Home - New Dimensions Federal Credit Union - BUILDING ......At New Dimensions FCU, it is our goal to...

BUILDING FINANCIAL SECURITY...The service you

deserve from the people you trust.

2 0 1 7 A N N UA L R E P O R T

one solution at a time.

Supervisory Committee Members:• Roland Dechaine, Chairperson• Pamela Merrill, Committee Member• Louis King, Committee Member

Board of Directors:• Jerome Allen, Chairperson• Jeannine DeRosby, Vice Chairperson• Leonel Breton, Secretary• Dana Sumner, Finance Officer• Charles (Chuck) Calkins, Director• Gary Smith, Director• Gerald Harrington, Director

Honorary Directors:• Florent “Paul” Letourneau*• Dr. Lucien Pellerin*• Theresa G. Pooler* • Earl Rancourt

Nominating Committee: • Jerome Allen• Dana Sumner• Judith Smith

Honorary Committee Member:• Delores Hart**Deceased

Staff:Executive Management:• Ryan G. Poulin, President/CEO• Cathy Davis, Executive Vice President• Jason Michaud, Chief Financial Officer• Donna Farnham, Vice President of

Lending• Lori Schmitz, Director of Human

Resources• Sharon Storti, Executive Assistant

Waterville Management:• Peter Dow, Branch Manager

Collection Department:• Elaine Latulippe, Debt Resolution

Specialist• Sarah Dow, Debt Resolution Specialist

Marketing:• Tammy Poissonnier, Marketing Director

The service you deserve from the people you trust.

1. Opening Prayer2. Roll Call of Directors and Committee Members3. Reading of the Minutes4. Chairperson’s Report5. President/CEO Report6. Supervisory Committee’s Report7. Unfinished Business8. New Business – Elections9. Awards and Service Recognition10. Adjournment of Business Meeting11. Awarding of Prizes12. Drawing of the 50/50 Raffle in support of CULAC (Credit Union Legislative Action Council)

AG E N DA

2 | New Dimensions Federal Credit Union

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Financial Education:• Tanya Verzoni, Financial Education

Director/Staff Development

Loan Department:• Jennifer King, Loan Officer II• Ed Oliver, Mortgage Loan Originator• Nathan Bustard, Consumer Loan

Officer• Darlene Talbot, Loan Processor/Record

Retention• R. Scott Fotter, Indirect Loan Officer

Commercial Loan Department:• Sean Fluet, Commercial Loan Officer/

Mortgage Officer• Lori Schmitz, NDBS Operations

Manager• Kyle O’Rourke, Commercial Loan

Underwriter• Garrett Clemmer, NDBS Loan Servicer

Accounting Department:• Kiley Connor, Accountant• Nicole LaBonte, Junior Accountant• Heather Spry, Financial Assistant

Teller Line:• Lacey Mason, Head Teller• Michelle Beaulieu, Member Relations

Representative• Sandra Arbo, Vault Teller• Nikole Trott, Full-Time Teller III• Moriah Brickett, Member Service

Specialist• Tasha Crowell, Full-Time Teller II• Robert Ericksen, Full-Time Teller I• Jessica Losh, Full-Time Teller I• Heather Johnson, Full-Time Teller I

Augusta Management:• Sara Bangs Fifield, Branch Manager

Teller Line:• Rachel Oliver, Vault Teller• Katherine Chapman, Full-Time Teller III/

Loan Consultant• Darcy Dubois, Full-Time Teller I


On behalf of the Board of Directors, staff and members of New Dimensions Federal Credit Union, we would like to welcome the members of Taconnet Federal Credit Union to our family.

WELCOME

2 0 1 7 A N N UA L R E P O R T 5

OUR MISSION STATEMENT:

Our mission is to provide relevant financial products and creative solutions to promote the uniqueness of the credit union philosophy.

The merger is now complete, and our credit unions are now united in a strong financial partnership. And we couldn’t be happier! Though we have some work ahead of us while completing the changes that are necessary when merging two great financial institutions, we are committed to exceptional member service by offering relevant products and services. We will work tirelessly to ensure as seamless a transition as possible because we want your complete trust in knowing we will not disrupt your financial environment. It is our hope that you feel only the benefits of this change and rest assured that together we will be available to navigate your finances, so all your accounts are handled accurately, and your money gets to you when you expect it.

It is our promise and commitment, over the years to come, that you will begin to experience an even stronger financial partnership with the expansion of services to manage your money and because of all the great staff and volunteers who share the same vision—People Helping People! Additionally, we have combined valuable, knowledgeable staff from both credit unions so that you are able to maintain those valuable relationships. The mission of New Dimensions Federal Credit Union is “Educate. Empower. Evolve”. These three simple words sum up what we provide to our members and our communities. Because financial education is important to us, we have developed free educational services where we provide our members with information and tools that will keep your hard-earned money in your pocket—where it belongs. We also provide these services to our local schools and small businesses for their employees.

If there is a product or service you are looking for or an idea you’d like to share, let us know. This is your credit union and we are here to serve you. We wish each one of you a prosperous and healthy year!


Statement of Income

Interest on Loans ..................................$4,471,928.79 .......................... $4,078,179.60

Investment Income ................................ $154,883.97 ................................$143,131.68

Dividend Expense ..................................... $605,371.10 ..............................$454,653.28

Net Interest Income .........................$4,021,441.66 .......................$3,766,658.00

Other Income .......................................... $1,253,667.01 ............................$1,184,333.01

Operations Expense........................... $4,815,946.57 ..........................$4,472,536.97

Net Income ................................................$459,162.10 ............................$478,454.04

Member Loans ....................................$84,160,165.84 .......................$73,697,005.01

Other Assets ........................................$10,254,031.43 ........................$14,806,991.23

Total Assets .......................................$94,414,197.27 ....................$88,503,996.24

Liabilities & Equity

Current Liabilities ................................$8,085,225.73 ..........................$6,616,055.44

Member Deposits ................................$79,114,145.16 ........................ $75,132,276.52

Member Equity ......................................$7,214,826.38 ..........................$6,755,664.28

Total Liabilities & Equity ............$94,414,197.27 ....................$88,503,996.24

2017

2017

2016

2016Statement of Financial Condition

• Kasasa Cash• Kasasa Cash Back• Kasasa Protect• Monty Moose Youth Savings Program• Take Charge Young Adult Savings• Young & Free Accounts• Sixty Plus Senior Program• Club Accounts• Health Savings Accounts (HSA)• Small Business Services• Traditional and Roth IRAs• Coverdell Education Savings Accounts• Online Anytime Home Banking• Mobile Services• Remote Deposit Capture• Click-n-Pay Bill Pay Service• CUe-Statements

• Visa Credit Cards• Visa Gift and Reloadable Cards• Auto Loans• Personal Loans• Real Estate Loans• Sallie Mae Student Loans• Home Equity Line of Credit• Commercial Loans• Safe Deposit Boxes• Coin Stream Coin Machine• Apple Pay• Google Pay• Person-to-Person Transfers• GreenPath Financial Services• Insurances (Home/Auto, Health, AD&D, GAP)• Skip-A-Payment• Notary Public

Products/Services:

2 0 1 7 A N N UA L R E P O R T 7


People Helping People is our Business at New Dimensions Federal Credit Union (NDFCU). Because of the importance of our commitment to be a good community neighbor, we offer resources for worthy causes that maintain and improve the local communities that we serve. Whether we provide funding to students, businesses, or other non-profits that strive to positively impact area students, families, and organizations, we are proud to support our community.

In an ideal world, everyone has enough to eat, a place to sleep, warm protective clothing to wear in the winter—especially our tough Maine winters. Sadly, this is not the case in our community or any other community for that matter. This crisis is prevalent in every corner of our world and we are committed to helping the people we live near and do business with. We are your neighbor, your friend, your financial partner and we work hard to raise the money needed to provide funding for dire needs such as shelter, food, and clothing. In response to those challenges, we regularly offer donations to organizations such as Mid-Maine Homeless Shelter, local area food pantries, and other organizations who are full heartedly impacting the well-being of individuals and families in our local community.

2017 Breakdown of F U N D I N G R A I S E D :• Maine Children’s Cancer Program: $13,486.04

• Special Olympics Maine: $4,575.06

• Maine Credit Unions’ Campaign for Ending Hunger: $4,859.06

• CULAC (50/50 raffle @ Annual Meeting and Dress Down Weeks): $968.50

Total: $23,888.66

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Additionally, NDFCU holds several fundraisers throughout the year that raise the money needed to directly benefit three organizations; Maine Children’s Cancer Program (MCCP), Maine Special Olympics, and Ending Hunger in Maine Campaign.

Together in 2017, we raised more than $23,888.66 toward our goal to help people in need! It goes without saying that the New Dimensions FCU fundraising achievements are a direct reflection of the generosity of our members and it would also not be possible without the hard work and dedication of our staff, Board of Directors, and volunteers.

UPCOMING

IN 2018

Online accou

nt opening

and lending

!To read more about our community

involvement, please visit https://newdimensionsfcu.com/about/community-involvement/


“The number one problem in today’s generation and economy is the lack of financial literacy.”

~ Alan Greenspan, American economist/former Chairman of the Federal Reserve

2 0 1 7 A N N UA L R E P O R T 11

Financial Education is Key to Living Successfully!Learning to be financially literate is often left to a series of trial and error lessons as we journey through life. In some instances, making ill-informed decisions can cost thousands of dollars not to mention years of stress and uncertainty.

At New Dimensions FCU, it is our goal to increase our communities’ financial knowledge so that people are equipped with the tools needed to make sound financial decisions throughout their lifetime. Whether it’s drafting a monthly budget, reviewing a credit report and discussing ways to improve a score, buying a vehicle, or understanding the mortgage process, our staff is committed to teaching best practices and being a long-term education resource to our members and the communities we serve.

Over the past year, our staff has educated members in various financial classes and seminars; as well as at Financial Fitness Fairs held at local high schools in Augusta, Waterville, Winslow, and Oakland. Similarly, NDFCU has visited local businesses such as Mid-Maine Regional Adult Community Education, Mid-Maine Homeless Shelter, and other organizations to educate their employees with relevant topics from our new “Eat, Learn & Prosper” Series. Additionally, we have added free evening seminars offered at our Waterville branch where both members and non-members can receive education on important topics such as Identity Theft Protection and Understanding and Improving Your Credit Score. Our 2018 educational seminars will focus on creating effective household budgets, understanding credit and avoiding pitfalls, car buying, home buying and more. All seminars will be announced through our newsletter, social media, and other marketing efforts.

To request an individual, confidential financial counseling appointment or to inquire about upcoming group seminars, please contact Tanya Verzoni, Director of Financial Education, at (207) 313-5924 or by email at [email protected].

Together, we can help you reach your financial goals and dreams!

Independent Auditors’ Report

To the Board of DirectorsNew Dimensions Federal Credit Union and Subsidiary Waterville, Maine

We have audited the accompanying consolidated financial statements of New Dimensions Federal Credit Union and Subsidiary (the Credit Union), which comprise the consolidated statements of financial condition as of September 30, 2017 and 2016, and the related consolidated statements of income, changes in members’ equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.


Auditors’ ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Credit Union and its subsidiary as of September 30, 2017 and 2016, and the consolidated results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

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Chairperson and President/CEO ReportAs we look over the past year, it is with a sense of accomplishment and considerable pride that we report to our members. With a strong balance sheet and income statement, we were able to provide low or no cost services to our members. Both lending and deposits were very strong this past year and we reached a new record in asset size and because of that growth we are expanding again. In response to that growth, we have purchased a piece of land on Silver Street, on which

we will begin constructing a new facility for our members that will provide better visibility and access to the community. The new building will be slightly smaller than our current Grove Street location as it will house the teller line and loan departments. We will maintain our current location as an operation center for back office functions. This is due, in part, in preparation of a larger expansion. We are pleased to report that as of April 1, 2018 we will welcome Taconnet Federal Credit Union as they will be joining our organization. What does this mean for our members? It will provide you access to two additional branch locations located in Winslow and Skowhegan, additional free ATM’s, and knowledgeable, caring staff who put our members first, just as we always have. Although some may think bigger is not always better, that isn’t the case in this instance,

as the merger will allow us to offer our members more competitive rates and fees, which over time will allow operational efficiencies. A great accomplishment that we have worked hard to gain for our members.

Through this process we will stay true to our mission of “People Helping People”. The simple fact is that it has been our mission that has helped us to accomplish these great feats. Over the past year, we were able to expand our financial literacy program providing our members with financial tools and resources by offering seminars and one-on-one consultations. Just a few examples of the financial services that we provide free to our members are; how to start a budget, protecting yourself from identify theft, how to buy a car, how to buy a home, how to save, understanding your credit report

Jerome AllenChairperson

Ryan G. PoulinPresident/CEO


and credit score so that you pay less interest on your loans and keep your hard-earned money in your pocket—where it belongs. We have also expanded our free educational services to our local schools and small businesses for their employees.

We see people struggling to maintain their lifestyles and we are able to show them how even the smallest changes can make a big difference. That is what we are here for—to provide a hand up when things don’t go as planned.

On behalf of the Board of Directors and staff of the credit union we wish to thank you for your business and your continued support of your credit union.

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Respectfully submitted,

Ryan G. Poulin, President/CEOJerome Allen, Chairperson

6 1 G r ove S t r e e t , Wa t e r v i l l e • 7 2 C o n y S t r e e t , A u g u s t a ( 8 0 0 ) 3 2 6 - 6 1 9 0 | n e w d i m e n s i o n s f c u . c o m

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