MCCU Annual Report - page 98

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
98
APPROPRIATION
OF NET SURPLUS
As Treasurer, I find it a pleasure to present to you the following proposal for distribution of surplus
accumulated by the Credit Union as at December 31, 2013.
FIXING OF MAXIMUM LIABILITY
Be it resolved that the Maximum Liability for which the Board of Directors may commit Manchester
Co-operative Credit Union (1977) Limited for the year 2014, shall not exceed a ratio of twelve (12)
times the Capital and Reserve Fund.
APPROPRIATIONS
UNDISTRIBUTEDNET SURPLUS
$ 100,073,991.00
BALANCE C/F TO NEXT YEAR
$ 29,123,991
INSTITUTIONAL CAPITAL
$ 45,000,000
$ 750,000
$ 5,000,000
$ 7,300,000
$ 10,000,000
$ 300,000
$ 800,000
$ 1,800,000
($ 70,950,000)
SOCIAL OUTREACH
CAPITAL EXPENDITURE RESERVES
DIVIDENDS (10%)
GENERAL LOAN LOSS RESERVES
DISASTER RELIEF FUND
SYDNEY CARTER SCHOLARSHIP
HONARARIUM
TOTAL
I...,88,89,90,91,92,93,94,95,96,97 99,100,101,102,103,104,105,106,107,108,...126
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