Libro Financial Group Proclaims “Share Day” with Customer-Owners & Community
Libro will distribute $3.2 million in profits to owners in December.
Waterloo Libro Financial Group announced fiscal 2009 results and distribution Last Friday 13, 2009. Libro will share the profit pie with customer-owners through its profit sharing program and with the communities where it operates through its Community Builder grants program. Total pre-tax pre-dividend profit for the year ended September 30 was $5.4 million. Assets grew 8%. Libro is also proud of its owner satisfaction score, 4.8 out of 5, the highest score yet!
“We started our profit sharing program in 1995 and since then we’ve returned more than $21 million to owners,” says Tony Strybosch, Chair of the Libro Board of Directors. “We also invest a share of our profit in our communities. Libro invests 5% of our pre-tax pre-dividend profit, which is five times the national average. Based on 2009 results, Libro is investing $329,000 in our communities.
“Over the last four years, we have invested $1.5 million in our communities. We’re very proud of our record and enjoy seeing the difference our donations have made!”
Community Builder Grant Recipients
“Our Community Builder program has a clear and specific focus: developing leadership skills in youth. We want to support programs that involve young people by giving them the opportunity to develop leadership and career skills through participation in community development projects. We hope to help build confident youth and over time, more vibrant and prosperous communities,” says Phyllis Lichti, Chair of Libro’s Community Investment Advisory Panel.
Four regional (Corporate) Community Builder grants were announced:
* Waterloo Regional Children’s Museum received $40,000 to design and build a digital media room that can be used by museum visitors of all ages
* Oil Springs Parks and Recreation received $36,880 to build a skateboard park in an unused portion of an existing park
* Scouts Canada Southwestern Ontario received $18,000 for the Camp Sylvan Mountain Bike Course
* Taxandria Falcons Soccer Club received $20,000 to complete construction of the Taxandria Falcons Soccer Complex fields and canteen
Thirteen local (Branch) grants were announced:
* Reaching Our Outdoor Friends (ROOF) received $7,400 from the Kitchener-Waterloo regional branches for Operation Clothing Rack, which will provide shelves and hanging racks to sort and store donated clothing for homeless and at-risk youth
* J. Steckle Heritage Homestead received $10,000 from the Kitchener-Waterloo regional branches for their Youth, Community and Local Food Production project to build an outdoor kitchen and provide a venue for youth to prepare freshly harvested produce
* Downie Central Public School received $10,000 from the Stratford branch for new playground equipment accessible to students and the public
* Belgrave Kinsmen received $10,000 from the Wingham branch towards a new arena floor and boards
* Epilepsy Support Centre received $9,550 from the London branches to develop, design, and deliver a recreation leisure program for children ages four through six who life with drug resistant epilepsy
* Crouch Neighbourhood Resource Centre received $17,000 from the London branches for the Hamilton Road Area Green Team, a project aiming to engage youth with the beautification of the Hamilton Road area
* The London Community Players received $6,000 from London branches to develop an intensive theatre training program for at-risk youth
* Kennesserie Camp received $5,000 from the Blenheim branch for pool renovations
* Ridgetown Rotary Club received $5,000 from the Blenheim branch for the Ridgetown Community Sports Field Initiative
* St. Vincent de Paul School Council received $11,575 from Strathroy, Arkona, and Watford branches for a fully accessible playground at St. Vincent de Paul School in Strathroy
* Watford Rotary Club received $8,000 from the Watford, Arkona, and Strathroy branches for their Reaching the Reluctant Reader program, which will provide additional books and tutoring to students
* Hope Alvinston Church received $7,925 from the Watford branch to purchase canoes, tents, and safety equipment for their youth summer camp
* Stevenson Children’s Camp Foundation received $7,500 from the London branches for their summer camp program aimed at turning around the cycle of poverty by providing a positive experience to underprivileged youth
The remainder of Libro’s community investment funds were disbursed at the Manager’s Discretionary Fund level ($500 and under), and the Co-operative Young Leaders (CYL) camp program.
Call for Community Builder Applications for 2010
The program has two levels of funding:
· Branch Grants: Branches can support projects up to $10,000 per year for a maximum of three years. Branches can also partner. For example, if two branches partnered on a project over three years, they could commit a total combined amount of $60,000.
· Corporate Grants: Libro’s Community Investment Advisory Panel will make recommendations to the Board of Directors regarding approval of larger projects that are strategic to the communities in southwestern Ontario. These projects will be in the range of $20,000 to $130,000 per year and can also span three years.