2021 Credit Union Impact Report - Alberta Central
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Credit Union Impact Report
2021
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Introduction
Who is Alberta Central is the central banking
facility, service bureau and trade
Alberta Central association for Alberta’s credit unions.
We are advocates of the financial
cooperative model and provide
leadership and support to the credit
unions we represent.
Purpose Our purpose is to champion change
in the credit union system and bring
value and expertise to credit unions.
Values Responsibility,
we are committed to customer service,
empowerment
and cooperation.
These values drive success for
our employees, our organization
and the Alberta credit union system.
n
Numbers
at a Glance*
Member Impact Community Impact
$80 million $1.39 million
shared with members across Alberta
through patronage and dividends in charitable donations
16 years $116 thousand
winning Customer Service Excellence (amongst in donations-in-kind
other awards) at the IPSOS Financial Service
Excellence Awards
$94 thousand
in scholarships and bursaries
Our financial co-operative
$2.59 million
community consists of 615,865
members, 16 credit unions,
194 branches and 3,371 employees.
in sponsorships
13 20,708
communities in
volunteer hours
which credit unions
contributed by credit
are the only financial
union employees
institution
* all figures are based on year ended Dec. 31, 2020.
CREDIT UNION IMPACT REPORT 2021 2Pandemic Support
Over the past year, the impacts of
COVID-19 were felt by all Albertans. In
trying times, credit unions continued to
support their members and local
communities throughout the
pandemic, including:
Providing an essential service so Albertans continued
receiving financial services and advice, while also
prioritizing health and safety by offering online and
remote banking options.
Retaining local, well-paying jobs in communities
across the province.
Supporting members by providing mortgage and
loan deferrals to help with financial challenges as
a result of COVID-19.
Partnering with government to ensure all Alberta
credit union business members were able to apply
for Canada Emergency Business Account (CEBA)
loans if they qualified.
Supporting small and medium-sized businesses by
administering over $610 million in CEBA loans and
over $22.5 million in HASCAP (Highly Affected Sectors
Credit Availability Program) loans to date.
Supporting local efforts to combat COVID-19
including donation matching, buy local challenges
administered over and financial contributions to communities.
$22.5 million
Donating funds in support of mental health resources
for Albertans and to encourage active citizenship in
communities throughout rural and urban Alberta.
in HASCAP loans
and
$610 million
in CEBA loans
CREDIT UNION IMPACT REPORT 2021 3Social +
Environmental
Impact
Credit unions’ profits stay in Alberta to
benefit the people and communities
they were built to serve. Alberta credit
unions consistently offer products and
initiatives that have a positive social and
environmental impact, including:
Utilizing corporate tax reductions to return even more
utilizing to members through dividends and profit sharing
and increase community investments in the rural and
urban communities in which credit unions operate.
Contributing to the important growth of the tech
sector in Alberta and improving member experiences
through partnerships with local tech organizations.
contributing Providing endowments for scholarships and awards
providing at post-secondary schools across Alberta.
Investing in rural Alberta through partnerships with
agriculture organizations such as 4-H and the Alberta
Association of Agricultural Societies.
Engaging government to continue to reduce red tape
and administrative burdens to serve members better
investing and more efficiently.
engaging
Partnering with a non-profit organization to
partnering deliver learning programs that will develop the next
generation of social entrepreneurs, impact fund
managers and non-profit leaders.
Engaging with and caring for our communities
by volunteering for local events, charity fundraisers
and performing daily acts of kindness.
Leveraging technology to improve member
experiences, maintain security and integrity of
leveraging confidential information, and increase green measures
by reducing printed documents.
CREDIT UNION IMPACT REPORT 2021 4Business
Lending Impact
Alberta credit unions lent $23.7 billion
to Albertans in 2020, 1.2% higher than
the previous year. Including:
$1.35 billion supporting Alberta’s agriculture and
agri-food industry through agriculture and other
lending (+6.1% growth year-over-year)
$7.52
$13.0
$7.52 billion supporting the businesses in
our community through commercial lending
billion (+5.5% growth year-over-year)
in commercial
billion $13 billion supporting Albertans in home ownership
lending through residential lending (+0.3% growth year-
in residential lending over-year)
$1.35 billion FINANCIAL LITERACY
in agriculture and
agrifood industry
lending
Alberta’s credit unions are driven
by their purpose to shape member
financial fitness and provide financial
services based in financial literacy,
prudent spending, balanced budgets
and building wealth over time.
Financial fitness goes beyond just our members –
Alberta’s credit unions partner with organizations such
as Junior Achievement and Each One Teach One
to deliver the financial literacy lessons that young
people need to prepare for success in their lives.
We believe that teaching the next generation about
money management will benefit our communities.
CREDIT UNION IMPACT REPORT 2021 5Profitability
$80 million
in dividends and patronage
$39 million in net
$143 million in net income
before taxes and patronage dividends
income after dividends and taxes
$24 million in taxes
(federal, provincial and municipal)
We are growing
28 4.87% in asset
growth from 2019 to 2020
26
24
$ billions
22
20
18
16
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CREDIT UNION IMPACT REPORT 2021 6You can also read
