Agenda April 16, 2013 - Liberty Online

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STATEMENTS OF CONDITIONS DECEMBER 31, 2012 & 2011 2012 2011 ASSETS Cash $19,917,859 $29,691,956 Investments Loans to members, net of 20,980,754 21,465,644 allowance for loan loss 183,327,084 147,152,351 Note Receivable 0 0 Accrued Interest Receivable 0 0 Fixed assets National Credit Union 5,712,373 5,815,692 Share Insurance Fund 2,012,488 1,747,123 Other Real Estate 0 0 Other Assets 12,977,084 6,798,139 TOTAL ASSETS $244,927,642 $212,670,905 LIABILITIES AND RETAINED EARNINGS Note Payable $0 $0 Dividend Payable 0 0 Other Liabilities 2,849,300 1,733,336 TOTAL LIABILITIES $2,849,300 $1,733,336 Deposit Accounts 216,703,900 188,673,112 Regular Reserves 5,508,821 5,508,821 Undivided Earnings 22,825,505 19,638,925 Comprehensive Income TOTAL LIABILITIES (2,959,884) (2,883,289) & EQUITY $244,927,642 $212,670,905 DISTRIBUTION OF INCOME Operating Expenses 8,807,775 / 59% Provision for Loan Loss 985,000 / 7% Dividends to Members 1,965,004 / 13% Net Income 3,186,579 / 21% STATEMENTS OF EARNINGS YEARS ENDED DECEMBER 31, 2012 & 2011 2012 2011 INTEREST REVENUE Interest on loans $10,131,184 $8,386,932 Interest on investments and certificates of deposit OTHER REVENUE 369,047 675,546 Fees 3,937,377 3,590,229 Gain (Loss) on Disposition of Assets 3,499 (1) Gain (Loss) on Investments 0 0 Non-Operating Gain or Loss 0 0 Extraordinary Gain (Loss) 0 2,340 Other 503,251 275,709 TOTAL REVENUE $14,944,358 $12,930,755 DIVIDEND EXPENSE Dividends on 1,965,004 1,736,996 deposit accounts TOTAL DIVIDENDS 1,965,004 1,736,996 NET REVENUE $12,979,354 $11,193,759 Provision for loan/account losses 985,000 749,000 Interest on borrowed money 0 29 NET REVENUE BEFORE OPERATING EXPENSES $11,994,354 $10,444,730 OPERATING EXPENSES Compensation & Benefits $3,619,876 $3,436,790 Office Occupancy 577,030 611,794 Data Processing 766,155 818,560 Office Operations 1,572,400 1,440,295 Other 2,081,128 1,566,563 Member Insurance 191,186 436,781 TOTAL OPERATING EXPENSES $8,807,775 $8,310,783 NET INCOME $3,186,579 $2,133,947 Membership for 2012 was 36,403 members!
CALL TO ORDER: The 76th Annual Meeting of Coastal Community And Teachers Credit Union was called to order by Dr. David Hinojosa, Chairperson of the Board of Directors, at 7:08 p.m., April 3, 2012, at West Oso Junior High School in Corpus Christi, Texas, Nueces County. DETERMINATION OF A QUORUM: Hinojosa stated that a minimum of 25 members had indicated their presence by signature, constituting a quorum and, therefore, a legal meeting. PLEDGE OF ALLEGIANCE: Hinjojosa asked everyone to rise and join him in the Pledge of Allegiance. INVOCATION: Judge Henry Santana, Board of Director, gave the invocation. WELCOMING REMARKS AND INTRODUCTIONS: Hinojosa welcomed all in attendance. He announced that $6,000 would be given away in cash prizes. He extended a special thank you to West Oso ISD and thanked their staff for the use of the facility. He recognized and thanked Terry Avery, Principal, West Oso Junior HighSchool, and Elizabeth Saenz, Superintendant, West Oso ISD. He recognized any charter members, past board members, and school board members present. He introduced the Board of Directors: Arturo Delgado, Vice-Chairperson; Dr. Tony Diaz (absent), Treasurer; Javier Leal, Secretary; Dr. Jose Cavazos, Jr., Parliamentarian; Ken Combs, Judge Henry Santana, Eduardo Torres, and Dr. Lynda De Leon. He also introduced Gina Prince, President; Elvia Navarre, Executive Secretary; and John Bell, Attorney at Law, who served as Parliamentarian. NOMINATING COMMITTEE REPORT: Eduardo Torres, Chairperson of the Nominating Committee, explained that the Nominating Committee consists of those members of the Board of Directors whose positions are not open for election in 2012. The Committee determined each candidate’s willingness and ability to serve, and verified each is a member in good standing. All qualified applicants who filed by the February 17th deadline appear on the ballot. All candidates were informed of the duties and responsibilities of Board members. Voting members received information on the candidates whose names appear on the ballot. Torres asked for nominations from the floor three times. None were made. COASTAL COMMUNITY AND TEACHERS CREDIT UNION 76 th ANNUAL MEETING MINUTES APRIL 3, 2012 - 7:00 PM MOTION TO CLOSE NOMINATIONS: Motion by STEVEN DE LEON, seconded by BENITO BARRERA to close nominations. MOTION CARRIED. The first of two $300 grand prize tickets was drawn. ELECTION TELLERS: Torres announced the names of the election tellers who assist with the collection of the ballots. The election tellers were Dolores Huerta, Mariann Robert and Susan Grobe. ELECTION OBSERVERS: Torres announced the names of the election observers who are appointed by the Board of Director candidates to observe the tabulation of the votes. The observers were Ginny Moore, selected by Benito Barrera; Rogenia Bonds, selected by Aaron Bonds; Dennis Dolce, selected by Ken Combs; Delia Leal, selected by Javier Leal; and Noemi Santana, selected by Henry Santana. CANDIDATES’ REMARKS: Each candidate was allotted three minutes to speak. ELECTION OF BOARD OF DIRECTORS: Torres explained the voting rules and gave instructions on how to mark the ballots. Torres instructed that the ballots, upon completion, be passed to the election tellers for collection. Election results would be announced as soon as they became available. Nine cash prizes for $150 were awarded. APPROVAL OF MINUTES: Javier Leal, Secretary of the Board of Directors, referred everyone to the Minutes printed in their entirety. MOTION TO APPROVE MINUTES: Motion by AARON BONDS seconded by ELAINE BRUNDRETT to approve the minutes as presented. MOTION CARRIED. CHAIRPERSON’S REPORT: Hinojosa stated, “The Chairperson gets to do a lot of different things during the period that one serves on the Board, and my remarks have to do with the people that are involved with the credit union beginning with leadership, the Board. I would like the membership to know that we’re fortunate to have excellent directors and I express my thanks to each and every one of them because they make the job not only easier but more effective. The credit union is doing very well and it has to do not only with the directors, but with the leadership of the management team who know their business and help to guide the rest of us in the right direction to make sure that our credit union continues to be successful. Among that other group are the employees, people who serve different functions in the credit union and provide services to our membership. Mr. Bonds hit it on the nail in his speech because I think the way he does. Attitude is extremely important, we’re here to provide the best we can, that’s the way it has to be if we can do that then we will have a successful credit union. Our employees are great and we try to do the best we can by them because they work hard to do the best they can for you our members and then, of course, the people who bring home the money, that’s you, the members of the credit union whether you bring ten, one thousand or ten thousand dollars, the money that is being brought, the loans that are being made it all stays within the family; everyone of us has an opportunity to benefit from the activities of the people who are involved with our credit union and so my personal thanks to you, to my colleagues and certainly to Gina, President of the Credit Union, because it takes a lot to educate all of us. Thank you for all that you have done and hopefully we’ll continue to do that.” Nine cash prizes for $150 were awarded. AUDIT COMMITTEE REPORT: Hinojosa referred everyone to the Statement of Financial Condition and Statement of Income and Expenses that will be posted as part of the 2011 Annual Report found on the CCATCU website (www.ccatcu.com). SCHOLARSHIP COMMITTEE: Dr. Jose Cavazos, Chairperson of the Scholarship Committee, introduced the members of the Scholarship Advisory Committee: Margaret Deville, Frances Garza, Sheila Mulligan, Manuel Narvaez, Elvia Navarre, Dr. Rebecca Palacios and Ignacio Ramos. Cavazos stated that the 2011-2012 Scholarship Committee consisted of the Board of Directors. Six scholarships were awarded as evidence of the Credit Union’s on-going promotion and support of higher education. The Scholarship Committee reviewed seventy applications before selecting six winners. The recipients of CCATCU’s 2011-2012 scholarships were Alby Cartwright, Kimberly Cueva, Danielle Hernandez, Ana Valdes, Linsey Fordyce, and Michelle Medina. Cavazos congratulated all of the scholarship recipients and wished them the best of luck in their future endeavors. Cavazos also stated that the applications for the 2012-2013 scholarships were due at the Credit Union by March 30th of this year. The early deadline allowed us to announce the winners prior to the high school winners
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Agenda April 16, 2013 - Liberty Online

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