Five Star FAQ
Frequently Asked Questions
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How will each of the stakeholders share in Sydney Credit Union’s success through the Five Star Success program? First and foremost, Our Organization will receive a share of our Five Star Success through the reinvestment of earnings back into our credit union, known as Retained Earnings. The Retained Earnings allows for the financial stability and security of our organization and is vital to our continued success. Our Members will receive a share of our Five Star Success through our Patronage Rebate program, which now totals $2.25 million of earnings, distributed back into the hands of our members, over the last nine consecutive years. Our Staff will share in our Five Star Success through the distribution of a staff benefit program. Our Community and Our Cooperative Sector will share in our Five Star Success with programs aimed at improving the economic and social well being of those in our community and in fostering a successful, and solid cooperative future, both locally and abroad.
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Will the traditional Patronage Rebate program change under the new Five Star Success CSR model? While the nature of our Patronage Rebate program will not change, the timing of the rebate will. Because Sydney Credit Union’s Five Star Success program is facilitated based on year-end financial results, audited financial statements are required before earnings can be distributed. Therefore, rebates will be issued to Our Members in late March of this year and each year thereafter.
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Why have Our Staff been included as a stakeholder? At Sydney Credit Union we recognize that times are changing and we need to change with the times. While still maintaining their traditional functions, staff have become more involved in the planning and implementation processes in order to improve client service to all our member owners. A significant investment continues to be made in staff training and professional development because we recognize our staff as a cornerstone of our credit union. We further recognize the need for continuous nurturing of trust and respect, the value of retention and how important having a knowledgeable, professional staff is to the success of the organization.
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What programs will be part of Our Community and Our Cooperative Sector? The programs are under development but we can confirm two areas given priority are healthcare and financial literacy. These two particular areas have been identified at Sydney Credit Union’s Strategic Planning Session as the two areas that we will focus our efforts on for Our Community and Our Cooperative Sector portions of our Five Star Success program.
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How does Our Environment, as stated in the Value Statement, fit within Sydney Credit Union’s CSR model? Our Environment will benefit through our Five Star Success program from the implementation of environmentally conscious business practices, for the protection and preservation of our surroundings.
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What necessitated this change for Sydney Credit Union? While Sydney Credit Union has always been involved with enhancing the social and economic well being of our members and the community, we wanted a dynamic CSR model that would facilitate an equitable distribution of our success with all stakeholders.
Still Have Questions?
Please email Sydney Credit Union directly.
