Post on 23-Jan-2021
transcript
ANNUALREPORT
(409) 899-3430
(409) 886-0726
(409) 489-0300www.dugood.org
REPORT OF THE SUPERVISORY COMMITTEE
The primary goal of our credit union is to serve our membership and meet their needs. The Supervisory Committee has observed the Board of Directors, our CEO, management and staff as they continually work together to accomplish this goal. The four members and two assistants of the Supervisory Committee are appointed by the board, but they must operate separately from the board in order to accomplish their tasks and be effective.
As Committee Chairman, I would like to acknowledge these individuals who have given so much of their time to volunteer and serve on your Supervisory Committee:
Our committee thanks our Accounting Vice President, Kelly Harrison, Internal Auditor, Katie Gripp, the branch managers and employees for your assistance and cooperation in helping us fulfill our responsibilities in performing our audits.
It has been my pleasure to serve as Chairman of your Supervisory Committee.
Each branch has unannounced quarterly audits which includes one teller drawer, vault
drawer, travel money cards, gift cards, instant issue debit cards, open and closing log.
Audit expenditures of the credit union for proper approval.
Review monthly bank reconciliations.
Check allowance for loan loss vs general ledger.
File Maintenance Reports reviewed include:
Member Data Change Report, Loan Data Change Report, Monthly Suspect Kite Report, Daily
Override Report, Loans to One Borrower Report and Check Register.
Engaged the CPA firm of Wathen, DeShong and Juncker to audit the credit union books.
Louis Saldana, 25 years
Van Thigpen, 6 years
Paul Hussey, 5 years
Stephen Jordan, 3 years
Thomas Jordan, Assistant, 6 years
Slvia Root, Assistant, 8 years
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Van ThigpenSupervisory Committee Chairman
Jada KelleyPresident/CEO
Larry Ducharme Chairman
Sylvia RootSecretary
Dan Harrington
Leo BegnaudVice Chairman
Dieter SchulzTreasurer Membership Officer Directors
Don AlbaneseWayne Dionne
Thomas JordanSteve Graffagnino
Federally insured by NCUA. Equal Housing Lender.
Added FHA and VA loans to our Mortgage Center.
Moved our Nederland Branch to a more convenient location on Nederland Avenue.
Converted the building on Twin City Hwy to our Mortgage Center.
Added CARVANA as another way for members to purchase or trade in used vehicles.
Updated our computers and added tablets at all branches to better serve members digitally.
Welcomed Violetta Propps as our new Financial Advisor to assist members in reaching their
financial goals.
Updated our Mobile App with enhanced features.
Increased Remote Deposit postings from 2 times per day to 4 times, allowing members to
receive remote deposit funds faster.
Implemented Secure Live Chat behind home banking’s authentication to share confidential
information with members more securely.
Implemented a Green Light Auto Loan Program to approve more car loans.
Offered credit cards as a method to make loan payments.
REPORT OF THE CHAIRMAN AND PRESIDENT
On behalf of the Board of Directors, management and staff, we’d like to welcome you to our 58th Annual Membership Meeting of DuGood Federal Credit Union. We thank you for your continued support of the credit union and for allowing us to achieve another successful year in 2019.
REPORT OF THE TREASURERFor Year Ending December 31, 2019
NEW PRODUCTS AND ACCOMPLISHMENTS
Contributed over $126,400 to local charities, schools and community events
Awarded over $6,000 in Scholarships
Volunteered over 1,770 hours
Participated in 95 events
Offered financial education to students
Sponsored charitable events for:
COMMUNITY EVENTS AND SPONSORSHIPS
ASSET GROWTHASSETS 2019 2018
Dollars in Thousands
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
American Cancer Society
The ARC of Greater Beaumont
Boys’ Haven
Community Care - Prayer Outreach
Children’s Miracle Network
Garth House
Harbor Hospice
Julie Rogers Gift of Life
Some Other Place
2016
2017
2018
2019
$275,230
$333,483
$326,654
$343,450
SHARE GROWTHDollars in Thousands
2016
2017
2018
2019
$239,252
$294,518
$285,731
$298,965
LOAN GROWTHDollars in Thousands
2016
2017
2018
2019
$173,019
$183,793
$198,223
$208,920
Loans to Members $208,920,108 $198,222,693
Loan Loss (1,088,780) (1,044,115)
Cash & Equivalents 32,100,179 26,540,436
Investments 81,846,396 82,481,315
Land & Building 6,900,489 6,137,121
Furniture & Equipment 1,374,408 1,367,384
13,397,030Other Assets 12,949,115
TOTAL ASSETS $343,449,830 $326,653,949
LIABILITIES $2,504,743 $2,177,063
INCOME
GROWTH PERCENT BALANCE
Income From Loans $9,183,689 $8,421,108
Income on Investments 2,339,817 2,269,774
All Other Income 6,136,028 5,808,427
Total Gross Income 17,659,534 16,499,309
Assets $16,795,881 5.14%
4.63%
5.40%
8.35%
$343,449,830
Shares $13,233,353 $298,964,612
Loans $10,697,415 $208,920,108
Capital $3,235,118 $41,980,745
Less Operating Expenses 12,766,661 12,021,738
Net Income Before Dividends 4,892,873 4,477,571
1,658,025Less Dividend Expense 1,357,282
NET INCOME $3,234,848 $3,120,289
MEMBER EQUITIES
Member Shares $298,964,612 $285,731,259
Regular Reserves 3,722,003 3,722,003
Undivided Earnings 38,258,472 35,023,624
TOTAL LIABILITIES & EQUITY $343,449,830 $326,653,949
Jada KelleyPresident/CEO
Larry Ducharme Chairman
Sylvia RootSecretary
Dan Harrington
Leo BegnaudVice Chairman
Dieter SchulzTreasurer Membership Officer Directors
Don AlbaneseWayne Dionne
Thomas JordanSteve Graffagnino
Federally insured by NCUA. Equal Housing Lender.
Added FHA and VA loans to our Mortgage Center.
Moved our Nederland Branch to a more convenient location on Nederland Avenue.
Converted the building on Twin City Hwy to our Mortgage Center.
Added CARVANA as another way for members to purchase or trade in used vehicles.
Updated our computers and added tablets at all branches to better serve members digitally.
Welcomed Violetta Propps as our new Financial Advisor to assist members in reaching their
financial goals.
Updated our Mobile App with enhanced features.
Increased Remote Deposit postings from 2 times per day to 4 times, allowing members to
receive remote deposit funds faster.
Implemented Secure Live Chat behind home banking’s authentication to share confidential
information with members more securely.
Implemented a Green Light Auto Loan Program to approve more car loans.
Offered credit cards as a method to make loan payments.
REPORT OF THE CHAIRMAN AND PRESIDENT
On behalf of the Board of Directors, management and staff, we’d like to welcome you to our 58th Annual Membership Meeting of DuGood Federal Credit Union. We thank you for your continued support of the credit union and for allowing us to achieve another successful year in 2019.
REPORT OF THE TREASURERFor Year Ending December 31, 2019
NEW PRODUCTS AND ACCOMPLISHMENTS
Contributed over $126,400 to local charities, schools and community events
Awarded over $6,000 in Scholarships
Volunteered over 1,770 hours
Participated in 95 events
Offered financial education to students
Sponsored charitable events for:
COMMUNITY EVENTS AND SPONSORSHIPS
ASSET GROWTHASSETS 2019 2018
Dollars in Thousands
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
p
American Cancer Society
The ARC of Greater Beaumont
Boys’ Haven
Community Care - Prayer Outreach
Children’s Miracle Network
Garth House
Harbor Hospice
Julie Rogers Gift of Life
Some Other Place
2016
2017
2018
2019
$275,230
$333,483
$326,654
$343,450
SHARE GROWTHDollars in Thousands
2016
2017
2018
2019
$239,252
$294,518
$285,731
$298,965
LOAN GROWTHDollars in Thousands
2016
2017
2018
2019
$173,019
$183,793
$198,223
$208,920
Loans to Members $208,920,108 $198,222,693
Loan Loss (1,088,780) (1,044,115)
Cash & Equivalents 32,100,179 26,540,436
Investments 81,846,396 82,481,315
Land & Building 6,900,489 6,137,121
Furniture & Equipment 1,374,408 1,367,384
13,397,030Other Assets 12,949,115
TOTAL ASSETS $343,449,830 $326,653,949
LIABILITIES $2,504,743 $2,177,063
INCOME
GROWTH PERCENT BALANCE
Income From Loans $9,183,689 $8,421,108
Income on Investments 2,339,817 2,269,774
All Other Income 6,136,028 5,808,427
Total Gross Income 17,659,534 16,499,309
Assets $16,795,881 5.14%
4.63%
5.40%
8.35%
$343,449,830
Shares $13,233,353 $298,964,612
Loans $10,697,415 $208,920,108
Capital $3,235,118 $41,980,745
Less Operating Expenses 12,766,661 12,021,738
Net Income Before Dividends 4,892,873 4,477,571
1,658,025Less Dividend Expense 1,357,282
NET INCOME $3,234,848 $3,120,289
MEMBER EQUITIES
Member Shares $298,964,612 $285,731,259
Regular Reserves 3,722,003 3,722,003
Undivided Earnings 38,258,472 35,023,624
TOTAL LIABILITIES & EQUITY $343,449,830 $326,653,949
ANNUALREPORT
(409) 899-3430
(409) 886-0726
(409) 489-0300www.dugood.org
REPORT OF THE SUPERVISORY COMMITTEE
The primary goal of our credit union is to serve our membership and meet their needs. The Supervisory Committee has observed the Board of Directors, our CEO, management and staff as they continually work together to accomplish this goal. The four members and two assistants of the Supervisory Committee are appointed by the board, but they must operate separately from the board in order to accomplish their tasks and be effective.
As Committee Chairman, I would like to acknowledge these individuals who have given so much of their time to volunteer and serve on your Supervisory Committee:
Our committee thanks our Accounting Vice President, Kelly Harrison, Internal Auditor, Katie Gripp, the branch managers and employees for your assistance and cooperation in helping us fulfill our responsibilities in performing our audits.
It has been my pleasure to serve as Chairman of your Supervisory Committee.
Each branch has unannounced quarterly audits which includes one teller drawer, vault
drawer, travel money cards, gift cards, instant issue debit cards, open and closing log.
Audit expenditures of the credit union for proper approval.
Review monthly bank reconciliations.
Check allowance for loan loss vs general ledger.
File Maintenance Reports reviewed include:
Member Data Change Report, Loan Data Change Report, Monthly Suspect Kite Report, Daily
Override Report, Loans to One Borrower Report and Check Register.
Engaged the CPA firm of Wathen, DeShong and Juncker to audit the credit union books.
Louis Saldana, 25 years
Van Thigpen, 6 years
Paul Hussey, 5 years
Stephen Jordan, 3 years
Thomas Jordan, Assistant, 6 years
Slvia Root, Assistant, 8 years
p
p
p
p
p
p
Van ThigpenSupervisory Committee Chairman