2007 Board of Directors 2007 Report of the Board of Directors 2007 Report of the Chief Executive Officer 2007 Report of the Audit Committee 2007 Loan Officer's Report 2007 Balance Sheet Board Roles and Relationships Credit Unions are regulated by provincial legislation, and each undergoes audits and annual inspections to ensure strict adherence to sound financial practices. The Board of Directors represent the interests of the members, sets policy, oversees the general operation of the credit union, while qualified staff maintain the hands-on responsibility for the day-to-day operations. Board Elections and Annual Meeting Elections of the board of directors generally take place at the credit union’s annual meeting. Not only a forum for elections, the annual meeting provides an opportunity for the board to report to members on the activities of the credit union over the past year. Members have an opportunity to discuss matters of concern and can vote on policy decisions and any proposed amendments to the bylaws of the credit union. Director Training Program Credit union directors serve in a volunteer capacity. They are typically individuals who hold leadership positions within the community. To help directors serve members better, credit unions offer the Credit Union Director Achievement (CUDA) program. CUDA is a formal certificate program available from Credit Union Institute of Canada, the national education training organization for the Canadian credit union system. 2007 BOARD OF DIRECTORS MARIAN LORENZ Chair
	Bernice Baumgart Vice Chair	Maggie Epp Secretary	Sharon Hogan Audit Chair
Duebert Braham	Dino Tabaniag	Ken Cheddie	John Belton	David Pighin

AUDIT COMMITTEE Sharon Hogan - Chair Ken Cheddie Dino Tabaniag

NOMINATION COMMITTEE Bernice Baumgart - Chair Maggie Epp Ken Cheddie

REPORT OF THE BOARD OF DIRECTORS It is once again a pleasure for me to report to our members that 2007 marks another year of successful operation for the Sunnybrook Credit Union with profitability at year end allowing for a 10% dividend to be paid on share deposits. Our lending limits have been increased after considerable lobbying of the government and Financial Services Commission of Ontario . Loan activity was increased by members taking advantage of the new lending limits and attractive rates, and in addition to steady rates of return on both loans and investments, this has allowed for the above-mentioned dividend to be provided. It is noteworthy that we were also able to donate back to 16 organizations within Sunnybrook Health Sciences Centre due to our profitable year.   Conservative management continues to be exercised by the CEO and the Board with excellent control continuing to be maintained over expenses and loan collections. This offers members a great level of security and allows for future enhancements which will better serve the members into the future. Efforts are ongoing to expand our membership base and promote an increased awareness of the highly competitive range of financial services that are offered on site by our Credit Union. A successful outcome is of course greatly dependent upon relocation of the Credit Union Office to a more visible and aesthetically pleasing location in the Hospital.   On November 1 st , 2007, a strong business case presentation was made to Dr. Barry McLellan, newly appointed CEO & President of Sunnybrook Health Sciences Centre. This presentation was made to encourage a realization of the Centre's Master Plan intent to have the Credit Union relocated to a more suitable site. In addition, suggestions were offered that would enhance a greater partnership between the Hospital's resource sectors and the Credit Union, e.g. inclusion of the Credit union in the Sunnybrook Health Sciences Centre main communication system, collaborations regarding beneficial alliance in regards to financial services beyond payroll, etc. We look forward to a favourable response in the near future and we will continue to liaise with Dr. McLellan in order to meet this goal. As reported by our Auditor, operations appear to be competently managed on a day to day basis, record keeping is in excellent condition, and the Credit Union has reserves well in excess of the minimum requirements putting it in a sound financial position as at December 31 st , 2007. We wish to take this opportunity to thank Linda Dermott for her valued contribution while serving as Board Secretary. Linda left the Board of Directors in 2007 and her position as a Director has been assumed by Mr. David Pighin who is employed in Sunnybrook's Finance Department. The role of Board Secretary is now being carried out by Mrs. Maggie Epp.   My appreciation is conveyed to Jerry Andrijiw whose Credit Union management skills continue to provide a high standard of excellence in all areas of operation. To my colleagues on the Board and to our Credit Union Staff I wish to express my sincere gratitude for a job well done during 2007. Last but not least, we owe our success also to you – our members – and we look forward to Marian Lorenz, Chair

Report of the Chief Executive Officer

2007 began on a positive note with legislative changes to our lending limits which immediately allowed many members to take advantage of the mortgage products we offer (variable mortgages and home equity mortgages to a possibly maximum of $285,000). The increase also affected the personal loans to a maximum of $55,000 fully secured loans and $15,000.00 of unsecured loans. We found ourselves fortunate to be able to assist many of the members through financing their various needs and assisting them with our debt counselling. This allowed members to payoff car loans and mortgages at higher rates. We also continue to assist members in automating small yet meaningful saving plans and/or RRSP contributions with minimums of $10.00 bi-weekly. It was gratifying in assisting our members and to see the results achieved. Our financial assistance empowered them to make prudent decisions in their purchases and financial planning for their futures. We continued to be more competitive than any other financial institution with our mortgage rate in the attempt to assist our members in home ownership. In this competitive environment of change, we continue to focus on serving our healthcare community. We will prevail on using technology to provide new electronic methods so our members can access their accounts at their convenience. Homebanking which is currently utilized by 46% of the membership is the indication that they find it very convenient to access their accounts. The debit cards (Membercard) is utilized by more then 81% of our membership for all of their purchases and deposits. We vigilantly oversee all transactions to ensure security of our members information and balances. We are grateful for the members support in building the capital member shares which will secure our future and again this year the Board, unanimously, approved a 10% dividend. This year's results were achieved through the commitment of our Board of Directors, diligent Audit Committee, the dedication and performance of our staff Andrea Mitchell-Gayle, Ceferina Jover, our student part-time staff Yun Ping (Margaret) Chen and Edris Malikzada. I wish to express my sincere appreciation to all and especially to thank the members for their continued patronage and support. Jerry Andrijiw, FCUIC, AMP

2007 Report of the Audit Committee
The audit committee of Sunnybrook Credit Union meets at least quarterly and arranges its agenda so that, on an annual basis, it's required duties are performed and appropriate action taken as necessary. Based on its findings, the audit committee issues reports and makes recommendations to the Board of Directors or management, as appropriate with respect to the matters presented to the committee and follows up to ensure that the recommendations are considered and implemented, as appropriate. It was another extremely busy year with annual review of all policies, various procedures and incorporating the new work schedule to ensure compliance with By-Law 5 amendments. With the changes to the lending limits, the audit committee quickly revised and recommended the changes to the Board so that the members could benefit from the new changes in our lending limits. The new accounting standards came into effect in January 2007 regarding disclosure of financial instruments and we were in compliance. I would like to take this opportunity to thank Dino Tabaniag and Ken Cheddie for their contribution during 2007. We are indeed fortunate to have such experienced individuals to oversee and ensure proper auditing process are in place and are followed. It is the considered opinion of this Committee that the affairs of Sunnybrook Credit Union Limited are being conducted in a satisfactory manner and that the regulations and by-laws governing the credit union are being carried out. The Committee extends our sincere appreciation Jerry Andrijiw, CEO, as well as the staff of the Credit Union for their assistance and co-operation during the past year.   Sharon Hogan, Chair
Dino Tabaniag			Ken Cheddie
2007 Loan Officer's Report
The report is provided to comply with the Credit Union and Caisses Populaires Act, 1994. The information outlined represents the number of loan applications received, granted and declined by Sunnybrook Credit Union Limited in 2007 (new advances and renewals). Information pertaining to the number of loans 90 days or more in arrears as at December 31, 2007 is also included. The loan application process adheres to Sunnybrook Credit Union Limited ‘s Loan and Mortgage Policies and Procedures and are presented to the Board of Director's.
Category Personal Loans Residential Mortgages Total Number of loan applications received 64 3 66 Number of loan applications granted 55 2 57 Number of loan applications declined 9 0 9 Value of loans granted $647,370.00 $245,000.00 $892,370.00

Number of delinquent loans over 90 days	0	0	0
Value of delinquent loans over 90 days	$0	$0	$0