see Caisse p. 8
Inthe last three months of 2010, Bank of America spent 1.5 billion dollars in legal fees. Stanstead Desjardins Caisse’s total assets are eighty three million dollars. Both must report financial data of almost the same quality, which leads to exactly 20 pages of auditor’s notes for this year’s financial report presented on Monday at the annual meeting attended by about 50 people.
The highlight of the financial was the 15.5% rise in the net assets of the financial cooperative, rising from a little under seven million to $8,069,148, with almost six million in reserve. The total assets of the Caisse, the amount in deposit, totals over eighty million dollars.
Which makes for impressive results. Still, for President Jean Desruisseaux, who has been an administra- tor for decades, the task of understanding all the data presented to him and his board is reaching his limit of understanding. “I will not say that I can explain all the notes that we present, we ask a lot of questions to our auditors when they come to present their audit but, honestly, some of the points are so arcane that I do not understand them.” Caisse general manager, Mario Scalon, concurred. “All of this is a repercussion of all the scandals at the big for-profit corporations, the Enron, the Nortel’s and so forth. We are a financial institution like any other one. The Caisse Desjardins de Stanstead must report to the same standard as all Canadian banks, we must keep and we exceed all ratios that are imposed by international agreements. But while we are independent, we are also under the radar of the Desjardins movement in Levis, who monitors our transactions minute by minute. So while we must be more knowledgeable than before to understand all of this, we can turn around and tell our co-operators that their savings are in ever better hands than before.”
At the meeting questions were asked on how to get more members, especially at the school level. Mr. Scalon answered that the Caisse has not one but two school caisses, one in English and the other in French.
Also presented at the Caisse was the amount given by the Caisse to the community. Last year it was $81,864 and, since the numbers must be precise now, 56 cents. The amount will be much greater next year if only because of the $100,000 given to the Pat Burns arena.
A copy of the report is available at the Caisse and, including those of years before, online at Sedar.com
The Caisse de Stanstead’s new Board of Directors, elected on Monday night.