FEES AND COSTS
Sometimes, at outset and ongoing, a prospective client organisation - a credit union or a proposed one – will be disheartened by the
Don’t be downcast! To start a new or revitalise an existing credit union, it is not necessary to access “hundreds of thousands of pounds” to achieve the second or third item above, or to provide money to meet the early demand for loans by owner-members that may be more than the credit union’s aggregate share deposits (total savings).
To assist you and any colleagues, it is crucial for me to learn your current situation, needs and aspirations at outset, so I can give you the appropriate information and point you in the right direction.
It is possible that this Company is unique in that it believes there is no point in quoting fees and costs to perform any task, be it delivering necessary learning, assisting in drafting a Strategic Business Plan, if these are simply not affordable at that time.
I will provide information about proven methods (used successfully) of raising the money yourselves, how to source the resources (physical and human resources), including galvanising your community to assist.
FEES AND COSTS - OPEN AND FAIR!
The principle adopted is to charge fees and costs only for time spent on performing specific tasks. There are valid reasons for this to protect the interests of all parties in any transaction.
From this you will see that fees and costs are only incurred for tasks actually delivered, undertaken and performed and not for doing anything else - such as charging for obtaining grant funding, e.g. writing a “Feasibility Report” to be submitted to funding or supporting bodies with the hope of a grant. If this is not successful, the fee paid (often quite large) has been spent regardless.
As a matter of principle, the Company will not bid for or undertake this type of work itself or on behalf of other organisations. It could well be the Company is unique in this approach to its customers. It is my belief that applying for grants is unnecessary, undermining “your” independence and often comes with conditions that have little to do with the setting up of a viable community, cooperatively owned, financial services business
SAMPLE TARIFF ITEMS - ESTABLISHMENT
As stated above, at the initial stages, a client organisation will discuss with me methods to be used to raise funds to cover initial start-up expenses. Figures are not quoted in this Tariff as flexibility to suit “your” needs is one of my key methods to assisting in the development of new and existing credit unions and a pragmatic approach will be taken towards the funding of my services.
SAMPLE TARIFF ITEMS - DEVELOPMENT AND EDUCATION
The Financial Industry Regulators for credit unions make it compulsory that all of those serving at senior level in the credit union, responsible for its care, are “fit and proper” persons, “approved” by it and educated to each task required to run a credit union.
It should be noted that most consultancies delivering education and development programmes to credit union groups do so over a four to six hour tutorial day. I always prefer a minimum eight hour day as tutorial is combined with execution, that is “learning, then doing” with attendees acclimatised to working in a pressurised real business environment.
The number of days required for delivering a full programme of education and development to a new credit union client group will depend upon the number of attendees, attitude towards and absorption of learning, dynamic of the group (including its stamina!) and budgetary considerations. The Company insists upon holding at least one in-depth meeting with the organisation commissioning the endeavour and those undertaking the learning process before the commencement of the assignment. As stated previously, fees charged for this are based on individual situations.
As noted above, sometimes an assignment can be delivered in less time than originally expected, or it can be that it is not feasible to carry on with the credit union project, so either of us can discontinue the project with sufficient notice, following a meeting to discuss relevant issues.
I look forward to receiving your enquiries, and to discussing any of the issues covered here regarding my individual approach to fees and costs. contact