2018 Annual Membership Meeting

Transcription

1 2018 Annual Membership Meeting 2017 Board of Directors Azalea O. Albritton Chair Shirley Stewart-Tibbs Vice Chair Charles Mbonu Treasurer Rose Hood Secretary Robert Freeman Director Diane Atkins Director Pamela Metts Director 2017 Supervisory Committee Mission Statement Janice Oloto Chair Virginia Bourgeois Secretary Thien-Nga Gina Nguyen Member Management To deliver exceptional service, built on trust, while meeting the primary financial needs of our members. Timothy L. Anderson, President/CEO Marcia Dixon, CUCFC, Director of Growth Initiatives Carla Baker, Director of Finance & Operations GPOFCU Online & Mobile This credit union is federally insured by NCUA. Page 2

2 Welcome to GPOFCU s Annual Membership Meeting March 8, :00 pm GPO Carl Hayden Room Agenda Member Sign-in & Refreshments Welcome & Call to Order/Ascertainment of Quorum Approval of April 10, 2017 Annual Meeting Minutes Remarks from GPO Director s Office Board Chair s Report President/CEO s Greeting Treasurer s Report Supervisory Committee Report Nominating Committee Report & Election Results Old Business & New Business Door Prize Drawings Adjournment Annual Meeting Minutes April 10, 2017 I. CALL TO ORDER/ASCERTAINMENT OF A QUORUM II. The GPOFCU Annual Meeting was called to order by Board Chair Anthony J. (Tony) Zagami at 2:06 pm. Credit union members present constituted a quorum. The following Directors were present: Azalea Albrittion, Diane Atkins, Robert Freeman, Rose Hood, Charles Mbonu, Pamela Metts and Anthony J. Zagami. REMARKS FROM GPO DIRECTOR Davita Vance-Cooks Board Chair Zagami introduced GPO Director Davita Vance-Cooks. Director Cooks greeted the members, and thanked the credit union board, management and staff for nurturing a solid partnership with the agency. She conveyed gratitude for a credit union focused on delivering the best financial services, and lifetime solutions to the GPO employees, family members and retirees. She wished the credit union much success in the years to come. III. BOARD CHAIR S REMARKS Anthony J. (Tony) Zagami Board Chair Zagami introduced members of the Board and Supervisory Committee. He talked about the credit union s year, and referred members to the annual report for a synopsis of He also announced that this would be his last year presiding over the annual meeting, and that he was retiring as a board member. He thanked his colleagues for allowing him to serve as their chairman. He conveyed a special thank you to members for their trust and loyalty to the credit union. He also thanked CEO Anderson for his leadership, and commented that we are fortunate to have him leading the credit union. He praised staff for their diligence in serving our members with excellence. IV. APPROVAL OF THE MARCH 10, 2016 ANNUAL MEETING Recorded by Secretary Rose Hood Secretary Hood and Chair Albritton made the motion to approve the March 10, 2016 Annual Meeting minutes as printed. The motion passed unanimously by a show of hands. V. PRESIDENT/CEO S GREETING & REMARKS Timothy L. Anderson CEO Anderson welcomed the members and expressed gratitude to all in attendance for helping to make the credit union successful. He thanked GPO Director Davita Vance-Cooks, GPO Deputy Director Jim Bradley and the entire senior management team for an extraordinary collaboration. He reported that the credit union continues to grow its membership. We crossed a milestone during the year with over 4,000 members. We are poised to continue that kind of growth while other credits unions are losing members. Assets remained steady as we approach $40 million, and loans continue to grow. Although net income was down for the year, we continue to look for more ways to provide members with the best financial products and services. Page 3 Page 4

3 Annual Meeting Minutes April 10, 2017, cont d. Nominating Committee Report In accordance with the Credit Union's Bylaws, a Nominating Committee was appointed to select nominees for three vacancies on the Board of Directors, created as a result of expiring terms. The Committee submitted the following names to fill the new terms: Azalea Albritton (incumbent), Robert Freeman (incumbent), and Shirley A. Stewart-Tibbs (incumbent). Since there were three nominees for the three positions, a ballot election was not necessary. Diane Atkins, Nominating Committee Chair Page 5 Giving kudos to his team, CEO Anderson introduced the staff: Carla Baker, Marcia Dixon, Amy Carroll, Veronica White, Jocelyn Audet, Sharece Baker, Chela Wright, Jua Kerr, Latonya Allen, Tarlika Patel, Danielle Jones, Ebony Stapleton & Janet Miles. VI. REPORT OF THE TREASURER Charles Mbonu Treasurer Mbonu presented key points of the Treasurer s Report: Key ratios remain strong, assets remain steady at approximately $37 million, and loans remain healthy at just under $20 million. Please refer to the Annual Report in the Program for more information. VII. REPORT OF THE SUPERVISORY COMMITTEE Chair Janice Oloto Committee Chair Janice Oloto introduced committee member Thien-Nga Gina Nguyen. She referred members to the program for the printed report. VIII.REPORT OF NOMINATING COMMITTEE & ELECTION RESULTS Diane Atkins Committee Chair Diane Atkins announced four candidates for two open board seats: incumbents Charles Mbonu and Pamela Metts, along with Shirley Stewart-Tibbs and Thien-Nga Gina Nguyen. GPOFCU s Teller of Elections, Ken Welch from CPA firm of CliftonLarsonAllen LLP, announced the two candidates with the highest votes: Pamela Metts and Charles Mbonu, both elected for a three-year term. IX. OLD BUSINESS - None X. NEW BUSINESS - None XI. PRESENTATIONS Retiring Chair Anthony J. Zagami was presented with a crystal award for his years of service to the credit union by CEO Timothy L. Anderson. Member door prize drawings: Four $25 Visa Gift Cards. XII.ADJOURNMENT OF MEETING Board Chair Zagami thanked everyone for attending. Directors Hood and Metts motioned and seconded to adjourn. The meeting adjourned at 2:55 pm. Robert Freeman, Vice Chair Rose Hood, Secretary Treasurer s Report Upon closing out another year, we are very proud to report that your credit union is fiscally sound, with strong capital (net worth) and a growing membership base. Over the years, we have consistently provided financial choices and lifetime solutions to our members and community partners, while effectively and prudently managing the credit union s financial statements. As we continue to grow and expand, we will always measure the growth with sound financial oversight. At the end of 2017, GPOFCU s net worth was 11.48%, which more than exceeds the amount required by our Federal regulator, the National Credit Union Administration (NCUA). Key financial results as of December 31, 2017: Assets remained steady at approximately $36 million Loans remained healthy at just over $18 million Shares (deposits) continue to grow to over $30 million Loan to Share ratio remained steady at 60.15% Capital remains strong at 11.48% Net income was down $393,590 On behalf of the Board of Directors and management, we are committed to unassailable financial management. As we increase our footprint throughout the community, we will continue to monitor our net worth to ensure that growth is safe and sustainable. Please take a moment to review the financial statements (balance sheet and income statement). If you have any questions, please contact our CEO, Timothy L. Anderson. Charles Mbonu, Treasurer Supervisory Committee Report Credit Union Members, GPOFCU s key ratios remain strong, and in most comparisons, continue to equal or outperform its peer group. DeLeon and Stang, CPAs and Advisors, completed their annual audit of GPOFCU for the year ended June 30, 2017, and the report was relatively clean with minor exceptions. The Supervisory Committee (Gina Nguyen, Virginia Bourgeois, and myself) strives to ensure practices and procedures that safeguard the assets of members. In 2017, we expanded our oversight in a number of areas. The resulting reports, submitted to the Board of Directors, had several recommendations for improving operations and services. We look forward to carrying out our responsibilities in the coming year. Janice Oloto, Supervisory Committee Chair Page 6

4 Board Chair & President/CEO s Report Board Chair & President/CEO s Report, cont d. Year 2017 was another successful year. While the credit union industry is changing with numerous mergers and acquisitions, we continue to focus on remaining viable and bringing you, our member, the kinds of financial choices and lifetime solutions you have come to expect. With increased competition and consolidations, the credit union landscape is evolving. Our commitment, however, is to make those changes transparent to you as we continue to meet your financial needs. Our history at the Government Publishing Office (GPO) is rich, dating all the way back to With banks and credit unions on every corner, our pledge is to do the things necessary to earn your business every day, and remain your financial institution of choice. As reported last year, the credit union surpassed the 4,000 membership goal. This is significant as we continue to grow with the GPO (and family members), community partners and those residing, working, attending school and worshiping throughout the Washington, DC area. Building lasting and mutually beneficial relationships has always been a hallmark for our credit union. While staying connected is our theme, making banking easier for you is our rallying cry this year. The more delivery channels, the more you can access your products and services conveniently. We are focused on improved and new electronic services in We upgraded our mobile and online banking with a fresh new look, user friendly format and improved features. In addition to those enhancements, we are adding an online new account opening process and an online loan approval feature. No longer will you have to come into the branch to open a new account, or apply in person for a loan. Also, we are launching a digital signature product called DocuSign. DocuSign provides our members the ability to sign documents electronically, eliminating the cumbersome process of coming into the branch. Please stay tuned for these new products and services coming this year. Moreover, while you may say that s enough, we aren t done yet. For credit and debit card users, we will offer you additional peace of mind on protecting your cards through Card Valet. Card Valet, via FISERV, enables cardholders to fight debit and credit card fraud with customized real-time alerts. Allow consumers to set preferences and alerts so you can quickly detect and take steps to prevent fraudulent activity. This product should be ready to roll out in the third quarter. To offer these new delivery channels, we expended some of our stockpile of capital which impacted the bottom line. Additionally, we had to write off some long-standing toxic loans, which further affected net income. Even with this, by offering these new electronic products and services, we believe it better positions us to bring on new members with additional loan demand. Net income for the year was down $393,590. Our capital (overall net worth), is at a very healthy 11.48%. Financial institutions are considered well capitalized by the Federal regulators at 7%. As you can see, we are above what is required to be well capitalized. Finally, we will continue to live the credit union philosophy of people helping people and providing the kinds of financial products and services our members have come to expect. With our collective efforts, and working together, we are confident that our credit union will continue to grow and prosper. On behalf of the board of directors, management and staff, we want to say thank you. As we often convey, this is your credit union. We are very proud of our success, and without you, none of what we celebrate would be possible. Timothy L. Anderson President and Chief Executive Officer In Your Community GPOFCU collaborates with several community organizations to bring financial literacy and affordable financial services to unbanked and underbanked individuals in the District of Columbia. We are proud to partner with these and other organizations to serve their clients, residents, students, and employees with the benefits of credit union membership. Golden Rule Apartments Community Preservation & Development Corporation Friendship Public Charter Schools Azalea O. Albritton Board Chair Page 7 Page 8

5 Get smart about your money! GPOFCU members receive free financial counseling from our partner GreenPath. You don t need all A s for this scholarship! APPLY BY MARCH 31, 2018 A credit union member s success story: This past month I've had a couple new doctor's appointments (my co-pay is low, but still unexpected), and my car windshield needed replacement. Because GreenPath helped me design a budget, I knew EXACTLY how much there was to spend and how to pay for these things without having to worry about covering my bills and paying for my necessities. While it's true I no longer spend as much on luxury items or have as much 'fun-money', my quality of life is MUCH higher than it was before. I now have a long-term, high interest savings account into which part of my paycheck deposits automatically, and a short term savings account that I can use to save for things like car insurance and dental work. Thanks to GreenPath, I'm not afraid to think about my financial future. My counselor was so sensitive and understanding in helping me figure a way out of this hole I've dug. I've never felt more optimistic or less stressed about my financial situation. Contact GreenPath today! Phone: (toll-free) Hours: Mon - Thurs: 8:00 am 10:00 pm (ET) Fri: 8:00 am 7:00 pm Sat: 9:00 am 6:00 pm Website: Parents & Grandparents - encourage your college-bound kids to participate! This credit union scholarship program is available to any GPOFCU member entering their Freshman through Senior year of college or trade school. Learn more at Member applicants who do not receive a scholarship may be eligible for a grant from GPOFCU for books and miscellaneous course expenses. GPOFCU s Fresh Start products offer affordable solutions for financially challenged members. Short-term Emergency Hardship Loan 2nd Chance Checking Account Secured Visa Credit Card Rent/Mortgage Payment Account Starter Investor Savings Account Give us a call to discuss your options for a financial Fresh Start! GPO Federal Credit Union 732 N. Capitol Street, NW, Washington, DC Page 9 Page 10

6 Statement of Financial Condition as of December 31, 2016 and 2017 ASSETS: INCOME: LOANS: Lines of Credit & Credit Card Loans $ 1,985, $ 2,125, Interest on Loans $ 1,337, $ 1,463, New Autos 404, , (Less) Interest Refund - - Statement of Income for the period ending December 31, 2016 and 2017 Used Autos 9,311, ,461, Income from Investments 262, , Real Estate Loans to Members 1,269, ,768, Other Operating Income 797, , Loans Fully Secured by Shares 109, , All Other Loans to Members 5,062, ,579, Total Gross Income 2,398, ,462, TOTAL LOANS TO MEMBERS $ 18,142, $ 19,502, Less: Allowance for Loan Losses (493,459.59) (619,014.55) Employee Compensation 681, , Net Loans Outstanding $ 17,649, $ 18,883, Employee Benefits 203, , RECEIVABLES: Travel & Conference 60, , Receivables 1,959, ,018, Association Dues 16, , CASH: Office Occupancy Expense Federal Agency Securities $4, $ 6, Loan Servicing Expense 136, , Certificate of Deposits 14,699, ,162, Professional & Outside Services 218, , Premium & Discounts (83,163.91) (67,890.66) Provision for Loan Losses 394, , Deposits in Mid-Atlantic Corp FCU 173, , Member Insurance - - All Other Investments $ 12, , Operating Fees OTHER ASSETS: Annual Events Expense 7, Fixed Assets (Net Depreciation) 66, , All Other Assets 112, , TOTAL ASSETS $ 35,870, $ 36,749, Gain (Loss) on Investment - - LIABILITIES & EQUITY: Gain (Loss) on Disposition of Assets (10,402.29) (17,125.42) LIABILITIES: Other Non-Operating Income/(Expense) 0 0 Accounts Payable 10, , Total Non-Operating Gain & Losses (10,402.29) (17,125.42) Accrued Dividends 43, , Net Operating Income Before (152,528.66) (659,512.88) Dividends Withholding Taxes Payable 3, , Accrued Expenses 71, , Dividends 241, , All Other Liabilities - - TOTAL LIABILITIES $ 1,592, $ 175, Net Income (Loss) $ (393,590.61) $ (925,850.34) Share Certificate Accounts 8,000, ,928, IRA/Keough Accounts 1,018, ,307, Non-member Certificates 827, ,794, All Other Share Accounts - 208, TOTAL SHARES $ 30,160, $ 32,063, Cash (Cash on Hand, Deposit) $ 862, , Office Operating Expense 670, , INVESTMENTS: Education & Promotional Expense 22, , TOTAL INVESTMENTS $14,806, $ 14,292, Interest on Borrowed Money 19, , Land & Building (Net Depreciation) $ 0 $ 0 Miscellaneous Expenses 100, , $ 2,540, $ 3,105, Prepaids 98, , Operating Expense Before Dividends NCUSIF Capital Deposit 286, , Net Operating Income Before Dividends Notes Payable $ 1,463, $ - SHARES: Regular Share Accounts $ 15,376, $ 14,507, Share Draft Accounts 4,939, ,317, RESERVES & EQUITY Regular Reserves $ 276, $ 276, Accumulated Unrealized Gain/Losses on Available for Sale Securities Undivided Earnings 4,093, ,981, Net Income (252,732.29) (746,587.18) TOTAL LIABILITIES & EQUITY $ 35,870, $ 36,749, $ (142,126.37) $ (642,387.46) Family Sharing isn t just for cellphone plans! Get your family members connected with a GPOFCU Savings Account today. From youngsters to oldsters all qualify! Page 6 Page 11 Page 12 Page 7