GRAD 2014 in Pictures

December 18, 2014

On Thursday November 20th the Chapter gathered at the beautiful Qualico Family Centre at Assiniboine Park to celebrate our 2014 graduation ceremony. With the President & Dean Mike MacPhee in attendance, we welcomed grad Jean Grenier as our newest CCP.

We also recognized academic success with Jean Grenier winning all four of the top mark awards, and with Diane Fillion, Sean Seidel and Monique Vandekerkhove winning the second place awards for academic achievement.

We would like to thank all those who attended, and especially our sponsors, National Leasing, Pinnacle, Equifax, D&B, and TransUnion for their generous support of our Chapter and their significant contribution to our 2014 graduation ceremonies!

We would also like to thank Mike MacPhee, Dean & President of the Credit Institute of Canada for making the trip out on a cold Manitoba evening to celebrate with us.

Award Winners:

  • Jean Grenier: Highest Mark Awards for Advanced Credit Management, Canadian Credit Law, Credit Management and Managing Credit with Information. Yup, that is four awards! Way to go Jean!
  • Jean Grenier, Western Forum Sponsorship Award (for conspicuous achievement in credit)
  • Diane Fillion – Honourable Mention, Advanced Credit Management, Managing Credit with Information
  • Monique Vandekerkhove – Honourable Mention, Canadian Credit Law
  • Sean Seidel – Honourable Mention, Credit Management

You can read the 2014 Grad Programme here: Grad 2014 – Programme

Grad is the centre of our Chapter year, thank you all for making this grad very special!

Jean Grenier & Debbie Baines

Jean Grenier & Debbie Baines

Guests enjoying their meals

Guests enjoying their meals

Jean Grenier and Mike MacPhee

Jean Grenier and Mike MacPhee

Mike MacPhee

Mike MacPhee

Diane Fillion & Henri Van Dam

Diane Fillion & Henri Van Dam

Jean Grenier & Henri Van Dam

Jean Grenier & Henri Van Dam

Jean Grenier & Genine Parry

Jean Grenier & Genine Parry

Jean Grenier & Blue Hodges

Jean Grenier & Blue Hodges

Drinks before dinner!

Drinks before dinner!

Peter Smith & Debbie Baines

Peter Smith & Debbie Baines

Henri Van Dam & Don Lesage

Henri Van Dam & Don Lesage

The incomparable Karla Cullen

The incomparable Karla Cullen

Henri Van Dam, Mike MacPhee and Debbie Baines

Henri Van Dam, Mike MacPhee and Debbie Baines

Sean Seidel & Henri Van Dam

Sean Seidel & Henri Van Dam

Jean Grenier & Kim Misko

Jean Grenier & Kim Misko

 


MISSING! The Fallis Trophy

December 18, 2014

…and its historical background…

For all those who love skip-tracing, here is a great job for you! We are looking for a missing trophy, last seen 9 years ago!

The Fallis Trophy was awarded to the winner of the Chapter’s annual curling bonspiel, and as far as we can tell, the last time it was won was in 2005. We are trying to locate the trophy and the story behind it – why was the Manitoba Chapter the custodian of this trophy?

You can see a picture of the trophy and see the article about the bonspiel and the winners below.

2005 Fallis Cup Newsletter

If you have any idea of the whereabouts of the trophy, have a story to share about it or know the history behind it, we would love to hear from you! Please contact us at debbie.baines@standardaero.com, or manitoba@creditedu.org.

Thank you and happy sleuthing!

 


Fire, and Coping with Rapid Change!

December 5, 2014

by Debbie Baines, CCP

On Saturday, Sept 20, a fire broke out in one of Standard Aero’s facilities located on Sargent Avenue.  Thankfully, no one was injured and the group of employees working in the plant at the time responded according and evacuated the building.  It only took 4 minutes for the local fire department to arrive on the site.   In addition, Standard Aero’s fire suppression system in the facility worked as intended and the ceiling fire sprinklers detected the fire and aided in extinguishing the fire. 

Unfortunately, with this type of emergency response, there was a significant amount of water and smoke damage which requires the appropriate clean-up efforts including inspections and approvals prior to restoring our systems and building access.

The incident also had a broader impact to the organization due to the computer systems that were affected by both the shutdown of our electrical power sources and after affects in adjacent facilities.  The majority of our facilities around the world were restored with operating systems within 24 hours.

As of today, many of us have been relocated to other Standard Aero Winnipeg facilities to work.  Make shift work stations have been set up in meeting/ training rooms, lunch rooms, etc.  We are adapting to these changes and doing what they can to minimize the impacts to our customers.

I am impressed with people’s ability to cope with sudden change. We came together as a team and worked together to make the best of the situation. All that being said, I don’t wish on this anyone!

Have a look at some pictures from the day (double click to enlarge).

Fire 1Fire 2Fire 3


Membership Report November 2014

December 5, 2014

The Manitoba Chapter has faired well this year, holding CCP membership steady, and growing our student numbers. Overall we are down by three, though that is because the number of affiliates has gone down by three. We are most pleased!

Double click on the image to see the November National Membership Report.

Nov 2014 Membership


Debt & Balanced Budgets

December 5, 2014

This article set me off a bit: http://bit.ly/1qUS2lw

Now, far be it for me to argue with a university economics professor, but this takes the cake. The argument that deficits and debts are ok is based on the fact that governments can borrow from a central bank, essentially owing money to itself. He argues that John Meynard Keynes, the “father of economic theory”, supports this notion.

As credit professionals we know that unless the government just prints more money, the money has to come from somewhere. The money does not come from taxpayers, otherwise there would not be a deficit, it comes from bondholders.

“Bondholders” are not someone else from somewhere else, they are individuals (like us), organizations (like our Chapter, with $35,000 in GICs), or foreigners, who buy government bonds as a stable investment. Ultimately, even if “we owe the money to ourselves”, i.e., just Canadians, that money is owed to individuals who would miss the money if they did not get it back.

For the Chapter investments, when the term of these investments ends, unless we have a plan to spend it, we get our money back at the end of the term, with a little interest, and we renew the investment.

On the other side of that equation, the government pays off that debt and raises more through new bond offerings. If no one bites, then they raise the interest rate on the offering to attract investors. So their debt is like a mortgage – it has to be paid off, but it is renewed periodically.

Governments can renew their debts indefinitely, since they do not retire or die like individuals. They just keep going. If the debt level is manageable – that is, if the population base can support the interest payments and demonstrate a potential to repay – the investors who have bought some of that debt are happy as their money is safe.

Like Greece or the City of Detroit, when bondholders do not believe that the underlying population can or will be able to repay the debt, the risk goes up, and the amount of interest that has to be paid goes up. It can go up so high that the government (and the underlying population) cannot afford to pay it, and no one invests, and so the governments cannot raise money through new debt any more, and poof, debt crisis.

Detroit and Greece are both seeking to repay bondholders for less than is owed – in Detroit retirees are about to get a pay cut, and employees are about to lose a significant part of their retirement savings.

So, yes, governments who print money can continue to borrow from themselves – printing too much money devalues the currency and hurts everyone and hurts investor confidence. Governments can continue to borrow to build roads etc, but they cannot do it indefinitely. Ultimately they have to live within their means.

Governments have proven to be somewhat imprudent with tax dollars. Keynes would not support ignoring debt. He understood economics. In his heart, he was a credit manager!


Budgets Balance Themselves. Really?

December 5, 2014

Really? Budgets don’t actually write themselves, so it hard to see how balancing them does not need management.

A federal political leader recently stated that if you grow the economy, then budgets will balance themselves. What he means is that tax revenue grows as the economy grows, filling the treasury and providing enough revenue.

This happened in the 1990s…the Government made some changes, reduced transfer payments, yes, but essentially got out of the way and let the booming economy fill up the coffers. If it did anything wrong, it probably did not control spending enough, but that is hard to argue given the outcome of balanced budgets for a few years in a row. But it was only for a few years and we still had hundreds of billions of dollars of federal debt to pay.

But back to the claim…if in business we said that we could spend what we want so long as we keep growing sales, would anyone believe that? If you knew management’s philosophy was “we will grow into our spending”, would you extend them credit?

The economy is not something that is easily controlled. Government has some levers – the Bank of Canada rate, the money supply, some regulatory controls, but otherwise people are free to do what they want regardless of the wishes of the Government. So the growth is not something that you can just turn on and make happen.

The ultimate problem: politicians have short term vision to the next election, and voters want to hear that the debt problem is not really that significant.

Isn’t this all similar to what we as credit professionals hear all the time: “I need more credit in order to make the sales to provide the money I need to pay you back”? The problem isn’t the next sale, it is the pile of existing debt you can’t pay off with that one more sale.

Budgets are balanced by making sensible investments and living within our means, not by counting on growth (and when governments fail, they blame sluggish growth). Budgets and debts need to be actively managed.

Across Canada we have about one trillion dollars of combined government debt. If we paid off that debt at one dollar a second, we’d be paying for over 30,000 years. We should be more concerned.

We have been promising ourselves that we will grow ourselves out of that debt for close to 50 years now. How’s that been working so far?


Membership Report August 2014

October 5, 2014
A revised membership report is available by clicking the link below. The report reflects a consistent membership base in Manitoba and a growing base across Canada (thanks to the growth of new students in most regions of the country).
Note that in Manitoba, while we have 97 members, of those 54 are paying members. Consistent with other chapters, we do not charge students or honourary members.
Double click on the image to enlarge.
Membership Report August 2014

Follow

Get every new post delivered to your Inbox.