The 2017 Annual Meeting was held on April 23, 2017 at The Rendezvous. The food served was chicken and burger sliders, mac-n-cheese, green beans, potato chips and mini cheesecakes.
Board of Directors
- Don Bottorff
- Megan Francis – Secretary
- Tim Chapman – President/CEO
- Brooke Mehaffey
- Joan Trullinger – Chair
- Mike Nelson – Vice Chair
- Sue Marx
- Tony Loconsole
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 January of 2018. Any and all issues relating to the examination have been addressed by management in a timely and appropriate manner.
Credit Committee Report – Loan demand was again very strong in 2017. Auto loans and mortgage lending fueled loan growth. We strengthened our partnership with Federal Home Loan Bank allowing the credit union to offer long-term fixed rate mortgages. Even with sustained loan growth, loan losses and delinquencies remained well within acceptable levels.
2017 ended with $41,755,877 in loans outstanding. 1,870 new loans totaling $21,904,365 were approved during 2017. The number of loans granted since organization is 80,673 exceeding $383,835,058.
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!
|Loans to Members||$41,755,877|
|Allowance for Loan Loss||$(156,953)|
|Cash & Cash Equivalents||$5,200,245|
|Land & Building||$2,688,766|
|Other Fixed Assets||$123,577|
|LIABILITIES & CAPITAL||2017|
|Regular Legal Reserve||$2,113,090|
|Net Income from Operations||$400,949|
|TOTAL LIABILITIES & EQUITY||$57,481,461|
President’s Report – 2017 ended as another very successful year for your credit union. Net Income exceeded $400,000, allowing us to increase our net worth to 9.8% of assets. Our loan to share ratio continues to remain strong, with 84 cents of every member dollar deposited being 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 and services to improve your financial lives.
Because technology plays an essential role in what we do, we have identified the need to replace our current data processing system. We have been using our current platform since May of 1999, and there have been many changes in how you do business with us over the last 19 years, and we’ve reached the limits of what our current system can do. In the second half of 2017, we began the search for a new technology partner. We will be evaluating systems over the next few months and anticipate moving to the new system sometime in 2019.
In last year’s annual report I discussed fraud as a threat to our members and to the credit union. A concerted effort from our front line staff has resulted in a 45% reduction in fraud losses from 2016 to 2017 to the credit union. While impossible to measure, the reduction in losses to members has been substantial as well. We continue to encourage members to question unexpected windfalls, offers that seem too good to be true, and odd requests for money from unsolicited calls.
We are a little over halfway in our transition to EMV chip cards. The burden of compliance has now shifted to merchants.
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 you, our owners. Thank you for the opportunity to serve you.
For an official copy of the report, please contact us.