I was elected to the board of directors and served as assistant secretary. After serving as a member of the board in various posts; I was elected as president in 2004 and served for two terms. The growth and development of the credit union has been phenomenal over the last 30 years, with assets now in excess of $45 million and membership in excess of 1 500. This is due in no small part to the commitment of members and the spirit of volunteerism which marked the institution from those early days and continues. It has indeed been an honour and a
ANNICE C. DALRYMPLE (GP) privilege to serve the organisation at the highest level together with a fine group of committed and dedicated people. The support, guidance and advice which I received from them helped to shape my leadership during my terms. Our aim was to provide the best service possible to our members while providing the opportunities for them to shape their financial growth and development. I congratulate the UWI (Cave Hill) Co-operative Credit Union Limited on 30 years of sterling service to its membership and the community, and wish continued growth and development for many years to come. – ANNICE C. DALRYMPLE President 2004-2009
MIDWEEK NATION SPECIAL. WEDNESDAY, JANUARY 27, 2016. 13
THE EDUCATION COMMITTEE: (from left) Julian McCollin (member), Denise Holford (ex-officio member), Ian Proverbs (member), Natasha Corbin (Chairperson), Jermaine Bourne (member), and Anthea Hinkson (member), Missing is Alison Jordan (secretary) (GP) THE EDUCATION AND MEMBERSHIP COMMITTEE of the UWI (Cave Hill) Co-operative Credit Union Limited is a sub-committee of the board charged with the responsibility of keeping the membership, potential members, and the general public informed of services offered by the credit union. Additional responsibilities of the committee include the implementation of membership orientation programmes and the hosting of educational seminars for the benefit of the membership as well as potential I AM DEEPLY MOVED and thankful to be the honoured recipient of a 2015/2016 Undergraduate Scholarship from the UWI (Cave Hill) Co-operative Credit Union Limited. This scholarship is an important indication of the goodwill that thrives within our Caribbean community. I had many concerns and feelings of delay but this scholarship provides me with the opportunity to successfully complete a long and anticipated academic journey. Just a year before travelling to Barbados, my
members. The committee also participates in a wide range of outreach activities as determined by the board of directors. Over the past year (2015), the following events were coordinated by the Committee: • Participation in the Tuition Finance Fair held from May 20 to 21, 2015. This event made it possible for students to familiarise themselves with different financing option available to pursue both undergraduate and postgraduate degrees.
JAMAL ARCHER (GP) initial desire was to complete a LLB in Law, however faith has led me to the field of psychology.
KATHLEEN A. McDONALD, a member for many years, was the proud recipient of the UWI (Cave Hill) Co-operative Credit Union Limited’s inaugural Postgraduate Scholarship in 2013, which provided her with financial assistance to pursue her Master’s degree in fine art. In recognition of the credit union’s 30th anniversary, McDonald wanted to give something back to the credit union in appreciation for the assistance which enabled her to pursue her dream of becoming an established photographer and artist. On January 4, she presented the credit union with four pieces (two small and two large) of artwork. The two smaller pieces were done in ink and watercolour, while the larger pieces were created using the cyanotype process. Also referred to as the blueprint process, cyanotype is a 19th century photographic technique which was first introduced by Sir John Herschel, an astronomer in 1842. The technique uses chemicals and acids to alter the colour of the print. An alumnus of Queen’s College and Harrison College, McDonald graduated from the San Jose State University in California, United States, with the following degrees: BFA Photography (Magna Cum Laude), BFA Pictorial (Magna Cum Laude) and, MFA Photography.
• Participation in the Campus Health Fair on June 12, 2015. • A Financial Planning Workshop on August 15, 2015, which focused on tips on money management and retirement planning. • A workshop on September 19, 2015 on energy savings. Members were enlightened on the ways to be energy efficient and the benefits of installing a photovoltaic system. • On October 15, 2015 the credit union celebrated the annual International
My intention is to use has also inspired me to psychology along with my assist others throughout background in law and Caribbean communities. health care to assist people of the region in understanding their rights and opportunities within healthcare institutions. Caribbean citizens need cutting-edge representation to address the injustices our people suffer when they fall prey to all forms of illnesses. This scholarship has brought me one step closer to attaining my goal, and
THE GIFT OF ART: Kathleen McDonald (second left) with vice-president David Myles (left) director Sharon Alexander-Gooding and treasurer Charles A O Alleyne, after the presentation. (GP) McDonald’s work has been exhibited in galleries in the San Francisco/San Jose Bay Area, including the prestigious San Francisco De Young Museum. She has also been a featured artist in a critics pick article in Art Forum Magazine. As part of her graduate thesis, she created the Museum of the West Indies. Some of her work is available for viewing online at her websites: www.museumofthewestindies.org and www.katmcdonald.com. The credit union is proud to have been able to play a role in the educational development of McDonald and wishes her continued success in her future endeavours.
Credit Union Day event to raise awareness and acknowledge the benefit of the credit union movement as a whole to the community. The committee congratulates the UWI (Cave Hill) Co-operative Credit Union Limited on reaching this milestone and will continue its efforts to educate the credit union’s members and to reach out to potential new members. – NATASHA CORBIN, Chairperson, Education and Membership Committee
It is my desire that one day, along with the UWI (Cave Hill) Co-operative Credit Union Limited’s scholarship, I will also launch student awards in commemoration of the
bccull@barbadoscoopleague.org
credit union’s generosity towards me. To God be the glory. – JAMAL ARCHER UNDERGRADUATE STUDENT UWI CAVE HILL CAMPUS
www.barbadoscoopleague.org
14. WEDNESDAY, JANUARY 27, 2016. MIDWEEK NATION SPECIAL.
by MARVA COSSY
however, not surprise anyone who knows its history, in particular the seed from which it grew. THE UWI (CAVE HILL) CO-OPERATIVE CREDIT UNION After reading an article in this feature by one of its LIMITED aptly depicts the idiomatic phrase ‘strength earlier presidents, Victor Cooke, (see Page 10) who is also in numbers” when one examines its performance in among its founders, you would have realised that the its 30 years of existence. That idiom suggests that people credit union rose like a phoenix from a buying club on the coming together with a common goal have an excellent campus that mushroomed beyond the capacity of its chance of achievement. administrative operations. That is the story in a nutshell of the UWI (Cave Hill) In essence, the cooperative spirit was already ignited Co-operative Credit Union Limited, which is among the and burning brightly among the Cave Hill Campus top ten credit unions in Barbados. That success will, employees when the savings society, which was the first step towards the establishment of the credit union, was set up. Since its birth in 1986, when it had approximately 25 members, membership has grown at an encouraging rate and today stands at 1 623. They include the university’s past and present employees, their relatives, friends and spouses; students and graduates, their relatives and spouses; and employees of bodies or organisations affiliated with the university.
THE 30TH ANNIVERSARY PLANNING COMMITTEE: Standing (from left) Ricardo Peterson, Halcyon Wiltshire-Busby, Julian McCollin, and Kenneth Alleyne. Seated are UWI (Cave Hill) Co-operative Credit Union President Jennifer Hinkson (left) and Sharon Alexander-Gooding. (GP)
THERE WILL BE scheduled activities all year as the staff and members of the UWI (Cave Hill) Co-operative Credit Union Limited celebrate 30 years of operation. And members will first feel the love in their pockets, as the credit union will be offering special loan rates to members as it observes 2016 as The Year Of The Borrower. The activities, which started this month on the 24th with a note of thanksgiving when staff, members, their families and friends gathered at the Roy Marshall Lecture Theatre at 4 p.m. for a joint anniversary interfaith service with the Faculty of Social Sciences. The celebration continues today with the presentation of a special anniversary supplement in the press. Also this month begins the first in a series of monthly quizes for members in which special prizes are up for grabs. The winner of January’s quiz will take home a cellular phone with the compliments of FLOW. Activities for the remainder of the year are as follows: February •Release of 30th anniversary newsletter •Credit Union Open Day on the 26th at the UWI (Cave Hill) Credit Union office •Members’ monthly quiz: Prize – Weekend car rental from Courtesy Garage March •Members’ monthly quiz: Prize – 30th Anniversary Special Edition Rum from Nicholas Abbey April •Special 30th anniversary annual general meeting on April 2, at 3:30 p.m. There are special door prizes to be won.
•Members’ monthly quiz: Prize –Two months free access to Flow Broadband courtesy FLOW May •18th at 7 p.m.: Lecture/panel discussion entitled Barbados @ 50: The Impact Of The Credit Union Movement On The Country’s Development at the Grand Salle, Central Bank. • 28th at 7 p.m: Dinner and awards ceremony at the Lloyd Erskine Sandiford Centre •Members’ monthly quiz: Prize – Dinner for two at a fine dining restaurant. June •Family day – Fun, community, games and prizes, including a weekend car rental from Courtesy Garage, a tour for two at St Nicholas Abbey, and more. • Members’ monthly quiz: Prize – Water filter courtesy S.I.R Water Management Ltd. July •Members’ monthly quiz: Prize – Cellular phone courtesy of FLOW. August •Particiption on student orientation exercise. •Members’ monthly quiz: Prize – Weekend car rental from Courtesy Garage September •Members’ monthly quiz: Prize – Two months free access to Flow TV courtesy FLOW October •Members’ monthly quiz: Prize – Tour for two at St Nicholas Abbey courtesy St Nicholas Abbey. November •Members’ monthly quiz: Prize – Weekend car rental from Courtesy Garage. December •Members’ monthly quiz: Prize – Jewellery.
Assets are another measure of the credit union’s growth and strength and those figures also paint a positive picture. For example, its 2014 annual report said “notwithstanding the continued challenges here in Barbados, [the] credit union recorded [a] year of creditable growth” which was attributed to “strong and unwavering support of . . . members coupled with disciplined and principled management”. Assets at the end of 2014 were $45.16 million compared with $24.29 million in 2007 which calculates to an almost doubling of assets in seven years. But the 30-year picture is also worth examining and that shows at the end of 1986, the credit union’s assets were $47 000 but the 2016 figures put them at $47.5 million. Members are benefiting tremendously from this growth. Intangibly it gives them confidence about the strength and management of the entity; additionally, they are reaping tangible benefits such as access to loans and good dividends.