GAWU’s credit union declares over $16M in surplus

The Guyana Agricultural and General Workers’ Union (GAWU) Cooperative Credit Union Society Limited declared a surplus of $16.2 million for last year at its 20th Annual General Meeting (AGM).

A release from the union said that the AGM, mainly attended by sugar workers, was held on Sunday at its headquarters in Kingston, Georgetown.

The Committee of Management presented their report which reviewed the work of the society since the previous AGM. The report of the credit union’s three-person supervisory committee was also presented.The audit report prepared by audit firm, Parmesar, at the request of the Ministry of Labour’s Co-operative Division, reported on the society’s financial affairs for the calendar year 2012. It disclosed that the society had realised a surplus of $16,261,998 for 2012.

The release said that two statutory payments were made. The sum of $3,252,400 was assigned to the Statutory Reserve Fund and the sum of $1,626,200 was allocated to the Audit and Supervision Fund, which is remitted to the Ministry of Labour’s Cooperatives Division.

By resolutions, the AGM also approved $9,154,005 as dividends and $2,140,501 in interest rebates to members of the society. The sum of $88,893 was also credited to the Social and Entertainment Fund.

Elections were held for a new Management Committee to manage the society’s business until the next AGM. Those elected are Bevon Sinclair, Charles Cadogan, Harvey Tambron, Aslim Singh, Julius Nurse, Gaietri Baron, Sattie Basdeo, Richard DeFretias, Bhikram Singh, Seepaul Narine and Rooplall Persaud.

The release stated that at the first meeting of the Management Committee (within the next two weeks), the chairman, the secretary and the treasurer of the society will be elected.  The AGM also elected Kavita Bishun, Hugh Caines and Narda Mohamed to serve on the credit union’s supervisory committee, the release added.