Annual Report 2018

2018 Annual Meeting Minutes April , 2017

Board President Anne Chambers called the 61st Annual Meeting of the Celco Community Federal Credit Union to order. President Chambers welcomed the members to the meeting. She stated that this meeting could not take place without the dedicated help of the Marketing & Education Committee members, Supervisory Committee members, Employees of the Credit Union, the Auditing firm of Brown and Edwards and last but not least, the Board of Directors. Would all who have helped, please stand. Thank you for your time and service. She asked William Snidow, member of the Supervisory Committee to give the invocation. The American Legion Post 68 from Narrows led the Flag presentation. The Spirits of Joy sang the National Anthem. Anne introduced two new familiar faces on the Board of Directors. Jeff Morris came on the Board last year to replace Barbara Meredith and Harriet Fletcher agreed to fill Emory Eaton’s position. Anne read a plaque dedicated to the many years of service as a volunteer and Board member to Emory Eaton. Emory passed away January 1, 2017 on his and his wife, Louise’s wedding anniversary. Anne asked the secretary if there was a quorum to continue the meeting. Connie Copeland, Secretary assured Anne there was a quorum present. President Chambers directed the attention to the program on page 3 for last year’s minutes. She asked if there were no corrections to the minutes to dispense with the reading of the minutes and approved as written. Motion made by Larry Hale and seconded by Sue Lawson.

All in favor, motion carried. President Chambers stated that since she was running for the Board, she asked Brown and Edwards Accounting Firm to conduct the elections. Er i ca of Brown and Edwa rds , r ead t he qualifications and requirements to run for the Board. She asked for nominations from the floor. Hearing none, the nominations were closed. At this time, we need a member to make a motion to elect the following names on the ballot: Anne Chambers, Jerry Eaton and Harriett Fletcher by acclamation. Motion made by Rick Helms and seconded by Larry Hale. All in favor, please signify by saying Aye. Opposed likewise. Motion carried. Anne reported to the membership on the new service for your banking needs available on your cell phone. Please contact the Credit Union to download the Mobility App. Anne turned the meeting over to the Spirits of Joy singers who entertained the membership with three songs. They did a wonderful job with the singing. The Marketing and Education Committee began the calling of ticket numbers for the lucky winners of the money given by the Credit Union to the members. Amy Fletcher won the 50/50 raffle. Anne asked that the membership be mindful of the older and handicapped members and let them go first to enjoy a nice dinner in the Cafeteria. The dinner was provided by Country Kitchen Caterers. There were 328 members present for the meeting. Everyone enjoyed the meeting and dinner.

Respectfully Submitted, Anne Chambers , President Connie Copeland , Secretary

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2018 Celco Members Meeting Minutes November , 2017

Anne asked if the nominees would like to speak to the members as to why they wanted on the Board. Anne spoke on her behalf, Jerry Eaton didn’t choose to speak. Harriet Fletcher didn’t choose to speak, Benji Pennington was not at the meeting, Clay Bane did speak to the members, Lisa Ray was not at the meeting and Roger Ferguson did speak and asked for your vote. Anne asked for nominations from the floor. Being none, she asked the members to mark their ballots and they were collected. Brown and Edwards would count the ballots. Motion made by Jeff Williams and seconded by Alvin Crotty to close the meeting. The audience was dismissed to the cafeteria to enjoy a delicious meal. Brown and Edwards reported the vote as follows: Anne Chambers 129 votes Jerry Eaton 124 votes Harriet Fletcher 147 votes Clay Bane 32 votes Benji Pennington 52 votes Lisa Ray 16 votes Roger Ferguson 63 votes The three incumbents were re-elected to the Board. Respectfully Submitted,

Anne Chambers, President opened the meeting by asking all Veterans to stand since this is Veterans Day. Anne thanked them for their service to our country and the members offered a round of applause. Anne then called the meeting to order. She asked Connie Copeland, Secretary if there was a quorum present. There was a quorum present, she entertained a motion to open the meeting. Motion made by Jeff Williams and seconded by Harriet Fletcher to start the meeting. Anne asked William Snidow to give the invocation and start the Pledge of Allegiance to the American Flag. Anne began with the purpose of this meeting and explained that another election was ordered by the NCUA auditor, Mike Copen. Anne read the reason we had to have another election and the duties of the Board from the NCUA policy. The Board of Directors put in the requirements to run for the Board in December, 2000. These requirements were never filed with NCUA and therefore were illegal. These requirements were read by Brown And Edwards, Auditors at our April, 2017 meeting. The result being we would be required to have another election. There are seven (7) names on the new ballots, three incumbents and four new names.

Anne Chambers , President Connie Copeland , Secretary

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Distributions of Income for 2017

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Shares

IRA's

Shares

$44,199

$45,040

$45,556

$46,131

0 12500 25000 37500 50000

IRA’s

$10,205

$10,063

$10,079

$9,917

Totals

$54,404

$55,103

$55,635

$56,048

Total Share Dividends

$180,926

Total I.R.A. Dividends

$ 40,264

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Grand Total (Returned to Members)

$221,190

Assets

Total Assets as of December 31, 2017

$106,375,102

0 30000000 60000000 90000000 120000000

Total Assets as of December 31, 2016

$103,861,310

Total Assets as of December 31, 2015

$101,047,345

Total Assets as of December 31, 2014

$101,264,453

2014 2015 2016 2017

There were 1,490 loans made in 2017 in the amount of $18,422,482. After all expenses were paid the membership received $221,190 in dividends. Jeff Morris , President

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Operating Statement for the Year 2017

Assets: Total Loans

$50,984,979 (178,144) 50,806,835 2,039,592 17,315,267 26,174,000 5,980,054

Less: Allowance for Loan Losses

Net

Cash

Vizo Financial

Held to Maturity Securities CUNA Mutual Investment

NCUA Share Insurance Cap. Deposit

854,022 2,218,560 472,014

Prepaid Post Ret. Benefit

Land and Building (Net of depreciation)

Other Fixed Assets

114,557 116,697 283,504

Accrued Income on Investments

Other Assets

TOTALASSETS

$106,375,102

LIABILITIES & EQUITY: Total Liability

$ 87,936

Regular Shares Share Drafts

71,835,781 9,882,029 6,491,258 88,209,068 6,831,012 3,356,997 11,088,941 (3,198,852)

I.R.A. ’s

Total Shares of Members

Regular Reserve

Reserve for Contingencies Undivided Earnings

(Gain)/Loss

TOTAL LIABILITY & EQUITY

$106,375,102

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Operating Statement for the Year 2017

Income & Expenses Interest on Loans Income from Investments

$ 2,672,877

600,047 656,876 140,943

Fee Income

Other Operating Income

Total Gross Income

$ 4,070,743

—————————————————————————————- Employee Compensation and Benefits

$ 1,666,009

Training and Conference Expenses

20,614 28,682 77,371 236,062 160,104 70,661 452,925 27,274 22,050 (108) 23,633 26,061 15,217 372,519 170,000 16,563 221,190

Association Dues

Office Occupancy Expenses Office Operation Expenses Marketing & Education Expense Loan Servicing Expense Professional & Outside Service Federal Supervision & Exam

Visa Expenses

Total Cash (Over) & Short Annual Meeting Expenses

Miscellaneous Operating Expense

Share Draft Expenses

ATM Expense

Provision for Loan Loss

Other Expenses

Dividends

Non-Operating Income (Gain)/Loss

(38,930)

Total Expenses

$3,567,897

————————————————————————————— Net Income 2017

$ 502,846

For sixty-two years, Celco Community Federal Credit Union has been an intricate part of Giles County offering our members help with all their financial needs. The Credit Union strives to update our programs and services to meet our members every financial need with courteous and helpful service. We thank you, our members for using the Credit Union for all your financial needs. Remember, the Credit Union belongs to “YOU”, our members. Respectfully Submitted, Connie Copeland , Treasurer

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Elected Officials Board of Directors

Jeff Morris President

Jeff Williams Vice President

Connie Copeland Treasurer

Anne Chambers Secretary

Patty Crotty Director

Gerald Eaton Director

Harriet Fletcher Director

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Celco Community Federal Credit Union Staff

Chief Executive Officer Dean Marshall

Chief Operations Officer Mark Clemons

Loan Administrator Dana Yost

Member Service Rep. Sheila Stafford

Mortgage Officer Chau Gunter

Loan Officer Selena Shrewsberry

Mortgage Officer Tanner Carbaugh

Collections (L to R) Bridget Newby, Crystal Mann, Supervisor

Accounting (L to R) Kristi Eaton, Supervisor Dianne Gautier, Savannah Randel

Narrows Tellers Back Row (L to R) Lisa Ferrell, Savannah Randel, Debbie Lewis (Teller Supervisor), Kathy Ratcliffe, Melissa Spangler, Front Row (L to R) Leslie Bandy, Rhonda Robertson

Pembroke Staff (L toR) Autumn Snider (teller & loans), Crystal Burton (Teller Supervisor), Vicky Lucas, teller

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Notes

16

Notes

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