see Caisse p. 8

Stanstead Journal - - FRONT PAGE - Staff Stanstead

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

photo Jour­nal

The Caisse de Stanstead’s new Board of Direc­tors, elected on Mon­day night.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.