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REPORT OF THE BOARD OF DIRECTORS Not much has changed from last year; do we see a light at the end of the tunnel? If only we had a crystal ball??! Again the Credit Union has had a year of difficulties due to the economy. People have lost their jobs or have had hours reduced to minimum, so they are just getting by. We have been working with our members as best as we can, so that is affecting our bottom line. Our delinquency is high and share accounts are kept at a minimum. So for all these reasons we have not seen an increase in shares or loans. The Credit Union has made a few changes, we have had to change our operating hours and have reduced the girls’ hours as we have been very slow. Good news is that our net worth/total assets are at 9.36% which means we are well capitalized.
We are very hopeful for a great year in 2011!!
We are here to help our membership grow their savings and enjoy
the fruits of their labor with a new car or RV etc.
So to do this we have stayed very competitive with our share
rates and our loan rates. This year we paid $30,605.20 in dividends. Also I want to thank all the other volunteers, (have them stand), your time and efforts are much appreciated, THANK YOU!
To the membership, again we appreciate your support
and involvement this year. We are here for you; let us know how we can
improve on our services to you.
Respectfully Submitted,
Board of Directors
REPORT OF THE SUPERVISORY COMMITTEE: As your Credit Union ’s internal audit committee, the Supervisory Committee conducted regular reviews and verifications of accounts at our quarterly meetings. During 2010, we examined random new loan applications and reviewed member account verifications. Staff accounts were checked with all to be in good order. A new procedure was implemented as recommended by the auditor of checking VISA statements.
During the annual audit for year ending 2009, we
had contact directly with the auditor and did discuss audit procedures
of the Credit Union.
The audit findings were reviewed. The
committee also talked with the State Examiner. The Supervisory Committee
was able to determine that the financial condition of the Credit Union
was accurately and fairly presented.
We witnessed the annual mailing of members statements, which included
those returned undeliverable and some member’s
inquiries.
In keeping with our checks, new member
applications were also reviewed for eligibility.
To receive an effective independent determination, the Bank Secrecy and
Anti-Money Laundering Audit previously performed by the Supervisory
Committee was completed by the auditor. The CPA firm of Hall Carroll
Credit Union Consulting was recommended to the Board of Directors to
perform the 2010 annual audit. Respectfully submitted, Chairperson REPORT OF THE CREDIT COMMITTEE During 2010, the committee approved 198 loans, denied 55 requests. The credit committeeapproved 52 extensions, denied 0 extensions. The committee meets
at least five times
per week to consider loan requests. The CU Direct Lending
program
approved 31 loans at a total dollar amount of $459,612. Respectfully submitted, Chairperson |