Letter from Treasurer
Treasurer's Report
Perhaps the most important news to report is that your money continues to be safe and secure with Newrizons Federal Credit Union and fully insured by NCUA up to $250,000. Newrizons had one-time, unplanned expenses due to the financial changes in our country. Because of these two major events, our operating costs went up but we've been working to reduce costs without reducing services. We saw a big increase in loans as more members needed more help due to the economy. Loans also grew because of our good relationship with our local auto dealers where current and new members could get Newrizons auto loans while at the dealership. Our membership did not grow as much as we'd hoped this year. With all of this in mind, we also ask your help and hope you will spread the word inviting others to join us as we are an open membership to anyone in Grays Harbor County.
Marcella Parks, Treasurer, Board of Directors
|
ASSET/LIABILITIES |
2007 |
2008 |
2009 |
|
INVESTMENTS/CASH |
$1,611,359 |
$996,451 |
$914,649 |
|
TOTAL LOANS |
$4,545,462 |
$5,604,083 |
$6,380,117 |
|
ALLOWANCE FOR LOAN LOSS |
($15,286) |
($20,000) |
($48,482) |
|
LAND, BUILDING & OT FIXED ASSETS |
$171,933 |
$153,826 |
$151,436 |
|
NCUA SHARE INS DEPOSIT |
$53,833 |
$54,431 |
$56,280 |
|
TOTAL ASSETS |
$6,397,084 |
$6,822,369 |
$7,453,706 |
|
TOTAL DEPOSITS |
$5,727,568 |
$6,162,215 |
$6,932,793 |
|
OTHER LIABILITIES |
$3,013 |
$23,887 |
$43,129 |
|
UNDIVIDED EARNINGS |
$509,481 |
$479,245 |
$320,763 |
|
REGULAR RESERVES |
$157,022 |
$157,022 |
$157,022 |
|
TOTAL LIABILITIES & RESERVES |
$6,397,084 |
$6,822,369 |
$7,453,706 |
|
|
|
|
|
|
INCOME/EXPENSE |
2007 |
2008 |
2009 |
|
LOAN INCOME |
$363,967 |
$380,639 |
$458,371 |
|
INVESTMENT INCOME |
$62,239 |
$46,665 |
$14,176 |
|
FEE & OTHER INCOME |
$82,896 |
$78,373 |
$73,913 |
|
TOTAL GROSS INCOME |
$509,102 |
$505,677 |
$546,460 |
|
TOTAL OPERATING EXPENSES |
$362,898 |
$374,839 |
$418,108 |
|
DIVIDENDS/INTEREST |
$128,533 |
$141,640 |
$112,976 |
|
INT. ON BORROWED MONEY |
$0 |
$402 |
$64 |
|
PROVISION FOR LOAN LOSS |
$1,235 |
$19,031 |
$67,800 |
|
NCUSIF STABLIZTN & CORP RT/DWN |
$0 |
$0 |
$98,943 |
|
NET INCOME (LOSS) |
$16,436 |
($30,235) |
($151,491) |
