Spring 2011 - RC SSE Federal Credit Union

Member News Spring 2011
2010
Serving members and their families in the Redwood City, Sequoia, San Carlos, Belmont, Ravenswood, Las Lomitas, Menlo
Park, Portola Valley, and Woodside School Districts, Cañada College District and Students of Sequoia High School
Allpoint ATM Network
RC SSE members who have checking accounts and
use our ATM card now have 2,500 surcharge-free
ATMS available in Mexico and over 43,000
surcharge-free ATMS worldwide.
We currently enjoy surcharge-free access at Costco,
Walgreens, Rite-Aid, Safeway, CVS and 7-Eleven
stores, and most places utilizing Cardtronics
machines with the green Allpoint logo. The ATMs
will ask you to accept the fee before processing.
Always answer yes as we have a contract with zero
fees. If you do get charged, bring or mail your
receipt to us for a full refund.
Also visit our website to enter your zip code and get
listings to ATMs in your area or outside your area
while traveling. Don’t forget to use the mobile
phone app to locate the nearest surcharge-free
location.
youth into our membership to benefit from credit
union membership and learn how to manage
finances.
Christmas Club 2011
What’s better than having money for Christmas
spending in December? Getting a few gift cards in
the mail for you!
Earn gift card rewards for every $300 dollars
deposited each quarter. Funds must remain on
deposit through December 1st to qualify.
Americans are saving less and we’re still recovering
from the poor economy of the last few years. Why
not budget and plan for the holiday season and avoid
the stress brought on from financial pressures.
Scholarship Opportunity
Each year RC SSE Federal Credit Union provides a
$1,000 RENEWABLE scholarship to a deserving
student graduating from high school. This year the
deadline to submit an application for the 2011
scholarship is April 25.
Current Loan Rates
Signature Loans APR*
•
•
•
3-year payback
2-year payback
1-year payback
The winning student has the opportunity to renew
the scholarship to a maximum award of $4,000 when
providing proof of enrollment and a grade point
average of 2.5 or better.
•
New or used mobile homes
o 15 year term
9.00%
Equity Loans (up to $50,000)
o 6 year term
5.95%
All members and their children or grandchildren are
eligible to apply. Applications are downloadable at
our website by visiting www.rcsse.org. Read and
follow directions carefully and call us 650-366-7777
with any questions regarding the process.
Transcripts come sealed by US Mail and need not
accompany the application.
Collateral Loans
Best of luck to all of our youth on their pursuit of a
higher education!
April Is Youth Month
We are holding an open house for students of
Sequoia High School who are receiving instruction
in financial literacy on Wednesday, April 6 from 3:30
to 5:00. One of our goals for 2011 is to bring our
•
o
o
Computer Equipment
Share Secured Loans
15.00%
12.00%
9.00%
7.00%
3.20%
Credit Card Loans
o
o
Visa credit card
Visa “preferred” credit card
12.96%
8.90%
Vehicle Loans
•
Autos (60 months)
New
Used
Recreational Vehicles
3.50%
3.50%
10.00%
(Excluding tax, license and extended service contract)
Members may qualify for reduced rate of a half % for cashing in
10, 000 scorecard points on vehicle loans
*Annual Percentage Rates Subject To Change Without Notice
RC SSE Federal Credit Union 530 El Camino Real Redwood City, CA 94063 (650) 366-­7777 www.rcsse.org TREASURER’S REPORT
Statement of Financial Position
As of December 31, 2010
Budget 2011
Assets:
Loans (net)
Cash
$14,302,857
821,518
Banks, Savings & Loans
7,429,678
Deposits in Corporate Credit Unions
1,386,080
NCUA Share Insurance Fund
Accrued Investment Income
201,560
691
Accrued Interest on Loans
58,000
Deferred Expenses
32,652
Furniture, Fixtures & Equipment
7,613
Land
412,500
Building (net)
380,881
Leasehold Improvements
38,456
Other Assets
138,347
Total Assets
$25,210,833
Liabilities:
Accrued Expenses
Other Liabilities
$62,138
2,086
2011 Budget
$867,903
$875,000
108,735
110,000
Operating Income:
Interest on Loans
Income from Investments
Fees and Charges
32,386
40,000
Misc. Operating Income
96,969
110,000
Rental Income
39,497
40,000
1,145,490
1,175,000
Compensation
317,886
320,000
Employee Benefits
106,404
105,000
Total Operating Income
Operating Expenses:
Travel & Conference
5,307
5,000
Association Dues
15,251
15,000
Office Occupancy
167,943
175,000
Office Operations
116,165
120,000
Education & Promotional
15,323
15,000
Loan Servicing
113,767
100,000
101,208
90,000
Unapplied Data Processing
13,653
Professional Services
Total Liabilities
77,877
Provision For Loan Loss
Member Insurance
Shares:
2010 Actual
Operating Fee
0
0
54,149
55,000
5,423
6,000
Regular Shares
8,326,355
Cash Short & Over
59
0
Share Draft Accounts
2,188,631
Annual Meeting Expense
30
0
IRA's
1,844,863
Misc Operating Expense
4,250
5,000
Money Market Accounts
4,018,575
1,023,165
1,011,000
Christmas Club Shares
Share certificates
Total Member Shares
Total Operating Expense
13,471
5,866,612
22,258,507
Other Income/(Expense)
Non-operating Gain/(Loss)
Income Before Dividends
Equity:
Dividends
Regular Reserve
Undivided Earnings
Total Liabilities & Equity
611,165
10,000
174,000
161,939
140,000
($31,399)
$34,000
2,263,284
$25,210,833
Board of Directors 2011/2012
President
Vice-President
Secretary
Treasurer
Membership
Member
Member
Net Income/(Loss)
8,215
130,540
Larry Wagner
Jodie Arnold
Yolanda Padilla
Karen Kruger-Roque
Jodie Arnold
Bill Torsch
Lupita Montijo
Holiday Schedule
RC SSE will be closed on the following days:
• Friday, April 22
• Monday, May 30
• Monday, July 4
Good Friday-Close at Noon
Memorial Day
Independence Day
Your savings Federally Insured to at
least $250,000 and backed by the full
faith and credit of the U.S. Government
NCUA
By National Credit Union Administration
A U.S. government agency
EQUAL
HOUSING
LENDER
RC SSE Federal Credit Union 530 El Camino Real Redwood City, CA 94063 (650) 366-­7777 www.rcsse.org