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DECEMBER 31, 2008
REPORT OF THE BOARD OF DIRECTORS: The Credit union assets grew in 2008, as did our loan portfolio. The net worth/total assets grew to 10.82%. These stats are great and the Credit Union is healthy, unfortunately our delinquent loans also grown to 3.40%. As a credit union we are here to help our membership as best as we can, so we are working with people to get caught up and the best they can, our bottom line will be affected, but I am confident that most people will do what they promise!! The economy is effecting all of us, some more than others, we can only wait it out and hope for the best. This year we built out the rest of our building and are now leasing it to Dr. Richard Lind, he is a very good tenant. The timing was really good as it seems that there are a lot of empty buildings right now!! In 2008 we paid a tot of $224,856 in dividends. Our loans rates are very competitive. Also, I would like to thank Reno Giuntoli for his service with the Credit Union. He has served on the Board since 1991 and is not looking for another term. We will miss him a lot. Also I want to thank all the other volunteers, Your time and efforts are much appreciated, THANK YOU!! To the membership, we appreciate your support and involvement this. We are here to serve you! Please let us know how we can improve on our services to you. Respectfully submitted, Board of Directors
REPORT OF THE SUPERVISORY COMMITTEE: During 2008 the supervisory committee met quarterly and reviewed the financial workings of the Credit union. We randomly reviewed member's accounts, including loans and new accounts. We performed the bank secrecy audit and reviewed staff accounts as an element of our internal controls. Witnessing the preparation and mailing of your annual statements as completed on the first working day of the year. The committee assessed each returned and followed-up as needed. An external auditor was selected and the committee reviewed the final financial statements and the auditor's findings for the previous year. Committee members attended Director meetings and reported back to the committee at our quarterly meetings with highlights of each meeting. The Supervisory Committee determined that the financial condition of the Credit Union was accurately and fairly presented. Respectfully submitted, Chairperson REPORT OF THE CREDIT COMMITTEE: During 2008, the committee approved 335 loans, denied 100 requests, approved 42 extensions, and denied 0 extension requests. The committee meets at least five times per week to consider loan requests. The CU Direct Lending program approved 45 loans at a total dollar amount of $858,104. Respectfully submitted, Chairperson |