2015 annual report - Rainbow Federal Credit Union

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ANNUAL MEETING AGENDA
Meeting to be called to order by the chairperson at 2:00 PM
BUSINESS MEETING
PROGRAM
Moment of Silence for Our Deceased Members
Pledge of Allegiance
Roll Call of Officers
Introduction of Guests and Visitors
BOARD AND SUPERVISORY
COMMITTEE
Board of Directors
Steve Mennealy
Chairperson
John Tuttle
Secretary
Claire Bachand
Director
Richard Beaulieu
Director
Basil Chadbourne
Director
John Hawley
Director
Richard Therrien
Director
Theresa Thomas
Director
Supervisory Committee
Theresa Thomas
Chairperson
Anne Dumont
Secretary
Brian Berube
Member
Reading of Previous Minutes
Report of Chairperson
Report of President
Awarding of Scholarships
Unfinished Business
New Business
Report of Nominating Committee
Election of Officers
Drawing of Door Prizes
Meeting Adjournment
STAFF
Senior Management
Mark P. Samson
President/CEO
Kevin Joler
Executive Vice President/
CFO
Monique Gagnon
Vice President Operations
Laurie Allen
Vice President Lending
Staff
Tina Baril
Rachel Blanchette
Donna Bryant
Wanda Charest
Dawn Collins
Debra Conrad
Jill Cook
Morgan Clark
Sandy Demers
Donna Easter
Leah Griffin
Penny Lacasse
Darlene Lurvey
Pam Arsenault
Denise Foss
Denise Gauthier
Nancy Knight
Debra McLafferty
Kendra Moreau
Jeannine Thibeault
Melissa Thurlow
Tamara Benson
Tammy Foster
Amy Fox
Tammy Hemond
Jaime Myshrall
Margaret Polley
Rose-Marie Buker
Jodi Fox
Velora Tuominen
Lillian Turner
Sherri Llewellyn
Sarah Wilson
Nicole Mailhot
Danita Mathieu
Coral Murphy
Paris Noddin
Tenisha Parise
Gloria Ruede
Kim Sands
Kimberly Smith
Bethany Sproul
Fern Tardif
Marianne Wise
Beth Wood
Susan Briggs
Laycee Smith
Lisha Tremblay
Kendra Allard
Wayne Drake
Samantha Cyr
Brittany Gaw
Elizabeth Heath
th
www.rainbowfcu.com
LEWISTON BRANCH
381 Main Street, Lewiston, Maine 04240
Phone: (207) 784-5435 or (800) 281-5435
Fax: (207) 795-6238
LEWISTON LOAN & DEBIT CARD OFFICE
391 Main Street, Lewiston, Maine 04240
Phone: (207) 784-5435 or (800) 281-5435
Fax: (207) 786-0495
AUBURN BRANCH
20 Washington Street, Auburn, Maine 04210
Phone: (207) 783-0351
Fax: (207) 786-0523
MECHANIC FALLS BRANCH
1 Lewiston Street, Mechanic Falls, Maine 04256
Phone: (207) 346-3001
Fax: (207) 346-3012
SOUTH PARIS BRANCH
172 Pine Street, South Paris, Maine 04281
Phone: (207) 743-5410
Fax: (207) 743-9331
2015 ANNUAL REPORT
Federally Insured by NCUA
Dear Members,
2015 was a year of organizational change at Rainbow Federal Credit
Union, I became President/CEO with the retirement of Phil Moreau
in July 2015. We have added two new senior staff members; Kevin
Joler (CFO) and Laurie Allen (VP Lending). New services and enhanced security are a priority; technological improvements focused
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on the protection of Member information and product and service
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enhancements increased safety and convenience for our Members.
The Credit Union performed well in a challenging economic and regulatory environment
and we saw growth in Membership, loans, deposits and assets as well as solid performance
through our audit review process.
As a lifelong member of our community, I appreciate the importance of credit unions in the
local economy and the benefit our services provide to Members. The past few months have
been very productive as we continue to improve our internal capacity to offer new products
and services in a secure and convenient manner. Rainbow Federal Credit Union believes
that, in addition to offering excellent products, we have an obligation to do more in the
communities we serve. We continue to increase our support for the Ending Hunger Campaign, local education and sports teams, civic organizations and our social responsibility
program. It is a pleasure to come to work every day knowing that the staff and volunteers
of the Credit Union are working together to make our institution and society stronger.
We are here for you. I plan to continue the great culture of service and commitment to
our Members by putting you first and investing in the products and services that best meet
your needs. We continue to invest in our facilities and staff to make your experience at
Rainbow FCU the best it can be. Thank you for your continued support and please help us
spread the word about Rainbow. Please contact me directly if there is anything I can help
you with; you are the reason we are here.
Best, Mark Samson
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MESSAGE FROM THE PRESIDENT
STATEMENT OF FINANCIAL CONDITION
FOR THE YEARS ENDED DECEMBER 31,
STATEMENT OF INCOME AND EXPENSES
AS OF DECEMBER 31,
ASSETS20152014
Consumer Loans
$ 38,568,738 $ 34,136,916
Real Estate Loans
99,525,991 91,794,323
Less: Allowance for Loan Losses
(681,954)
(558,963)
NET LOANS
137,412,775 125,372,276
Cash and Cash Equivalents
33,808,640 16,451,989
Investments
11,977,243 32,505,456
Property and Equipment, net
2,266,634 2,057,693
Other Assets
5,320,518 5,618,264
TOTAL ASSETS
190,785,810 182,005,678
LIABILITIES AND MEMBERS’ EQUITY
Notes Payable
17,100,282 17,472,316
Accounts Payable and Other Liabilities
1,219,062 1,675,682
Shares
48,725,672 45,283,378
Share Drafts
25,746,357 21,005,955
Club Accounts
2,388,757 1,988,288
Money Market Accounts
30,442,471 29,448,647
IRA Shares
6,392,117 6,403,804
IRA Certificates
9,316,545 9,687,138
Share Certificates
25,099,867 25,779,567
Members’ Equity 24,354,680 23,260,903
INCOME20152014
TOTAL OPERATING EXPENSES
Interest Expenses
Provision for Loan Losses
Losses from Sale of Assets
Dividends
6,646,526 536,976 302,682 54,315 437,161 5,982,970
545,845
278,334
26,612
465,252
TOTAL LIABILITIES AND MEMBERS’ EQUITY
NET INCOME
$
1,245,728 $
1,570,747
$190,785,810 $ 182,005,678
Interest on Consumer Loans
Interest on Real Estate Loans
Investment Income
Other Operating Income
TOTAL INCOME
$
1,505,050 $
4,312,133 311,632 3,094,573 9,223,388 1,567,543
3,849,724
391,791
3,060,702
8,869,760
EXPENSES
People Costs (Wages and Benefits)
3,256,318 2,925,527
Travel and Conference
99,247 93,203
Office Occupancy including Depreciation
523,516 427,836
Office Operations
830,184 787,310
Loan Servicing
428,154 368,585
Educational and Promotional
114,514 106,816
Data Processing
377,177 395,886
Professional Services
299,186 210,351
Member Insurance
65,966 51,531
ATM and VISA Debit Programs
591,441 554,649
Association Dues
27,519 27,582
Federal Operating Fee
33,304 33,694
Ending Hunger $21,000.00
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Rainbow FCU made a donation of $21,000.0, $1 for every member, to the Maine Credit
Union Campaign for Ending Hunger. This donation helped many local food pantry’s in our
field of membership including:
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St. Martin de Porres – Lewiston
COMMUNITY GIVING AND SOCIAL RESPONSIBILITY
St. Mary’s Food Pantry – Lewiston
Rainbow Federal Credit Union contributes generously to a long
list of civic organizations in our field of membership. It is important to us to give back
to the communities we serve and we do that through charitable donations, scholarship
programs, The Campaign for Ending Hunger, and an employee led Social Responsibility Program.
Our Annual Total Donations for 2015 totaled over $54,000.00
Civic Organizations
The Root Cellar – Lewiston
Hope Haven Gospel Mission – Lewiston
Poland Community Church Food Banks – Poland
Seniors Plus – Statewide
Rural Community Action Ministry – Leeds
Helping Hands Food Pantry – Oxford
$18,000.00
Oxford Hills Food Pantry – Norway
We donated to over 75 Non-Profit agencies in Androscoggin &
Oxford Counties. YMCA, Knights of Columbus, United Way,
Community Concepts, and ME Veterans Home just to name a few.
Scholarship Programs
$10,000
New Beginnings – Lewiston
Social Responsibility
$5,000
Civic Organizations
$18,000
2015
Annual
Donations
The Good Shepard Food Bank – Statewide
Trinity Jubilee Center – Lewiston
Social Responsibility
Ending Hunger
$21,000
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$5,000.00
Social responsibility is a major focus for Rainbow FCU,
extending the credit union philosophy of “people
helping people”, out into the communities where we
live and work. We support programs centered on helping members and communities improve so that they
can provide a brighter future for themselves and our
community. In 2015 we partnered with Longley School
in Lewiston to sponsor their Second Grade Family
Math Afternoons and Summer School Program. In addition, we also sponsored The
Root Cellar in Lewiston, Summer Soccer Nights program.
We consider ourselves privileged to be able to support these worthy causes.
Scholarship Programs
Mannafed – Mechanic Falls
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$10,000.00
The purpose of the Pauline Caouette-Moore Scholarship and High School Scholarship
Programs are to recognize members who have shown excellence in scholastic, extracurricular and community activities and who are interested in advancing their education at
a college level. Rainbow awarded (20) $500 Scholarships in 2015.