2011 Annual Report - Horizons Federal Credit Union

Celebrating Our 75th Year Of Providing Strong Roots In The Community
1937 - 2012
20
Annual
Report
This credit union is federally insured by the National Credit Union Administration
1
Management & Board of Directors Report
since at the time only those with
higher incomes were normally
able to establish relationships
with banks.
Over the years, other employee
groups joined, such as the City of
Binghamton, Lourdes Hospital
and other local municipalities.
Originally named Binghamton
U.S. Employees Federal Credit
Rick Felo • Chairman-Board of Directors
Mario C. DiFulvio • President / CEO
H
orizons Federal Credit
Union celebrated its 75th
Anniversary on February 27, 2012. Horizons FCU
was chartered on February 27,
1937 by a group of U.S. Postal
Service employees as a means to
provide financial services to each
other. Credit unions are not-forprofit, member-owned financial
institutions. They became popular during the Great Depression.
The Federal Credit Union Act
C
redit unions are not-forprofit, member-owned
financial institutions.
of 1934, allowed the average
working person to have a savings account and borrow money,
was at 10.9% which is excellent.
Horizons FCU remains a very
I
n 2011, loans grew to $54.7
million. Assets at year end
grew 6% to $95.6 million. Capital, a measure of our financial
strength, was at 10.9%, which is
excellent.
strong financial institution in our
community.
At the end of 2011, Horizons
orizons received a comFCU partnered with Manley’s
munity charter in 2000,
allowing it to serve anyone who
Might Mart which allows memlives, works, worships, goes to
bers to use their Horizons debit,
school or regularly conducts
ATM, or VISA cards at any
business in Broome County.
Manley’s Mighty Mart ATM
without incurring ATM fees.
This partnership provides 23 adUnion, it changed its name to
ditional fee free ATM locations
Horizons Federal Credit Union
throughout the Southern Tier
in 1999 to reflect its broader
membership. Horizons received adding another level of convenience for our members.
a community charter in 2000,
As we enter our 76th year, the
allowing it to serve anyone who
lives, works, worships, goes to
Board of Directors, the Manageschool or regularly conducts
ment Team and staff wishes to
business in Broome County.
remind you that we remain comTwo years later Horizons erected mitted to providing top friendly
a new building at 120 Main
service to all of our members.
Street, replacing its old building
Thank you for making Horiat the same location.
zons FCU your choice for finanIn 2011, loans grew to $54.7
cial services.
million. Assets at year end grew
6% to $95.6 million. Capital, a
measure of our financial strength,
H
Supervisory Committee Report
T
he Supervisory Committee has the responsibility to
ensure that our Credit Union
is operating in compliance with all
applicable rules and regulations and
in accordance with sound and prudent business practices. In fulfilling
our responsibilities, the committee
has personally performed numerous tests and has reviewed Credit
Union records on a monthly basis.
The committee selected the certified public accounting firm of Firley,
Moran, Freer & Eassa, P.C., to perform a comprehensive annual audit
for fiscal year 2011. In addition,
examiners from the National Credit
Union Administration, our Federal
Regulatory Agency, also conducted
an annual examination of the Credit
Union.
After a review of Horizons policies, internal controls and financial
statements, Firley, Moran, Freer
& Eassa, P.C. issued a clean opinion. The NCUA has also given the
Credit Union a high rating.
The work that was accomplished
by the credit union staff, management and Board of Directors to
ensure financial soundness was
commended by the Supervisory
Committee.
Our Mission
To meet our members’ needs for quality financial services
and to provide those services in a professional, convenient,
and efficient manner while maintaining financial stability.
3
AWARDS
F
&
2011 Dora Maxwell Social Responsibility Award
or the third year in a row, Horizons
Federal Credit Union was selected as the
first-place winner of the Credit Union Association of New York’s 2011 Dora Maxwell
Social Responsibility Award in the $50-$100
million asset category. This award recognizes an Association-affiliated credit unions
involvement in community activities. Horizons submitted the “Safe Streets Association” project for the Dora Maxwell Award.
The primary goal of Horizons FCU’s
participation in the Safe Streets Association
(SSA) is to make a safer and a more family
friendly neighborhood for the community
with help from homeowners of the surrounding community, city officials, and police
enforcement.
Horizons Federal Credit Union is in the
center of one of Binghamton’s worst socioeconomic deprived areas, Crandall and Edwards Streets. For the safety of our membership and the community, Horizons FCU felt
it was necessary to become involved in the
Safe Streets Association. The mission of the
SSA is to have city officials become more
active to get rid of the major crime activities in the neighborhood and make it a more
desirable place for student housing as well
as increase the number of owner occupied
homes. The entire community is impacted
by this initiative.
Employees at Horizons dedicate their
time and skills to benefit and support the
SSA. Employees regularly sit in on the
bimonthly SSA meetings. Horizons supports the community efforts of the SSA by
monetarily sponsoring their events. Horizons also had a table set up at the SSA
block party to inform families of the great
financial services available to them. Employees that took part in the Block Party
volunteered their free time to support the
efforts of the SSA. Employees also dedicated time to create promotional materials
for an event held by the SSA.
The award was presented during the
General Session at the Association’s Annual Convention on June 3, 2011 in Lake
Placid, NY. Mario DiFulvio, President/
CEO of Horizons FCU, was there to accept the award for Horizons.
This years Dora Maxwell project
caught the eye of Mindi Schwab, Senior
Writer for the Credit Union Association
of New York. Ms. Schwab contacted
Horizons to see if we were interested in
having our project featured in an issue of
their quarterly magazine, Connections.
After answering some more in depth
questions about Horizons involvement
with the Safe Streets Association, Mindi
wrote the article. Horizons SSA project
was featured in the 2011 June edition of
Connections Magazine.
Mario DiFulvio, President/CEO of
Horizons FCU, accepts the
1st place Dora Maxwell award
SPECIAL EVENTS
Horizons Federal Credit Union holds several events during the year to provide more than just financial services to our
membership. From holiday activities for children, to educational workshops for members, these events provide a little
something for everyone to enjoy. Here is a small sampling of the events that were held in 2011:
Family Fun Fridays
2
011 marked the 10th anniversary of Horizons annual Family Fun Fridays event at our main
office in Binghamton. On every Friday in August, Horizons parking lot was filled with children of all ages. Our Family Fun Fridays event provides free, fun and educational activities to the
community. Our last Family Fun Friday event gave children a bag full of school supplies which
helped them get ready for the upcoming school year. The four Friday events last year were: August 5- Fun Day, August 12- Sports Day, August 19- Arts and Health Day and August 26- School
Supply Day.
Some of the activities and participants this year included: Face painting, Zoo Mobile, The Discovery Center, Binghamton Mets, Cartoonicatures, Bounce House, the Four County Library System,
Gleepac, and much more. School Supply Day was a huge success once again with Horizons FCU giving
away almost 200 bags filled with items such as crayons, note books, pencils, rulers and more. Children
were also eligible to enter to win a back pack. On the last Friday, Horizons FCU planted a tree to commemorate the 10th anniversary of Family Fun Fridays.
Teen Finance Workshop
H
orizons held their annual Teen Finance Workshop on April 5, 2011. Students age 14 to 18 participated
in the workshop. Participants learned about savings and checking accounts, budgets, credit cards, the
importance of maintaining good credit and keeping yourself protected against fraud. Topics were taught by
Horizons staff members in a “round table” discussion format.
Teen’s in attendance received a financial work book which was made available through The National
Endowment for Financial Education® (NEFE®) High School Financial Planning Program as well as a
Horizons pen, and notebook.
Horizons also went to Windsor Middle School on May 26, 2011 for their Up with Life day. Horizons
presented 3- 45 minute sessions to over 50 children. The students learned about being a smart saver and the
importance of maintaining good credit. The students were also given handouts to keep and some goodies from
Horizons FCU.
Bunny & Santa Day International CU Day
C
hildren get to meet two very special guests each
year at Horizons. Our first guest hops in to make an
appearance at our Bunny Day which takes place every
year on Good Friday. The Easter Bunny makes a special stop at Horizons to get his picture taken with all the
children who come to the Credit Union that day.
One lucky boy and girl have the chance to win a
Free Easter Basket on that day as well.
In early December, our second special guest
makes a stop at Horizons. Santa stops by to hear
what the children want for Christmas and have
their photo taken with him. Before they leave,
Santa gives good girls and boys a goody bag to
take home along with their picture with Santa.
On October 20th, Horizons FCU joined
credit unions and their members around
the world to celebrate International Credit
Union Day in recognition of the benefits
those institutions bring to their members.
In honor of International Credit Union
Day we provided refreshments at all of
our Horizons FCU locations. This was
done as a thank you to our members for
being a part of Horizons Federal Credit
Union, the area’s oldest and friendliest
credit union.
5
IN OUR COMMUNITY
Horizons Federal Credit Union lives by the credit union philosophy of People Helping People. Horizons continually
supports and participates in several community events throughout the year. We are proud to be a part of a community that stands up to help those that are in need and cannot otherwise help themselves. Thank you for participating in
our fund raising events. Without your help Horizons FCU would not be able to help our neighbors. Here is a small
sampling of some of the events that we participated in during 2011:
Relay for Life
T
he largest community event that Horizons FCU participates in each year is the Greater
Binghamton Relay for Life. The Relay for Life event took place on June 17th -18th at MacArthur Park in Binghamton. The Horizons Relay team had fun decorating the tent site with the theme of
Relay being the Oscars.
As with each year, Horizons FCU held fund raising events that were both fun and varied for staff
and the membership alike. Fund raisers included golf pass sales, themed sale of American Cancer Society
suns and moons, staff jean days, luminaria sales, bake sales and more. The 2011 Relay team set a high goal to
sponsor the American Cancer Society’s Relay event at $3,500. We were able to make that happen thanks to the
generosity of our staff and our membership.
Heart Walk
S
everal Horizons FCU
employees participated in the 2011 Heart Walk
hosted by the American
Heart Association of the
Southern Tier. The walk
took place at Binghamton
University Events Center
on May 1, 2011. The community event brings people
together to help raise money to save lives from heart
disease and stroke and encourage a healthier lifestyle
by including exercise in our daily routine. In addition
to having a team of walkers, Horizons Federal Credit
Union was able to donate over $400 to the American
Heart Association.
Spiedie Fest
A
T
Food Bank
Have a H
EA
Do you RT!
r par
Support ou
Buy a Su
“In Mem n
ory of
r Life team
Buy a Moo
“In Hono n
r of ”
”
Help fill ou
r Heart fo
$1.00
he holiday season is a time of “People Helping People”. In that spirit,
employees of Horizons FCU along with
other credit unions of the Southern Tier
gave a helping hand to the Food Bank
by collecting kid friendly food items.
Over 350 lbs. of food was donated to
the Back Pack Program™.
By providing children who are at risk of hunger with a bag
of nutritious food each Friday throughout the school year, the
BackPack Program™ attempts to reduce this gap and help
children return to school on Monday ready to learn. Credit
union staff volunteers helped package bags of food to be used
in schools throughout the Southern Tier.
ugust is a busy month for Horizons Federal Credit Union but we always make sure we participate
in the area’s annual Spiedie Fest and Balloon Rally. Horizons FCU is a sponsor of the event and
also has a table set up in the kids area.
Horizons staff were at the Spiedie Fest handing out balloons as well as kid’s club information to
parents. Crafts were also available for children who stopped at the Horizons table.
t!
r Relay Fo
r only
!
Summer Concert Series
H
orizons was happy to be a sponsor of the Downtown Endicott Business Association’s (DEBA) Summer Concert Series.
Three concerts were held, one in June, July and August on Washington Ave in Endicott.
Horizons was in attendance with an information table. Children who stopped at the Horizons table received a balloon and
were able to make their own sun visor.
Endicott Apple Fest
F
or the second year in a row, Horizons FCU participated in the Endicott Apple
Fest. The all day event took place on September 17, 2011. Horizons FCU
had a tent set up directly in front of our Endicott branch.
Washington Avenue was blocked off so that attendees could walk around
freely to all of the vendors. At the Horizons tent, attendees could get information
about the credit union. People who stopped by the Horizons table also had the
opportunity to play an “apple themed” game for the chance to win a prize.
Shredding Events
H
orizons holds several shredding events throughout the year at our main office and Vestal branch. We understand that
in-house shredding can be time-consuming for our members. That is why we partner with Confidata to provide us with
their state-of-the-art mobile security shredding truck so all of your confidential documents can be securely destroyed on site.
This service is available to all Horizons members as well as people of the community.
Partnering with Manley’s Mighty Mart,
Horizons adds 23 more ATM locations.
H
orizons Federal Credit Union is always looking for ways to increase satisfaction and provide more convenience to our members. In 2011, Horizons was able to form a partnership
with Manley’s Mighty Mart, which allows members to use their Horizons debit, ATM, or VISA
cards at any Manley’s Mighty Mart ATM without incurring ATM fees. To help kick off this new
partnership, employees from Horizons FCU visited Manley’s Mighty Mart stores to let their
customers know that by becoming a member of Horizons FCU they could use the Manley’s ATM fee free. Manley’s mascot,
Marty, has also been at some of the Horizons FCU events.
The agreement with Manley’s Mighty Mart adds 23 locations to Horizon’s current ATMs, making it considerably more
convenient for Horizons members to access their savings and checking accounts. Members have unlimited* withdrawals with
no fees when they use their cards at any of these 23 ATM locations. (*Please note daily maximum w/d limit and number of
transactions per day do apply.)
7
OUR FINANCES
2011
2010
2009
2008
Auto, RV & Unsecured Loans
Lines of Credit to Members
Real Estate Loans
Savings Secured Loans
Student Loans
Allowance for Loan Loss
$17,390
3,731
32,561
677
731
(373)
$16,594
3,806
32,150
656
801
(410)
$17,855
3,651
29,680
538
763
(334)
$16,606
2,920
22,763
663
647
(368)
Total Net Loans
$54,717
$53,597
$52,153
$43,231
Cash
Investments
Fixed Assets
Other Assets
1,101
35,741
2,774
1,310
1,213
31,152
2,902
1,546
763
32,519
3,108
1,451
1,596
31,961
3,249
1,487
Total Assets
$95,643
$90,410
$89,994
$81,524
$363
85,053
10,227
$246
80,358
9,806
$212
80,536
9,246
$248
71,157
10,119
$95,643
$90,410
$89,994
$81,524
ASSETS
LIABILITY & MEMBER EQUITY
Liabilities
Savings and Certificates
Member Equity
Total Liabilities & Member Equity
All figures are in thousands of dollars.
Total Net Loans
$52,153
$50,000
$53,597
$54,717
THOUSANDS
$43,231
$40,000
$30,000
$95,643
$95,000
$89,994
$90,000
THOUSANDS
$60,000
Total Assets
$100,000
$90,410
$85,000
$80,000
$81,524
$75,000
$20,000
$70,000
$10,000
2008
2009
2010
2011
2008
2009
2010
2011
INCOME
2011
2010
2009
2008
Interest on Loans
Interest on Investments
Other Income
$3,287
661
1,073
$3,326
906
1,022
$3,047
1,157
908
$3,036
1,340
894
Total Income
$5,021
$5,254
$5,112
$5,270
799
4,222
126
962
4,292
194
1,278
$3,834
97
1,666
$3,604
99
$4,096
$4,098
$3,737
$3,505
$1,523
812
1,133
$3,468
$1,476
805
1,150
$3,431
$1,452
771
1,111
$3,334
$1,345
678
1,020
$3,043
Total Operating Income
$628
$667
$403
$462
Total Non-Operating Expenses
$207
$107
$1,277
-
Net Income
$421
$560
($874)
$462
2011
2010
10.86%
57.60%
64.77%
10.85%
59.74%
67.21%
Interest Expense
Net Interest Income
Provision for Loan Loss
Net Interest Income After Loan Loss Provision
EXPENSES
Employee Compensation & Benefits
Office Occupancy & Operations
Other Expenses
Total Non-Interest Expenses
KEY RATIOS
Net Worth to Total Assets Ratio
Loans to Total Assets Ratio
Loans to Savings Ratio
14.00%
2009
10.28%
58.37%
65.17%
2008
12.41%
53.48%
61.27%
Net Worth To Total Assets
12.41%
12.00%
10.28%
10.00%
10.85%
10.86%
2010
2011
8.00%
6.00%
4.00%
2.00%
0.00%
2008
2009
9
Horizons FCU Staff
Main Office
Management
120 Main Street • Binghamton, NY 13905
Phone #: (607) 724-5876 • Fax #: (607) 724-0613
Hours of Operation: Mon - Fri: 9:00 a.m. - 5:00 p.m.
Thursday until 6:00pm • Saturday: 9:00 a.m. - 12:00 p.m.
Drive-up: Monday - Friday open at 8:30 a.m.
24-Hour ATM
Accounting
Gretchen Voorhees- Accounting Asst • Sue Firmstone- Accounting Asst
Mary Lou Harasymczuk- Controller
Sandy Blewett- Accounting Asst • Pennie Morgus- Accounting Asst
Member Services
Katelyn Harasta- Member Service Rep. • Carly Smith- Member Service Rep.
Tara Kennedy- Member Service Rep. • Christina Zopff- Member Service Rep.
Joan Perez- Member Service Supervisor • Andrea Scott- Sr. Member Service Rep.
Kevin Wilcox- VP of Finance • Joanne Tinder- VP of Operations
Mark Hillegas- VP of Lending • Mario DiFulvio- President/CEO
Administration
Mary Jo Lane- Admin. Assistant • Pete DePersis- Maintenance
Rebecca Mackay- Marketing Coordinator
Sarah Perez- File Clerk • Joy Smith- Receptionist
Loan Department
Debbie Osman- Sr. Member Serv. Officer • John Seitz- Collections
Lizette Calogero- Member Serv. Specialist • Genevieve Ketchum- Member Serv. Specialist
Absent: Tisha Berg- Member Service Specialist
Board Of Directors
Back Row: Cornelius Lorden- Director • Louis R. Panigrosso- Supervisory Committee
Pete Chermak- Director • James Halaburka- Treasurer
Richard Felo- Chairman
Front Row: Kathleen O’Brien- Director • Donald Prutisto- Secretary
Brian Skadowski- Supervisory Committee
(Absent: Rita LeStrange- Director)
Endicott Staff
Lisa Wilber - Member Service Rep • Miranda Simmons- Sr. Member Service Rep. .
Endicott Branch
141 Washington Avenue • Endicott, NY 13760
Hours of Operation: Monday - Wednesday: 8:30 a.m. - 4:00 p.m.
Thursday & Friday: 8:30 a.m. - 5:30 p.m.
Vestal Branch
Vestal Staff
Campus Plaza • 3701 Vestal Parkway East • Vestal, NY 13850
Hours of Operation: Monday - Wednesday: 9:00 a.m. - 4:00 p.m.
Thursday & Friday: 9:00 a.m. - 5:30 p.m.
Drive-up: Monday - Wednesday: 8:30 a.m. - 5:00 p.m.
Thursday & Friday: 8:30 a.m. - 5:30 p.m.
24-hour ATM
Anthony Ward- Member Service Rep. • Carolyn May- Member Service Specialist
Tammy Buchanan- Member Service Rep. • Linda Raymond- Branch Manager
11
23
23 More
More ATMs
ATMs
Mail: PO Box 1881, Binghamton, NY 13902
Phone: (607) 724-5876 Fax: (607) 724-0613
Telephone Teller: (607) 771-6845
E-mail: info@horizonsfcu.com
Web: www.horizonsfcu.com