Annual Meeting Agenda

February 3rd, 2023

 2:00 PM

  1. Call to Order
  2.  Minutes of 2022 Annual Meeting
  3. Report of Directors (Board President Justin Hill)
  4. Report of the Treasurer (Rhonda Myers)
  5. Supervisory Committee Report (Chairman Don Ockey)
  6. CEO on 2022 financials and goals (CEO Emily Morton)
  7. Old business
  8. New business
  9. Election of Officers (Board President Justin Hill)


Board of Directors

  • Tony Escobedo, President
  • Justin Hill, Vice-President
  • Rhonda Myers, Treasurer*
  • Josh Sellers, Secretary
  • Devin McGuire, Director

Supervisory Committee

  • Don Ockey, Chairman
  • Josh Gonzalez, Member
  • Scott Griffith, Member*

Office Staff

  • Emily Morton, Chief Executive Officer
  • Anna Stanhill, Operations Manager
  • Andie McDonnell, Loan Processor
  • Bao Yang, Accounting Specialist
  • Amy Waughtal, Member Services
  • Katie Rangel-Sorondo, Member Services

*Position open for election

Minutes of the Annual Membership Meeting

February 4, 2022

The CVFCU annual membership meeting was called to order by President Tony Escobedo virtually online at 2:01pm on Friday, February 4th, 2022.

Minutes of the February 5, 2021 Annual Membership Meeting were approved as written. First by J. Hill, second by D. Ockey; motion carried unanimously.

Director’s Report: Board of Directors President Escobedo discussed the state of the Credit Union, along with the 2022 goals. He reviewed the challenges we had in 2021 due to the Coronavirus pandemic and CVFCU membership drives. Motion to approve by D. Myers, second by D. McGuire; motion carried unanimously.

Treasurer’s Report: Treasurer Myers reviewed the 2021 historical financial statement that was provided to the attending membership. She went over the increase in asset size, along with the change of income experienced in 2021 due to lack of inventory and demand. Motion to approve by D. Ockey, second by J. Hill; motion carried unanimously.

Supervisory Committee Report: Chairman Ockey discussed the role of the Supervisory Committee and how the are essentially the watchdog of the credit union for the membership. He explained that not only do they themselves perform random audits throughout the year, they also employ an external CPA firm to do an Opinion Audit which is then sent to the financial regulators. Motion to approve first by J. Sellers, second by D. McGuire; motion carried unanimously.

CEO Report: CEO Morton elaborated on the financials of the credit union and how we marketing to underserved counties and fire departments. She also spoke regarding the impact that the Coronavirus pandemic has had on income statement, citing the low interest rate environment. She further elaborated on the 2022 marketing goals to bring new business to the credit union. Motion to approve by D. Ockey, second by J. Sellers; motion carried unanimously.

Old Business:   N/A

New Business:   N/A

Election of New Officers:

An election was held by the membership to fill two positions on the Board of Directors that were up for re-election. Three candidates where presented for consideration; Tony Escobedo, Devin McGuire, and Emmanuel Chavez.

Director Escobedo and Director McGuire were re-elected to the Board of Directors. Motion to approve first by J. Hill, second by J. Sellers; motion carried unanimously.

Supervisory Committee:

Member Don Ockey was appointed by acclimation. Motion to approve first by J. Sellers, second by D. McGuire; Motion was carried unanimously.

The Annual Membership Meeting was Adjourned at 2:25pm.

Respectfully Submitted,

Josh Sellers, Secretary

2022 Historical Financial Statement

Loans to Members$24,277,287$20,254,465$20,787,148
Allowance for Loan Losses($119,612)($107,009)($169,408)
Cash and Receivables$108,124$2,651,121$3,312,099
Commercial Bank Deposits$21,619,475$22,735,000$17,724,000
Share Insurance Fund$336,064$311,072$288,420
Furniture, Fixtures & Equip (Net of Deprec)$1,056,032$1,118,268$1,183,024
Other Assets$168,803$81,884$63,116
Total Assets$47,446,174$47,044,801$43,188,399
Total Member Shares$42,173,154$42,216,189$37,738,615
Notes and Accounts Payable($170,878)($434,076)$212,124
Total Liabilities$42,002,276$41,782,113$37,950,740
Total Reserves Year-End$499,505$499,505$499,505
Undivided Earnings$4,944,393$4,763,183$4,738,154
Total Equity$5,443,898$5,262,688$5,237,659
Total Liabilities and Equity$47,446,174$47,044,801$43,188,399
Net Gain Before Reserves$264,528$2,651,121$3,312,099
Assessment from NCUA
Earned this Year Towards Dividends$264,528$100,558$251,984
Dividends Paid for Year$83,318$75,530$73,469
Net Earnings$181,210$25,028$178,515
Number of Loans Granted During Year265235241
Amount of Loans Granted During Year$9,395,565$6,867,239 $7,377,691
Loans Charged-off YTD$43,884.00$58,795.00$72,856.31
Number of Members at Year-End2,3492,3302,534

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