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Event Schedule

WELCOME

INVOCATION

DINNER

SCHOLARSHIP PRESENTATION

SPECIAL GUEST – JOHN BARTTER Director Emeritus

2017 ANNUAL REPORT

60Years OF CREDIT UNION MEMORIES

1958 2018

Annual Business Meeting

DETERMINATION OF QUORUM

ROLL CALL OF DIRECTORS & COMMITTEE MEMBERS

CHAIRMAN’S REPORT

SUPERVISORY AUDIT COMMITTEE REPORT

TREASURER’S REPORT

RESULTS OF THE NOMINATION AND ELECTION OF THE BOARD OF DIRECTORS

UNFINISHED BUSINESS

NEW BUSINESS

MEETING ADJOURNMENT

AWARDING OF DOOR PRIZES*

*Must be Present to Win

 

 

 

 

   

   

   

   

   

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Volunteers & Staff Continued Board of Directors

Andrew Lingler, Chairman Henry Harsar, Vice Chairman Marilyn Tipple, Secretary Richard Killen, Director Wanda DiVencenzo, Director Edward Syrowski, Director Carolyn May, Director Paulette Paine, Director John Bartter, Director Emeritus

Supervisory Audit Committee Kathy Runser, Chairperson Karen Sprague Leo Citro

Management Team Neil R. Sommers, CEO Karen S. Akers, CPA, CFO Shannon Boesel, HR Manager Ethel Frye, Operations Manager Kathy Garvey,

Member Services Manager Michelle Gonzalez,

Lorain Branch Manager Tiphaney Grossestreuer,

Marketing Manager Becky Ryan Monchein,

Teller/HUB Manager

Accounting Pamela Spence

Call Center Representatives Tosh Cabbil Sue Sage Sue Ellen Shepherd

Operations Specialists Cheryl Fleming Nona Jackson Connie Smith Karla Staylon

Financial Service Representatives Brad Niece, FSR Coordinator Ginger Fitch Shannon Fridrich Ashley Henderson Tyler Johnston Amy Kinsley (Lorain Branch) Blaine Padgett Mindy Piskur Tina Rankin Carl Vass (Lorain Branch)

Visa Administrator Jeff Kovacs

HUB Coordinators Veronica Johnson Penny Pilson Kathy Sislowski Deb Zvara

Tellers Becky Karpinski, Head Teller Tyler Buga, Assistant Head Teller Sandra Bennett Carla Harris Kaye Kotasek Sarah Rambo (Seasonal) Morgan Stoll Emily Underwood (Lorain Branch) Terri Wilson

Marketing Kelsey David

Attorney Weltman, Weinberg & Reis Co. LPA

Auditors Lillie & Company, LLC

Registered Representatives From LPL Financial: Cheryl Janik Renee Dietz

Attention was called to the Supervisory Audit Committee Report in the program and the committee members were recognized for their work that was done in 2017.

Marilyn Tipple, of the Nominating Committee, presented the slate of nominees. Henry “Hank” Harsar, Richard Killen and Paulette Paine were slated to continue as directors for a 3-year term ending in 2020. A motion was made by Dick Sharrock and seconded by Barbara Sommers to approve the slate as presented. The nominees were unanimously approved.

There was no unfinished business and no new business to discuss.

Andrew Lingler, Chairman, officially adjourned the 59th Annual Meeting. The board of directors awarded the traditional door prizes, and the meeting adjourned at 7:57 p.m.

Respectfully Submitted, Marilyn Tipple

Marilyn Tipple Secretary, Board of Directors

Supervisory Audit Committee KATHY RUNSER, CHAIRPERSON

During 2017, members of the Supervisory Audit Committee performed random cash counts of the teller stations and the vault. The accounting firm of Lillie & Company, LLC reviewed loan files, accounting practices and performed the members’ account verification.

Based on our audits and those of Lillie & Company, LLC, it is the opinion of the Supervisory Audit Committee that the financial condition of School Employees Lorain County Credit Union, Inc. is strong and its policies and procedures are effective.

Respectfully, Kathy Runser- Chairperson, Supervisory Audit Committee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

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59th Annual Meeting Minutes Chairman's Report

MARILYN TIPPLE, SECRETARY- BOARD OF DIRECTORS

The 59th Annual Meeting was held on the 18th day of April (Tuesday), 2017 at The Spitzer Conference Center, Lorain County Community College. Neil R. Sommers welcomed the credit union members and their guests. He asked everyone to stand for the Pledge of Allegiance. Paulette Paine, Board Director, gave the invocation. Dinner was served at 6:00 p.m.

The scholarship committee was introduced (Wanda DiVencenzo, Hank Harsar, and Marilyn Tipple). Wanda DiVencenzo presented the scholarship recipients with their certificates. The scholarship recipients were Moriah Garcia- Warren Wallace Recipient- Bowling Green University, Collin Sullinger- The University of Toledo, Brandon Palmer- The Ohio State University, Zachary Opperman- Undecided.

Neil R. Sommers introduced our guest speaker, Tony Gallo, President of the Lorain County Chamber of Commerce. Mr. Gallo serves as a member liaison, connecting local businesses and helping them tap into the many resources that Lorain County has to offer.

Andrew Lingler, Chairman of the Board, called the 59th annual business meeting to order at 7:21 p.m. and referred to the 2017 Chairman’s report in the program. Some of the highlights touched upon in the report were:

SELCCU’s movement from a closed SEG to a community charter. Membership will be communicated to as we move forward with this process. SELCCU’s commitment to education: Over 300 backpacks containing school supplies were donated to schools throughout Lorain County, four $250 mini-grants were awarded to area teachers, four $1,000 scholarships were awarded to students attending college and SELCCU assisted LCCC and LCJVS with their financial literacy programs. SELCCU also aided community organizations such as Second Harvest, The Salvation Army, The Children’s Developmental Center, The APL and Breast Cancer Research by raising $2,500 in cash and non-monetary donations through bake sales, shoe vouchers and toy & food drives.

Neil R. Sommers gave the report of the state of the credit union and referred to the Comparative Financial Report and outlined benefits of new products that have been introduced such as the Secure Checking program, indirect lending, etc.

Andrew Lingler convened those assembled for the business portion of the 59th annual meeting. As Chairman of the Board of Directors, he determined a quorum was present. A roll call of the board of directors was conducted.

Marilyn Tipple, Secretary of the Board, referred to the minutes of the 58th annual meeting. A motion was made by Bob Balog and seconded by Peg Hamm to approve the minutes as written. The motion carried.

Welcome to the 60th Annual Meeting of School Employees Lorain County Credit Union (SELCCU). In February of 1958, a group of Midview teachers met and formed the Midview Credit Union to serve employees of that district. By September of that year, it was decided that the field of membership should be increased to include school employees throughout Lorain County and we became School Employees Lorain County Credit Union. Effective April 2017 membership was increased to include anyone living, working, worshiping or attending school in Lorain, Erie, Medina or Cuyahoga counties. Please let your friends and neighbors know that now they may also take advantage of the many services which we offer.

Throughout the past year, loan promotions were offered giving members the opportunity to take out loans at special rates. These promotions were very popular and resulted in an increase of $303,300 in loans outstanding by the end of the year. Watch for loan specials which will continue to be offered throughout 2018 and take

advantage of those which meet your needs.

Other projects which took place in 2017 included a redesign of our website which appeared in April and a new mobile app with many features added which debuted in October. The Board also approved a demographic and brand identity study which should be completed in the second quarter of 2018. Watch for further information on the results of this study.

Community involvement is very important to SELCCU. This past year Care Connection's projects collected approximately $2,000 in donations to support a variety of community organizations. We also donated 400 backpacks containing school supplies to school districts throughout the county, awarded four $250 mini grants to area teachers and also awarded four $1,000 non renewable scholarships for student's post secondary education. Recognizing the large number of outstanding students applying for these scholarships the Board voted to increase to six the number of scholarships to be given in the future. Three of these scholarships will be given to graduating high school seniors and three to students who are already attending a post secondary school.

In conclusion, we wish to thank our many members who have made us their primary financial services provider. It is your faith in SELCCU which makes us successful as we strive to fulfill the Credit Union's Motto of "People Helping People."

Andy Lingler Andrew J. Lingler CCUV Chairman of the Board

                            

                     

       

       

                     

 

     

                            

  

   

    

                   

   

    

   

 

                         

   

   

                                   

                        

 

  

     

 

 

School Employees Lorain County Credit Union, Inc. Comparative Financial Report

Consolidated Consolidated Consolidated Consolidated ________ 12/31/2017 12/31/2016

________ ________ 12/31/2017 12/31/2016________

ASSETS INCOME Home Equity Loans $ 14,760,744 $ 14,810,417 Income on Loans $ 2,032,075 $ 2,026,027 First & Second Mortgages 10,354,746 11,490,813 Income on Investments 1,393,109 1,078,288 VISA 9,551,675 9,527,271 VISA Interest Income 730,193 744,072 Motor Vehicle Loans 17,652,769 16,195,007 Fee & Other Operating Income ________ 1,370,826 1,134,611 ________ Share Secured & Personal Loans 219,997 276,146 Total Income 5,526,203 4,982,998 Other Unsecured Loans 2,615,479 2,552,455 Less Allowance for Loan Loss Total Loans

(286,711) ________ 54,868,699

(206,112) ________ 54,645,997 OPERATING EXPENSES

Administration & Operation $ 2,348,088 $ 2,383,333

Cash Investments Share Insurance Deposits Accrued Interest Receivable Other Assets Land & Buildings (Net)

$ 9,553,873 78,563,532

1,872,045 271,715

2,485,154 1,505,773

$ 8,409,109 85,319,557

1,880,819 252,628

1,944,776 1,578,575

Occupancy Loan Servicing Professional & Outside Services Provision for Loan Losses Dividends Total Operating Expenses

616,230 738,528 633,629 325,457 196,992 ________

4,858,924 ________

605,033 723,610 559,097 244,473 263,832 ________

4,779,378 ________ Furniture & Fixtures (Net) 174,181 ________ 235,799 ________ NET INCOME $ 667,279 ________ ________ ________ $ 203,620 ________ Total Other Assets 94,426,273 ________ 99,621,263 ________ TOTAL ASSETS $ 149,294,972 $ 154,267,260 ________ ________ ________ ________

LIABILITIES # of accounts ______ Shares 12,918 $ 36,784,422 $ 35,479,918 IRAs 566 9,337,308 10,224,510 Certificates 1,371 18,775,280 24,348,364 MMIAs 1,996 46,773,015 47,612,699 Share Drafts 5,114 18,348,907 17,797,823 Other Share Accounts 1,601 ________ 2,193,562 2,386,308 ________ Total Shares 132,212,494 137,849,622

Other Liabilities 520,765 586,073 Net Worth 16,561,713 15,831,565 ________ ________ TOTAL LIABILITIES & NET WORTH $ 149,294,972 ________ ________ $ 154,267,260 ________ ________