After two years since the controversy between the La Inmaculada Credit Union Limited (LICU) and its former general manager as it relates to serious allegations which were brought against her regarding breaches of financial policies, the LICU held its 67th and 68th annual general meeting at the Muffles College Auditorium. The presentation to members included the institution’s financials, declaration of dividends, as well as other progressions which fall under the 2015-2016 and 2016-2017 fiscal years.
Normally, LICU would host its AGM within a period of sixty days subsequent to the end of each fiscal year which concludes in the month of March. However, the meeting for last year was placed on hold and was instead amalgamated with this year’s meeting, reportedly because the institution needed to seek permission from the Central Bank of Belize in order to proceed.
Though we attempted to enter the auditorium in an effort to cover the story as we do every year, we were denied entry by the board members who indicated that the event was a private meeting held exclusively for its members.
We here at CTV3 News, however, conducted our own research where we found out that the dividend for this year was set at a total of 4% when compared to last year which was 2%... making it the lowest dividend to ever be offered by the institution.
As per the net income, in the year 2015, it was set at 2 million eight hundred and eighty nine thousand forty dollars. This was followed by a decrease in 2016 landing at a total of one million eight hundred and ninety six thousand three hundred and six dollars.
When it comes to the year 2017, the net income increased by over five hundred seventy seven thousand dollars and landed at two million four hundred and seventy four thousand one hundred and fifty eight dollars.
Membership on the other hand showed a slight increase from 24,917 members in the year 2015 to a sum of 25,931 members last year. The LICU also reported that the institution recorded more than 800 thousand dollars in bad debt in 2016 and over one million dollars in 2017.
When it comes to the controversy involving the former general manager, it is of note that in the 2015 report, the LICU claimed that that there was a shortage of $191,156 which was labelled under cash shortage in vault.
For 2016 the board of directors is reporting what they describe as a “cash difference” of $600, 702. Further reports indicate that during the meeting, LICU indicated that there are a few glitches in the system.