ukrainian selfreliance michigan federal credit union 2015... · ukrainian selfreliance michigan...
Post on 04-May-2018
215 Views
Preview:
TRANSCRIPT
Ukrainian SelfrelianceMichigan Federal
Credit Union
Photo taken by Nina Wasylkevych
YkpamcbKa Mini
RoonepaTHBa
Annual Report - 2015 - PiMHHfl SBIT
HAUIA META
Mexoio yKpamcLKoi MiniraHCBKoiKpeAHTOBoi' KoonepaxHBH CaMonoMin eCBO'IM HjienaM flKHaiiKpami (j)maHCOBi nocnyrH B
i BBinnHBOcxi, mo6 3a,a,o-HOBi i spocxaioni noxpeGn
xa piBHonacHO saGesnennxH xpHBKy
OUR MISSION
Our mission at Ukrainian Selfreliance MichiganFederal Credit Union is to provide our members,in a confidential and friendly manner, the bestpossible financial services at competitive ratesin order to meet the growing and changing needsof our membership and simultaneously maintainthe Credit Union's long-term financial stability.
3AFAJILHI3EOPHCydoma, 16-zo keimnn 2016 p.
o ^o^. 3:00 nonojiydni
6 YKpaiHCbKOMy
KyjibmypnoMy Ifenmpi26601 Ryan Road
Warren, Michigan 48091
/. BidKpummn 6. 3eim Konrnpojibnoi Komicii
2. Mojiumea 7. ffucvycifi
3. BiduumanHH UpomoKony §. Imui Cnpaeu
4. 3eim Fonoeu flupeKU,ii g Bu6opu
5. 3eim CKapdnum JQ 3aKpUmmH
ANNUAL MEETINGSaturday, April 16th, 2016
at 3:00 p.m.
at theUkrainian Cultural Center
26601 Ryan RoadWarren, Michigan 48091
-AGENDA-1. Call to Order 6. Supervisory Committee Report
2. Opening Prayer 7. Discussion
3. Minutes from Previous Meeting 8. Other Business
4. Chairman of the Board Report 9. Elections
5. Treasurer's Report 10. Adjournment
Seated left to right: Natalie Marus^c^ak - Vice Chair, Lubomyr Lypeckyj - Treasurer, Bohdan Usowsky - Chair, Oleh Karanec, Bohdan Korduba - Secretary
Standing left to right: Hon. Lubomyr Jachnycky, Roman Maksimowich, Peter Onyskiiv Not Pictured: Olena Danylyuk, PhD.
B
L AMepHKH y 2015 porn nosiAbHo noKpairpiAacb, AHBASHHCb na ijP" dje"Aep~axEHHx BiAcoTKiB Ha 0.25% y rpyAHi. A°Ka3OM nokjpameHHH eKOHOMiKH Minkany e
SHHKCHHH GespoGiTHocTi BIA 14.9% j 2009-My AO 5.1% y 2015-My poin.2015 plK GyB nflTHM pOKOM HiApflA 3 nOSHTHBHOK) CplHaHCOBOIO HpOAyKTHBHlCTIO
JJ Hamoi' KpeAHTiBKH, nepeBHmyio^iH oHiKyBani pesyAbTaTH na 50 BiAcoTKiB. FlepeBipKaNCUA y rpyAHi noKasaAa, mo cbiHaHCOBHH cran KpeAHTiBKH e nepeKOHAHBo nosHTHBHHH.AeMABKa Micrrpb y AHpeKitii' GyAH AiKBiAOBani a ACflM KOMICIH GyAH saMmem na TtcvraacoBiHK pesyAbTaT CTpaTerWHoro nAaHyBamM. He piineHHH AacTb Kpamy SMory saoxoTHTHMOAOAHIHX HACHiB AO AHpeKDUl.
HanSiAbnii ABI TpyAnomi KpeAHTiBKH e SMeHHiena KiAiKicrb HOSHTOK Ta HACHCTBa.Hauii IACHH HOMycb He KopHCTyioTBCH HaroAoio HHSbKHx BiAcoTidB na HOSHHKH. ToMyKepiBHHHTBo iHBecTHirisMH KpeAHTiBKH e KpHTH^cHoio sacHOBoio HpoAyKini npHGyTKy.FIoTpiGHO HpOAOB>KyBaTH saoxoTysaTH HOBy eMirpaniio AOAynaTHCb AO KpeAHTiBKH. AHHIC
ff M:ac noKaace, HK cnpo6n MapKCTHHiy KpeAHTiBKH AonoMO>Kyrb niATpHMyBaTH iioro ecpeK-n THBnicrb AonoMaraTH yKpaiHCbKiH rpoMaAi.
y 2O16-My poui MH HaAaAi cnoAisaeMOCb noMipHHH eKOHOMiHHHH picT Ta noKpameneiHBecTHitiHHe cepeAOBHme. CTpaTerwno MH GyACMO npaiiiosaTH naA 1) BnpoBaA>KCHHHM
TT HOBHX nocAyr i TaKO>K noKpameHHHM Tenepimnix, 2) sGiAbuieHHHM KiAbKOCTi HOSHTOK saSHHJKCHHMH BiACOTKaMH, 3) SaOXOHyBaHHHM HOBHX HACHiB iHTCHCHBHHM MapKCTHHrOM TaBlAHOCHMaHH 3 plSHHMH Micu;eBHMH OpraHisauiHMH, i 4) SMCHHieHHflM OHCpyBaAbKHX
/BHTpaT sa AonoMoroio HOBHX TexHOAori^iHHX noHOBAem Ta nporpaM, am saoniaAflTbr r rKpCAHTlBIIl KOHITH.
BIA IMCHI HAemB AHpeKuii' Ta ycix npauiBHHKiB yKpaiHCbKoi' MiniraHCbKoi S>eAepaAbHoi'KpeAHTiBKH CaMonoMM a xo^y mHpo noAHKysaTH HamHM ^AenaM sa AoaAbnicTb Ta Aosipyy Ba>KKi dDiHaHCOBi nacn no Aoposi AO Kpamoro dpinaHCOBoro MaHGyrHboro. I xony ocoG-AHBO noAflKysaTH HACHaM AHpeKXtii sa i'x npHCBHHeHHH ^;ac i c^iB^pa^IO Ta yciM npaniBHH-
: KpeAHTiBKH sa i'x BiAAany npanio i npocbeciiiHicTb y Tenepimm dpinaHCOBi ^acn.Eozdan JlicoecbKiiu
2015 was the year that the U.S. general economy slowly improved to the point that theFederal Reserve was bold enough to raise federal funds interest rates by 0.25% in December.Michigan's economy has also markedly improved as evidenced by reduced unemployment from
O a high of 14.9% in 2009 to 5.1% in December, 2015.For our credit union, 2015 was the fifth straight year of positive financial performance (Net
Income) exceeding budgeted expectations by over 50% with minimal reversals from the"• allowance for loan losses, as was done in 2014. The capital position and delinquency continueJ) their steady positive trends, which created very convincing conditions for a very positive NCUA
examination in December. As a result of our Fall Strategic Planning meeting, some Board com-mittees and officer positions had been eliminated making serving on the Board by youngermembers more attractive. When needed, ad-hoc committees are formed to address specificissues, and once their work is done, they are dissolved.
i The nagging two difficulties are a decreasing loan portfolio and a decrease in membership.Our members appear to be somewhat averse to borrowing, despite very attractive special loan
J. rates. Therefore, management of the investment portfolio and cash is critical to generate netincome and funding of dividends. Continuing efforts will be needed in 2016 to reach out to the
, , recent immigrants to become our members. Marketing efforts seem to have reversed the recent^ declines in deposits, but time will tell if this effect is sustainable. We continue to financially sup-A port our Ukrainian community, religious, and youth organizations, but in reciprocity, they alsoXT must actively promote membership in our credit union within their ranks.
( For 2016 we anticipate continuing modest economic improvement and an improved invest-ment environment. Strategically, we will continue to focus on four major areas: 1) introducing
S new services while enhancing current services; 2) increasing our loan portfolio by offering loanspecials; 3) seeking new members through aggressive marketing and relationship building withmembers of various local organizations; and 4) improving our operating efficiency through cost
•K saving programs and utilizing technological advancements.On behalf of the Board of Directors and the entire staff of Ukrainian Selfreliance
•p Michigan Federal Credit Union, I would like to express my gratitude and thanks to our members; for their loyalty and trust during the recent unprecedented financial crisis and for standing with
O us now on the road to a brighter future. I want to extend my sincere appreciation to the Boardof Directors for their commitment and cooperation and to our credit union staff for their ded-ication and professionalism in these still difficult economic times.
Mohdan Lisowsky
CropinKH 8 Ta 9 noKasyioTb AeraAi cjsiHaHCOBoro crany namoi KpeAHTiBKii sa 2014Ta 2015 POKH. AoAaTKOBi Aani noAani na cropii-iKax 14 Ta 15.
HK 2015 noKasye, mo iHBecraiui, BKAaAH HAeniB i pesepBH/HeposnoAMeHi npH-GyrKH sGiAbiiiHAJtcfl B nopiBHHHni AD 2014-ro pOKy.
TaGAHHH BHiisy, GaaoBana na ashi CKapGmiKa Ha MICHHHHX cxoAnnax AHpeKiiii',niAcyMOBye cbmaiicoBi Aani aa POKH 2014 i 2015. Harui Gpyrro noanHKH SMCHHIHAHCHB nopiBHHHni AO 2014-ro pony. L[e He AoGpnii nanpHMOK, roivry mo narni HACHH, aHeBJAOMi-ix npHHHH He noaEraaioTb y Hamiii KpeAHriBi;!, moGn Kynirra xaxy, aBTOMO-6iAi ra mini Heo6xiAni peni. ^H anaeTe, mo ACTKO oTpHMaTH noaHHKy B Hamiii Kpe-AHTiBiii? IIpocTO saTeAecpoHyiiTe AO CocpiiiKH Komis, a6o iff KOMneTCHTHHX cniBpo-GiTHHKifi, mo6 OTpHMaTH HJO IHCpOpMaililO.
Hami pesepBH Ha MO>KAHBi BTpaTH na noaHHKH anaHHO 3HH3HAHCH i He noTpiGno,mo6 AQAaTH 6iABme rpomeii Ha iieii paxynoK.
KoMiTexy sacAyrosyioTb ocoGAHBoro BHsnaHHH sa i'x CTapaHnicTb. BOHHaycTpiHaAHCJi npoTaroM pOKy pospo6HTH noALTHKy KpeAHTiBKH, o6roBopn-
TH <^)iHaHCOBHH 3Brr, mo6 sGiABinyBaTH npnGyroK AO MaKCHMyMy, KOHTpoAioBaTHBHTpaTH Ta moG 6yni CHABHOIO (|)iHaHCOBOio ycTanoBoio B yKpaiHCBKiiiCHHCOK HAeniB noMimeHHH BHuay.
Ham cbmaHcoBHH asiT BiAoGpa^Kae u;e
'_
' Assets,
Liabilities
Income
Expenses
Loans, GrossAllowances for Loan Losses
InvestmentsMembers Deposits
Reserves/Undivided Earnings
InterestNon-Interest
DividendsOperating
Net I ncome
MIS$30*108,48 L06
$808,493.25$81,090,143.35
5102,373,824.45$12,580,625.36
$2.493303.66$22 1,45 6 J2$"283,843.83
$1,784,547.01$846,368.02
2014$34,280,832.07
$1,428,314.61$73,302,560.08$99,750,226.28$11,897,063.17
$2,646,594.01$263,385.23$305,460.64
$1,947,677.00$1,129,388.00
The above table summarizes the financial data for the years 2014 and 2015. Adetailed report is shown on pages 8 and 9. Investments, member deposits, andreserves/undivided earnings increased in 2015 from 2014. Allowances for loan losseshave been reduced significantly.
Our gross loans decreased from 2014. That is not a good trend because our mem-bers, for some reasons, do not borrow at our credit union to purchase homes, cars andother necessary items. Did you know that it is easy to obtain a loan at our credit union?Just call Sophie Koshiw or one of her competent staff to obtain that information.
Members of the Finance and Asset/Liability Management Committee deservespecial recognition for their diligence. They met monthly during the year to developcredit union policies, to review the financial reports, to maximize income and controlexpenses, to constantly increase the net worth ratio and guide the credit union to be astrong financial institution in the Ukrainian community. Our financial report reflectsthat accomplishment.
Committee members: Lubomyr Jachnycky, Bohdan Korduba, Sophie Koshiw,Bohdan Lisowsky, Lubomyr Lypeckyj, Roman Maksimowich, Peter Onyskiw andAndrew Zeleney.
Lubomyr Lypeckyj
cKAPEHHK
TREAS
uRER
Hama KpeAHiiBKa MaAa ycniniHHH 2015 piK. HaeiTb B uefi nac HHSB-TT KHX cpiHaHCOBHx BiAcoTKiB, KpeAHTiBKa MaAa AoxiA SHAKO AO piHHoro 3Bhy.
MH npOAOBJKyeMO npononyBaTH HOSHHKH sa SHEDKCHIIMH BiACOTKaMH AAH-* CTBOpCHHH HOBHX KpCAHTlB. KiABKlCTb SaACrAHX HO3HHOK TaKO>K SHa^HO 3MCH-
E IHHAaCb.MH npOAOB>Kyeivro naAasaTH nocAyra AAH Harnnx
i paxyHKH ra ATM KapTKH (B sasHanemix riAKax ATM),KapTKa VISA xa cnomiBni xa MOpxreA>KOBi HOSHHKH sa HHSBKHMH
E BiACOTKaMH - HC AHine Aeflid nocAyrn MH npononycMO. B Tpasm 2016-ro poxy•y- MH GyACMO nponoHysaTH HOBy nocAyry 'Bill Pay' xa npn tdniii cepnmi 2016-ro
pOKy HACHH 3MO>KyTb KOpHCTyBaTHOfa 'Ae^ir' KapTKaMH
AjiKyroHH HaniHM HAenaM sa I'XHIO AOBipy AO KpeAHTiBKH, MH raKO>KC XOHCMO naraAaTH npo re, mo Baina poAnna Tai<o>K MTOKCTT natuHMH nocAyraMH - peKOMCHAyHTe nac ^K cpmaHCOBy mATpHMKy i AA.JI
HOBHX eMirpanTiB. Baraxo HAeniB MaroTb MO>KAHBicTb na poGory B inmnx-* HiTarax, aAe lie osHanae, HIO BOHH MO>KyTb Kopncry-BaTHCb 'Shared Branch'/ cepsicoM i HamHMH ATM KapTKaMH no yciii AjvtepHui. Hama KpeAHTiBKa e
AocrynHa nepes iHTepner ra Mo6iAbHHH-6aHKinr. HacaMnepeA AyManre nponamy KpeAnriBKy AAJI ycix samnx (pinaHcoEHx noxpeG.
-" ^ n^Hpo AflKyro HaniHM npau;iBHHKaM sa i'x sycHAAa BHauiHx HAeniB na npoxasi AOBFHX POKIB. [̂ xaKO>K AflKyro ycM
f-\i ra KoMrreTiB sa i'x niATpHMicy raCom Koiuie
FT Our credit union has completed another successful year in 2015. Even
in this low-rate interest environment the credit union has been profitable asshown in our income statement. We continue to offer several loan specials^-dur-
E ing the year to generate new loans. Also, our delinquency rate on loans has beenD steadily decreasing.( We continue to provide low-cost services to our members. No-fee
checking accounts, surcharge-free ATM cards (in our CO-OP network), lowinterest rate VISA cards as well as our low rate consumer and mortgage prod-ucts are just some of the products we provide. We will be offering two newservices in 2016 - Bill Pay in late May, 2016 and Debit Cards in late August,
-** 2016. Look for more information in our upcoming newsletters and on ourE website.p As we thank our members for their loyalty over the years, we also ask
them to refer our credit union to their families and friends. As our membershipdeclines with the passing of our founding members, the new immigrationneeds to join our financial institution. As our membership moves out of statefor job opportunities, they can still transact business with us. The credit unionis never far away with our Shared-Branching and ATM network andinternet/mobile banking. Consider using our credit union first for all yourfinancial needs.
I would like to thank our staff for their dedication in serving ourmembers. I also wish to thank our Board of Directors and various Committeesfor their Strategic Planning efforts for our future and their support and guid-
Sophle Koshiw
y 2015 poiri AO KpeAHXOBoro Koivtixexy naAOKaAHHACHH: EHH KAOF, Mapk KOA, Cocpifl Komie, AioGoMHp AmieiibKnii,PoMan MaKCHMOBHra, IsaH COBHK i OACF Kapanenb (ToAOBa Komxexy).
HAenis Kowdxexy 6ye neperA#A XIOSHHOK, POSXAHAra peKOMeHAairiT AwrpeKTTiV KpeAnxiBKn npo cmicyBaHH.3 saACXAHX
HO3HHOK. •*
BHAaAa copoK OAHH (41) MOpreA>KiB na saraAbHy cyivry T$6,683,083; CTO niicTAecflTb AB! (162) cno>KHBHi HOSHHKH na cyiviy$1,947,148 i copoK HOTHpH (44) HOBHX VISA KapxoK.
Ha 31 rpyAHH 2015 poKy 6yAo niicxB (6) saAerAiix HOSHHOK na _.cyMy $338,698. flpoxaroivi SBixnoro nepioAy KoMixex peKOMCHAyBaBAHpeicnii, mo6 n'sxt (5) HOSHHOK na saraAbHy cyMy $481,784 6yAO cniica-HO. M
2015 poKy $200,000 GyAo nepeHeceno AO pesepsiB na JBxpaxH. Ha Kiiien;b rpyAH^ 2015 poKy GaAanc cpoHAy pesepBH na BxpaxncxanoBHB $808,493. ~,
Ha saKfflraeHHfl a xo^ry noAflKyBaxH HAcnaM KpeAiixoBoxo Kowdxexysa i'xHio cniBnpan;io xa AonoMory npoxaroM poKy. 5i xaKO>K AflKyio HAenaMKoiviixexy MapKCXHHry i HAencxBa sa xe, mo BOHH npoAOBacyioxb niAXpHMy-Baxn Hac y HaAanni HOSHHOK.
Ojiee
In 2015 the Credit Committee consisted of the following members:Anne Clogg, Maria Cole, Sophie Koshiw, Lubomyr Lypeckyj, RomanMaksimowich, John Sowik, and Oleh Karanec (Committee Chair). Thecommittee's responsibilities included the review of loan requests, monitor-ing of delinquent loans, and identifying uncollectable loans to be approvedfor charge-off by the Board of Directors.
The credit union issued forty one (41) mortgage loans for a totalamount of $6,683,083 in 2015; one hundred sixty two (162) consumer loansin the amount of $1,947,148 and forty four (44) new VISA cards.
The number of delinquent loans at December 31, 2015, was six (6)loans in the amount of $338,698. During the reporting period the commit-tee made a recommendation to the Board of Directors to charge off five(5) loans in the amount of $481,784.
Recoveries in 2015 on prior charged-off loans and a decrease indelinquent loans resulted in a credit in Provision for Loan Losses in theamount of $200,000. As of December 31, 2015 the Allowance for LoanLosses (ALL) account had a balance of $808,493.
In conclusion, I wish to thank the members of the CreditCommittee for their cooperation and help throughout the year. I also thankthe Marketing & Membership Relations Committee for their continuedefforts in promoting our loan products.
Oleh Karanec
UKRAINIAN SELFRELIANCE MICHIGAN FEDERAL CREDIT UNIONSTATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2015 AND DECEMBER 31, 2014
Cash and Cash Equivalents
Investment Securities
Securities Available-for-Sale
Securities Held-toMaturity
Other Investments
Loans Receivable, Net of Allowancefor Loan Losses
Accrued Interest Receivable
Property & Equipment
Prepaid Expenses
NCUSIF Deposits
Land Contract Receivable
Other Real Estate Owned
Other Assets
2015
$ 2,598,042
25,705,939
11,967,207
43,417,097
29,299,988
213,729
795,935
63,597
981,243
230,566
55,000
187,102
2014
$ 3,192,403
31,355,471
2,930,783
39,016,406
32,852,517
191,535
841,415
70,950
983,201
240,369
140,000
189,300
AKTHBH
FoxiBKa
iHBeCXHffli
iHBecxHni'i
IHIIII J.HBGCTHL111
HosOTKH (Hexxo)
Haneaod Bi^coxKH
HepyxoMOCxi i ycxancyBaHHS
Hanepea saimanem paxyHKH
flenosHx B iHinypancoBOMy
AKXHBH, Ha6yTi npnniKBiflaiii'i HOSHHOK
IHIIII AKXHBH
TOTAL ASSETS $115,515,445 $112,004,350 PA3OM AKTHBH
LIABILITIES & EQUITY HACHBH
Members' Shares
Dividends & Interest Payable
Accounts Payableand Other Liabilities
Accrued Expenses
Members' Equity,Substantially Restricted
TOTAL LIABILITIES& EQUITY
$102,373,824
43,323
197,837
1,324,902
$99,750,226
76,741
196,903
1,199,036
Bipnxeni
iHiiii
11,575,559 10,781,444 PeaepBH (Hexxo)
$115,515,445 $112,004,350 PA3OM HACHBH
UKRAINIAN SELFRELIANCE MICHIGAN FEDERAL CREDIT UNIONSTATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2015 AND DECEMBER 31, 2014
INTERESTINCOME
Loans Receivable
Investment Securities
TOTAL INTERESTINCOME
INTEREST EXPENSE
Dividend on SharesBorrowed Funds
TOTAL INTERESTEXPENSE
NET INTERESTINCOME
Provision for Loan Losses
NET INTEREST INCOMEAFTER PROVISION FORLOSSES
2015
$ 1,488,855
1,004,449
2,493,304
283,8442_
283,846
2,209,458
(200.000)
2.409.458
2014
$ 1,723,782
922,812
2,646,594
305,461
0
305.461
2,341,133
(472,500)
2,813,633
BmCOTKOBInPHEYTKH
BiflCOTKH Bifl nOSHHOK
BiflCOTKH Bi
PA3OM
KOIIIT KAHITAJiyH
sa nosmieHi rpomi
PA3OM
HETTO HPHXIflBI,H BI/JCOTKIB
Pesepsa Ha MOXCJIHBV crmaiyIIOSHHOK
PA3OM
NON-INTERESTINCOME
Gain (loss) onOther Real Estate Owned
Fees & Late Charges
Other
TOTAL NON-INTERESTINCOME (LOSS)
18,512
66,166
136,779
221,457
42,748
59,916
160,722
263,386
BE3BL5COTKOBIHHPHXIfl
CnncaHHH 3 paxyHKynepyxoMOCTi
Fees & Late Charges
IHIIIHH
PA3OM
NON-INTERESTEXPENSE
Compensation & Benefits
Occupancy
Operations
Loan Servicing
Professional Services
Other
TOTAL NON-INTERESTEXPENSE
NET INCOME
869,865 877,914
OHEPATHBHIBJLTATKH
Unarm i 3a6e3neneHHanpaqiBHHidB
BflepacaHHs 6rop
Broposi BH^axKH
KOIUTH ITO3HTOK
Ilpo(J)HciHHa o6cjiyra
Inmi
SAFAJItHI
HHCTHH nPHBYTOK
FINANCIAL
RATIOS
FINANCIAL RATIOSCost of Funds to Avg. Assets
Net Worth Ratio
Operating Expenses to Total Income
Gross Loans to Total Assets
Delinquent Loans to Total Loans
Yield on Average Loans
Yield on Average Investments
USMFCU PEER AVG.*12-31-2015 12-31-2015
.25% .39%
11.08% 10.83%
66.74% 75.25%
26.06% 61.45%
1.12% 0.96%
4.62% 4.72%
1.25% 1.17%
*Peer Average ratios show how a credit union compares to a group of federally insured
credit unions of similar asset si%e. Source: National Credit Union Administration.
Ukrainian Selfreliance Michigan Federal Credit UnionStatements of Chang
Years Ended December 31,
BALANCES, DECEMBER 31, 2013
Net Income
Net Change in Unrealized Gain orLoss on Available-for-Sale Securities
Recognition of Other Gains onDefined Benefit Plan
Total Comprehensive Income
BALANCES, DECEMBER 31, 2014
Net Income
Net Change in Unrealized Gain orLoss on Available-for-Sale Securities
Recognition of Other Losses onDefined Benefit Plan
Total Comprehensive Income
BALANCES, DECEMBER 31, 2015
REGULARRESERVE
$4,600,000
0
0
0
0
$4,600,000
0
0
0
0
$4,600,000
res in Members' Equity2015 and
UNDIVIDEDEARNINGS
$ 6,223.973
1,129,342
0
0
0
$ 7,353,315
846,368
0
0
0
$ 8,199,683
December 31, 2014
ACCUMULATEDOTHER
COMPREHENSIVEINCOME
$(1,792,147) $
0
977,355
(357,079)
0
TOTAL
9,031,826
1,129,342
977,355
(357,079)
620,276
$(1,171,871) $10,781,444
0
26,958
(79,211)
0
$(1,224,124) $_
846,368
26,958
(79,211)
(52,253)
11,575,559
10
sVpERVISoR
Left to Right: Eliot Bo/de - Chair, He/en Derkaa^Ttirner, and Leo Cionka
Not pictured: John Dicky and Natalia Sly^b-Stasiw
O6oB'fl3KOM KoHxpoAbHoi' KoMicii e nepesipKa qomaHCOBiix xpaHsaKiriH, ssixiB3 XHM, mo6 saneBHHXHOi, mo B npaKXiinniH po6oxi KpeAHxiBKH e saGesneneHHHs6epe>KeHHH BKAaAiB Hairrnx HAemB. Y AHnai 2015 poKy AiipeKiris KpeAHxiBKHBnGpaAa AO KoHxpoAbHoi' KoMicii na 2015-2016 piK xaiotx HACHIB: EAJOX BOAA!,Aeo IJbOHKa, Isan AHKKH, HaxaAta CAH>i<-CTaciB i FeAen AepKai-Typnep. •*"
oGpaAa EAioxa BOAAI TOAOBOIO i HaxaAiio CAH>K-Cxacis ceKpexapeivr.npoxaroM 2015 pOKy KoHxpoAbna Koivdcia sopramsysaAa MAbKa nepesipoK
IIOSHHOK, a xaKO>K nepesipHAa BHyxpimmS KonxpoAb, BeAennfl paxynmB xa AOKy- •*MCHxaiiii', BCAeHHH noAic xa iHiHHx npon;eAyp. HABHH KoHxpoAbHoi' Koiviicii' 6yAHnpHcyxm na ivdcHHHHX cxoAHHax AHpeKuji KpeAHxiBKH i MaAH CBOI BAacni CXOAH-HH npoxaroM pOKy. <DipMa Financial Standards Group, Inc. 6yAa saxpyAHCHa AAS -*
nepesipKH cpiHaHcoBHx AOKyMeHriB KpeAHxiBKH, paxyHids HAeniBxa neperAflAy iniuHx dpiHaHcoBHx onepaHiii. "A. AflKyro BC!M HAenaivi
KoHxpoAbHoi' Koivdcii sa ixnifi ^ac i nocB^xy, a xaKO* sa npodpecinny AonoMorynpoxaroM pOKy B!A CoqDii Komis, roAOBHoro ynpaBHxeAH, xa npaniBHUKiB
E/iiom Eojidi
The Supervisory Committee is responsible for audit oversight of financialreporting and ensuring that the credit union's practices and procedures safeguardmembers' assets. In July, 2015 the Board of Directors appointed the followingindividuals to its Supervisory Committee for the 2015-2016 year: Eliot Bolde, LeoCionka, John Dicky, Natalia Slyzh-Stasiw and Helen Derkacz-Turner. The com-mittee elected Eliot Bolde as Chair and Natalia Slyzh-Stasiw as Secretary.
During 2015 the Supervisory Committee performed reviews of the loanportfolio, internal controls, cash counts and adherence to policies and procedures.The Supervisory Committee held its own meetings throughout the year and amember of the Supervisory Committee attending the monthly meetings of theBoard of Directors. The Committee engaged Financial Standards Group, LLC toconduct the annual audit of the credit union's financial statements, complete anannual verification of members' accounts and review credit union operations. Iwould like to thank the members of the committee for their time and dedicationand to acknowledge the help received during the year from Sophie Koshiw, CEO,
and her staff. Eliot Bolde
11
2015
MAIN OFFICE - WARREN26791 Ryan Rd., Warren, MI 48091
Phone: (586) 756-3300 - Fax (586) 756-4316Toll Free Number Outside of Michigan 1-877-POLTAVA
Website: www.usmfcu.org Email: cuwarren(i ^usmfcu.org
sTAFF
Sophie KoshiwChief Executive Officer
Natalia EorshchMember Services
Christine KimpeMember Services
Anne CloggMortgage & Consumer
Loan Officer
Maria ColeMember Services
KJnystyna FerencbukMember Services,
Loan Officer
12
Darlene lirycajHead Teller
Svetlana KabachinskayaAccounting
Nadia MarfeyTeller
SoivikMember Services, Investment Officer
,•"• •*• i
_. i
Lyudrtiyla KiijykTeller
f̂,Jaroslav Zbeksyiyak
Teller (Part-time)
Borys BlujIndependent Contractor - Special Projects
DEARBORN HEIGHTS OFFICE HAMTRAMCK OFFICE5734 N. Telegraph Rd., Dearborn Hts., MI 48127 11838 Jos. Campau, Hamtramck, MI 48212
Phone: (313) 724-2390 Fax: (313) 724-3390 Phone: (313) 891-4100 Fax: (313) 891-4101
Anna Terlecky - Head Teller Martha Nakonec-^tyjHead Teller
Natalia BorysyukAssistant Head Teller
13
SOURCES OF OPERATING INCOME
INVESTMENTINCOME
36.9%
OTHER INCOME8.2%
**************************»****»*«
**************«** INTEREST!INCOME54.9%
ALLOCATION OF EXPENSES
Loan Servicing8.1%
ProfessionalServices 4.9%
Other Expenses9.8%
Salaries &Benefits 48.7%»#****
************************************************************************
Office Operations 19.9% x Office Occupancy 8.6%
Does not include provisions for Loan Losses
14
$120 -g
ASSETS
2012 2013 2014 2015
$12
$10-)
$3
$6
$4
$2
$0
2011
LOANS (Gross)
2013 2014 2015
Members Equity
$9,0
$10.8$11.6
2015 2011 2012 2013 2014 2015
Ukrainian SelfrelianceMichigan Federal
Credit Union
MAIN OFFICE26791 Ryan Road
Warren, Michigan 48091
Telephone: (586) 756-3300 - Fax (586) 756-4316
Toll Free Number Outside Michigan: 1-877-POLTAVA
Website: www.usmfcu.org E-Mail: cuwarren@usmfcu.org
- BRANCHES -
Hamtramck11838 Jos.Campau
Hamtramck, Michigan 48212Phone: (313) 891-4100 - Fax (313) 891-4101
Dearborn Heights5734 N. Telegraph Rd.
Dearborn Heights, Michigan 48127Phone: (313) 724-2390 - Fax (313) 724-3390
For ATM & Credit Union Service Centerlocations nationwide log on to:
xvww.allco-op.org
top related