YEAR-END REVIEW
52nd Annual Meeting
April 18, 2007Meeting Called to Order
The meeting was called to order by Chairman Catherine Santella at 10:35 a.m. on April 18, 2007 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
Sharon Voytek, Catherine Santella, Peter Romano, Michael Tatta, LuAnne Raynor, Evelyn Cimmino abd Maria Alicea.
Business Meeting
Minutes of the March 29, 2006 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 2006 and was looking forward to the same in 2007. She noted that the Board was there to address all issues presented by the membership. Any concerns regarding products and services would be reviewed and acted upon. She then introduced Dominic Palumbo to review the financial statements and to summarize the year 2006.
Financials were presented reviewing the year 2006. Dominic thanked the membership and staff for their support and the hospital for its sponsorship. Dominic noted the new services which were introduced in 2006 such as home banking and bill payor. He indicated that the Credit Union will have a data processing conversion in July 2007, and along with this conversion the Credit Union will offer a Mastercard Debit/ATM card in July 2007. Dominic then asked the membership to recognize Sharon Voytek for her contributions as a Board member.
LuAnne Raynor was introduced to present the slate of directors for two year terms. Motion was made and seconded. The proposed slate was elected. The following individuals were elected to a two year term: Catherine Santella and Peter Romano.
Prizes were awarded and refreshments served.
There being no further business, the meeting was adjourned at 11:30 a.m.
Respectfully Submitted,
Dominic Palumbo
Recording Secretary
Year End 2007 Review | | Dec. 31
2006 | Dec. 31
2007 | Difference | | | Balance Sheet | | | Assets | | | | | | Loans | 5,288,255.00 | 6,236,252.00 | 947,997.00 | | | Loan Allow (-) | (107,980.00) | (97,595.00) | 10,385.00 | | | Net Loans | 5,180,275.00 | 6,138,657.00 | 958,382.00 | | | Cash | 250,377.00 | 103,699.00 | (146,678.00) | | | Investments | 12,033,993.00 | 11,634,381.00 | (399,612.00) | | | Furniture/Equipment/Computer | 13,403.00 | 38,372.00 | 24,969.00 | | | NCUSIF | 154,755.00 | 155,789.00 | 1,034.00 | | | Other Assets | 19,656.00 | 11,691.00 | (7,965.00) | | | Total Assets | 17,652,459.00 | 18,082,589.00 | 430,130.00 | | | Liabilities and Member's Equity | | | | | | Shares | 15,578,942.00 | 15,829,989.00 | 251,047.00 | | | Other Liabilities | 12,771.00 | 4,204.00 | (8,567.00) | | | Regular Reserve | 111,723.00 | 111,723.00 | 0.00 | | | Undivided Earnings | 1,950,023.00 | 2,136,673.00 | 186,650.00 | | | Unreal (Gain and Loss) | (1,000.00) | 0.00 | 1,000.00 | | | Total Liabilities and Member's Equity | 17,652,459.00 | 18,082,589.00 | 430,130.00 |
| | Dec. 31
2006 | Dec. 31
2007 | Difference | | | Income Statement | | | Income | | | | | | Loan Income | 377,590.00 | 424,880.00 | 47,290.00 | | | Investment Income | 505,375.00 | 573,053.00 | 67,678.00 | | | Fees/Charges/Other | 82,717.00 | 71,968.00 | (10,749.00) | | | Total Income | 965,682.00 | 1,069,901.00 | 104,219.00 | | | Operating Expenses | | | | | | Compensation/Benefits/IRA | 365,803.00 | 394,102.00 | 28,299.00 | | | Taxes | 25,880.00 | 26,936.00 | 1,056.00 | | | Travel/Conference/Dues | 10,415.00 | 6,159.00 | (4,256.00) | | | Office Occupancy | 10,166.00 | 11,060.00 | 894.00 | | | Insurance | 13,649.00 | 15,418.00 | 1,769.00 | | | Outside Services | 12,406.00 | 9,795.00 | (2,611.00) | | | Provision Loan Loss | 0.00 | 0.00 | 0.00 | | | Office Operations | 145,892.00 | 147,679.00 | 1,787.00 | | | Total Operating Expenses | 584,211.00 | 611,149.00 | 26,938.00 | | | Dividends | 240,367.00 | 308,580.00 | 68,213.00 | | | Total Operating Expenses & Dividends | 824,578.00 | 919,729.00 | 95,151.00 | | | Asset Sale (Gain/Loss) | 3,957.00 | 36,478.00 | 32,521.00 | | | Net Income (Loss) | 145,061.00 | 186,650.00 | 41,589.00 |
|