Call: 07 5499 8988
email: info(at)mcusb(dot)com(dot)au
MCU performs strongly in a busy year
In the Credit Union's 26th year of operations, MCU Ltd (MCU) performed strongly, delivering a gross profit before income tax result of $369,685, representing an increase of 18.12% on last year's position.
This financial year has been another challenging year as the Australian economy navigates its way through the Global Financial Crisis. While economic conditions are some what better than they were 12 months ago, there still remains financial uncertainty due to the continuing financial hiccups being experienced particularly in Europe and a slowing United States economy.
The Credit Union's financial highlights for the 2009-2010 financial year were:
- Net profit increased by 17.70%
- Assets increased by 6.50%
- Membership increased by 13.0%
- Loans to members increased by 16.20%
- Percentage of Loans funded for environmental purposes 68.80%
The Credit Union initiated a number of major projects last financial year, including the Maleny Office building renovation and our computer conversion to the Rubik Financial Ltd 'Bank-in-a-Box' platform. Our computer conversion has gone slower than first envisaged, but should be completed by December 2010.
Name Change
The Credit Union has repositioned itself to move strongly and confidently into the future by changing its name to MCU Ltd from Maleny & District Community Credit Union Ltd.
The re-brand is a catalyst for MCU to expand its operations, by creating a highly marketable brand that is broad enough to accommodate growth in the region and enhance its profits.
The name change to MCU Ltd brings no fundamental changes to the Credit Union, which still upholds the same values and ethics, Board and governance, community focus and environmental position.
New Sub branch
The Credit Union extended its geographic reach by opening a sub branch in Woodford on 15th May 2010. This sub branch is the first step towards a diversified and increased membership.
Recognition
This year MCU's Green Star Car Loan (Type 1) was awarded a 5 star rating from the leading retail product rating firm, Canstar Cannex. The Credit Union is a finalist in the Sunshine Coast Excellence in Business Awards, with the winner to be announced later this year.
New Products & Services
MCU Solar Loan
During the year the Credit Union partnered with the Sunshine Coast Environment Council's 10,000 Solar Roofs Project with solar provider Ingenero Pty Ltd, by offering a specific loan for the installation of solar panels and or solar hot water.
To support the development of the renewable energy industry in Australia and ultimately protecting our precious environment, the Credit Union designed a Solar Loan to assist borrowers in keeping their family's power bills affordable, giving them peace of mind that they are making a valuable contribution to the environment and our community, by reducing energy consumption.
The special features of our Solar Loan include; no deposit, no upfront costs, no ongoing fees or exit fees, an attractive rate of 9.14% p.a. and the loan is unsecured with a term of up to 10 years.
Finance Broker Service
In February 2010, MCU launched a specialist broker company, wholly owned by the Credit Union, named MCU Financial Services Pty Ltd.
The Credit Union established this service so it could provide a wider range of services to members in order to meet their ever changing borrowing needs.
Connection with our Community
MCU supported the wider communities of the Sunshine Coast directly or indirectly via the Credit Union's MCU Charitable Trust in the form of sponsorships and donations as well as supporting environmental programs. This year the Credit Union supported many activities including the Lions Clubs of Beerwah, Maleny & Woodford; the Rotary Club of Maleny, the Maleny Show Society, the Maleny Swimming Club, the Zonta Club of the Blackall Range 'Women in Art' project, Maleny High School and the Sunshine Coast Environment Council.
MCU also undertook the following major sponsorships:
- Silver Sponsor of the publication "Earth Dreams Magic", promoting a journey through the Blackall Range Region, which was developed by the Hinterland Business Centre. This high quality collectable book will take the discerning traveller on a journey through this scintillating area of South East Queensland; and
- The Sunshine Coast University, with a three year commitment for the purposes of funding an undergraduate Subject Prize and an undergraduate Bursary for students of the University studying in the area of Sustainability.
In November 2009 the MCU Charitable Trust gave grants totalling $13,500 to community organisations.
About MCU
