Annual Meeting 2016
The North Star Credit Union provides safe, high quality financial services to
meet the needs of our communities and member/owners,
enhancing their financial education and well-being,
while maintaining the strength of the Credit Union.
Building Community One
Member at a Time
Welcome Members
RICH CRETTOL, CEO
2015 was another successful year at North Star Credit Union. We continue to
grow and add new products and services to meet the needs of our members,
YOU! During the year we grew by nearly 20%, changed the name of our
company to better reflect our membership, completed the remodel of our new
office building to house our administrative staff, opened our second student run
branch at the South Ridge School, and completed another successful
examination by our regulators.
The hard work and dedication of our staff and volunteers, along with the
commitment from our members, are what makes NSCU a leader in our
community. Thank you for your continued support!
Proof of Notice of Meeting ~
“I, Rich Crettol, CEO of the North Star Credit Union, hereby certify that I caused to be sent to the membership a notice of this annual meeting with the March 31, 2016 statements. I had notice of this meeting published in the North Country Free Press and the Cook News-Herald prior to the meeting. Notice was also posted inside the credit union, on the sign
out front of our building, and on our website."
Who We Are…
Rich Crettol – Chief Executive Officer
Peter Huberty – Chief Operations Officer
Nicole Squires – Accounting Manager
Jody Feist – Administrative Assistant
Shirley Martinson – Consumer Loan Officer
Stephanie Burckhardt – Lending Manager
Crystal Scofield – Consumer/Mortgage Loan Officer
Michelle King – Loan Processor
Dionn Hell – Accounting Clerk
Lynn Polich – MSR/Teller Supervisor
Jay Linn – MSR/Teller
Jolene Wilson – MSR/Teller
Susan Stone – MSR/Teller
Elizabeth Pretti – MSR/Teller
Casey Hagadorn – Education/Business Development
Brooke Cote – Senior Student Intern
Alli Sandberg –Junior Student Intern
Julia DeVries– Summer Intern
Board of Directors
William Conner – Chair
Pete Niska – Vice Chair
Tom Beaudry – Secretary
Lara Whiteside – Director
Vicki Schelde – Director
Rich Crettol – CEO/Treasurer
Board meetings are held on the
fourth Wednesday of each
month at the credit union.
Meetings are held more often if
necessary.
Supervisory Committee
Bob Champa – Chair
Marla Kahn – Member
Karen Lind – Member
“Helping to build thriving communi-ties across Northern Minnesota”
Our Staff
1. Call to order the 77th annual meeting by board chair: Cork Conner. 2. Roll call and declaration of a quorum present. (15 members represent a quorum):
# of Members Present___________Guests___________
3. Proof of notice of the meeting is on page two of the annual meeting report and posted on our website along with last year’s minutes.
4. Welcome by: Rich Crettol
5. Report of the Nominating Committee by: Tom Beaudry 6. Lara Whiteside: Unfinished business from last year, if any
New business: Adjourn and Thank You: _________________________________ Prizes awarded: Tablet for the likes on Facebook:______________________________________________
TV $100 $75
$50 $50 $25
$25 $25 $25
$25 $20 $20
$20 $20 $20
Umbrella Umbrella Umbrella
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Umbrella Cooler Cooler
Cooler Cooler Cooler
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Cooler Cooler
COOK AREA CREDIT UNION COOK, MN 55723
AGENDA FOR THE ANNUAL MEETING OF THE MEMBERSHIP MAY 20, 2016 6:30 PM
Finances
Statement of Financial Position December 31, 2015
ASSETS
Cash on Hand and Deposit $ 2,453,011
Total Investments 1,551,647
Total Loans Receivable 30,314,680
Allowance for Loan Losses (246,793)
Fixed Assets (Building, Improvements, Equipment) 687,436
National Credit Union Insurance Fund Deposit 249,044
Accrued Income and other Assets 175,072
Total Assets $ 35,184,098
LIABILITIES AND EQUITY
Member Share/Deposit Accounts $ 30,964,140
Credit Union Capital 3,543,997
Accounts Payable 589,656
Other Liabilities 86,305
Total Liabilities And Equity $ 35,184,098
YEAR END STATISTICS
Number of Members 3,104/41,000
Capital/Total Assets 10.60%
Return on Assets Ratio 1.05%
Statement of Operations December 31, 2015
RECEIPTS Year end 2015 Year end 2014
Interest Received on Loan Accounts $ 1,413,551 $ 1,262,432
Interest Received on Investments 27,533 31,468
Operating and Other Income 358,329 234,933
Total Receipts $ 1,799,413 $ 1,528,833
EXPENSES
Compensation and Benefits $ 757,769 $ 669,019
Operations, Occupancy and Other 532,386 369,004
Provisions for Loan Losses 36,000 26,000
Total Expenses $ 1,326,155 $ 1,074,023
Total Receipts Over Expenses $ 473,258 $ 454,811
Dividends Paid to Members $ 102,571 $ 103,234
Addition to Credit Union Capital 370,687 351,577
Total Distribution $ 473,258 $ 454,811
DISTRIBUTION OF RECEIPTS OVER EXPENSES
Rates As of April 30,2016
Loan Rates %
New Cars And Trucks As Low As 1.99%
Used Cars And Trucks As Low As 3.49%
New Recreational Vehicles As Low As 2.99%
Used Recreational Vehicles As Low As 3.49%
Signature Loans As Low As 9.65%
Real Estate/Home Equity As Low As 4.24%
All loan rates vary based on credit score and term of loan.
Share Rates %
Kid’s Club Account(0-12 Yrs) Earns .50%
Future Freedom Account (13-18 Yrs) Earns .50%
Regular Share Account Earns .20%
Preferred Share Account Earns Up To .40%
Money Market Share Account Earns Up To .40%
Share Certificates Earns Up To 1.60%
REPORT OF THE NOMINATING COMMITTEE April 27, 2016
NORTH STAR CREDIT UNION COOK, MN
BY RESOLUTION OF THE BOARD ON MARCH 2ND, 2016 DIRECTOR ELECTIONS WILL BE CONDUCTED ANNUALLY BY MAIL. MEMBERS MAY BE CONSIDERED FOR DIRECTOR POSITIONS BY FILLING OUT THE ONLINE APPLICATION OR PETITION AVAILABLE ON OUR WEBSITE.
THE NOMINATING COMMITTEE SUBMITS THE FOLLOWING CANDIDATES FOR ELECTION TO THE BOARD OF DIRECTORS:
FOR ONE THREE YEAR TERM TO EXPIRE 2018: APPOINTMENT OF VICKI SCHELDE TO FILL THE POSITION VACATED BY THE RETIREMENT OF JANE MARCONETT.
FOR ONE THREE YEAR TERM TO EXPIRE 2019: INCUMBENT, PETE NISKA.
BEING THAT THERE ARE NO OTHER CANDIDATES, THE BOARD HAS DECLARED THE ELECTION TO BE UNCONTESTED, AND THEREFORE TO SAVE THE CREDIT UNION THE COST OF MAILING BALLOTS, THE CANDIDATES ARE DULY ELECTED.
RESPECTFULLY SUBMITTED BY THE NOMINATING COMMITTEE
Supervisory Committee
MAY, 2016
The Supervisory Committee has three members; Karen Lind, Marla Kahn and Bob Champa. As
a general rule, we meet twice monthly, on the Tuesday before and the Thursday after the
monthly board meeting. A member of the committee attends each monthly board meeting to re-
port new trends, and to offer thoughts on policies or procedures to be reviewed.
Our duties are to oversee the operations of the credit union and:
1. To ensure that the financial statements accurately and fairly present the financial
condition of North Star Credit Union,
2. To ensure that management practices and procedures safeguard members' assets,
3. To ensure that internal controls are established and effectively maintained, and
4. To ensure that plans, policies, and procedures established by the board of directors are
properly administered.
We review board meeting minutes, bookkeeping procedures, do surprise cash counts, review
newly opened and closed accounts, and dormant accounts.
There is a great deal of paperwork for the supervisory committee to oversee. We have an exter-
nal auditor on retainer to help complete this paperwork. The most recent audit shows NSCU to
be in excellent financial condition. Our credit union is continually monitored and operating ac-
cording to all rules and regulations.
Respectfully Submitted,
Karen, Marla, & Bob
Celebrate Success!
NSCU has accomplished many goals over the past year. We hope you join us in celebrating the great things we have to offer our community.
History
The North Star Credit Union opened in 1939 as Northern Farmer's Co-op Credit Union. It was sponsored
by the Northern Farmer's Co-op Society. The Credit Union was based out of the Co-op Store until it
burned down in October 1994. After operating out of the BIC building for some time, the Credit Union
was able to relocate in January 1996 to Main Street, where it currently stands. Once relocated the Cred-
it Union extended its field of membership to Lake Country Power Members. To accommodate its grow-
ing membership, the Credit Union expanded its building in 2011. Besides creating a larger space, the
expansion succeeded in creating a more private atmosphere for its members. Recently in 2013 the
Credit Union was able to broaden its field of membership once again; this time allowing students, fami-
ly, volunteers, and staff of school district 2142 to join. In 2013 they proudly created a Student Focus
Group called "The B.O.S.S" (Bunch of Students Saving). With help from the B.O.S.S, in February of 2014
the Credit Union successfully opened its new Student Branch in the North Woods Campus called "The
Money Cave." The Credit Union continues to grow, and has bright future plans for its members.
NSCU Core Values Financial Stability
Financial Education
High Quality Service
Meeting the needs of our members
Team work between management and staff
Promoting the credit union idea to communities
Here are some ways North Star
Credit Union has been involved
in our local communities
Community Focus
2015 Events
January 28th LSS Paying less for Collage
January 29th Academic Adventurer- Indian Education w/ The BOSS
February 13th Parents Appreciation Boys Basketball and Empty Bowl Fundraiser
February 18th Jungle Cash field Trip to North Woods and to the Credit Union
Febuary 23rd Parent Appreciation Girls Basketball-Guess how much is in the jar?
March 11th LSS went to South Ridge to talk about student loans
March 27th Annual Meeting
April 10th -12th Minnesota Credit Union Network Convention
April 29th Grand Opening of The Jungle- stayed for “South Ridge got Talent” show
April 22nd-29th Coloring contest for South Ridge Elementary Students
May 7th BOSS Banquet with Governor Dayton and Commissioner Rothman
May 19th-22nd Member Paper Shredding Week
May 19th 5th grade presentation for North Woods- keeping personal information safe
May 21st 4th grade presentation for North Woods- income and expenses
May 22nd 6th grade presentation for North woods- keeping personal information safe
May 19th Panther Pride Night-Membership Drive
June 14th Timber Days Groovy Parade and Bed Race
August 7th Steak Fry-Children Miracle Network
August 11th First Annual Stuff the Bus Event
September 3rd North Woods Open House
September 3rd South Ridge Open House
September 19th Hospital Health Fair
October 15th is International Credit Union Day!
October 22nd Groovy Family Fun Night
October 27th –LSS class Fast Lane to Debt Freedom
October 28th Crystal spoke to Career Explorations Class at North Woods
November 4th FFN at South Ridge
November 17th- LSS class Happier Holidays
Student Groups
Boss –North Woods School
Alexis Ingebretsen-Boss
Michael Brodri – Boss
Olin Halverson – Boss
Taylor Midthun-Boss
Kate Beaudry-Boss
Brooklyn Isham-Boss
Colton Arvila-Boss
Samantha Barnet-Boss
Kayla Brodri-Boss
Lily Wheeler-Boss
Jungle Cash-South Ridge School
Lillian Grages- Jungle Cash
Anna Hall – Jungle Cash
Elizabeth Poskie-Jungle Cash
Kasey Myhre –Jungle Cash
Charlie Davidson- Jungle Cash
Hunter Skluzacek-Jungle Cash
Trenton Johnson-Jungle Cash
Marissa Bober-Jungle Cash
Members were welcomed to the 76th annual meeting by board chair Lara Whiteside at 6:30.
Roll call and declaration of a quorum was made. (15 members represent a quorum). Members present: 65 Guests: 4
Proof of notice of the meeting was read and is incorporated in these minutes:
“I, Rich Crettol, CEO of the Cook Area Credit Union, hereby certify that I caused to be sent to the membership a notice of this an-nual meeting with the February 28, 2015 statements. I had notice of this meeting published in the North Country Free Press and the Cook News-Herald prior to the meeting. Notice was also posted inside the credit union, on the sign out front of our building, and on our website."
Welcome Speech by CFO Myrna Malm.
Minutes of the 2014 annual meeting were read by Board Member, Tom Beaudry.
A report of the board of directors was made by Pete Niska. He introduced the current board members and mentioned that board meetings were held on the fourth Wednesday of each month. He reported that total membership at the end of the year was 3042 out of potential membership of 41,000. This was an increase of 135 net new members for the year. Current interest and dividend rates were reported followed by an introduction of the management and staff.
The report of the Supervisory Committee was given by Bob Champa.
The financial reports were given by Myrna Malm CFO.
The manager’s report was given by Rich Crettol CEO.
A report of the proposed name change to North Star Credit Union was given by Rich Crettol.
A motion was made by Gary Albertson to vote on changing the name of Cook Area Credit Union to North Star Credit Union second was made by Carrie Carstens. Motion carried by unanimous vote.
The Credit Committee Report was given by committee member Leo Wilenius. The Nominating Committee Report was given by board member Cork Conner;
For the Board of Directors: One three year term to expire 2018: Incumbent, Tom Beaudry One three year term to expire 2018: Incumbent, Jane Marconett
For the Supervisory Committee: One three year term to expire 2018: Incumbent, Marla Kahn
For the Credit Committee: One three year term to expire 2018: Incumbent, Leo Wilenius
Myrna called for nominations from the floor three times. Being none, a unanimous ballot was called for. Motion by Reino Lahti, second by Lisa Muggli, to cast a unanimous ballot. Motion carried.
Lara Whiteside then called for any unfinished business from last year. There was none
New business: Reino Lahti made a recommendation to get 100 people under the age 40 to attend the next annual meeting.
The meeting was adjourned at 7:45pm.
April Sanderson from LSS discussed the Financial Choice Program that provides free financial education to the credit Union Mem-bership. A prize drawing was held, followed by lunch.
COOK AREA CREDIT UNION MINUTES OF THE ANNUAL MEETING OF THE MEMBERSHIP
NORTH WOODS HIGH SCHOOL, COOK, MN MARCH 27, 2015 6:30 PM
24 South River Street Cook MN, 55723
218-666-5940 www.northstarcreditunion.org
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