The 2016 Annual Meeting was held on April 24, 2017 at The Rendezvous. The food served was swiss cheese chicken, garlic mashed potatoes, glazed carrots, garden salad and dinner roll. Scratch cupcakes were served for dessert.

Board of Directors

  • Rick Bierman
  • Don Bottorff
  • Megan Francis – Secretary
  • Tim Chapman – President/CEO
  • Brooke Mehaffey – Chair
  • Sam Snyder
  • Joan Trullinger – Vice Chair
  • Mike Nelson
  • Sue Marx

Our board is comprised of volunteers who are elected by the membership (you guys) & we appreciate the time they dedicate to our/your credit union. Thank you, Board of Directors!

Audit Committee Report – The audit committee has contracted Petersen & Associates to conduct a semiannual review and year end opinion audit of the credit union’s financial statements, accounting practices, and internal procedures. They have recently issued their report for our review. The audit report indicates that management is properly accounting for the operations of the credit union.

The credit union was also examined by the Credit Union Division of the State of Iowa in August of 2016. Any and all issues relating to the examination have been addressed by management in a timely and appropriate manner.

Credit Committee Report – Loan demand continues to be strong from our membership. Auto loans and mortgage lending fueled loan growth in 2016. A new partnership with the Federal Home Loan Bank in Des Moines has allowed your credit union to offer long term fixed rate mortgages at very attractive rates making home ownership within reach for more members. Even with sustained loan growth, loan losses and delinquencies remained well within acceptable levels.

2016 ended with $39,667,280 in loans outstanding. 1,474 new loans totaling $18,834,945 were approved during 2016. The number of loans granted since organization is 80,277 exceeding $380,765,638.

Chairman of the Board Report –As Chairman of the Board of Directors, I am pleased to report another successful year for your credit union. Your continued participation has improved the financial lives of your fellow credit union members & allowed you to save more, earn more, and pay less in fees and interest than you otherwise would through for-profit banks. Our credit union and others like it are proof the cooperative model is alive and well. As a not-for-profit, member-owned cooperative, we are able to act in the best interest of the membership, not stockholders maximizing profits.

The more members return to the credit union for loans and deposit services, the more the credit union is able to return to you! So for that reason we encourage you to refer your friends and families to come to the credit union for their financial needs.
The board of directors represents you, our member-owners, so we encourage your feedback. Please feel free to contact any of us or the credit union management team with your questions or concerns. We are always looking for ways to improve. Together we’re better!

ASSETS2016
Loans to Members$39,667,280
Allowance for Loan Loss$(164,499)
Cash & Cash Equivalents$6,135,956
Total Investments$3,232,549
Land & Building$2,745,153
Other Fixed Assets$120,266
Other Assets$4,273,697
TOTAL ASSETS$56,010,402
LIABILITIES & CAPITAL2016
Dividends Payable$22
Accounts Payable$1,200,051
Notes Payable$1,000,000
Shares$22,871,244
Share Drafts$10,141,782
Share Certificates$9,718,220
IRAs$3,260,435
Other Shares$2,567,589
Regular Legal Reserve$2,113,090
Other Reserves$6,953
Undivided Earnings$2,725,438
Net Income from Operations$405,578
TOTAL LIABILITIES & EQUITY$56,010,402

President’s Report – The end of 2016 capped our most successful year ever. Net income topped $405,000, which allowed our net worth to build to almost 9.4% of assets. Our loan to share ratio approached 82%, meaning for every one dollar in share accounts almost 82 cents were loaned back to members. Our best investment is in you, our members, and contributed to this year’s outstanding results. It is this cooperative principle of people helping people that serves as our foundation for everything we do as we provide products & services to improve your financial lives.

Technology continues to be a point of emphasis in our service delivery to you. Late last year the payments industry began processing multiple ACH files each day. In the past, we received one file early in the morning that included all of the day’s debits and credits (electronic deposits like payroll and Social Security and withdrawals like mortgage and insurance payments). Now we receive multiple files throughout the day, moving the world of electronic payments one step closer to “real time”. The concept of “float” is becoming a thing of the past.

Fraud continues to be a concern and takes many forms. For our front line staff it includes closely monitoring paper check deposits for counterfeits and scams. For electronic transactions, unauthorized debits, debit card compromises by negligent merchants, and tax refund identity theft are the main culprits. And of course the ongoing online scams, including Nigerian princes, lottery winnings, online dating, secret shoppers, and eBay/Craig’s List scammers are just a sample of what we’ve seen in the last year. We closely watch trends and identify potential scams to protect you. Just remember, if it sounds too good to be true, it is!

Looking forward to 2017, we started converting debit cards to EMV (chip) cards. As old card stock expires, it is being replaced with the new cards. This should help to reduce some of the data breaches we’ve seen in the past.

We know you have a choice in where you conduct your financial business and we strive to be the best through products, pricing, service and convenient access to your credit union. We strongly encourage and welcome any feedback from our membership. Thank you for the opportunity to serve you!

For an official copy of the report, please contact us.