YEAR-END REVIEW
54th Annual Meeting
March 18, 2009Meeting Called to Order
The meeting was called to order by Chairman Catherine Santella at 10:15 a.m. on March 18, 2009 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 Tkacs Cimmino, Maria Alicea and Susan Garrison.
Business Meeting
Minutes of the March 25, 2008 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 2008. She also noted the performance for 2008 and capital position. She then introduced Dominic Palumbo to review the financial statements and to summarize the year 2008.
Financials were presented covering year 2008. Dominic thanked the membership and the staff for their support and the hospital for its sponsorship. Dominic noted that the Credit Union is insured by the National Credit Union Administration (NCUA). He assured membership that their shares were federally insured. He reviewed current economic climate and current market interest rates. He noted how current rate structure impacts the earings of the credit union.
Dominic introduce LuAnne Raynor to present the slate of directors for two-year terms. Motion was made and seconded. The proposed slate of Catherine Santella, Peter Romano and Michael Tatta was elected.
Prizes were awarded and refreshments served.
There being no further business, the meeting was adjourned at 11:00 a.m.
Respectfully Submitted,
Dominic Palumbo
Recording Secretary
Year End 2009 Review
| |
Dec. 31
2008 |
Dec. 31
2009 |
Difference |
|
| Balance Sheet |
|
| Assets |
|
|
|
|
| Loans |
5,882,933.00 |
5,301,674.00 |
(581,259.00) |
|
| Loan Allow (-) |
(96,409.00) |
(83,787.00) |
12,622.00 |
|
| Net Loans |
5,786,524.00 |
5,217,887.00 |
(568,637.00) |
|
| Cash |
387,181.00 |
509,533.00 |
122,352.00 |
|
| Investments |
11,233,142.00 |
12,129,425.00 |
896,283.00 |
|
| Furniture/Equipment/Computer |
36,391.00 |
22,210.00 |
(14,181.00) |
|
| NCUSIF |
155,789.00 |
153,892.00 |
(1,897.00) |
|
| Mass Mutual Life |
300,000.00 |
400,000.00 |
100,000.00 |
|
| Other Assets |
9,558.00 |
8,737.00 |
(821.00) |
|
| Total Assets |
17,908,585.00 |
18,441,684.00 |
533,099.00 |
|
| Liabilities and Member's Equity |
|
|
|
|
| Shares |
15,561,198.00 |
16,380,778.00 |
819,580.00 |
|
| Other Liabilities |
268.00 |
5,333.00 |
5,065.00 |
|
| Regular Reserve |
111,723.00 |
111,723.00 |
0.00 |
|
| Undivided Earnings |
2,235,396.00 |
1,943,850.00 |
(291,546.00) |
|
| Unreal (Gain and Loss) |
0.00 |
0.00 |
0.00 |
|
| Total Liabilities and Member's Equity |
17,908,585.00 |
18,441,684.00 |
533,099.00 |
| |
Dec. 31
2008 |
Dec. 31
2009 |
Difference |
|
| Income Statement |
|
| Operating Income |
|
|
|
|
| Loan Income |
458,770.00 |
425,930.00 |
(32,840.00) |
|
| Investment Income |
458,000.00 |
335,428.00 |
(122,572.00) |
|
| Fees/Charges/Other |
76,621.00 |
90,513.00 |
13,892.00 |
|
| Total Operating Income |
993,391.00 |
851,871.00 |
(141,520.00) |
|
| NCUSIF Income |
0.00 |
128,646.00 |
128,646.00 |
|
| Total Combined Income |
993,391.00 |
980,517.00 |
(12,874.00) |
|
| Operating Expenses |
|
|
|
|
| Compensation/Benefits/IRA |
407,113.00 |
377,494.00 |
(29,619.00) |
|
| Taxes |
27,748.00 |
26,726.00 |
(1,022.00) |
|
| Travel/Conference/Dues |
10,101.00 |
6,738.00 |
(3,363.00) |
|
| Office Occupancy |
21,493.00 |
19,277.00 |
(2,216.00) |
|
| Insurance |
15,026.00 |
14,335.00 |
(691.00) |
|
| Outside Services |
9,565.00 |
14,832.00 |
5,267.00 |
|
| Provision Loan Loss |
0.00 |
0.00 |
0.00 |
|
| Office Operations |
164,693.00 |
170,870.00 |
6,177.00 |
|
| Total Operating Expenses |
655,739.00 |
630,272.00 |
(25,467.00) |
|
| Dividends |
238,929.00 |
183,925.00 |
(55,004.00) |
|
| NCUSIF Impairment Expense |
0.00 |
150,084.00 |
150,084.00 |
|
| Corporate Writedown |
0.00 |
307,782.00 |
307,782.00 |
|
| Total Combined Expense |
894,668.00 |
1,272,063.00 |
377,395.00 |
|
| Net Income (Loss) |
98,723.00 |
(291,546.00) |
(390,269.00) |
|
| Net Income without Impairment & Writedown |
98,723.00 |
37,674.00 |
(61,049.00) |
|