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Annual General Meeting Update

5 December 2018

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 December 5, 2018
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Category: News

As a follow on from our Annual General Meeting, this week we will take a summary look at some of the resolutions that were reviewed and approved.   Our meeting was held in the Abbey Hotel on November 30th and was well attended by both staff and Members.  During the year there were 1866 loan applications advanced, total amount paid out €9,333,218.64.  Over the past 25 years Donegal Town Credit Union has lent over €100 million to its members.

In the summary of Chairman’s report which reflects the overall growth within the Credit Union reported;

  • # Assets increased by €3.414 million and Loans to members were up by €2.220 million
  • # Membership increased from 7781 to 8235 and Interest on members’ loans increased by €161k
  • # Our ‘loan to asset’ ratio continues to increase and currently stands at 48.16%.  This ratio is ahead of the national average
  • # Car membership draw members total 3123
  • # Our Credit Union currently ranks 1st in our peer group of Credit Unions with assets of €30m – €50m, there is a total of 50 Credit Unions in this group
  • # A new Auditor was proposed and approved by Members, Gilroy Gannon will now undertake the auditing role for the incoming year
  • # A Defibrillator has been purchased recently by the Credit Union and is located on the back wall of the car park. Some members of staff, management and Board have been trained on its use.

 

The proposed Community Library is very much a ‘live’ project.  Donegal County Council has acquired substantial funding for this project and propose including in the project, a Digital Hub.  A resolution in relation to this project was put forward to the Members and approved, the change being proposed was;

  • # The financing proposed by Donegal Town Credit Union at AGM 2016 has changed from a loan and non-repayable voluntary contribution to just a voluntary donation
  • # The purpose of the financing has now changed. The donation will now be provided to the Donegal County Enterprise Fund Company for the construction of a community hub and library

 

Some other items worthy of attention is our continued support to local non-for-profit groups for to improve the quality of life for all our Members.

Annual Reports are available at the Donegal Town Credit Union to any registered Member.

Donations 2017/2018

African Missions                                                               €200.00

Donegal Boxing Club                                                       €200.00

Make a Wish Foundation                                                €50.00

Bruckless Family Fund                                                    €100.00

Donegal Beavers                                                               €2,000.00

Gael Scoil                                                                           €2,000.00

SVDP                                                                                  €1,000.00

Chapter 1                                                                             €100.00

St Agnes Day Centre                                                        €810.00

Killian School Band                                                          €100.00

Donegal LGFA                                                                   €100.00

Donegal Chamber – Xmas Lights                                 €4,850.00

Scoil Aodh Rua agus Nuala                                            €150.00

Cancer Research                                                              €500.00

Scoil Rince Tir                                                                  €1,000.00

Irish Pilgrimage Trust                                                    €500.00

ILCO Foundation                                                            €300.00

Donegal Town FC                                                            €100.00

Donegal Town Basketball Club                                     €100.00

Pen2paper writers                                                           €200.00

Defibulators                                                                       €2,214.00

CMRF Crumlin – Murvagh Golf Classic                      €150.00

MS Ireland                                                                         €100.00

St Nauls GAA                                                                     €250.00

Safe Tech – heated AED Cabinet                                   €922.50

St Peters NS                                                                       €3,000.00

CLG Naomh Brid                                                              €120.00

The Alzheimer Society                                                      €160.00

Donegal Down Syndrome Society                                €200.00

Donegal Railway Museum                                              €50.00

Donegal Town Summer Festival                                    €200.00

Ballintra Races                                                                   €100.00

Donegal Town Rugby Club                                              €120.00

Taste of Donegal                                                                €100.00

Northern Region Bridge Congress                                 €50.00

Donegal Town Youth Band                                           €2,000.00

St Brigid’s Community Centre                                     €3,000.00

RNLI                                                                                    €200.00

 

TOTAL DONATIONS: €27,296.50

 

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