Please see below an update regarding the financial affairs of the Component.
Banking and Investments
Our transition to Desjardins has proven to be highly advantageous to our Union.
As of September 2023 we have:
Meridian Bank :
- $1,252,814 @ 3.45% Maturing on May 6, 2024
Desjardins Credit Union :
- $3,300,000 @ 5.75% Maturing on August 24, 2024
- $1,100,000 @ 5.75% Maturing on September 19, 2025
We also have a balance of approximately $1,300,000 in our savings account, earning 5% interest.
To provide context, these investments are currently generating $871.23 per day, equating to an annual yield of $317,999.75.
Statement of Operation
Q1 2023 (July 2023 – September 2023)
Please see below the Unaudited Statement of Operation for 1st quarter of 2023-2024, covering the period between July 1, 2023 to September 30, 2023.
Highest Earner report Q1:
Jul. 2023 – $10,983.33
Aug. 2023 – $9,612.00
Sept. 2023 – $9,938.67
Our three Component Trustees have completed the 2016-2017 audit. Their report will be published to the membership shortly. Trustees have a few more years to audit. We, the component trustees, along with myself, are diligently working to finalize all remaining years.
Looking forward to meeting all of you in my second-quarter results bulletin,
Interim Secretary-Treasurer, Air Canada Component of CUPE