NAME OF FEATURE | THE GLEANER | THURSDAY, OCTOBER 31, 2024 13 CREDIT UNION WEEK IN REVIEW FEATURE GRACE COOPERATIVE Credit Union exemplified the spirit of community and generosity during Credit Union Week by engaging its members and giving back to those in need. This annual celebration, dedicated to promoting the credit union movement, was marked by a series of thoughtful activities designed to foster connection and goodwill among members and the wider community. On Credit Union Day, Grace Cooperative Credit Union welcomed all its members with a delightful treat: complimentary cake, refreshments, and tokens. This gesture was more than just a celebration; it represented the credit union’s commitment to appreciating its members. By providing a welcoming atmosphere, Grace Cooperative Credit Union encouraged a sense of belonging and community, highlighting its core values of service and member-centricity. The day’s activity served as a reminder of the cooperative spirit that defines credit unions, where members are more than just customers; they are part of a larger family. To further engage members, the credit union organised a series of trivia questions. This interactive component not only offered members a chance to win exciting prizes but also educated them about the credit union’s history and the products and services that are offered. By hosting Trivia Time, it fostered a sense of camaraderie and friendly competition, encouraging members to participate actively while having fun. The prizes and surprises were a delightful incentive, showcasing the credit union’s appreciation for its members’involvement and loyalty. As the week came to a close, the credit union made a meaningful impact by visiting the children at Bethlehem Children’s Home. This visit underscored the credit union’s commitment to social responsibility and community service. The staff engaged with the children by spending quality time playing games and participating in activities that brought joy and laughter. In addition to the fun-filled activities, Grace Cooperative Credit Union made donations to Bethlehem Children’s Home, further extending its support. These contributions not only provided essential resources for the children but also demonstrated the credit union’s dedication to fostering a nurturing environment for vulnerable youth. The initiatives taken during the week illustrate the theme, ‘One World Through Cooperative Finance’. The initiatives taken serve as a reminder that financial institutions can play a vital role in promoting social welfare while simultaneously strengthening relationships with their members. By celebrating Credit Union Week through acts of kindness and generosity, Grace Cooperative Credit Union has not only enriched the lives of its members but also made a lasting impact on the community. The credit union has demonstrated that it is more than a financial institution; it is a pillar of support and compassion. As we continue to uphold our core values, we strive to be an example of how credit unions can be a force for good, fostering a spirit of cooperation, kindness, and shared success. Celebrating community: Grace Cooperative Credit Union’s commitment during Credit Union Week 2024 From left to right: Asia (Bethlehem Home Resident), Father Peram, Brother Gudbin and Grace Co-op Staff Members: Shanna Coley (Accountant), Shadae Cooke (Loan Officer), Janielle Stewart (Senior Loan Officer), Brittany Williams (Risk and Compliance Officer), Kayla Francis (Loan Officer), Kellici-Ann McLean (Accounting Clerk), Romario Brown (Accounting Officer) and Camille Cadogan (Acting General Manager). Member Appreciation Stand on International Credit Union Day 2024. Picture of one of Grace Co-op Credit Union’s longstanding members Kimar Findlater (left) and Staff Member Kellici-Ann McLean (right). THE PWD Co-operative Credit Union Limited, under the theme for 2024: ‘One World Through Co-operative Finance’, staged a webinar on October 14, on ‘Building Wealth’. The presenter for the evening was Mr Maurice Wright, chief investment officer at Cumax Wealth Management Limited, a subsidiary of the Jamaica Co-operative Credit Union League (JCCUL). The session covered a wide range of products and services, which included the following areas: - Stock market - Bond market (US dollar Jamaican dollars) - Treasury bills - Repurchase agreements - CIS – mutual funds Mr Wright provided an in-depth analysis of each topic, outlining the principles, methodologies and strategies that make trading in stocks very simple. The virtual audience was very excited as this raised the likelihood of making profitable trades. BOND MARKET (J$/US$) The bond market was another area the members showed an interest in. The presenter explained the differences between Jamaican and US dollars in the bond market. The members showed a preference for the US-dollar bond market. TREASURY BILL (LOW RISK) A treasury bill is a short-term financial instrument issued by the Government. These are backed by a country’s own treasury; they are considered a low-risk investment, and the investor runs very little chance of losing money. These bills are issued by the Bank of Jamaica (BOJ) to raise money for the Jamaican Government. REPURCHASE AGREEMENTS A repurchase agreement means a financial agreement in which a dealer of securities transfers ownership of securities to another person or creates a beneficial interest (whether whole or fractional) in securities in favour of another person. CIS MUTUAL FUNDS The main activity of collective investment schemes consists of collecting funds and issuing securities to various agents (private individuals, companies, etc) with a view to acquiring financial assets. The goal of the webinar was to simplify the intricate definitions and terminologies that make investment seem less complicated. The presenter did an excellent job of this and provided specific examples so that the members were very comfortable when answering the various questions. He encouraged the members to build their financial portfolios and stressed the importance of diversification based on their ages in the financial life cycle. There was a ‘Question and Answer’ section. In recognition of their participation, Business and Development Officer Mr Rupert Moore posed questions to the virtual audience, and the winners were Iolyn Donald, Samira Christian, Leonie Ritchie-Anderson, Audrey Gentles, and Stephanie Isaacs. CONCLUSION Overall, the members were extremely proud of their credit union for having such a webinar on ‘Building Wealth’, which is most timely and appropriate. Throughout the week, we continued to emphasise the importance of educating the members and empowering them to accumulate long-term wealth through financial literacy. The membership, in support of their credit union, has requested that the webinar be repeated in the near future. PWD Co-operative Credit Union celebrates Credit Union Week Mr Rupert Moore, Business Development Officer at PWD Co-operative Credit Union Limited, presents a special prize to Iolyn Donald, Director of Human Resource at the Ministry of Education and Youth, (from left to right), who participated in the webinar. Looking on is Ms Shana-Kaye Hylton, Administrator for Human Resource Management and Development.
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