NCE Annual Report

Board of Directors:NCE Credit Union

Juan Escobar- Chairman term expires: Feb 2012

Irene Herrera-Co-Chairman term expires Feb 2013

Brenda Nunez-Secretary term expires Feb 2012

Beatrice Molina-Board member term expires Feb 2012

Ramon Herrera- Board member term texpires-Feb 2013

Balance sheet as of December 2011

Assets

70099        Assets                                                     

70100      Loans                                                          $2501,402.27

71910      Allowane for Loan loss                                 $6,000.00-

71920     Allowance for NSF drafts                              $1,582.72-

72900     Non-Posted share Draft                                     $0

73510     American Bank                                              $139,854.37

73600     ATM Machine                                                     $23,140.00

73900     Change Fund (vault)                                       $41,834.50

73910     Teller Cash                                                          $13,135.51

74400     Corporate  CU Depsits                                  $270,629.83

74401    ACH Exceptions                                                          $0

74420     SWC-Draft Clearing                                                $0

74430     SWC membreship SH                                            $801.52

74450    US BAnk ATM Settlement                                  $  639.16

74600     Other Sh Dep & Cert                                   $1,195,000.00

76500     Operating fees for year                                     $427.36

76600     Other prepiad insurance                                    $1,348.30

76900     Other pp Exp & De Ch                                         $

77400    Furniture and equipment                                  $69,547.72

77500    Furniure & Equip Dep Allowance                    $54,321.62-

78100    Accrued interest on loans                                  $7,717.02

79910   Other Assets                                                        $32,452.38 

TOTAL  ASSETS                                                                                                           $4,234,747.28

LIABILITIES AN EQUITIES

80099     Liabilities

80100     Acct pay Dormant Accts                                $1,415.35

80200     Undistributed payment (ins)                         $3,169.39

80300     Undistributed Payroll                                      $   58.50

82000     Dividends payable reg shares                                .05

80600     Accounts payable                                            $     0

80900     ARU Checks Payable                                      $      0

84100     Fed with Taxes Pay                                          $  1010.32

84600    SS & M/C Taxes Pay                                         $1,401.58

85200 Accrued employee Benefits                             $  166.66

85410 Accrued Div pay member CD                                     -.05

85500    Accr Acct Serv Cost                                          $   832.90

85900     Accrued Annual Meeting                                $3,875.00

86000   Contingent Liab NCUSIF                                   $2,550.00

87099    Unapplied Date-EDP                                        $      0

TOTAL LIABILITES                                                                                                        $14,479.70

90099      Equity

90100     Shares                                                                $2,204,391.31

90200     Share Drafts                                                    $    330,446.66

90400     Christmas Club                                                $       40,759.17

90800     Term Share Sert                                             $     571,259.08

90900     Club Accounts                                                 $          5,627.69

92100 Non-Member Shares                                         $    249,000.00

93100     Regular Reserves                                          $     153,650.55

94000     Undivided Earnings                                       $    647,059.11

TOATL LIABILITIES  EQUITES                                                                                                            4,234,747.28                                                                                                                         

 Income Statement

                                                      Year to date                                                

11100      Interst on Loans                                       200,335.08

12100      Investment income                                    30,099.13

3100      Share Fees & Cahrges                                     9,693.13                                                                     

13110      Loan Fees & Charges                                   11,501.00

13120     CUNA Insurance                                              4,531.48

13130     US Bank ATM Settlement                             12,828.01                                                                        

13140    Share Draft F& C                                             42,969.00                                                                     

15100    Misc Operating Inc                                            6,675.41                                                                      

16800    ATM Machine Income                                      38,894.20                                                                    

TOTAL                                                                          $357,526.44                                                           

21100    Salaries Espense                                          123,290.54

22100    Pension Plan Cost                                            5,933.03                                                              

22200    Social Security                                                  9,419.01                                                                             

22300    Unemployment Tax                                             582.75

22400    Employment Benefits                                    15,533.47

25100    Rent Expense                                                      4,200.00

26100   Communications Expense                                 7,869.36                                                                              

26300 Maintenance Furn & Equip                                13,547.97                                                                       

26400   Stationary Supplies                                             3,184.26                                                                             

26500   Insurance Expense                                              7,878.80                                                                            

26600   Dep of Furn & Equip                                            2,825.72                                                                            

26800 ATM Machine Expense                                                190.00                                                                             

26900   Bank Service Charges                                         10,675.84                                                                           

27200   Promotion Expense                                               3,517.10                                                                          

28200  Collection Expense                                                    0                                                                                    

28400    Credit Report Expense                                         2,110.84                                                                                       

28600    Credit Card Prog Expense                                  15,466.29                                                                                   

29100    Legal Fees                                                                   600.00                                                                              

29200    Audit Fees                                                               5,966.60                                           

30100    Provision for Loan Loss                                     (3,680.00)                                                                                              

30200    Provision for Draft Loss                                           600.00                                                                   

31400    NCUSIF Premium Assessment                            10,883.76                                                                   

32100    NCUA Operating Fees                                               2,158.64                                                                   

 33000 Cash Short and over                                                           .17                                                                            

33100 ATM Machine Short/Over                                              80.00                                                                            

34000  Int  Borrowed $$$                                                     1,690.63                                                                           

35000    Annual Meeting Exp                                                6,057.36                                                                            

36000    TCUL Dues                                                                 2,870.22                                                                      

37000    Misc operating Exp                                                  9,353.05                                                                  

42100    NCUSIF Write Down                                                     0                                                                                             

4300 Gain (loss) disposition                                                                                                                               

38000    Dividends Expense                                                11,164.70                                                                         

38010    Term Share Int Exp                                               11,002.89                                                                     

38020    Share Draft Int Exp                                                     0                                                                                       

38025   Christmas Club Int Exp                                                106.42                                                                                  

Total   Expenses                                                         $ 285,069.42

                             Year to date Income $72,457.02

 Supervisory Committee:

The responsibility of supervisory committee is to ensure that proper controls are effectively maintained to adequately protect the Credit Union, its members, management and employees. Independent CPA's and companies are employed to audit areas of risk in the operations of the Credit Union.  These audits allow Credit Union activities to be monitored to ensure assets are properly safeguarded.

Credit Union Resources was retained to perform annual audit and examination of critical Credit Union policies and procedures.   The accuracy and reliability of financial statement is also reviewed. Last audit performed July 2011.

The reviews performed concluded that NCE Credit Union is safe, Sound, financially strong and maintains its creditials of sound credit union management.  If you have have any questions or would like to see the results of audit please come by the Credit Union during business hours.

Credit Union Resources and Technology performed verification of member accounts for period ending December 2011.

                                       Annual Meeting

The meeting was called to order at 6:55Pm.  The meeting was held at Corpus Christi Event Center.

Board of Directors Present:

Juan Escobar-Chairman, Irene Herrera- Vice Chairman, Brenda Kay Nunez-Secretary, Ramon Herrera, Beatrice Molina.

Chairman Juan Escobar welcomed members and guest to the Nueces County Employees Credit Union annual meeting. 

The pledge of Allegiance was led by Ruth Ann Coward.

Opening prayer was given by Beatrice Molina.

Director Veronica Mahzoon-Hagheghi welcomed the members and invited eveyone to celebrate the 45th anniversary of Nueces County Credit Union. Veronica  introduced the NCE Board of Directors.   Chairman Juan Escobar recognized the outgoing Board Members: Irene Herrera and Ramon Herrera. Chairman Juan Escobar introduced secretary Brenda Nunez and asked her to read minutes from 2010 annual meeting.

Secretary Brenda Nunez read the minutes from February 9,2010 annual meeting.  The minutes were availabnle for review.  No questions or comments were made.  Motion to accept the minutes was made by Angie Rendon 1st and 2nd by Rosie Acosta, vote was called, all infavor, motion carried.

Chairman Juan Escobar introduced Director Veronica Mahzoon-Hagheghi.  Veronica thanked the members for a great year.  She informed the members that they could view the annual meeting minutes online along with the financial statemet and balance sheet.  Veronica thanked the staff of the Nueces County Credit Union and commented that they are the back bone to the credit union. Chairman Juan Escobar on behalf of himself and the Board of Directors thanked the entire staff of the credit union.  Juan Escobar mentioned how attentive the staff is to the members, and how they work through lunch and go far and beyond what is expected of them.

Director Veronica Mahzoon-Hagheghi explained to the members that being a Board of Director is a voluntary position with huge responsibilities.  Meetings are not the only responsibility. Veronica explined there are workshops, budget meetings, polocies to write along with understanding the financials of the credit union.

The nominations for the 2 seats available on the Board of Directors was announced by Chairman Juan Escobar.  The following people were nomintaed: Irene Herrera, Ramon Herrera, Laura Garcia, Diana Medina, Gloria Munguia, Lori Trail.

Open floor nominations were called.  No nominations from the floor were made.  Motion to close the floor nominations was made by Nuri Rodriguez 1st and 2nd by Angie Rendon, vote called, all in favor, motion carried.

While the votes were being tabulated by Margie Garza, Yolanda Marrtinez and Rosie Solis, door prizes were drawn by members and given out by Juan Escobar.

Becky Quintanilla thanked the members that served on the election Committee.  Juan Escobar Announced the election results Irene Herrea 102, Ramon Herrera 102 Laura Garcia 37, Diana Mediana 22, Gloria Munguia 7, Lori Trail 12.

The new Board of Directors are Irene Herrera and Ramon Herrera. 

Ramon Herrera asked the members if there were any questions or comments that they would like to address.  No questions or comments were made.

Members were served dinner and enjoyed the music provided by Marachi's. Door prizes were drawn throughout the evening.

Chairman Juan Escobar and the Board of Directors thanked the members, guest and staff for attending the annual meeting.  Motion to adjourn was by Nuri rodriguez 1st and 2nd by Yolanda Rodriguez, vote was called, all in favor, motion carried.  The meeting was adjourned at 9:10pm.