2014 Annual Report - Member Focus Community Credit Union

Supervisory Committee
Report
The Supervisory Committee has the responsibility
of overseeing the internal operations of the credit
union and verifying compliance with federal and
state laws, the credit union bylaws and policies
enacted by the Board of Directors.
We hired the CPA firm of Doeren Mayhew to
conduct a comprehensive annual audit to assist
us with our responsibility for the year 2014.
As a result of the audit by Doeren Mayhew,
we are pleased to announce an Unqualified
Auditor’s Opinion.
Additionally, the Department of Insurance and
Financial Services (State of Michigan Regulators)
conducted a periodic examination of the credit
union. This agency conducted the examination in
accordance with the regulations established by
the State of Michigan.
Bo ar d o f d ir e cto r s
William H. Harvey | C hairman
Charles R. Lacey | V ice C hairman
Terry G. Boden | T reasurer
Betty Richards | D irector
Paul J. Renko, Jr. | S ecretary
Su pe r v iso r y Co m m itte e
Kristine Misko | C o -C hairperson
Ann Schroeder | C o -C hairperson
Barbara O’Brien
Paul Wydendorf
Cr e d it Co m m itte e
Georgia Vowles-LaBean | C hairperson
Jon Elliott
April Thomas
The members of the Supervisory Committee are
pleased to announce the results of the audit and
the examination,
In Every sense,
with Every cent.
‘MemberFocus Community credit union
continues to be a sound financial institution.’
Credit Committee
Report
Our mission is to treat each member with the
personal and individual care, respect and
understanding they deserve and to look for every
possible way to maximize financial value so that
we may help our members accomplish their
financial goals.
Members of Management and the Credit
Committee remain committed to the underlying
philosophies that have helped us grow into who
we are today. We look forward to the continued
support of our members.
VA L U E
EAST DEAR B OR N B RAN C H
6246 Chase Road • Dearborn, MI 48126
P 313.581.2002 • F 313.581.5688
W e s t D e a r b o r n B r a n ch
1050 North Telegraph Road • Dearborn, MI 48128
P 313.581.2002 • F 313.561.3834
www.memberfocus.org
©CUAdvantage.com • 877.799.0784 • 2/15
2014 ANNUAL REPORT
Chairman’s
Treasurer’s
report
report
Our Values:
MemberFocus is a not-for-profit financial
cooperative. We believe in operating a lean
business so that we can give as much benefit to
our membership and our community as possible.
Value ($) for You:
Our members can experience exceptional
value through better rates, fewer fees, and
member exclusive discounts. The more you use
MemberFocus, the more you can save!
Value to our Community:
MemberFocus is proud to give back to the
communities that we serve. In 2014, we
contributed over $13,000 through donations,
scholarships, and sponsorships to better our
community. A new initiative in 2014, we made
a donation for every new membership that we
opened. In total, we donated over $2,600 to
three local service groups in just nine months.
In addition, we offered non-monetary support
to groups such as the Dearborn Firefighters’
Burn Drive, the Dearborn Goodfellows and
Henry Ford College.
Since our founding in 1935, our credit union has
seen many changes. Our economy, our country
and our world has transformed around us. One
thing that hasn’t changed is our credit union’s
values.
MemberFocus was founded as an educational
credit union with the philosophy of “people
helping people.” Our co-operative business
model has held us true to this mission for nearly
80 years. Our commitment to education hasn’t
wavered either. In 2014, we contributed over
$5,000 to educational causes. Our not-for-profit
status has allowed us to offer the most value
possible to our members.
Our Operating Expense to Average Asset Ratio
actually decreased from 3.06% to 2.99%, a sign
of an efficient operation. Our Equity to Asset
Ratio increased from 10.26% to a strong 11.18%.
Total Assets have increased from $92,337,378 to
$95,630,031, representing an annual increase of
$3,292,653. Total loans on the other hand, have
decreased to $25,791,760, an annual decrease of
$3,421,524.
Financial Report
As of December
31, 2014
Assets
Member loans
Official loans
Allowance for loan loss
Investments
Cash and Funds Due from Banks
Other Assets
Total Assets
$25,468,360.97
323,399.08
(238,011.58)
65,052,912.44
659,717.38
4,363,652.55
$95,630,030.84
Liabilities and Equity
Liabilities
Shares
Special Deposits
Certificates of Deposits
IRA Deposits
Share Drafts
Total Liabilities and Share Equity
$424,309.61
34,423,758.70
24,384,172.65
7,383,792.00
1,182,042.69
17,375,294.79
$85,173,370.44
Required Reserves
Capitalization Reserves
Total Liabilities and Equity
2,022,782.39
8,433,878.01
$95,630,030.84
Income
Interest on Loans
Interest on Investments
Other Income
Total Income
$1,265,492.02
1,009,768.46
850,222.77
$3,125,483.25
Distribution of Income
Operating Expense
Dividends and Interest
Net Required Reserve Transfer
Total Distribution of Income
$2,805,853.01
96,644.58
222,985.66
$3,125,483.25