YEAR-END REVIEW
53rd Annual Meeting
March 25, 2008Meeting Called to Order
The meeting was called to order by Chairman Catherine Santella at 10:35 a.m. on March 25, 2008 in the Hollander Auditorium, Bridgeport Hospital.
Appointment of Recording Secretary
Dominic Palumbo was appointed Recording Secretary and announced that a quorum was present.
Board Members Present
Catherine Santella, Peter Romano, Michael Tatta, LuAnne Raynor, Evelyn Cimmino, Maria Alicea and Susan Garrison.
Business Meeting
Minutes of the April 18, 2007 meeting were distributed. Motion was made to approve minutes and was seconded. Motion was approved by the membership.
Catherine Santella addressed the membership and thanked them for their support. She noted the Credit Union had a successful year in 2007 and was looking forward to the same in 2008. She noted that the Credit Union was recently reviewed by the federal examiners (NCUA) and received a very positive review. She then introduced Dominic Palumbo to review the financial statements and to summarize the year 2007.
Financials were presented covering year 2007. Dominic thanked the membership and staff for their support and the hospital for its sponsorship. Dominic noted that the Credit Union completed its data processing conversion in July, and the new Master Card debit cards were introduced in December 2007. He reviewed a few of the operations functions and noted current interest rate environment and its economic implications.
Catherine Santella was reintroduced to present the slate of directors for two-year terms. Motion was made and seconded. The proposed slate was elected. LuAnne Raynor, Evelyn Cimmino, Maria Alicea and Susan Garrison.
Prizes were awarded and refreshments served.
There being no further business, the meeting was adjourned at 11:15 a.m.
Respectfully Submitted,
Dominic Palumbo
Recording Secretary
Year End 2008 Review | | Dec. 31
2007 | Dec. 31
2008 | Difference | | | Balance Sheet | | | Assets | | | | | | Loans | 6,036,252.00 | 5,882,933.00 | (153,319.00) | | | Loan Allow (-) | (97,595.00) | (96,409.00) | 1,186.00 | | | Net Loans | 5,938,657.00 | 5,786,524.00 | (152,133.00) | | | Cash | 103,699.00 | 387,181.00 | 283,482.00 | | | Investments | 11,634,381.00 | 11,233,142.00 | (401,239.00) | | | Furniture/Equipment/Computer | 38,372.00 | 36,391.00 | (1,981.00) | | | NCUSIF | 155,789.00 | 155,789.00 | 0.00 | | | Mass Mutual Life | 200,000.00 | 300,000.00 | 100,000.00 | | | Other Assets | 11,691.00 | 9,558.00 | (2,133.00) | | | Total Assets | 18,082,589.00 | 17,908,585.00 | (174,004.00) | | | Liabilities and Member's Equity | | | | | | Shares | 15,829,989.00 | 15,561,198.00 | (268,791.00) | | | Other Liabilities | 4,204.00 | 268.00 | (3,936.00) | | | Regular Reserve | 111,723.00 | 111,723.00 | 0.00 | | | Undivided Earnings | 2,136,673.00 | 2,235,396.00 | 98,723.00 | | | Unreal (Gain and Loss) | 0.00 | 0.00 | 0.00 | | | Total Liabilities and Member's Equity | 18,082,589.00 | 17,908,585.00 | (174,004.00) |
| | Dec. 31
2007 | Dec. 31
2008 | Difference | | | Income Statement | | | Income | | | | | | Loan Income | 424,880.00 | 458,770.00 | 33,890.00 | | | Investment Income | 573,053.00 | 458,000.00 | (115,053.00) | | | Fees/Charges/Other | 71,968.00 | 76,621.00 | 4,653.00 | | | Total Income | 1,069,901.00 | 993,391.00 | (76,510.00) | | | Operating Expenses | | | | | | Compensation/Benefits/IRA | 394,102.00 | 407,113.00 | 13,011.00 | | | Taxes | 26,936.00 | 27,748.00 | 812.00 | | | Travel/Conference/Dues | 6,159.00 | 10,101.00 | 3,942.00 | | | Office Occupancy | 11,060.00 | 21,493.00 | 10,433.00 | | | Insurance | 15,418.00 | 15,026.00 | (392.00) | | | Outside Services | 9,795.00 | 9,565.00 | (230.00) | | | Provision Loan Loss | 0.00 | 0.00 | 0.00 | | | Office Operations | 147,679.00 | 164,693.00 | 17,014.00 | | | Total Operating Expenses | 611,149.00 | 655,739.00 | 44,590.00 | | | Dividends | 308,580.00 | 238,929.00 | (69,651.00) | | | Total Operating Expenses & Dividends | 919,729.00 | 894,668.00 | (25,061.00) | | | Asset Sale (Gain/Loss) | 36,478.00 | 0.00 | (36,478.00) | | | Net Income (Loss) | 186,650.00 | 98,723.00 | (87,927.00) |
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