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D. Credit Risk Monitoring and Revising the Plan Financial Projections A. Provide financial information for opening day pro forma and quarterly projections for the three years of operations. Also provide annual totals for the Income Statement. The line items in the financial statements should be consistent with the Consolidated Reports of Condition and Income so that projected items may be compared conveniently with actual performance. 1) Describe in detail all of the assumptions used to prepare the projected statements, including the assumed interest rate scenario for each interest earning asset and interest costing liability over the term of the business plan. Also present a thorough justification to support proposed capital. 2) Provide the basis for the assumptions used for noninterest income and noninterest expense. Indicate the amount of lease expense, capital improvements, and furniture, fixtures, and equipment, including systems and equipment upgrades. 3) Describe the assumptions for the start-up costs, volumes, expected returns, and expected time frame to introduce each new product and service. B. Discuss how the credit union used marketing studies or surveys to support the institution’s projected growth. C. Discuss the level of marketing expenses necessary to achieve the projected market share for both loan and deposit products. D. Provide a sensitivity analysis of the financial projections. A sensitivity analysis provides a realistic stress test of the major underlying assumptions used in the business plan and the resultant financial projections. For example, adjust the financials to reflect the effects of adverse changes in the interest rate environment, changes in the asset/liability mix, higher than expected operating expenses, marketing costs, and/or growth rates. SAMPLE EMPLOYMENT AGREEMENT Most of this Agreement is Omitted Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 18
EMPLOYMENT AGREEMENT Revise to address Position and Terms as needed. EMPLOYMENT AGREEMENT (“Agreement”), made this ____ day of ______, ______, between XXXXXXXXXXXXXXXXXXX, South Carolina, ("Executive") and XXXXXXX Credit Union, a federally / state chartered Credit Union with principal offices located at XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX (“Employer” or “Credit Union”). RECITALS: WHEREAS, Employer is a Credit Union organized and operating under the laws of the United States of America; and WHEREAS, Employer and Executive wish to enter into the Agreement to employ Executive as President and Chief Executive Officer of Credit Union; and WHEREAS, Employer and Executive wish to reduce to writing their entire agreement and understanding with respect to Executive’s employment, NOW, THEREFORE, in furtherance of the foregoing recitals, and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employer and Executive agree as follows: TERMS AND CONDITIONS SECTION ONE Employment. Employer agrees to employ Executive as its President and Chief Executive Officer (“CEO”), and Executive accepts such employment subject to the terms and conditions of this Agreement. SECTION TWO A. Duties. During the term of this Agreement, Executive shall report to, and perform such duties as are assigned by, Employer’s Board of Directors (“the Board”), acting through its Chairperson or delegated representative or committee. All duties shall be in accord and compliance with applicable federal and state laws, regulations, NCUA orders, letters and other binding guidelines together with “industry standards” applicable to a Federal Credit Union. It is intended that the Executive’s duties shall generally include those tasks and responsibilities customarily assigned to one holding the position of President and CEO in a financial institution of similar size and character. Specifically, Executive’s duties shall include, but not be limited to: 1. Understand the philosophy of “creating financial security for you and your family” and applying this Credit Union Mission Statement throughout daily Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 19
Page 1 and 2: Compliance Update - I REGULATORY AN
Page 3 and 4: Introductory Notes: Basic Obligatio
Page 5 and 6: performed by boards of directors. T
Page 7 and 8: What if an applicant “volunteers
Page 9 and 10: Please answer the following questio
Page 11 and 12: MULTIPLE ISSUES AND RESOURCES - SOM
Page 13 and 14: • Review of the negative shares r
Page 15 and 16: illustrates how certain provisions
Page 17: SAMPLE CREDIT UNION BUSINESS PLAN M
Page 21 and 22: 13. Evaluate the job performance of
Page 23 and 24: 2. By Employer For No Cause. Employ
Page 25 and 26: Vendor Due Diligence II Security As
Page 27 and 28: Vendor Due Diligence VII TERM AND T
Page 29 and 30: Vendor Due Diligence XII Backgroun
Page 31 and 32: Monitoring the Vendor At a minimum,
Page 33 and 34: NOTE: The BSA also contains a “wh
Page 35 and 36: (5) Confidentiality of reports. SAR
Page 37 and 38: PRIVACY - INFORMATION SECURITY Priv
Page 39 and 40: Disposal of Consumer Reports and Ot
Page 41 and 42: Compliance Update - II REGULATORY A
Page 43 and 44: Introductory Notes: Knowing if you
Page 45 and 46: I. POLICY AND GUIDELINES Portions O
Page 47 and 48: any CUSO. [Gifts may not be accepte
Page 49 and 50: Conference and Seminar Costs Fees f
Page 51 and 52: We have stated that there must be a
Page 53 and 54: IV. POLICY REGARDING CONFLICTS OF I
Page 55 and 56: public, even though, such relatives
Page 57 and 58: and other relatives who live in the
Page 59 and 60: protection, and the reimbursement o
Page 61 and 62: Legal / Compliance Consultation Not
Page 63 and 64: MERGER AND CONSOLIDATIONS ISSUES NO
Page 65 and 66: information of which unauthorized d
Page 67 and 68: A Review of ‘Red Flags’ and wha
Page 69 and 70:
Business Depositors: Understanding
Page 71 and 72:
WHAT POLICIES, PROCEDURES AND RISK
Page 73 and 74:
16. Conflict of Interest/Code of Et
Page 75 and 76:
Union Assessment 33. Identity Theft
Page 77 and 78:
Procedures 60. Training Policy See
Page 79 and 80:
Also - consider the other changes c
Page 81 and 82:
policies, procedures and documents
Page 83 and 84:
Underwriting Advertising In July 20
Page 85 and 86:
135-2009 Community Notice // OE/CE
Page 87 and 88:
Credit Union’s lien right are not
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