to view our 2016 Annual Report. - Constellation Federal Credit Union

CEO/PRESIDENT’S REPORT
Dear CFCU Members,
As we celebrate Constellation Federal Credit Union’s
72nd anniversary and as I head into my 38th consecutive year with
this credit union, I would like to reaffirm how honored I am to be
continually associated with Constellation Federal Credit Union (CFCU).
It is our goal to provide you, our members, with the finest possible
member service within the financial services industry. Our workforce’s
top priorities are putting our Members first and understanding that
consistently improving Member Value is a continuous journey. All of our
employees are dedicated, focused, and work hard each day to make
a difference both personally and professionally. Accordingly, I would like
to sincerely thank them for their continued commitment to assist our
members and build a better credit union.
We aim to provide the highest quality financial services to all federal
government employees, retirees, and family members in the Washington
Metro area. Our operational efficiency and strong financial position
enable us to offer some of the lowest service fees and charges for
services compared to other credit unions and banks in the Washington
Metro area. We offer the same low rates for new and used auto loans.
In addition, we have a very efficient mortgage operation and do not
charge any fees for mortgage originations, other than third party fees.
We continue to provide innovative products and competitive pricing
on savings and loan products.
Thank you for being a part of CFCU’s long history of success.
We encourage you to share your CFCU experience with your family,
relatives, friends and all other federal government employees in the
Washington Metro area who are eligible for membership under our
charter. I would also like to thank our dedicated Volunteers, Board of
Directors, Management, and Staff for their commitment to serving you.
Respectfully submitted,
72nd annual meeting agenda
march 19, 2016
mel wagner, chairman
kermit sande, vice chair
karen moe, treasurer
constellation fcu
larry buel, secretary
1810 samuel morse drive
john koslin, director
reston, va
reading of minutes
mel wagner,
chairman
awarding of door prizes
reading of nominations
office staff
nadine channer
audrey abelson
latoya joaquin
giovanny robinson
larry buel,
secretary
robin crawford, ach/eft manager
collin peterman
audrey hastings-spaine, lending manager
steve addison
amadou n’diaye, collections manager
cruz ballesteros
john koslin,
director
milton martin, dp manager
gary thomas
dee munday, msr manager
anthony maldonado
anne katzer, marcom manager
steven hoerner
deanna peterman, accounting manager
ladonna outlaw
amber beall, internal auditor
lola ogunfolu
angella williams
victor jovel
karen moe
cindy taylor
tony maldonado, controller
recognitions of mel wagner,
annual meeting chairman
committee
adjournment
2016 cfcu board nominees (cfcu news, web)
tammy ellis, vp of operations/compliance
mel wagner,
franz sotomayor, vp of info tech
chairman
cindy taylor, chairperson
sheila allen
wallace beauchamp
paul zoccola
scott gowing
bobby josephson, ceo/president
reading of reports
supervisory committee
bobby josephson,
ceo/president
ceo report
introduction of staff
communications
john luibl, director
mel wagner, chairman call to order introductions
michael o’leary, director
bobby josephson
chief executive officer/president
board of directors
sabera alam
larry buel,
nominating
committee
chairman
mel wagner,
chairman
refreshments
2016
CHAIRMAN OF THE BOARD REPORT
SUPERVISORY COMMITTEE REPORT
TREASURER’S REPORT
Dear CFCU Members,
Dear CFCU Members,
Dear CFCU Members,
Constellation Federal Credit Union (CFCU) continues to do well.
Our merger with Taylor Model Basin has been fully implemented and
was a complete success. Our financial situation is among the best
in the nation. DepositAccounts.com is a bank account comparison
website. Each year they evaluate the financial health of every
federally insured credit union in the United States – more that 6,600
total. Each institution is graded on a number of factors, including
capitalization (how much money you have over member deposits),
deposit growth, and loan to reserve ratios, in order to determine
a comprehensive health score. Constellation FCU was rated number
5 in the Top 200 Healthiest Credit Unions in America. Wow! What
an achievement. Kudo’s to Bobby and the CFCU staff.
The Supervisory Committee (SC) ensures safe, secure, and sound
operations of Constellation Federal Credit Union (CFCU) through
a series of checks and balances. The SC ensures that the Board
of Directors and Management of CFCU meet required financial
reporting objectives and create and follow practices and procedures
sufficient to safeguard members’ assets. This is achieved through
SC audits, verification of members’ accounts, and review of policies
and control procedures. The SC’s obligation is not to the Board or
Management but to the people who are CFCU members, including
our newly acquired members from Taylor Model Basin Federal Credit
Union.
Constellation Federal Credit Union (CFCU) has weathered the
past few years with the struggling economy very well. Recently
the economy has been showing a modest recovery. The labor and
housing markets are strengthening. During this time period, we have
maintained our capital well above our peer group and have grown our
assets to $209 million. In an effort to ensure the credit union’s safety
and soundness, we continually review our competitors’ rates, outside
economic factors, and run scenario asset liability tests. Also, keeping
a close watch on the financial markets helps keep our goal of
upholding our strong financial position.
However, our work is never done. While our financials are great, we
continue to experience slow growth, a characteristic common among
most credit unions our size. Thus, improving growth is among our
goals for 2016. Our other major goals for 2016 include: maintaining
a strong financial position; improving the quality and convenience
of our products and services; improving our organizational
effectiveness; improving our facilities and infrastructure; and assuring
that all aspects of sound business practices are applied to meet
regulatory requirements.Your Board of Directors and Executive
Leaders are committed to fulfilling these goals. Any suggestions you
have to help us achieve these goals are appreciated.
I am stepping down as a Director of Constellation. It has been my
pleasure to serve Constellation and you, its members. I appreciate
the effort and effectiveness of our other Volunteers from the Board,
Supervisory Committee, and CFCU Staff. Thanks to them for all their
support. Have a great year!
Respectfully submitted,
mel wagner
chairman, cfcu board of directors
Your Supervisory Committee is composed of volunteers who are
members of CFCU. Supervisory Committee members are appointed
by the Board of Directors and serve a two-year term. The current
Supervisory Committee members are:
Cindy Taylor, SC Chairperson
Sheila Allen
Wally Beauchamp
Scott Gowing
Paul Zoccola
The Supervisory Committee is pleased to report that the financial
position of CFCU is strong and the credit union is being operated in
compliance with applicable laws and regulations. The National Credit
Union Administration (NCUA) is the regulatory agency responsible
for enforcing the laws and oversight of nationally chartered credit
unions through annual audits.
If any member finds an error in transactions, experiences a problem
with financial statements, or with any services provided by CFCU,
please contact the SC immediately at the following mail/email
address:
Supervisory Committee
Constellation Federal Credit Union
1810 Samuel Morse Drive
Reston,VA 20190
Email: CFCUSupvComm@Constellationfcu.org
Please note that the above address cannot be used for normal CFCU
financial transactions, such as making deposits or loan payments.
Respectfully submitted,
cindy taylor
chairperson, constellation fcu supervisory committee
One of CFCU’s goals is to offer our members valuable products and
services at competitive rates. In 2015 we have loaned out over $23
million dollars to our members at some of our lowest rates on auto,
personal and mortgage loans. Constellation FCU added an online
automobile purchase service and a new VISA credit card program that
allows for higher credit limits. We will continue searching for other
products and services that benefit our membership.
In my many years of working/volunteering for CFCU, I have seen
continuously increasing dedication in the volunteers, management and
staff to grow CFCU into one of the best credit unions possible.
I am impressed by their endless efforts to offer great service, low loan
rates and service fees.
On behalf of the Board of Directors, I would like to thank
Mel Wagner for his 15 years of devoted service as Chairman
of the board. He spent many hours working with volunteers and
management to guarantee that our membership prospered under his
valuable leadership. We wish him the best!!!
Respectfully submitted,
karen moe
treasurer, cfcu board of directors
STATEMENT OF FINANCIAL CONDITION
assets
12-31-15
12-31-14
Net Loans
$128,864,577
$130,661,788
Cash & Equivalents
$34,031,638
$25,666,681
Investments
$38,620,900
$43,586,164
Bld., Equip., Furn & Fix
$4,760,062
$4,932,520
Other Assets
$3,582,408
$3,010,240
total assets
$209,859,585
$207,857,393
12-31-15
12-31-14
$750,196
$1,063,986
Regular Shares
$59,725,910
$58,012,573
Share Drafts
$24,364,021
$21,514,169
Money Market Shares
$51,045,980
$51,489,015
IRA Shares
$10,435,254
$10,638,798
IRA Share Certificates
$33,717,393
$35,898,835
Total Equity
$29,820,831
$29,240,017
liabilities
& equity
Dividends
& Accts Payable
total
liability
& equity
$209,859,585
$207,857,393