Report of the Board of Directors
2019 Recap
Thank you all for being such loyal members of Weld Schools Credit Union, which we now call Weld Community Credit Union. Last year was quite a year of change and opportunity.
During 2019, we:
- Grew by 126 members.
- Reached deeper into community involvement with increased donations that feed the hungry and shelter the homeless. Every new member and every new loan helps the most vulnerable, and so please keep the referrals coming.
- Highlighted where our hearts have been all along, by becoming Weld Community Credit Union.
- This was a change in name only, not a merger and with no change in member ownership.
- Started accepting deposits on the mobile application.
- Started “instant issue” services, where we can issue a new debit card for you right at the branch, instead of waiting for a new one to arrive in the mail.
- Continued improvements in our IT infrastructure to better serve you.
- Increased donations to classrooms through the Jeri Cranwell Education Assistance Fund
- Increased our outreach and became more active on platforms such as Facebook and Instagram
“People Helping People” is and continues to be our guiding philosophy. It means we work to help each individual member in the best way possible. It also means we seek uniqueness over other financial institutions by focusing on what is best for everyone instead of what is best for stockholders. There are no stockholders, and you are the owners of this credit union. “People helping people” also means we are focused on needs in the community, and has been our tradition since 1936. As members of Weld Community Credit Union, you enjoy some of the lowest loan rates anywhere, so continue to spread the word!
On behalf of the Board of Directors, I want to let you know of our sincere gratitude to all the staff and volunteers for their hard work and dedication to serving the members, while improving lives in the community.
Bruce Gorze, Chair
Board of Directors
Report of the Treasurer
At the close of business on December 31, 2019 Weld Community Credit Union stood at 5,938 members:
- 2,920 loans totaling $46,817,813 {12% increase from 12/31/2018}
- 11,380 share & CD accounts $ 71,290,361 {-0% change from 12/31/2018}
- total assets of $79,575,147 {1% increase from 12/31/2018}
We granted 912 new loans during the year totaling $23,305,231 and continue to maintain a well-capitalized reserve, which at 12/31/19 was 7.8 million dollars, or 9.86 percent of total assets.
These results of growth and stability come from your continued support and use of our many services. I want to extend a big thank you, and congratulations, to each member-owner for making Weld Community Credit Union a special financial institution. You are what makes us special.
Jerry C. Clark, Treasurer
Board of Directors
Income Statement
| Operating Income | |
| Income from Loans | $2,092,460 |
| Income from Investments | $622,737 |
| Fees/Other Operational Income | $744,192 |
| Total Gross Income | $3,459,389 |
| Expenses | |
| Operating Expenses | $2,593,481 |
| Dividends Paid on Deposits | $15,238 |
| Provision for Loan Loss | $34,260 |
| Non-Operating (Gains) or Losses | $(117) |
| Total Net Income | $816,527 |
Statement of Financial Condition
| Assets | |
| Loans | $46,817,813 |
| Less: Allowance for future loss | $(281,216) |
| Cash & Cash Equivalents | $572,380 |
| Receivables | $5,797 |
| Investments | $30,409,842 |
| Prepaid & Deferred Expenses | $147,351 |
| Fixed Assets | $1,023,736 |
| Other Assets | $879,444 |
| Total Assets | $79,575,147 |
| Liabilities, Shares, & Equity | |
| Liabilities | $435,617 |
| Shares | $71,290,361 |
| Equity | $7,849,169 |
| Total Liabilities, Shares, & Equity | $79,575,147 |
Report of the Supervisory Committee
In credit unions, the ‘Supervisory Committee’ is the group who serves as the audit committee. In 2019, we employed the services of Waypoint Auditing to perform audits and review internal controls. The committee oversaw results of these audits throughout the year and worked closely with the auditors to plan additional audit activities.
During the year, the auditors found no irregularities and were complimentary of the Credit Union’s excellent record keeping and practices. Additionally, in 2019 the State regulator: Colorado Division of Financial Services, completed a routine and in-depth examination of the Credit Union’s safety and soundness. Weld Community (Schools) Credit Union continued to receive good ratings in key risk areas reviewed including capital reserve strength.
Bauer Financial, Inc., an independent rating service, reviews the financial performance of banks and credit unions in the United States, and the committee is pleased to report a 5-star rating from Bauer based on 12/31/2019 financial data.
Ken Blehm, Chair
Supervisory Committee
Minutes – February 23, 2019
Weld Schools Credit Union Annual Membership Meeting Minutes
The 83rd Annual Membership Meeting of Weld Schools Credit Union was held at the Greeley Country Club on February 23, 2019. After an invocation by Joan Lind, lunch was served at 11:20 a.m.
Board of Directors members Joan Lind, Bruce Gorze (Chair), Ben Rainbolt (Secretary), Bev Menke, Jerry Clark (Treasurer), and Eric Parrish were in attendance, as well as Officers Dave Brown (President), Debbie Nixon (VP Operations), and Brad Hanna (VPFinance).
Chair Bruce Gorze determined a quorum was present called the business meeting to order at 12:09 p.m.
Gorze introduced Board members, their guests, and Weld Schools Credit Union Officers, then presented the report of the Board of Directors.
Secretary Rainbolt presented the minutes from the February 24, 2018 Annual Meeting and Gorze asked for a motion to accept the minutes. Barbara Blehm moved and Darlin Krause seconded the motion. The motion carried.
Supervisory Committee Chairperson Ken Blehm presented the Supervisory Committee report and Gorze returned to the podium to ask for a motion to accept the report. Richard Bejarano moved and Jerry Nelson seconded the motion. The motion carried.
Treasurer Jerry Clark presented the Treasurer’s report. Gorze returned to the podium to ask for a motion to accept the report. Dixie Jorgensen moved and Kay Backstrum seconded the motion. The motion carried.
Nominating Committee Chair Ben Rainbolt presented the slate of candidates running for terms on the Board of Directors and Supervisory Committee.
For the Board of Directors:
Joan Lind – three year term
William “Eric” Parrish – three year term
Supervisory Committee:
Barb Lengel – three year term
Gorze returned to the podium and asked for nominations from the floor three times.
Hearing no nominations, he asked for a motion to accept the slate of candidates for the Board and Supervisory Committee, to be accepted as presented and a unanimous ballot be cast. Marylou Ruff moved and Darlin Krause seconded the motion. The motion carried.
President Dave Brown began his presentation by introducing the staff and recognizing volunteers. He spoke about the community charter, which now allows anyone who lives or works in Weld County to apply for membership, and how the Charter fits in with our mission, code of ethics, and ongoing community outreach. He reminded members of the importance of letting friends and family know they are eligible to join. Brown made an announcement to watch out for fraud and beware of anyone asking for your account number, and to ask us if you ever have doubts about a request.
Brown turned the presentation over to Jolene Yates for a detailed presentation about community involvement and charity outreach of the credit union and its staff.
Gorze returned to the podium and declared “With no further business to come before this meeting, the Annual Meeting is adjourned.” The Member’s Annual Meeting thereby adjourned at 1:08 p.m.
Marketing Director Jolene Yates then coordinated door prize giveaways and other gifts with help from WSCU employees Katie Schmunk, and Kristen Campbell. Special gifts were given to: Juils Jorgensen , the longest term member in attendance, and Robert Perrich, the newest member in attendance.
The following cash prizes were won by random drawing for members:
$25 Wendy Griffis, Pauline Delgado, David Sauter and Ramona Penaflor.
$50 Brian Halla, Larry Spohn, and Cynthia Silva.
$83 Juils Jorgensen, Francis Shea, Julie Sharp, and Mary Kippes, and a
Waterpic Pet Wand by Dawn Morrison
After the meeting, an Idea Card was randomly pulled from the box, and Abigail Nelson won 1- $50 VISA card.
Community Involvement
We continued to focus on our Community in 2019 by
- attending Greeley Area Chamber of Commerce sponsored gatherings to talk with people about our low loan rates and the value of being member owned.
- attending events in the Community: Stone Soup for Weld Food Bank; Chamber Annual Meeting, Success Foundation Breakfast, Comedy for a Cause for the Greeley Transitional House, Walk to end Alzheimer, and Walk for American Cancer Society.
- having a booth at public events: Home and Garden Show, Children’s Festival, District 6 School Kickoff, and University of Northern Colorado sporting events.
- attending any School District Orientation/meeting in which we are invited.
- supporting Art Shows and sales from the talented artists at Envision.
- changing our name to Weld Community Credit Union: New logo, new website, new nametags, new signage, new forms, new brochures, new rugs, new business cards, new folders, new debit cards, and new credit cards.
- paying to wear jeans, we send a check to non-profits in Weld County 12 times a year!
- hosting events: Member Appreciation Day, Annual Meeting, Shred Event, Cookies with Santa and Mrs. Claus.
- providing grants to Educators for projects through the Jeri Cranwell Education Assistance Fund, over $127,000.00 has been given back the Weld County education community.
CEO Report 2020
As Bruce mentioned in his comments above, last year was a substantial year of progress. We took big steps forward in outreach and community involvement, and I want to point out that all of this came from the hard work of our staff, and the dedication of our volunteers serving on the Board and Supervisory Committees. Please let them know how much you appreciate them when you get the opportunity. These are truly great people to work with, and none of the progress we have seen could have happened without all of that work effort and confidence to push forward into changes with forward thinking.
While we had more improvements planned for 2020, Coronavirus shifted our primary focus onto keeping members and employees safe and healthy. This required services to move to the drive-up, internet and phone; and, it caused us not to see you at the member appreciation day, shred event, and annual meeting. We have missed you, and that only strengthens our commitment. The social side of our work is a key part of what drives us and leaves us dreaming about the future.
Thank you for being a member-owner of this great credit union! Stay safe and healthy.
Dave Brown, CEO
Weld Community
Credit Union