2004 Annual Report - Credit Union House

In terms of advocacy and political strength, we have today reached a new pinnacle,
helped in part, I am proud to say, by the growing renown of Credit Union House.
Chairman’s Report
James J. McCormack,
Chairman, Credit Union House
A
As Credit Union House completes
its fourth year of operation, it
continues to exceed expectations at every
level. The vision of an enduring, highly
visible presence for the credit union
movement on Capitol Hill was fully
realized this past year, as Credit Union
House was host to numerous credit
union events as well as high profile
political events with key Members of
Congress and Administration officials.
Throughout the year, Credit Union
House served as a focal point and gathering place for credit union delegations
visiting Washington to “Hike the Hill.”
It also continues to serve as an effective
meeting and planning facility for
credit unions, leagues and credit union
organizations. Among those who took
advantage of Credit Union House for
these purposes were the CUNA Council
Forum, the CUNA Federal Credit Union
Subcommittee, and San Bernardinobased Arrowhead Credit Union.
But I am equally pleased to note that
even beyond our own circles, influential
members of the Washington establishment are now thinking first of Credit
Union House as an attractive and nearby
venue for their events. This past year, for
example, we saw Senate Majority Leader
Bill Frist (R-Tenn.) hold a fundraising
breakfast at Credit Union House.
Congressman Max Burns (R-Ga.) chose
Credit Union House to hold a reception
that featured House Speaker Dennis
Hastert (R-Ill.) as its keynote speaker.
White House advisor and political
strategist Karl Rove was among the
dignitaries attending a reception at
Credit Union House for Senator Pete
Domenici (R-N.M.). And Credit
Union House was tapped to be the
site for two events held by the
Democratic Governor’s Association,
including one attended by Governor
Joseph Kernan (D-Ind.), and by
members of the House Small
Business Committee.
This, too, is part of our larger vision
for Credit Union House. All of these
events and the distinguished Washington
figures they drew help instill a greater
recognition not only of Credit Union
House, but of the credit union movement at large, as figuring prominently
in the political landscape of our nation’s
capital. In terms of advocacy and
political strength, we have today reached
a new pinnacle, helped in part, I am
proud to say, by the growing renown
of Credit Union House.
We can all share in the pride of what
Credit Union House has become. I
would particularly like to express my
gratitude to my colleagues on the Credit
Union House, LLC Board of Directors,
and to the many credit union system
entities and individuals who have
pledged the ongoing support that has
enabled Credit Union House to transform from blueprints on a drafting
board to a most impressive and bustling
presence in the nation’s capitol.
CREDIT UNION HOUSE
2004 Annual Re p or t
President’s Report
Daniel A. Mica,
President, Credit Union House
T
Richard Gose, Senior Vice
President, Political Affairs (L)
welcomes Senate Majority
Leader Bill Frist (TN) to
Credit Union House.
This past year, a columnist for
the American Bankers Association
wrote somewhat disparagingly about
Credit Union House. Yet, I have little
doubt that his comments were rooted
in a high level of envy. You see, the gist
of his remarks were that credit unions,
banding together, have established
something that is very effective for
establishing a credit union presence
for credit unions on
Capitol Hill.
And that is not something the banking industry is craving to see.
House Appropriations
Committee Chairman
Jerry Lewis (R-CA) addresses
a California delegation at
Credit Union House.
This next year, I believe
there is little doubt that
Credit Union House will
continue to be a thorn in
the bankers’ side. That,
in itself, is not the value
of Credit Union House. The value is
in exactly what the bankers most fear –
credit unions setting their flag on The Hill
before lawmakers, and keeping it there.
With everything that has happened
over the past year – higher levels of
government spending, the critical need
for regulatory relief so that credit unions
can most effectively and flexibly serve
the needs of consumers – Credit Union
House is poised to reach peak effectiveness in the coming year.
As the launching point for our Hike
the Hills, location for events by and for
Members of Congress, and as a gathering
place for the credit union movement in
general in support of credit union interests and positions, Credit Union House
will become even more important as we
face future legislative battles.
Through the partnership of the Leagues
and CUNA, and the indomitable spirit
of credit unions in always striving to
ensure the interests of their members
are best represented, I congratulate
and commend Credit Union House
for its performance in 2004, and look
forward to even greater things in the
years to come.
As the launching point for our Hike the Hills,
location for events by and for Members of Congress,
and as a gathering place for the credit union movement
in general in support of credit union interests and
positions, Credit Union House will become even
more important as we face future legislative battles.
As a variety of different groups from both inside and
outside of the credit union system visit the facility,
enthusiasm for Credit Union House results in more support.
Treasurer’s Report
Richard D. Pillow,
Treasurer, Credit Union House
C
Credit Union House is fortunate to
enjoy strong commitments from state
credit union leagues, and ongoing financial support from generous contributors
which continues to enhance our solid
financial base. We ended the year 2004
with net income of $115,000, Members’
(Investors’) Equity of $4.8 million, and
cash on hand of $428,000.
Support for Credit Union House continues
to grow. In addition to the nearly $4.6
million of capital contributions, during
the past four years we received almost
$1.3 million in non-capital contributions
from investors, sponsors and contributors.
These critical contributions fund the
organization’s day-to-day operations.
The 2004 income statement indicates that
Credit Union House had an excellent year,
with net income of $115,000. This positive
cash flow was the result of several factors
including contributions from many credit
unions and individuals within the credit
union system as well as close monitoring
of operating expenses. In addition, the
largest expense item in the Credit Union
House operating statement is depreciation,
a non-cash expense.
Moving forward, the position of
the Credit Union House, LLC looks
extremely positive. As a variety of
different groups from both inside and
outside of the credit union system visit
the facility, enthusiasm for Credit Union
House results in more support. Because
of this, Credit Union House maintains
a solid financial base and additional
fundraising opportunities.
Critical to the success of the ongoing
operations of Credit Union House, are
annual contributions from within the
credit union system. Fundraising has been
successful to date, but continued support
throughout the credit union system is
required to maintain the current image
reflected in Credit Union House. We
appreciate those who have made a financial commitment for ongoing support and
encourage those who have not yet done so
to make that same commitment.
In closing, I would like to note that the
independent CPA firm of BDO Siedman,
LLP, conducted an audit report on the
financial statements of Credit Union
House, LLC, for the year ending 2004. The
financial statements along with the opinion of the auditors can be found
on the Credit Union House website
at www.cuhouse.com.
CREDIT UNION HOUSE
2004 Annual Re p or t
2004 Credit Union House, LLC
Board of Directors
Chairman
James J. McCormack
Vice Chairman
Robert S. Walls
Treasurer
Richard D. Pillow
Secretary
Roshara Holub
Pennsylvania Credit
Union Association
Delaware Credit Union League
Virginia and DC Credit
Union Leagues
Missouri Credit Union
Association
Credit Union House, LLC
Members
2004 Annual
Contributors
Pr e s i d en t i a l
Le v el M e m be r s
($15,000 +)
($300,000 +)
California Credit Union League
Colorado Credit Union System
Pennsylvania Credit Union Association
Texas Credit Union League
C on g r e s s i o n al
Le v el M e m be r s
($200,000 – $299,999)
Florida Credit Union League
Missouri Credit Union Association
New York State Credit Union League
Virginia Credit Union League
Wisconsin Credit Union League
A mb a ss a do r
Le v el M e m be r s
($50,000 - $199,999)
AACUL
Alabama Credit Union League
Arizona Credit Union League
Connecticut Credit Union Association
Georgia Credit Union Affiliates
Illinois Credit Union System
Indiana Credit Union League
Kentucky Credit Union League
Maine Credit Union League
Massachusetts Credit Union League
Michigan Credit Union League
Minnesota Credit Union Network
New Jersey Credit Union League
North Carolina Credit Union Network
Ohio Credit Union League
Oklahoma Credit Union League
Credit Union Association of Oregon
South Carolina Credit Union League
South Dakota Credit Union League
Utah League of Credit Unions
Diplom at
Le v e l M e m b er s
($10,000 - $49,999)
Alaska Credit Union League
Arkansas Credit Union League
DC Credit Union League
Delaware Credit Union League
Hawaii Credit Union League
Idaho Credit Union League
Iowa Credit Union League
Kansas Credit Union Association
Louisiana Credit Union League
Maryland Credit Union League
Mississippi Credit Union System
Montana Credit Union Network
Nebraska Credit Union League
Nevada Credit Union League
New Hampshire Credit Union League
New Mexico Credit Union League
North Dakota Credit Union League
Rhode Island Credit Union League
Tennessee Credit Union League
Vermont Credit Union League
Washington Credit Union League
West Virginia Credit Union League
Wyoming Credit Union League
P a tr o n L ev e l
Boeing Employees Credit Union
WesCorp Federal Credit Union
Chairman Level
($10,000 - $14,999)
Orange County Teachers Federal
Credit Union
Randolph Brooks Federal
Credit Union
U.S. Central Credit Union
World Council of Credit Unions
P l a t i n um L e v e l
($5,000 - $9,999)
Alaska USA Federal Credit Union
Navy Federal Credit Union
U.S. Airways Federal Credit Union
Visions Federal Credit Union
Go ld Le v el
($2,500 - $4,999)
Arrowhead Credit Union
Eastman Credit Union
Portland Teachers Credit Union
Star One Credit Union
Texans Credit Union
Director
Guy Hood
President
Daniel A. Mica
Florida Credit Union League
Credit Union National
Association
Si l ve r Le v e l
B r o n ze Le v el
($1,000 - $2,499)
($250 - $999)
66 Federal Credit Union
Atlantic Regional Federal Credit Union
Avanta Federal Credit Union
CUNA Credit Union
Call Federal Credit Union
Carolina Trust Federal Credit Union
Citizens Equity First Credit Union
Credit Union Executives Society
DCUL Governmental Affairs Committee
Dutch Point Credit Union, Inc.
GHS Federal Credit Union
GTE Federal Credit Union
MIT Federal Credit Union
MacDill Federal Credit Union
Mazuma Credit Union
MidWest Financial Credit Union
Missoula Federal Credit Union
Missouri Corporate Credit Union
Municipal Employees Credit Union
of Baltimore, Inc.
Pennsylvania State Employees Credit Union
Pacific Service Credit Union
Pine Bluff Cotton Belt Federal Credit Union
Providence Health System Federal
Credit Union
Redstone Federal Credit Union
SAFE Federal Credit Union
SAFE Q Credit Union
St. Anne’s Credit Union of Fall River
T & C Federal Credit Union
United Consumers Credit Union
Vandenberg Federal Credit Union
Xerox Federal Credit Union
ABNB Federal Credit Union
Alexandria USDA Federal Credit Union
Autotruck Federal Credit Union
Bellco Credit Union
Black Hills Federal Credit Union
Campus USA Credit Union
Central Credit Union
Commonwealth One Federal Credit Union
Community Educators Credit Union
Community First Credit Union
Core Plus Federal Credit Union
Credit Union Central Falls
DayMet Credit Union, Inc.
Deer Valley Credit Union
DuPont Fibers Federal Credit Union
Duval Federal Credit Union
Byron Edgett
Energy First Credit Union
Five County Credit Union
Greenville Heritage Federal Credit Union
Hughes Federal Credit Union
Kimberly Clark CU
Kraft America Credit Union
Melrose Credit Union
Milwaukee Metropolitan Credit Union
Montana First Credit Union
OSU Federal Credit Union
Pawtucket Credit Union
Peoples Trust Credit Union
Sonia Cuilty-Donald in Honor of
The Cuilty Family
Spokane Federal Credit Union
St. Jean’s Credit Union
TLC Federal Credit Union
The Tennessee Credit Union
Tobacco Valley Teachers FCU
Triangle Credit Union
Ulster Federal Credit Union
Robert S. Walls, Sr.
Washoe Credit Union
Wauwatosa Credit Union
Yakima Valley Credit Union
F riend L evel
($25 - $249)
Alcoa Tenn Federal Credit Union
Atlantic Financial Federal Credit Union
Blue Flame Credit Union
Kenneth M. Corbett
Dane County Credit Union
Dexter Regional Federal Credit Union
FIED
William Humpfer
Janice Parent
Reliant Federal Credit Union
Joel and Louisa Romaine
Mr. and Mrs. Ronald J. Woodbury
San Jacinto Area Credit Union
Beverage Service provided to
Credit Union House compliments
of The Coca-Cola Company and
The Coca-Cola Company Family
Federal Credit Union
CREDIT UNION HOUSE
2004 Annual Re p or t
Credit Union House
403 C Street, NE
Washington, DC 20002
(202) 548-3131