2011 Annual Report - Horizons Federal Credit Union
Transcription
2011 Annual Report - Horizons Federal Credit Union
Celebrating Our 75th Year Of Providing Strong Roots In The Community 1937 - 2012 20 Annual Report This credit union is federally insured by the National Credit Union Administration 1 Management & Board of Directors Report since at the time only those with higher incomes were normally able to establish relationships with banks. Over the years, other employee groups joined, such as the City of Binghamton, Lourdes Hospital and other local municipalities. Originally named Binghamton U.S. Employees Federal Credit Rick Felo • Chairman-Board of Directors Mario C. DiFulvio • President / CEO H orizons Federal Credit Union celebrated its 75th Anniversary on February 27, 2012. Horizons FCU was chartered on February 27, 1937 by a group of U.S. Postal Service employees as a means to provide financial services to each other. Credit unions are not-forprofit, member-owned financial institutions. They became popular during the Great Depression. The Federal Credit Union Act C redit unions are not-forprofit, member-owned financial institutions. of 1934, allowed the average working person to have a savings account and borrow money, was at 10.9% which is excellent. Horizons FCU remains a very I n 2011, loans grew to $54.7 million. Assets at year end grew 6% to $95.6 million. Capital, a measure of our financial strength, was at 10.9%, which is excellent. strong financial institution in our community. At the end of 2011, Horizons orizons received a comFCU partnered with Manley’s munity charter in 2000, allowing it to serve anyone who Might Mart which allows memlives, works, worships, goes to bers to use their Horizons debit, school or regularly conducts ATM, or VISA cards at any business in Broome County. Manley’s Mighty Mart ATM without incurring ATM fees. This partnership provides 23 adUnion, it changed its name to ditional fee free ATM locations Horizons Federal Credit Union throughout the Southern Tier in 1999 to reflect its broader membership. Horizons received adding another level of convenience for our members. a community charter in 2000, As we enter our 76th year, the allowing it to serve anyone who lives, works, worships, goes to Board of Directors, the Manageschool or regularly conducts ment Team and staff wishes to business in Broome County. remind you that we remain comTwo years later Horizons erected mitted to providing top friendly a new building at 120 Main service to all of our members. Street, replacing its old building Thank you for making Horiat the same location. zons FCU your choice for finanIn 2011, loans grew to $54.7 cial services. million. Assets at year end grew 6% to $95.6 million. Capital, a measure of our financial strength, H Supervisory Committee Report T he Supervisory Committee has the responsibility to ensure that our Credit Union is operating in compliance with all applicable rules and regulations and in accordance with sound and prudent business practices. In fulfilling our responsibilities, the committee has personally performed numerous tests and has reviewed Credit Union records on a monthly basis. The committee selected the certified public accounting firm of Firley, Moran, Freer & Eassa, P.C., to perform a comprehensive annual audit for fiscal year 2011. In addition, examiners from the National Credit Union Administration, our Federal Regulatory Agency, also conducted an annual examination of the Credit Union. After a review of Horizons policies, internal controls and financial statements, Firley, Moran, Freer & Eassa, P.C. issued a clean opinion. The NCUA has also given the Credit Union a high rating. The work that was accomplished by the credit union staff, management and Board of Directors to ensure financial soundness was commended by the Supervisory Committee. Our Mission To meet our members’ needs for quality financial services and to provide those services in a professional, convenient, and efficient manner while maintaining financial stability. 3 AWARDS F & 2011 Dora Maxwell Social Responsibility Award or the third year in a row, Horizons Federal Credit Union was selected as the first-place winner of the Credit Union Association of New York’s 2011 Dora Maxwell Social Responsibility Award in the $50-$100 million asset category. This award recognizes an Association-affiliated credit unions involvement in community activities. Horizons submitted the “Safe Streets Association” project for the Dora Maxwell Award. The primary goal of Horizons FCU’s participation in the Safe Streets Association (SSA) is to make a safer and a more family friendly neighborhood for the community with help from homeowners of the surrounding community, city officials, and police enforcement. Horizons Federal Credit Union is in the center of one of Binghamton’s worst socioeconomic deprived areas, Crandall and Edwards Streets. For the safety of our membership and the community, Horizons FCU felt it was necessary to become involved in the Safe Streets Association. The mission of the SSA is to have city officials become more active to get rid of the major crime activities in the neighborhood and make it a more desirable place for student housing as well as increase the number of owner occupied homes. The entire community is impacted by this initiative. Employees at Horizons dedicate their time and skills to benefit and support the SSA. Employees regularly sit in on the bimonthly SSA meetings. Horizons supports the community efforts of the SSA by monetarily sponsoring their events. Horizons also had a table set up at the SSA block party to inform families of the great financial services available to them. Employees that took part in the Block Party volunteered their free time to support the efforts of the SSA. Employees also dedicated time to create promotional materials for an event held by the SSA. The award was presented during the General Session at the Association’s Annual Convention on June 3, 2011 in Lake Placid, NY. Mario DiFulvio, President/ CEO of Horizons FCU, was there to accept the award for Horizons. This years Dora Maxwell project caught the eye of Mindi Schwab, Senior Writer for the Credit Union Association of New York. Ms. Schwab contacted Horizons to see if we were interested in having our project featured in an issue of their quarterly magazine, Connections. After answering some more in depth questions about Horizons involvement with the Safe Streets Association, Mindi wrote the article. Horizons SSA project was featured in the 2011 June edition of Connections Magazine. Mario DiFulvio, President/CEO of Horizons FCU, accepts the 1st place Dora Maxwell award SPECIAL EVENTS Horizons Federal Credit Union holds several events during the year to provide more than just financial services to our membership. From holiday activities for children, to educational workshops for members, these events provide a little something for everyone to enjoy. Here is a small sampling of the events that were held in 2011: Family Fun Fridays 2 011 marked the 10th anniversary of Horizons annual Family Fun Fridays event at our main office in Binghamton. On every Friday in August, Horizons parking lot was filled with children of all ages. Our Family Fun Fridays event provides free, fun and educational activities to the community. Our last Family Fun Friday event gave children a bag full of school supplies which helped them get ready for the upcoming school year. The four Friday events last year were: August 5- Fun Day, August 12- Sports Day, August 19- Arts and Health Day and August 26- School Supply Day. Some of the activities and participants this year included: Face painting, Zoo Mobile, The Discovery Center, Binghamton Mets, Cartoonicatures, Bounce House, the Four County Library System, Gleepac, and much more. School Supply Day was a huge success once again with Horizons FCU giving away almost 200 bags filled with items such as crayons, note books, pencils, rulers and more. Children were also eligible to enter to win a back pack. On the last Friday, Horizons FCU planted a tree to commemorate the 10th anniversary of Family Fun Fridays. Teen Finance Workshop H orizons held their annual Teen Finance Workshop on April 5, 2011. Students age 14 to 18 participated in the workshop. Participants learned about savings and checking accounts, budgets, credit cards, the importance of maintaining good credit and keeping yourself protected against fraud. Topics were taught by Horizons staff members in a “round table” discussion format. Teen’s in attendance received a financial work book which was made available through The National Endowment for Financial Education® (NEFE®) High School Financial Planning Program as well as a Horizons pen, and notebook. Horizons also went to Windsor Middle School on May 26, 2011 for their Up with Life day. Horizons presented 3- 45 minute sessions to over 50 children. The students learned about being a smart saver and the importance of maintaining good credit. The students were also given handouts to keep and some goodies from Horizons FCU. Bunny & Santa Day International CU Day C hildren get to meet two very special guests each year at Horizons. Our first guest hops in to make an appearance at our Bunny Day which takes place every year on Good Friday. The Easter Bunny makes a special stop at Horizons to get his picture taken with all the children who come to the Credit Union that day. One lucky boy and girl have the chance to win a Free Easter Basket on that day as well. In early December, our second special guest makes a stop at Horizons. Santa stops by to hear what the children want for Christmas and have their photo taken with him. Before they leave, Santa gives good girls and boys a goody bag to take home along with their picture with Santa. On October 20th, Horizons FCU joined credit unions and their members around the world to celebrate International Credit Union Day in recognition of the benefits those institutions bring to their members. In honor of International Credit Union Day we provided refreshments at all of our Horizons FCU locations. This was done as a thank you to our members for being a part of Horizons Federal Credit Union, the area’s oldest and friendliest credit union. 5 IN OUR COMMUNITY Horizons Federal Credit Union lives by the credit union philosophy of People Helping People. Horizons continually supports and participates in several community events throughout the year. We are proud to be a part of a community that stands up to help those that are in need and cannot otherwise help themselves. Thank you for participating in our fund raising events. Without your help Horizons FCU would not be able to help our neighbors. Here is a small sampling of some of the events that we participated in during 2011: Relay for Life T he largest community event that Horizons FCU participates in each year is the Greater Binghamton Relay for Life. The Relay for Life event took place on June 17th -18th at MacArthur Park in Binghamton. The Horizons Relay team had fun decorating the tent site with the theme of Relay being the Oscars. As with each year, Horizons FCU held fund raising events that were both fun and varied for staff and the membership alike. Fund raisers included golf pass sales, themed sale of American Cancer Society suns and moons, staff jean days, luminaria sales, bake sales and more. The 2011 Relay team set a high goal to sponsor the American Cancer Society’s Relay event at $3,500. We were able to make that happen thanks to the generosity of our staff and our membership. Heart Walk S everal Horizons FCU employees participated in the 2011 Heart Walk hosted by the American Heart Association of the Southern Tier. The walk took place at Binghamton University Events Center on May 1, 2011. The community event brings people together to help raise money to save lives from heart disease and stroke and encourage a healthier lifestyle by including exercise in our daily routine. In addition to having a team of walkers, Horizons Federal Credit Union was able to donate over $400 to the American Heart Association. Spiedie Fest A T Food Bank Have a H EA Do you RT! r par Support ou Buy a Su “In Mem n ory of r Life team Buy a Moo “In Hono n r of ” ” Help fill ou r Heart fo $1.00 he holiday season is a time of “People Helping People”. In that spirit, employees of Horizons FCU along with other credit unions of the Southern Tier gave a helping hand to the Food Bank by collecting kid friendly food items. Over 350 lbs. of food was donated to the Back Pack Program™. By providing children who are at risk of hunger with a bag of nutritious food each Friday throughout the school year, the BackPack Program™ attempts to reduce this gap and help children return to school on Monday ready to learn. Credit union staff volunteers helped package bags of food to be used in schools throughout the Southern Tier. ugust is a busy month for Horizons Federal Credit Union but we always make sure we participate in the area’s annual Spiedie Fest and Balloon Rally. Horizons FCU is a sponsor of the event and also has a table set up in the kids area. Horizons staff were at the Spiedie Fest handing out balloons as well as kid’s club information to parents. Crafts were also available for children who stopped at the Horizons table. t! r Relay Fo r only ! Summer Concert Series H orizons was happy to be a sponsor of the Downtown Endicott Business Association’s (DEBA) Summer Concert Series. Three concerts were held, one in June, July and August on Washington Ave in Endicott. Horizons was in attendance with an information table. Children who stopped at the Horizons table received a balloon and were able to make their own sun visor. Endicott Apple Fest F or the second year in a row, Horizons FCU participated in the Endicott Apple Fest. The all day event took place on September 17, 2011. Horizons FCU had a tent set up directly in front of our Endicott branch. Washington Avenue was blocked off so that attendees could walk around freely to all of the vendors. At the Horizons tent, attendees could get information about the credit union. People who stopped by the Horizons table also had the opportunity to play an “apple themed” game for the chance to win a prize. Shredding Events H orizons holds several shredding events throughout the year at our main office and Vestal branch. We understand that in-house shredding can be time-consuming for our members. That is why we partner with Confidata to provide us with their state-of-the-art mobile security shredding truck so all of your confidential documents can be securely destroyed on site. This service is available to all Horizons members as well as people of the community. Partnering with Manley’s Mighty Mart, Horizons adds 23 more ATM locations. H orizons Federal Credit Union is always looking for ways to increase satisfaction and provide more convenience to our members. In 2011, Horizons was able to form a partnership with Manley’s Mighty Mart, which allows members to use their Horizons debit, ATM, or VISA cards at any Manley’s Mighty Mart ATM without incurring ATM fees. To help kick off this new partnership, employees from Horizons FCU visited Manley’s Mighty Mart stores to let their customers know that by becoming a member of Horizons FCU they could use the Manley’s ATM fee free. Manley’s mascot, Marty, has also been at some of the Horizons FCU events. The agreement with Manley’s Mighty Mart adds 23 locations to Horizon’s current ATMs, making it considerably more convenient for Horizons members to access their savings and checking accounts. Members have unlimited* withdrawals with no fees when they use their cards at any of these 23 ATM locations. (*Please note daily maximum w/d limit and number of transactions per day do apply.) 7 OUR FINANCES 2011 2010 2009 2008 Auto, RV & Unsecured Loans Lines of Credit to Members Real Estate Loans Savings Secured Loans Student Loans Allowance for Loan Loss $17,390 3,731 32,561 677 731 (373) $16,594 3,806 32,150 656 801 (410) $17,855 3,651 29,680 538 763 (334) $16,606 2,920 22,763 663 647 (368) Total Net Loans $54,717 $53,597 $52,153 $43,231 Cash Investments Fixed Assets Other Assets 1,101 35,741 2,774 1,310 1,213 31,152 2,902 1,546 763 32,519 3,108 1,451 1,596 31,961 3,249 1,487 Total Assets $95,643 $90,410 $89,994 $81,524 $363 85,053 10,227 $246 80,358 9,806 $212 80,536 9,246 $248 71,157 10,119 $95,643 $90,410 $89,994 $81,524 ASSETS LIABILITY & MEMBER EQUITY Liabilities Savings and Certificates Member Equity Total Liabilities & Member Equity All figures are in thousands of dollars. Total Net Loans $52,153 $50,000 $53,597 $54,717 THOUSANDS $43,231 $40,000 $30,000 $95,643 $95,000 $89,994 $90,000 THOUSANDS $60,000 Total Assets $100,000 $90,410 $85,000 $80,000 $81,524 $75,000 $20,000 $70,000 $10,000 2008 2009 2010 2011 2008 2009 2010 2011 INCOME 2011 2010 2009 2008 Interest on Loans Interest on Investments Other Income $3,287 661 1,073 $3,326 906 1,022 $3,047 1,157 908 $3,036 1,340 894 Total Income $5,021 $5,254 $5,112 $5,270 799 4,222 126 962 4,292 194 1,278 $3,834 97 1,666 $3,604 99 $4,096 $4,098 $3,737 $3,505 $1,523 812 1,133 $3,468 $1,476 805 1,150 $3,431 $1,452 771 1,111 $3,334 $1,345 678 1,020 $3,043 Total Operating Income $628 $667 $403 $462 Total Non-Operating Expenses $207 $107 $1,277 - Net Income $421 $560 ($874) $462 2011 2010 10.86% 57.60% 64.77% 10.85% 59.74% 67.21% Interest Expense Net Interest Income Provision for Loan Loss Net Interest Income After Loan Loss Provision EXPENSES Employee Compensation & Benefits Office Occupancy & Operations Other Expenses Total Non-Interest Expenses KEY RATIOS Net Worth to Total Assets Ratio Loans to Total Assets Ratio Loans to Savings Ratio 14.00% 2009 10.28% 58.37% 65.17% 2008 12.41% 53.48% 61.27% Net Worth To Total Assets 12.41% 12.00% 10.28% 10.00% 10.85% 10.86% 2010 2011 8.00% 6.00% 4.00% 2.00% 0.00% 2008 2009 9 Horizons FCU Staff Main Office Management 120 Main Street • Binghamton, NY 13905 Phone #: (607) 724-5876 • Fax #: (607) 724-0613 Hours of Operation: Mon - Fri: 9:00 a.m. - 5:00 p.m. Thursday until 6:00pm • Saturday: 9:00 a.m. - 12:00 p.m. Drive-up: Monday - Friday open at 8:30 a.m. 24-Hour ATM Accounting Gretchen Voorhees- Accounting Asst • Sue Firmstone- Accounting Asst Mary Lou Harasymczuk- Controller Sandy Blewett- Accounting Asst • Pennie Morgus- Accounting Asst Member Services Katelyn Harasta- Member Service Rep. • Carly Smith- Member Service Rep. Tara Kennedy- Member Service Rep. • Christina Zopff- Member Service Rep. Joan Perez- Member Service Supervisor • Andrea Scott- Sr. Member Service Rep. Kevin Wilcox- VP of Finance • Joanne Tinder- VP of Operations Mark Hillegas- VP of Lending • Mario DiFulvio- President/CEO Administration Mary Jo Lane- Admin. Assistant • Pete DePersis- Maintenance Rebecca Mackay- Marketing Coordinator Sarah Perez- File Clerk • Joy Smith- Receptionist Loan Department Debbie Osman- Sr. Member Serv. Officer • John Seitz- Collections Lizette Calogero- Member Serv. Specialist • Genevieve Ketchum- Member Serv. Specialist Absent: Tisha Berg- Member Service Specialist Board Of Directors Back Row: Cornelius Lorden- Director • Louis R. Panigrosso- Supervisory Committee Pete Chermak- Director • James Halaburka- Treasurer Richard Felo- Chairman Front Row: Kathleen O’Brien- Director • Donald Prutisto- Secretary Brian Skadowski- Supervisory Committee (Absent: Rita LeStrange- Director) Endicott Staff Lisa Wilber - Member Service Rep • Miranda Simmons- Sr. Member Service Rep. . Endicott Branch 141 Washington Avenue • Endicott, NY 13760 Hours of Operation: Monday - Wednesday: 8:30 a.m. - 4:00 p.m. Thursday & Friday: 8:30 a.m. - 5:30 p.m. Vestal Branch Vestal Staff Campus Plaza • 3701 Vestal Parkway East • Vestal, NY 13850 Hours of Operation: Monday - Wednesday: 9:00 a.m. - 4:00 p.m. Thursday & Friday: 9:00 a.m. - 5:30 p.m. Drive-up: Monday - Wednesday: 8:30 a.m. - 5:00 p.m. Thursday & Friday: 8:30 a.m. - 5:30 p.m. 24-hour ATM Anthony Ward- Member Service Rep. • Carolyn May- Member Service Specialist Tammy Buchanan- Member Service Rep. • Linda Raymond- Branch Manager 11 23 23 More More ATMs ATMs Mail: PO Box 1881, Binghamton, NY 13902 Phone: (607) 724-5876 Fax: (607) 724-0613 Telephone Teller: (607) 771-6845 E-mail: [email protected] Web: www.horizonsfcu.com
Similar documents
Fall 2015 Newsletter - Horizons Federal Credit Union
Have you seen these members? Horizons Federal Credit Union reminds members to please keep their accounts active. State law requires financial institutions to turn inactive accounts, unclaimed insur...
More information