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La Trobe University Credit Union has been part of the La
Trobe University community since it was incorporated on 19
February 1971 by a steering committee established by and on
behalf of La Trobe University staff. Prior to that time the
Credit Union operated as a branch of the ANU Credit Union
in Canberra.
As a financial cooperative the Credit Union is owned by its
members who are also its customers and therefore:
- conducts its business for the benefit of its members;
- encourages the involvement of its members in the affairs
of the Credit Union;
- draws its directors from the membership; and
- is organised on the basis of the Principles of Mutuality
contained in the preamble to its Constitution.
Mutuality is evidenced in these ways:
- each member holds one share in the Credit Union;
- an individual cannot hold more than one share in the Credit
Union; and
- as a general rule, the Credit Union raises capital through
retained earnings and, for this reason, does not pay dividends
to members.
As an Authorised Deposit Taking Institution (ADI), the Credit
Union continues to provide services in the spirit for which
it was created; to promote the financial well-being of its
members. The basis of our co-operative structure is to use
members' savings and investments to fund loans to borrowing
members. The Credit Union exists for the benefit of its members
which is your assurance of the very best service.
The Credit Union is a signatory to the Credit Union Code
of Practice which prescribes standards of practice and service
and promotes an informed and effective relationship with members.
Click here to view our Code of Practice. (60kb)
The Credit Union operates within the regulatory framework
and prudential supervision of the Australian Prudential Regulation
Authority (APRA). This structure provides high prudential
standards for risk management, capital adequacy and disclosure.
Summary of our balance sheets as at 31 January 2007:
| Capital and reserves |
$1.46 million |
| Members' deposits |
$19 million |
| Loans to members |
$13 million |
| Cash & short term deposits |
$7.8 million |
| Total assets |
$21 million |
For further information on any Credit Union matter contact
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