Annual Meeting2013.pub - Energy Plus Credit Union

2012
Annual Report
March 13, 2013
Agenda
Annual Meeting of Shareholders
Energy Plus Credit Union
Wednesday, March i3lh, 2013
IPL Morris St. Safety Room
5:30 PM
1. Attendance (Determination of Quorum)
2. Minutes of the 2012 Annual Shareholders Meeting (attached)
3. Report of the Board of Directors (attached)
4. Report of the Treasurer (attached)
5. Report of the Supervisory Committee (attached)
6. Unfinished Business
7. New Business
8. Elections (Present Slate of Candidates)
9. Door Prizes
10. Adjournment
Mission Statement:
Helping members achieve their goals through excellent service and high quality
products.
Our Vision:
Member Focused - Member Driven
Annual Meeting Minutes
Energy Plus Credit Union
March 14,2012
The 6th Annual Meeting of the Energy Plus Credit Union was held March 14, 2012 at
5:30 p.m. at Citizens Energy Group, Auditorium.
Drinks and Cheese & crackers were served. Everyone received an EPCU toothpick
holder.
Meeting called to order at 5:30 pm.
A quorum was present.
Vicki Garrett, Chairwoman of the Board of Directors, welcomed the 28 members in
attendance.
Minutes of the 2011 Stakeholders meeting. Nick Grimmer motioned to approve the
minutes; Darlene Reckelhoff seconded. Motion approved.
Terri Wildrick introduced the Board, Supervisory Committee & Staff.
Vicki Garrett read the Chairman's report.
Marsha Johnson presented the Treasury Report. Eli Quiet motioned to approve the
report; Darlene Reckelhoff seconded. Motion approved
Mark Vogler presented the Supervisory Report.
Request to discuss any Unfinished Business: None
Request to discuss any New Business: None
Election of officers:
The slate of candidates was presented by as follows and was elected by the
membership:
4 Board positions and 2 Supervisory Committee positions were open for election. The
slate of candidates was presented as follows:
Board of Directors
Vicki Garrett
Elizabeth Greiner-Quiett
Christopher Hahn
Sara Mamuska-Morris
No additional names were presented for nomination to the Board. John Pickerel
motioned to approve the board; Darlene Reckelhoff seconded. Motion approved.
Supervisory Committee
Laura Anderson
Brenda Owens
No additional names were presented for nomination to the Supervisory committee.
Vicki Garret motioned to approve the committee; Cari Palmer seconded. Motion
approved.
Door prizes:
Folding Chair - Hal Riceman
$25.00 gas card - Dee Rainey
$50.00 gas card - Holli Deering
Vicki Garrett thanked all those in attendance.
No further business was presented from the flooR the meeting adjourned at 5:50 p.m.
Chairwoman - Vicki Garrett
Secretary - Brenda Wade
CHAIRMAN'S REPORT
Welcome to the Energy Plus Credit Union annual meeting.
Our mission is to 'help members achieve their goals through excellent services and high quality
products'. We have measured our progress and we are happy to report success in delivering on
this goal by scoring a 93% satisfaction rate in our annual member survey.
While other financial institutions have struggled with the challenges over the last several years,
EPCU has managed to grow our asset base and at the same time also increased loans to members
by $2.3 million from 2009 to 2012.
The Energy Plus team has built on the success of 2011 with a second straight year of net income,
which increased by nearly three-fold from the previous year.
After the economic turmoil of 2008 and 2009, the management and front line teams have looked
for ways to work more efficiently while maintaining a high level of service. These efforts
resulted in a significant decrease in operating expenses from 2009 to 2010 and management has
kept those expenses either decreasing or flat over the last three years.
While our deposit rates remain low due to downward pressure on interest rates from the Federal
Reserve, this offers great opportunities for finance of purchases at low rates through our new and
used car products, HELOC offerings and multiple credit card offerings.
We continue to focus on growth and reaching out to attract new members. In 2012 we saw our
ranks increase by 301 members. Our team is looking to place EPCU on the cutting edge by
moving to social media platforms such as Facebook and we will look to find new ways to reach
out to our members through mobile banking and other services throughout 2013.
Later in tonight's meeting we will hold elections for your Board of Directors and Supervisory
Committee. We are proud to volunteer our time and we take our jobs very seriously. Thank you
for attending and participating in your credit union. We appreciate your business and continued
support.
Randy Jones
Chairman of the Board
ENERGY PLUS CREDIT UNION
MONTHLY STATEMENT OF FINANCIAL CONDITION
DECEMBER 31,2012
DECEMBER 2012
ASSETS
Loans To Members
Allowance for Loan Loss
Receivables
Cash
Investments
Prepaid Expenses & Deferred Charges
Fixed Assets
Accrued Income
Deposit in NCUSIF
Other Assets
$
20,875,976.33
(132,743.11)
9,658.24
430,829.80
6,878,573.78
36,696.49
62,091.78
24,647.23
230,161.03
DECEMBER 2011
$
20,631,536.18
(187,109.36)
19,582.99
267,123.39
5,890,445.73
38,809.59
115,431.36
21,590.45
226,248.34
.00
TOTAL ASSETS
LIABILITIES & EQUITY
Accounts Payable
Notes Payable
Dividends Payable
Taxes Payable
Accrued Expenses
Other Liabilities
.00
$
28,415,891.57
$
$
50,461.27
$
.00
110.40
241.43
8.09
23,257.07
4,953.06
.00
MEMBER EQUITY
Regular Shares
Share Drafts
I.R.A.'s
Certificates
Other Deposits
TOTAL MEMBER EQUITY
RESERVES AND UNDIVIDED EARNINGS
Regular & Legal Reserves
Other Reserves
Undivided Earnings
Current Period Net Income
(36,299.63)
.00
26,055.66
5,354.99
TOTAL LIABILITIES
27,023,658.67
$
81,982.32
$
$
13,681,142.59
2,942,177.95
$
(7,839.98)
12,080,479.82
2,616,066.48
.00
.00
3,156,159.60
4,486,770.28
3,715,385.36
4,654,229.95
$
24,266,250.42
$
23,066,161.61
$
1,891,072.07
$
1,871,681.84
.00
2,055,081.30
38,573.90
.00
2,176,586.76
.00
TOTAL CAPITAL
$
4,067,658.83
$
3,965,337.04
TOTAL LIABILITIES & EQUITY
$
28,415,891.57
$
27,023,658.67
We certify to the best of our knowledge and belief, this statement and related statements are true and
correct and present fairly the financiaLppsition and results of operations for the periods covered.
W
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This Credit Union is federally insured by the National Credit Union Administration
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TREASURER
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Page 1
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ENERGY PLUS CREDIT UNION
MONTHLY STATEMENT OF INCOME AND EXPENSES
FOR THE PERIOD ENDING DECEMBER 31, 2012
DECEMBER 2012 PERIOD-TO-DATE
YEAR-TO-DATE
INCOME:
Income From Loans
Investment Income
Fees & Charges
Miscellaneous Income
$
102,280.71
2,779.85
26,702.59
2,485.63
$
305,751.48
8,377.21
74,808.40
6,882.21
$
1,205,717.05
35,473.78
291,742.27
30,719.44
Total Income
$
134,248.78
$
395,819.30
$
1,563,652.54
$
4,383.21
$
13,258.93
$
59,605.40
COST OF FUNDS:
Dividends on Accounts
Cost of Borrowed Money
Total Cost of Funds
.00
.00
.00
$
4,383.21
$
13,258.93
$
59,605.40
$
44,471.90
20,597.94
5,271.37
841.36
8,551.43
11,084.93
1.110.79
7,026.54
27,667.04
$
150,439.94
53,168.56
17,850.45
2,524.08
25,822.41
30,904.71
5,286.80
21,284.26
64,965.42
$
574.292.04
196,267.65
29,087.67
7,427.40
103,211.61
118,670.75
10,685.28
86,549.71
248,197.63
EXPENSES:
Employee Compensation
Employee Benefits
Travel and Conferences
Association Dues
Office Occupancy
Office Operations
Educational & Promotional
Loan Servicing
Professional & Outside Services
Provision for Loan Losses
Member Insurances
Miscellaneous Expenses
.00
.00
.00
.00
.00
.00
763.20
27,066.11
(444.22)
Total Operating Expense
$
127,386.50
$
371,802.41
$
1,401,455.85
NET OPERATING INCOME (LOSS)
$
2,479.07
$
10,757.96
$
102,591.29
Gain/(Loss) on Sale of Investments
$
Gain/(Loss) on Sale of Fixed Assets
Other Non-Operating Gains or (Losses)
.00
S
.00
(269.50)
$
.00
.00
Total Non-Operating Expenses $
.00
$
2,479.07
$
NON-OPERATING GAINS/(LOSSES):
NET INCOME
$
Page 2
.00
(269.50)
10,488.46
.00
(269.50)
.00
$
(269.50)
$
102,321.79
Energy Plus Credit Union
Loan Analysis
December 30, 2012
Count
283
Balance
4,091,173.89
Used Vehicle
641
5,186,094.35
Heloc
341
5,503,722.07
New Vehicle
Visa Advances
1,783.00
Manequity
15
135,889.55
Fixed Rate HE
12
127,804.43
Unsecured Credit Card Loans
664
2,533,787.63
All Other Unsecured Lines of Credit
301
1,218,413.99
28
8,682.76
Closed End Personal Loans
184
514,959.33
Other Collateral Loans
134
955,879.89
Heloc in Repayment
22
586,816.50
Classic Card in Repayment
2
10,968.94
2627
20,875,976.33
940
6,737,829
ODCP Loans
TOTAL LOANS
Loans granted in 2012
SUPERVISORY COMMITTEE
2012 ANNUAL REPORT
The 2012 Supervisory Committee began with 5 members: Laura Anderson, Energy Plus
Credit Union (EPCU) member; Brenda Owens and Corey Haggard, IPALCO/AES; and
Darlene Reckelhoffand Mark Vogler, Citizens Energy Group.
For reasons beyond her control, Laura Anderson announced in late-June 2012 that she
would need to step down from her position on the Supervisory Committee. In
accordance with EPCU by-laws, Derek Juffer, a Senior Internal Auditor with AES
Corporation (IPALCO parent company), was selected in October to fill in Laura
Anderson's position until the end of the current year. Derek has run as a Supervisory
Committee candidate for a 3-year term beginning March 2013.
An examination by the Department of Financial Institutions (DFI) was completed on
4/20/12 for the twelve months ending December 31, 2012. EPCU Management and
Supervisory Committee members met with the DFI examiners as needed during their
review process. The examination yielded one Supervisory Committee and two General
comments regarding EPCU activities. Eight action items were specified for corrective
action in the examiner's summary report issued 5/24/12. Since issuance of that report,
each item identified on the Document of Resolution has been addressed and resolved.
An Annual Supervisory Committee Examination of EPCU's operation was completed
6/20/12 through an independent review by Summers, Carroll, Whisler LLC for the twelve
months ending March 31, 2012. There was one finding of note as result of the review:
the Credit Union's Allowance for Loan Loss was found to be overfunded by $70,682 due
to a cell reference error embedded in the supporting worksheet. The spreadsheet error
was corrected and the overfunded amount resolved. Some other minor findings were also
identified as result of the 2012 review, but each was promptly addressed and corrected by
EPCU management.
Annual BSA, ACH, and SAFE Act Audits were performed as of 6/20/12 by Summers,
Carroll, Whisler LLC. These audits, for the year ending March 31, 2012, evaluate EPCU
compliance with federal credit union requirements. No significant findings were
identified and minor issues were corrected as soon as staff was made aware of their
existence.
A bi-annual Member Account Verification was last completed as of 9/30/11 by Summers,
Carroll, Whisler, LLC. The next verification is due as of 9/30/13.
Various activities at each of EPCU's three branches were routinely reviewed by
Supervisory Committee members throughout the past year. Reports of each review were
provided to EPCU management and Board members; copies of the reports are maintained
at the EPCU Morris Street location.
Based on results of the above audits and reviews, the Supervisory Committee believes the
records of the Energy Pius Credit Union to be accurate and in compliance with applicable
state and federal regulations.
2/28/2013
Mark Vogler
Supervisory Committee Chairman
ENERGY PLUS CREDIT UNION
2013 SLATE OF CANDIDATES
Board of Directors:
John Hopwood
Thom O’Leary
Randy Jones
Brenda Wade
Supervisory Committee:
Mark Vogler
Derek Juffer
Michelle Smith