Annual Meeting Agenda
February 3rd, 2023
- Call to Order
- Minutes of 2022 Annual Meeting
- Report of Directors (Board President Justin Hill)
- Report of the Treasurer (Rhonda Myers)
- Supervisory Committee Report (Chairman Don Ockey)
- CEO on 2022 financials and goals (CEO Emily Morton)
- Old business
- New business
- 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
- Don Ockey, Chairman
- Josh Gonzalez, Member
- Scott Griffith, Member*
- 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.
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.
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|
|Total Member Shares||$42,173,154||$42,216,189||$37,738,615|
|Notes and Accounts Payable||($170,878)||($434,076)||$212,124|
|Total Reserves Year-End||$499,505||$499,505||$499,505|
|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|
|Number of Loans Granted During Year||265||235||241|
|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-End||2,349||2,330||2,534|