2014 Annual Report - Kansas Corporate Credit Union

Transcription

2014 Annual Report - Kansas Corporate Credit Union
Kansas Corporate Credit Union
2014 Annual Report
Table of Contents
Volunteer Roster
ROSTERS
VOLUNTEER
STAFF
BOARD OF DIRECTOR’S
page 2
page 3
tom kjar, chairman glen scott, vice-chairman
mark kolarik, secretary/treasurer
larae kraemer
kevin mayer
kenn miller
bob thurman
ted underwood
greg winkler
REPORTS
CHAIRMAN & PRESIDENTS’
TREASURER’S
ASSET/LIABILITY COMMITTEE
CREDIT COMMITTEE
SUPERVISORY COMMITTEE
page 4-5
page 6-7
page 8-9
page 10-11
page 12
ASSET/LIABILITY COMMITTEE
MANAGEMENT STATEMENTS
STATEMENTS OF MANAGEMENT’S RESPONSIBILITIES
ASSESSMENT OF COMPLIANCE WITH SAFETY & SOUNDNESS LAWS AND REGULATIONS
ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
CREIGHTON FEDERAL CREDIT UNION Omaha, NE
ENVISTA CREDIT UNION Topeka, KS
KANSAS TEACHERS COMMUNITY CREDIT UNION Pittsburg, KS
K-STATE FEDERAL CREDIT UNION Manhattan, KS
RICHLAND FEDERAL CREDIT UNION Sidney, MT
MEMBERSOWN CREDIT UNION Lincoln, NE
CREDIT UNION OF AMERICA Wichita, KS
GOLDEN PLAINS CREDIT UNION Garden City, KS
EDUCATIONAL CREDIT UNION Topeka, KS
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kent gleason, chairman
gary colcher
larry eisenhauer
steve howke
mark kolarik
brady mcLeod
glen scott
alan weikal
KANSAS CORPORATE CREDIT UNION
QUEST CREDIT UNION Topeka, KS
KANSAS CORPORATE CREDIT UNION
KANSAS CORPORATE CREDIT UNION
KANSAS TEACHERS COMMUNITY CREDIT UNION
KANSAS CORPORATE CREDIT UNION
ENVISTA CREDIT UNION
KANSAS CORPORATE CREDIT UNION
CREDIT COMMITTEE
paul meissner, chairman
gerry veis
scott winkelmann
CREDIT UNION OF AMERICA Wichita, KS
BEAR PAW CREDIT UNION Havre, MT
FREMONT FIRST FEDERAL CREDIT UNION Fremont, NE
SUPERVISORY COMMITTEE
dave collins, chairman
steve grooms
jane hammil
teri krakowka
2014 Annual Report
MAINSTREET CREDIT UNION Lenexa, KS
1ST LIBERTY FEDERAL CREDIT UNION Great Falls, MT
WICHITA FEDERAL CREDIT UNION Wichita, KS
SOUTHWEST MONTANA COMMUNITY FCU Anaconda, MT
2014 Annual Report
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Staff Roster
Chairman & Presidents’ Report
KCCU [ alpha by first name]
2014 was one for the record books, on all fronts - financially, strategically, and operationally.
alan weikal
alilia yerxa
brady mcleod
circe cecil gleeson
diane halferty
heather seiler
jacque cully john hageman
kelley gilmour
kent gleason
kip poe
larry eisenhauer
lyn hollenbeck
steve howke
taneice garrett
walter thompson
wendy joy
Financial successes of 2014 are plenty and include Net Income exceeding budget and ending the year at $719,579,
an excellent showing considering actual average assets were $34.1 million below budget. The resulting lower net
interest income was offset by growth and income from AIM, our Asset & Investment Management service, and strong
commission income from investment sales. 2014 ROA was 14.3 bps, bypassing budget by 1.1 bp. Total Retained
Earnings increased to $5,590,130, resulting in a Retained Earnings ratio of 1.113% , above budget, and more
importantly, greater than the October 2016 regulatory requirement of 1.00%. A decrease in operational
expenses for 2014, by 4.8%, continues a trend that started with the Treasure State merger in 2012, demonstration
of our continued commitment to keep expenses in check.
CONTROLLER
ACCOUNT SPECIALIST SUPERVISOR
AIM | SENIOR FINANCIAL ANALYST
MARKETING MANAGER
ACCOUNT SPECIALIST
EXECUTIVE ASSISTANT
RISK/INTERNAL AUDIT MANAGER
AIM | FINANCIAL ANALYST
AIM | FINANCIAL ANALYST
INTERIM CEO/EVP
VP - INFORMATION & TECHNOLOGY
PRESIDENT/CEO
VP of OPERATIONS
NW BUSINESS DEVELOPMENT SPECIALIST
ACCOUNT SPECIALIST
AIM | SENIOR FINANCIAL ANALYST
ACCOUNT SPECIALIST
MEMSERVE, LLC
judy kampsula
loretta nettleton
CARD SERVICES MANAGER
VISA CUSTOMER SERVICE REPRESENTATIVE
Volunteers and staff came together in the summer of ‘14 for a strategic planning session to discuss and determine
organizational initiatives. Conversations centered on growth, internal and external, viability, and sustainability.
What started as talk quickly turned to action, when merger discussions with Missouri Corporate Credit Union/
MCCU commenced following the planning session. The outcome of the pending merger with Missouri Corporate will
be a unified regional corporate credit union with an unwavering commitment to service, above all else. The shoe
definitely fits.
Merger discussions and due diligence filled the fall and winter months of both KCCU and MCCU. The New Year
brought with it preliminary approval by both the Kansas Department of Credit Unions/KDCU and the Missouri
Division of Credit Unions/MDCU and a week-long merger review at the KCCU Wichita, KS, office, conducted by
the National Credit Union Administration/NCUA. Final merger review was heard at the May 2015 NCUA Board
meeting. We become one, July 2015, barring any unforeseen challenges or delays.
What was years in the making, the conversion to our new member facing online payment processing and account
management tool, coreCONNECT, concluded in 2014. The first half of the year, staff dedicated much time to final
system development and testing. Beta testing, member training and the actual conversion occurred in late summer and
early fall. By month-end September, we had delivered on a promise to provide members with enhanced security,
biometric authentication through fingerprint scan, and enhanced efficiency via a single sign-on platform. System
improvements and enhancements continue as we integrate additional reporting and payment processing options to
coreCONNECT. Safeguarding your transactions behind this heightened security measure couldn’t come at a more
critical time as online and payment fraud continues to escalate. Member acceptance of the new system has been
overwhelming and we appreciate your support during this process, and going forward.
While the front-end initiative was underway, Kansas Corporate was also working behind the scenes to convert our
investment accounting to TPG accounting software. Months of testing were required to complete the process that
provides a more controlled environment and timelier reporting, with greater consistency of accounting results. By
year-end 2014, TPG had become our investment accounting provider.
AIM, our Asset & Investment Management service, continued to expand its’ client base and has program subscribers in
four states - KS, NE, MT and now, KY. Program users’ benefit from asset/liability management services and training,
assistance in regulatory compliance, and portfolio structuring as AIM Financial Analysts serve as dual employees
for Kansas Corporate and registered representatives of our credit union service organization (CUSO) CU Investment
Solutions, LLC/ISI. Through this relationship, AIM staff is able to assist members with marketable securities purchases.
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Chairman & Presidents’ Report
This same staff works with credit unions to offer the services of yet another of our CUSOs, Primary Financial, LLC,
more commonly knows as SimpliCD. Kansas Corporate had our best SimpliCD year ever in 2014, facilitating bank
and S&L CD purchases for credit unions. On the flip side, SimpliCD also works with credit unions to issue CDs when
liquidity is tight. In 2014, KCCU also had our strongest year of credit union issuance as we worked with our credit
union members and SimpliCD to get those offerings placed.
CU Business Group, LLC/CUBG, our third CUSO, continued their unparalleled support of credit union business
service needs across the country. In 2014, CUBG went bi-coastal hosting two National Conferences, one in Portland,
OR, and one near Washington D.C. Kansas Corporate and CUBG recently developed a local participation network
to allow KCCU members to participate loans amongst themselves. Twenty-three Kansas Corporate members and
over 450 credit unions, nationwide, utilize CUBG while many others continue to seek their counsel and expert
training on all matters, business services.
We constantly and consistently strive to be your strategic partner by providing exceptional products and unrivaled
service. And although your board representation may change, we never lose sight of our goals. Your volunteers live
and breathe the cooperative spirit and we always will. Our sincere thanks for your continued support.
Treasurer’s Report
Our commitment to safeguarding your capital investment is evidenced by the countless hours dedicated to
strengthening Kansas Corporate, making sure we meet regulatory mandates while providing credit unions the
financial services they need to grow their business. The financial achievements of 2014 are proof positive of this
dedication.
KCCU budgeted a year-end Retained Earnings (RE)
ratio of 1.043%, which was bypassed in September,
three months earlier than projected. By December
2014, Kansas Corporate had achieved a RE ratio
of 1.113% versus the 2013 RE ratio of 0.861%.
Regulatory mandate dictates reaching a 1.00%
minimum RE ratio by October 2016, a requirement
we met mid-year 2014. This continued improvement
of our RE ratio has us well positioned to meet the next
requirement of 2.00% in October 2020. Kansas
Corporate’s Leverage ratio was 7.26% at year-end,
also above the 4.00% regulatory requirement.
Respectfully Submitted,
Net Income (NI) ended 2014 at $719,579, exceeding budget by 1.3%. August NI was bolstered by investment
gains of $26,251 recognized from the sale of marketable securities.
Tom KJAR
Board Chairman
2014 Total Assets were $435,904,858, down $40,356,449 from year-end 2013. Daily Average Net Assets,
which is used in the calculation of KCCU’s capital ratios, were $502.2M, $34.1M less than budget. Kansas Corporate facilitated off-balance sheet investments
for members and Asset & Investment Management
(AIM) clients to the tune of $677,445,164 at yearend 2014 which, when combined with on-balance
sheet investments, equates to a balance sheet of
over $1.1B. Total Retained Earnings increased to
$5,590,130, an increase of $719,579. 2014 Return
on Assets (ROA) was 14.3 basis points above budget
of 13.2 bps.
Kent GLEASON
Interim CEO/EVP
The 2014 Coverage ratio, budgeted at 70.8%,
reached 74.1% by year-end due to strong commission revenue and higher than budgeted fee
income and slightly lower operating expenses. 2014
operating expenses decreased from 2013 levels by
$17,910. Operating expenses have decreased each year since the merger with Treasure State Corporate and
2014 expenses were $185,592 lower than 2012 expenses.
Even though KCCU projected a slight decrease in non-interest income of $59,247 or 2.2% due to an anticipated
decrease in commission revenue, KCCU increased non-interest income from 2013 levels by $66,495 or 2.5%.
SimpliCD sales outperformed projections, and this, coupled with an increase in new AIM clients as well as increases in other
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Treasurer’s Report
service income and currency and coin services, pushed KCCU non-interest income beyond expectations.
In October 2014, Kansas Corporate returned $7,954,345 in Membership Capital Shares to members, marking
the end of the required 3-year notice period. Returning those funds safely to members to invest or lend as they
determine with no expected negative impact on our earnings, ALM or any other aspect of our operations, was a
triumph for all.
Capitalizing on the financial know-how of staff, management, and volunteers helps KCCU safeguard the financial
security we’ve all worked so diligently to achieve. Maintaining this financial strength is key to the success of Kansas
Corporate and our member credit unions.
We will continue our efforts in the pursuit of financial strength, stability and growth.
Respectfully Submitted,
Mark KOLARIK
Secretary/Treasurer
Asset/Liability Committee Report
The Kansas Corporate Asset/Liability Committee (ALCO) is charged with the oversight of Kansas Corporate’s financial
standing which must at all times comply with the many stringent regulatory requirement before us. A balancing
act, indeed, but one the Committee successfully continues to accomplish. The Committee, comprised of Kansas
Corporate management, staff, and volunteers, monitors economic trends, our interest rate risk position, liquidity
position, and investment product development and
usage, and recommends revisions to asset/liability
management and investment policies, as needed.
Financial achievements were many this past year,
especially considering the extended low-interest
rate and heightened regulatory environment we’re
all currently facing. Retained Earnings continue to
grow and we are ahead of the game on meeting
regulatory minimum requirements as we bypassed
the October 2016 1.00 % Retained Earnings ratio requirement mid-year, and ended 2014 with a
Retained Earnings ratio of 1.113%. Return on Assets
ended the year above budget at 14.3 basis points
and our Coverage Ratio was above budget, also,
at 74.1%. Our Net Economic Value (NEV) continues to exceed the required minimum NEV ratio and the maximum
change limitation in the +300 rate shock scenarios.
Kansas Corporate’s financial services continued to shine in 2014, with sustained growth and service to our membership. SimpliCD, one of Kansas Corporate’s most successful investment product offerings, served members on both
sides of the liquidity equation - investing and issuing. SimpliCD outstanding balances bypassed the $300M mark
for the first time ever in our history in September,
and they continue to grow still today, indicating that
SimpliCD remains a relevant investment tool for
credit unions. SimpliCD issuance, an emerging trend
for credit unions in need of a secondary source of
liquidity, that helps procure deposits when liquidity is
tight, also experienced significant growth last year.
November 2014 issuance totals reached almost
$58M, up from $26.5M in 2013. We encourage
participation in the program through the line-of-credit
renewal process and provide the necessary support and
guidance to help credit unions create offerings for quick
and complete sell.
CU Investment Solutions, Inc. (ISI) provides broker/dealer services to credit unions through our Asset &
Investment Management (AIM) staff that serve as ISI Registered Representatives and although tightened liquidity
has impacted sales, credit unions with funds to invest find this service to be of great benefit. ISI sales are strongest
early in the year and taper as summer fades away, along with credit union liquidity. 72 credit unions partner with
Kansas Corporate for broker/dealer services through ISI. 206 trades were completed in 2014 with a par value of $183.3M.
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Asset/Liability Committee Report
Credit Committee Report
By year-end 2014, AIM clients numbered 58 with $4.4B in assets under management. AIM provides a comprehensive
line of asset/liability services to credit unions in four states - Kansas, Nebraska, Montana, and Kentucky. Clients
work with licensed financial analysts to develop their ALM programs and KCCU analysts serve as an extension of
the credit union, as if they are on-staff but simply off-site.
The Kansas Corporate Credit Committee is tasked with ensuring lending activity complies with regulatory and
policy standards, that member resources are protected through effective credit worthiness monitoring, and that
member liquidity needs are being met, securely and efficiently. The Committee, Kansas Corporate loan officers
and staff met five times in 2014 to achieve these measures.
As is the case most years, including this past one, summer and fall meetings tend to focus more on managing our
liquidity position than at any other time, due to the aforementioned cyclical decrease in member liquidity. Kansas
Corporate has built a trusted relationship with the Federal Home Loan Bank Topeka (FHLB) who funds our Line-ofCredit needs when credit union settlement and increased borrowing positions demand. 2013 member borrowings
topped out in August at $16.1M. Average daily loan balances in 2014, reached their high, $22.5M, in October.
Actions taken to weather this low liquidity time included the sale of $23.5M in marketable securities the first part
of August, which resulted in a gain of $26,251, decreasing the amount of reverse repurchase transactions from
$50M to $30M, and borrowing from the FHLB during late July and early August.
In addition to performing all required reviews and credit union analysis which includes the annual reviews of all
outstanding lines of credit (LOCs), which stood at
178 lines - $390,401,991 at year-end 2014, as
well as semi-annual reviews of all advised LOCs,
the Committee recommends liquidity policy revisions
to the Board when necessary. Suggested lending
policy improvements identified during the Internal
Audit of the Lending Program, performed in June
2014 by the KCCU Risk/Internal Audit Manager,
were brought before the Committee and forwarded
to the Board for consideration. After thorough review,
the board approved the inclusion of SimpliCD
investments as eligible collateral for asset-backed
loans.
Kansas Corporate/Missouri Corporate merger talks entered the ALCO arena in the fall of 2014. Due diligence
started in earnest with KCCU management visiting Missouri Corporate Credit Union in October and ALCO
Committee merger discussions centered on review of the Missouri Corporate investment portfolio and how it,
when combined with Kansas Corporate’s portfolio, would meet regulatory requirements and credit criteria.
Monthly, ALCO members review and discuss the asset/liability implications of the merger.
The Committee and Kansas Corporate staff dedicate much time to ensure members’ investments are safe, that we
can meet member liquidity demand, and that we provide the best possible return. We appreciate your continued
support as we focus on energies on keeping your trust and your business.
Respectfully Submitted,
Issuing certificates through the SimpliCD program continues to serve as a secondary source of liquidity for
member credit unions. SimpliCD and KCCU streamline the process with a 1-page agreement and assistance in
designing the offering for maximum results, making it an easy and competitive liquidity option for members,
independent of their LOC.
Liquidity at Kansas Corporate ebbs and flows, in a
similar pattern from year to year. Peaking in late
spring, thinning during the summer and fall, and
surging again late in the year. And although there
are slight variations or steeper slopes on occasion, this is the norm. Average daily loan balances
reached their high in October 2014, at $22.5M,
hit the low in March, at $4.7M, and like last year,
liquidity decreased in December, a new phenomenon
as the year typically ends with liquidity increasing.
A decrease in liquidity correlates to an increase in
member borrowing activity, indicative of continued
loan growth for many KCCU members. Average
overnight deposits peaked in March, the lowest average daily loan balance month, at $621M, and hit their low
in July and September at $347M.
Kent GLEASON, Interim CEO
Committee Chair
The Committee welcomed Gerry Veis as a new member in 2014, adding representation from Montana, as a
seasoned volunteer assumed a board position late in the year. And although the faces change from time to time,
the dedication of the Committee doesn’t. Through the continued monitoring of the credit union industry, liquidity
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Credit Committee Report
trends, and market offerings, the Committee seeks to keep our program relevant, effective and operating within
regulator and policy requirements. Together, with the support of staff and our members, the Credit Committee
works toward that end.
Supervisory Committee Report
The Supervisory Committee serves to ensure the safety and soundness of Kansas Corporate by assisting the
Board of Director’s in fulfilling its’ fiduciary responsibilities relating to the accounting and reporting practices of
the corporate. The Committee monitors Kansas Corporate’s performance through scrutiny and oversight of all
internal and external regulatory audits, exams and risk assessments.
We appreciate the opportunity to be your liquidity partner.
Initiatives that came before the Committee in 2014 included...
• ACH Risk Assessment - KCCU Risk/Internal Audit Manager
• Annual Vault Cash Audits - KCCU Controller
• Borrowing & Liquidity Management Internal Audit - KCCU Risk/Internal Audit Manager
• Annual Financial Audit - J. Tenbrink & Associates
• Security Program Board Report - KCCU VP/Information & Technology
• IT Security Audit Report - Trace Security
• Investment Internal Audit - KCCU Risk/Internal Audit Manager
• Lending Internal Audit - KCCU Risk/Internal Audit Manager
• BSA & ACH Audit - J. Tenbrink & Associates
• Business Continuity - KCCU Operations Staff
• Enterprise Risk Management Program - KCCU ERM Committee
Respectfully Submitted,
Paul MEISSNER
Committee Chairman
According to regulation, KCCU must report to its board or a committee of the board at least annually on the
overall status of the information security program and KCCU’s compliance with the guidelines. The Security Program
Board Report will be provided biannually to the Supervisory Committee and the Board of Director’s.
Mid-year, the Committee welcomed three new members, two Montanans - Teri Krakowka of Southwest Montana
Community Federal Credit Union and Steve Grooms of 1st Liberty Federal Credit Union - and one Wichitan Jane Hammil of Wichita Federal Credit Union - increasing the Committee to four, after one committee member
accepted a board appointment, and began work with KCCU’s new Risk/Internal Audit Manager. Work continued
in the 2Q/3Q of 2014 that included approving the internal audit plan for 2015, requesting proposals for a
2015 IT Risk Assessment partner, review of insurance coverages and premiums, and participation in a program
review by Western Union Business Services (WUBS) to assess our policies, procedures, and controls in regard to
WUBS products and services used by KCCU. Results of the review indicated no shortcomings, as expected.
J. Tenbrink & Associates (JTA) conducted their audit of the Kansas Corporate financial statements for the period ending
December 31, 2014, noting no material exceptions. The 2014 audit was the third of a five-year engagement with JTA.
Upon review of the findings of the independent auditors, accountants, and regulators, the Committee believes
the audits and examinations provide a reasonable basis to conclude the financial statements of Kansas Corporate,
for the period ended December 31, 2014, are fairly presented and that KCCU is in compliance with all credit
union regulations.
Respectfully Submitted,
Dave COLLINS
Committee Chairman
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Management Statements
Management Statements
STATEMENT OF MANAGEMENT’S RESPONSIBILITIES
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies and procedures may deteriorate.
The management of Kansas Corporate Credit Union is responsible for preparing Kansas Corporate Credit Union’s
annual financial statements in accordance with generally accepted accounting principles, for establishing and
maintaining an adequate internal control structure and procedures for financial reporting, including controls over
the preparation of regulatory financial statement in accordance with the instructions for the NCUA-5310 Corporate
Credit Union Call Report, and for complying with the Federal laws and, if applicable, State laws and regulations
pertaining to affiliate transactions, legal lending limits, loans to insiders, restrictions on capital and share dividends
and regulatory reporting that meets full and fair disclosure.
Management assessed the effectiveness of Kansas Corporate Credit Union’s internal control over financial
reporting, including controls over the preparation of regulatory financial statements in accordance with the
instructions for the NCUA-5310 Corporate Credit Union Call Report, as of December 31, 2014, based on the
framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission in the 2013
Internal Control - Integrated Framework.
Members’ accounts are classified as equity to denote ownership interest in Kansas Corporate Credit Union. Accounting
principles generally accepted in the United States of America require that members accounts be classified as liabilities.
MANAGEMENT’S ASSESSMENT OF COMPLIANCE WITH SAFETY & SOUNDNESS LAWS AND REGULATIONS
The management of Kansas Corporate Credit Union has assessed Kansas Corporate Credit Union’s compliance with the
Federal and, if applicable, State laws and regulations pertaining to affiliate transactions, legal lending limits, loans to
insiders, restriction on capital and share dividends and regulatory reporting that meets full and fair disclosure during
the fiscal year that ended December 31, 2014. Based upon its assessment, management has concluded that Kansas
Corporate Credit Union complied with the Federal laws and, if applicable, State laws and regulations pertaining
to affiliate transactions, legal lending limits, loans to insiders, restrictions on capital and share dividends and regulatory reporting that meets full and fair disclosure during the fiscal year that ended on December 31, 2014.
MANAGEMENT’S ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
Based upon its assessment, management has concluded that, as of December 31, 2014, Kansas Corporate Credit
Union’s internal control over financial reporting, including controls over the preparation of regulatory financial
statements in accordance with the instructions for the NCUA-5310 Corporate Credit Union Call Report, is effective
based on the criteria established in the 2013 Internal Control - Integrated Framework.
Management’s assessment of the effectiveness of internal control over financial reporting, including controls over the
preparation of regulatory financial statements in accordance with the instructions for the NCUA 5310-Corporate
Credit Union Call Report, as of December 31, 2014, has been audited by J. Tenbrink & Associates, an independent
public accounting firm, as stated in their report dated March 23, 2015.
Kansas Corporate Credit Union
Kent GLEASON
Interim CEO
May 31, 2015
Kansas Corporate Credit Union’s internal control over financial reporting is a process affected by those charged
with governance, management, and other personnel, designed to provide reasonable assurance regarding
reliability of financial reporting and the preparation of reliable financial statements in accordance with accounting
principles generally accepted in the United States of America and financial statements for regulatory reporting
purposes (i.e., NCUA-5310 Corporate Credit Union Call Report). Kansas Corporate Credit Union’s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of Kansas Corporate
Credit Union; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with accounting principles generally accepted in the United States of America
and for regulatory reporting purposes, and that receipts and expenditures of Kansas Corporate Credit Union are
being made only in accordance with authorizations of management and directors of Kansas Corporate Credit
Union; and (3) provide reasonable assurance regarding prevention, or timely detection and correction of unauthorized
acquisition, use, or disposition of Kansas Corporate Credit Union’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent, or detect and
correct misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the
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KANSAS CORPORATE CREDIT UNION
8615 West Frazier Street
Wichita, KS 67212
www.kansascorporate.org