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Income Statement
For the year ended
December 31, 2010
  20102009
REVENUE
Interest Income
Mortgage loans $1,552,332$1,882, 010
Personal loans 129,609126,059
Commercial loans 914,536945,286
Syndicate loan interest 346,492407,877
Investments, dividends 285,929 297,165
  $3,228,898 $3,658,397
    
EXPENSES
Interest Expense$1,573,580$1,920,585
$1,573,580$1,920,585
    
Financial margin $1,655,318$1,737,812
    
Operating Expanses   
Advertising and promotion$37,868$34,050
Amortization  41,49741,593
Annual meeting  12,85613,716
Audit, legals and consulting  91,84070,469
Banking and currency costs  63,81076,973
Bonding insurance  49,16134,134
Central 1 dues  14,85214,724
DICO insurance  60,85860,598
Donations  40,98754,430
Education and training  6,7689,935
Occupancy  66,38162,173
Officers' travel  49,62651,000
Office expenses  141,925144,894
RRSP/RRIF fees  9,8459,154
Salaries and benefits  764,814882,982
Savings life insurance  59,54840,766
Telephone  19,37716,738
Valuation fees  5861,389
Provision for doubtful loans  60,000218,286
 $1,592,599 $1,838,004
Income before provision for income taxes  62,719(100,192)
Write down of ABCP  0  0
Loss on CUCO shares  0  0
    
Provision for current income tax  $(4,371)$54,208
Provision for future income tax  (16,963)(39,379)
Net income   41,385 (85,363)
    
Balance Sheet
as at December 31, 2010
  2010 2009
ASSETS
 
Cash $7,655,235$2,051,905
Investments 9,721,594 10,066,089
Accrued interest receivable
-member loans 113,017200,399
-investments 87,75063,822
Receivables and prepaid expenses 337,644419,791
Income tax receivable 4,08685,153
Member loans receivable 72,649,07876,008,018
Future income tax asset 64,248118,355
Capital asset 99,415126,768
$90,732,067 $89,140,300
Liabilities Member Entitlements and Retained Earnings  
Accounts payable $272,473$245,594
Loan Payable 00
Income tax payable 00
  $272,473 $245,594
  
 
Member entitlements
Members accounts and dep. $83,641,007 $82,272,167
Accrued interest on members accounts and deposits 532,518657,687
Accrued member divided 167,169 0
Member's shares 80,250 79,275
$84,420,944$83,009,129
    
Retained earnings. 5,968,271 5,926,886
Accumulated other comprehensive income 70,379 (41,309)
   
$90,732,067$89,140,300
Statement of retained earnings  
 
Retained earnings, Jan 1. $5,926,886  $6,012,249
Net income for the year 41,385 (85,363)
Retained earnings, Dec.31 $5,968,271 $5,926,886
Auditor's report

To the members of
Resurrection Credit Union Limited

We have reported on the financial statements of the credit union from which the Condensed Balance Sheet, Statement of Retained Earnings and Condensed Statement of Income have been reproduced.

We expressed an unqualified opinion on the fair presentation of the financial statements for the year ended December 31,2010.

A complete copy of the audited financial statements, the Report of the Audit Committee and Loans Officer will be available from the Credit Union's offices ten days before the meeting and at the meeting.

Tinkham and Associates
Licensed Public Accountants
January 29 2011

BOARD OF DIRECTORS
(End of term of office in parentheses)
Chair of BoardMarius Rusinas (2014)
Vice ChairEd.Macijauskas (2013)
MemberVytas Bireta (2012)
SecretaryJulija Adamonis-Danaitis (2014)
Audit-Chair Arunas Pabedinskas(2013)
Member-AuditVida Juzukonis-Vadauskas (2014)
Member-AuditJurgis Valaitis (2012)
MemberViktorija Benotas(2012)