Annual Report 2015 65 th Annual Meeting & Dinner April 29 th , 2016 Staff Member Services Representatives Vincent Conti Toni Corsoro Kathryn Freeman Stephanie Henris Kelly Mathews Natalie Nelson Heidi Trippy Charissa Wallace-Buchanan Mary Ann Watson Senior MSRs Karen Swanson Leah Tilly Sarah Zembryski Operations Chika Yamamoto Paula Whitesell Jodi Wilson Collections / Lending Roberta Coniglio Cheryl Farnham Haley Foster Kelly Little-Atkins Management Jennifer Eschenbach Barkley Wise Travis Heiser Board Of Directors William Bills, Chairman Warren Rammacher, Vice Chairman Lowell Reynolds, Treasurer Wanda Szymanski, Secretary David Brown Renae Hemmer Dean Houser Paul Odell Nance Ortolano Supervisory Committee Renae Hemmer, Chairman Diane Eades Diana Hamann Statement of Financial Condition As of December 31, 2015 and 2014 Balance Sheet Assets ($) 2015 2014 Loans 31,478,259 31,040,562 Cash and Equivalents 5,683,928 6,005,398 Investments 36,090,377 33,641,398 Other Assets 2,532,171 1,498,422 Total Assets 75,784,735 72,185,780 Liability and Equity Regular Savings and Club Accounts 32,126,776 29,531,085 Money Market Accounts 14,283,241 13,922,404 Term Share Certificates (CDs) 8,609,787 9,778,915 Share-drafts (Checking) 12,774,685 11,424,514 IRA Accounts 2,589,058 2,591,130 Regular Reserves 2,269,296 2,040,550 Undivided Earnings 2,974,745 2,848,360 Other Liabilities 157,147 48,822 Total Liabilities and Equity 75,784,735 72,185,780 3795 Lakeview Road Fredonia, NY 14063 2 Hadley Bay Road Stow, NY 14785 338 Central Avenue Dunkirk, NY 14048 19-21 East Main Street Westfield, NY 14787 innerlakesfcu.org (716) 326-3858 Board of Directors, left to right: Seated: Paul Odell, Ann Ressler (Recording Secretary), Wanda Szymanski, Renae Hemmer Standing: Warren Rammacher, Dean Houser, William Bills, David Brown, Lowell Reynolds Not pictured: Nance Ortolano
Transcript
Annual Report
2015
65th Annual Meeting & DinnerApril 29th, 2016
StaffMember Services Representatives
Vincent ContiToni CorsoroKathryn FreemanStephanie HenrisKelly MathewsNatalie NelsonHeidi TrippyCharissa Wallace-BuchananMary Ann Watson
Senior MSRs
Karen SwansonLeah TillySarah Zembryski
Operations
Chika YamamotoPaula WhitesellJodi Wilson
Collections / Lending
Roberta ConiglioCheryl FarnhamHaley FosterKelly Little-Atkins
Statement of Financial ConditionAs of December 31, 2015 and 2014
Balance Sheet
Assets ($) 2015 2014
Loans 31,478,259 31,040,562 Cash and Equivalents 5,683,928 6,005,398 Investments 36,090,377 33,641,398 Other Assets 2,532,171 1,498,422
Total Assets 75,784,735 72,185,780
Liability and Equity
Regular Savings and Club Accounts 32,126,776 29,531,085 Money Market Accounts 14,283,241 13,922,404Term Share Certificates (CDs) 8,609,787 9,778,915Share-drafts (Checking) 12,774,685 11,424,514 IRA Accounts 2,589,058 2,591,130 Regular Reserves 2,269,296 2,040,550 Undivided Earnings 2,974,745 2,848,360 Other Liabilities 157,147 48,822
Total Liabilities and Equity 75,784,735 72,185,780
3795 Lakeview RoadFredonia, NY 14063
2 Hadley Bay RoadStow, NY 14785
338 Central AvenueDunkirk, NY 14048
19-21 East Main StreetWestfield, NY 14787
innerlakesfcu.org(716) 326-3858
Board of Directors, left to right:Seated: Paul Odell, Ann Ressler (Recording Secretary), Wanda Szymanski, Renae HemmerStanding: Warren Rammacher, Dean Houser, William Bills, David Brown, Lowell ReynoldsNot pictured: Nance Ortolano
A true partner stands shoulder to shoulder with you, sharing your load. Doing all they can to help you reach your goal. At Inner Lakes we are always striving to be a true partner for our members. Building on our personal way of doing business, we get to really know you. You tell us what you want to achieve. We answer with solutions, services, and support. All the while staying vigilant and proactive to keep you and Inner Lakes safe and sound.
Based on member input in 2015 we continued to introduce services and products that boost your financial goals. This past year: we have successfully converted both our credit and debit cards to the new EMV chip technology, which is the latest in card security; we have rolled out a new online club for students to help educate them on finances in an interactive and fun way; we have streamlined our skip-a-loan payment and scholarship application process; and we have enhanced how we reach out to members by increasing the use of our social media and email correspondence.
Partnership becomes even stronger through shared values. Inner Lakes and our members recognize the value of giving back to the community. In 2015 we gave back to the community by: participating in school reading programs; sponsoring books to be given to elementary children; conducting student mock interviews; sponsoring high school financial educational material to be used by business classes; and giving over forty financial lessons at many of our member schools. We also administer the Volunteer Income Tax Assistance program for those that need it. We raised funds for many worthwhile causes, including: the Children’s Miracle Network, the American Cancer Society, and “Toys for Kids” for local underprivileged children.
Our partnership will continue to move forward in 2016. Among other things, we will be introducing our “remote deposit capture” product, which will allow members to take an electronic image of their check and upload it to us for deposit, thus saving a trip to a branch. We will also be rolling out a new vehicle leasing option, which will give our members even more options in vehicle financing.
Partnering with our members to achieve success is second nature at Inner Lakes. This proved true in 2015, as it was a successful year in performance, growth, and accomplishments. Assets increased to $75 million, while loans increased to $31.5 million. Active membership continues to grow, keeping the credit union strong and increasing opportunities for all members. Inner Lakes remains safe and sound.
Sincere thanks to our Board of Directors, our exceptional staff, and our partners – our loyal members – for another successful year.
The Supervisory Committee is appointed by the Board of Directors to provide the vital role of oversight of the credit union’s operations. The committee is responsible for ensuring an independent audit of the credit union, along with also ensuring that credit union operations are run in a legal and compliant manner. Specific duties of the Supervisory Committee include: initiating and tracking member account balance verifications, ensuring that cash totals are correct by conducting cash counts, and reviewing expense accounts.
In 2015 we contracted with independent and certified fraud examiner Frank J. Pidgeon, CFE, to conduct our annual audit, as well as our ACH (Automated Clearing House) audit and our BSA (Bank Secrecy Act) audit. The reports of Inner Lakes Federal Credit Union have been reviewed and we are pleased to announce that the credit union continues to be operated in a safe and sound manner. Furthermore, the audit concluded the financial statements present fairly, in all respects, the financial position of the credit union.
We commend the membership for their outstanding support of the credit union. The volunteers on the Board of Directors should also be recognized for their diligence in providing appropriate and relevant guidance through policy direction for the credit union. Likewise, the staff has performed in an outstanding manner by adopting numerous new technologies and adding a variety of new services to benefit the members. The trust the membership have placed in these professionals is well founded.
William BillsChairman of the Board
Travis HeiserChief Executive Officer
AG
END
A
Friday, April 29, 2016
SUPERVISORY COMMITTEE REPORT
Appetizers
Welcome / IntroductionsBusiness MeetingChairman / CEO Comments
Invocation / DinnerPrize Drawings
The Supervisory Committee is, from left to right: Diane Eades, Renae Hemmer (Chairman), and
Diana Hamann.
ELECTIONSThere are a total of four (4) open seats this year. Per our by-laws, nominations for open seats are made by the nominating committee and by qualified members via a petition process – both processes are done prior to the meeting. Since the nominating committee nominated four individuals and there were no nominations via petition, there will be no election by ballot. The four nominees and new Board members are:
• William Bills (incumbent)
• Wanda Szymanski (incumbent)
• Renae Hemmer (incumbent)
• Nance Ortolano (incumbent – previously appointed to fill a vacant spot)
We make all sorts of loans to our members. Just a sample of what members have recently used Inner Lakes �nancing for are pictured on the front cover. Clockwise starting at the top left: John Gross-Santiago shows o� his Nissan Juke; Sarah Houser is proud of her new Ford Explorer; Paul Hawk shows what his new loader/ backhoe can do; Walter Parker was helped into his Ford truck with our �nancing; James Latimer poses with his new Chrysler 200; and Eric and Dana Baker made use of an Inner Lakes loan for this sharp Camaro.
