January 2016 - Accentra Credit Union

Accentra Credit Union finished 2015 with growth in total assets, total loans and most
importantly members. Our membership exceeded 15,000 at the end of the year as over
1,000 new members joined Accentra in 2015. The staff at Accentra work tirelessly to meet
and exceed the expectations of all our members. I would like to take this opportunity to
highlight two more employees whose efforts make Accentra great.
Liz Rysavy has been with Accentra for almost 19 years. She has held
many positions and is currently the Mortgage Loan Processor. Liz works
with our three Mortgage Originators to ensure the complicated process of
getting a mortgage goes smoothly for all our members. The last few years
have brought many changes and challenges to the real estate lending
process, and Liz takes great pleasure in helping our members buy their
dream home or refinance their home to better their finances. When asked
about her position, Liz stated, ‘I hope I make the entire mortgage process less stressful for
our members.
Stacy Raymond has been with Accentra for over 14 years as our
Executive Assistant. Stacy is a vital member of our senior management
team and has contributed to our success in many ways. Stacy schedules
and coordinates all Board and Committee meetings and is responsible for
compiling and communicating the necessary confidential information
needed for the meetings. Additionally, Stacy oversees our Policies &
Procedures to ensure they are up-to-date and compliant. Stacy has
influence in many areas of the Credit Union and her service brings great
value to the membership.
Looking back on 2015 gives us many reasons to be grateful. These two employees, along
with our entire staff is something for which I am thankful. Additionally, during 2015 the
members of Queen Employees Credit Union of Albert Lea joined Accentra as the merger
was effective on December 1st. We are excited for the opportunity to serve all our new
members and assist them with their financial needs. As G.K. Chesterton wrote ‘When it
comes to life the critical thing is whether you take things for granted or take them with
gratitude.’ I hope all of the members had many reasons to be grateful in 2015 and may the
New Year be filled with Joy, Peace and Prosperity.
- Paul Knorr
Notice is hereby given that the Annual Meeting of the members of Accentra Credit Union
will be held at Accentra Credit Union, 400 4th Avenue NE, Austin, Minnesota on
Thursday, April 21st, 2016 at 5:00 p.m.
The agenda will be as follows:
1. Call to order.
2. Declaration of a Quorum.
3. Approval of the previous Annual Meeting minutes.
4. Receive the reports of the Board Chair, President, Credit Manager, and
Supervisory Committee.
5. New Business.
a. Act upon the hourly compensation wage for Board and Committee
Members when they attend Credit Union meetings.
6. Adjournment
The business meeting will be preceded by hors d’oeuvres at 4:30 p.m. Registration to
attend will begin on March 14th at both Credit Union locations or online. You can register
online by clicking here. Space is limited; register early. Registration will end Friday, April
15th.
AARP Tax Aide Service
Your Credit Union will again be hosting the
local AARP Tax Aide Service this year. This
service provides assistance primarily to
senior citizens and low income young adults.
Tax payers should park on the street or at
the Austin Labor Center parking lot. This
service is scheduled to begin on Monday,
February 1st. Hours of operation will be
Monday through Thursday from 9:00 to 3:30.
As of February 1st you may call 434-3329 to
make an appointment.
Accentra Employees Fundraiser
Throughout the year the employees of
Accentra Credit Union participated in a
fundraising campaign called Food for
Friends.
Accentra Credit Union employees raised
$2,000 by participating in events such as
raffles, jean days, snack and lunch days.
A check for $1,500 was given to the
Salvation Army Food Shelf and $500 was
given to the Seibel Center.
Thank You!
During this summer’s cookout fundraisers,
you purchased hot dogs, Spamburgers®,
ice cream bars and made contributions
that totaled $3,722.80, this includes funds
from INVEST for $500 and Thrivent
Financial for $500. This donation was
given to Gillette Hospitals.
Thank you for your continued support of
our Children’s Miracle Network fundraising
efforts and for assisting kids that really
need help to overcome their medical
challenges.
Attention IRA Account Holders
If you will reach age 70 ½ in 2016, you are
required by the Internal Revenue Service to
fill out a 70 ½ election form by December 31,
2016. This requires that distributions from
your IRA must occur before April 1, 2017.
If you have an IRA with us and have not filled out the required form by December 31, 2016,
you may owe a substantial IRS penalty (50 percent of the amount that should have been
taken). The IRS contract places the burden of responsibility on you to take the required
distribution on time.
Please stop into the Credit Union if you have not taken the necessary steps to begin
taking distributions from your IRA and we will be happy to assist you.
$10,000 in Scholarships Available to Credit Union Members
- Deadline 2/1/16!
In a partnership with the Minnesota Family Involvement Council,
Accentra Credit Union is pleased to offer a scholarship program
exclusively to credit union members to help further their pursuit
of education.
For the 2016-2017 school year, $10,000 in scholarships will be awarded to college students
in traditional (high school seniors entering college) and non-traditional categories.
Four $1,000 Harvey Bakke scholarships
Twelve $500 scholarships
Those interested in applying need to complete an application and essay online at mnfic.org.
Submission deadline is February 1, 2016.
Funds for the FIC’s scholarship program are raised each year during the committee’s silent
auction, which is held during the Minnesota Credit Union Network’s Annual Meeting &
Convention.
Investing in IRAs for 2015-2016
Accentra Credit Union offers two types of Individual Retirement Accounts, the Traditional
IRA and the Roth IRA.
The Traditional IRA allows you to make annual contributions that may be tax deductible in
the tax year they were made. You defer paying taxes on the earnings and deductible limit is
$5,500 for the tax year 2015 and for 2016. Also, an individual who attains age 50 before the
close of the year may contribute an additional $1,000 “catch-up” contribution for that year.
A Roth IRA is a non-deductible account that features tax-free withdrawals for certain
distribution reasons after a five-year holding period. The interest that is earned on the
account is also tax-free (subject to certain qualifications). Since Roth IRA contributions are
non-deductible and taxed in the year they are earned, people you expect to be in a higher
tax bracket when they retire may benefit more from a Roth than from a Traditional IRA. The
current contribution limit is $5,500 for the tax year 2015 and 2016. Also, an individual who
attains age 50 before the close of the year may contribute an additional $1,000 “catch-up”
contribution for that year.
Keep in mind that $5,500 (or $6,500 if over 50 years old) is the aggregate amount that you
can contribute to any Roth and/or Traditional IRA for 2015 and 2016. For example, if you
contribute $500 to a Traditional IRA, the most you could contribute is $5,000 to a Roth for
that year ($6,000 if over 50 years of age).
IRA accounts are insured separately up to $250,000 from the National Credit Union
Insurance Fund from any other accounts that you may have here. Also, the interest rate
and the principal are guaranteed which makes the IRA certificate an attractive investment in
today’s economy.
Accentra will explain the nature of these accounts in more detail and help you complete the
simple forms necessary to establish your Traditional and/or Roth IRA. Just stop in or call.
This information is not intended to provide specific advice or recommendations for any
individual. We recommend that you consult your attorney, tax or financial advisor with
regard to your personal situation. The Traditional and Roth IRA are subject to income MAGI
thresholds.
Direct Deposit Your Tax Refund
If Uncle Sam owes you money, receive it the safer, faster,
and a more convenient way… by direct deposit into your
Accentra account.
When setting up direct deposit you will need to disclose the
Credit Union’s transit number, which is 291973292. You will
also need to state your Accentra account number followed
immediately by 00 for a savings deposit.
For a checking deposit use the account number along the bottom of your checks
(begins with 81). Help Uncle Sam pay you back as quickly as possible, designate your
refund to be directly deposited in your Accentra account.