Member Update
news & information from YOUR credit union
Helping Dreams Take Off…
With Over One Billion in Loans
some 43 years ago has turned into a great success
story of people helping people.
Of course we have financed very traditional things like
cars and homes and given members credit cards. We
have also helped with financing for college educations
and home improvements, and that emergency loan
for a car repair. Where we have shone in recent years
is helping members save real money on refinancing
car loans and mortgages and transferring high interest
credit card debt to our lower rate VISA® card.
Since we opened our doors as a member owned
financial cooperative in 1967, UMassFive College
Federal Credit Union has been helping members
finance needs, wants,
and dreams of all types.
We reached a major
milestone in 2010,
when we lent out our
Billionth dollar! That’s
right, we have lent over
one billion dollars to the
members of UMassFive.
It seems hard to believe, but our Credit Union has
been lending money to members for a long time and
what started out on the campus of UMass Amherst
Why do members borrow from us and then keep
coming back? Some say it’s the competitive rates,
quick local decision making, or the great personal
service. Others say they love the fact that they only
have to fill out an application one time, which makes
future borrowing very
easy. But more often
than not, people have
told us it’s because they
trust us to do the right
thing by always keeping
their best interest in mind
whenever we lend them
money. So, the next
time you have to finance
something in your life, please give us a call or stop
by one of our branches.
People have told us they trust
us to do the right thing because
we keep their best interest in mind
when we lend them money.
“Crash the GAC”
May/June 2011
MEMBER SPOTLIGHT
Member Name:
Russell Bradbury-Carlin
What is your occupation?
Associate Director for
Pioneer Valley at Berkshire
Children and Families.
Where do you live?
South Deerfield.
Do you have kids? An awesome son, Will, age 6.
Do you have pets? A cat, Ginger. Also, a dog may be in
our future. Now that we have a house, got to have a
dog…right?
How long have you been a UMassFive College Federal
Credit Union member? Since 2007.
What do you like best about UMassFive? I love being
part of a cooperative. And I love the unique services
that are offered at UMassFive, such as the HEAT Loan
and Farm Share Loan.
Have you had an especially good experience with
UMassFive? Please describe. Yes, most recently, we
got our mortgage through UMassFive. They made
what could have been a stressful experience go
smoothly. We also met with the Financial Advisor who
gave us some very helpful guidance. Everyone I’ve
interacted with has been great. Money and finances
used to be a source of stress sometimes, but over the
last few years and with the assistance of UMassFive, I
feel much more knowledgeable and confident.
What do you do in your free time? Write fiction.
Cycling.
UMassFive’s Manager of Member Outreach—Sean
Capaloff-Jones—was one of 15 credit union
professionals under the age of 30 who received a special
scholarship from the Credit Union National Association
(CUNA) to attend its 2010 Governmental Affairs
Conference (GAC) held in Washington D.C. from
February 27 to March 3. The GAC is by far the credit
union system’s largest get-together.
In addition to attending regular GAC sessions, the
invigorated under-30 group organized sessions of its
own, led by influential credit union movement
representatives who were drawn to the group’s passion
for credit unions and a desire to be involved. Sean had
an opportunity to make several great contacts with
other professionals who work in member development,
financial literacy, and community outreach.
The group called itself “Crash the GAC,” a tongue-incheek reference to taking the opportunity to work
cooperatively with CUNA to accommodate the interest
younger professionals have in attending major credit
union movement meetings such as the GAC.
This conference and the contacts Sean made will
strengthen UMassFive’s mission to provide our members
with comprehensive financial wellness programs. This is
particularly relevant to our younger members, who are
invaluable to the future of the credit union community.
Be part of something.
What is your favorite food? Public answer: fresh pesto.
Secret answer: macaroni and cheese.
What profession other than your own would you like
to attempt? Full-time writer. Otherwise, I love working
in the social service field.
If you were stranded on a deserted island and could
only have three items with you, what would they be?
My family (Is that really two items? Can I cheat a bit?),
my iPhone (though I probably wouldn’t get cell service
or a wifi spot on a deserted island, would I?), and my
Harrison Ford autographed Han Solo Star Wars card. (I
mailed the card to him in 1977, and he mailed it back.
Yes, I am a geek at heart.)
NOTICES
Raffle Winners
The winner of our UMass Campus Special bike raffle
was Alex Sachs, from UMass Amherst (below, top).The
winner of the Mullins Center Home Show grill raffle
was Mike Dickson (below, bottom).
Congratulations to you both!
SPONSOR GROUP SPOTLIGHT:
Franklin Hampshire Career Center
The
Franklin
Hampshire
Career Center supports and
promotes
workforce
and
economic development in the
region through the delivery of
quality employment, training,
and education services that
are responsive to and meet
the needs of job seekers and
employers.
The Center’s offices are located in Northampton and
Greenfield, with a satellite office in Orange. They serve
50 municipalities across the Franklin, Hampshire, and
North Quabbin areas. The Career Center provides
great services such as: job search assistance and access
to online job listings; career counseling; networking
groups; youth job opportunities; green career tools and
resources; and much, much more.
UMassFive
College
Federal
Credit Union not only supports
the Career Center by providing
its employees with access to
credit union membership, but
also through offering workshops
on Budgeting, Understanding
Credit, and Living on Less. Just
like many who find themselves at
the Career Center, those who attend our workshops at
the Northampton and Greenfield locations have found
themselves in a difficult situation due to loss or reduction
of income, or an increase in expenses. Our workshops
provide real, workable tips to people on how to manage
and mitigate financial troubles during a difficult time.
In these trying times, many people may find that the
services offered by Franklin Hampshire Career Center
can be of assistance. If you would like more information,
check out www.fhcc-onestop.com today.
Student Financial Literacy
Blood Drive
The Mercy Hospital Medical Blood Mobile will be at
our Hadley Branch on Thursday, May 12, 2011 from
10am–3pm. UMassFive will give you 1,000 Co-op
Points for your donation!
Coat Drive Success
UMassFive held a coat drive to benefit the Amherst
and Northampton Survival Centers through the months
of January – March. We are pleased to report that we
donated over 100 coats, scarves, hats, mittens, and
other cold weather clothing. Thanks to all members
who participated in the drive—you really helped make
a difference for those less fortunate in a time of need.
“Best in
the Valley”
Five Years
in a Row!
For the fifth year in a row, we have won the
distinction of “Best Credit Union in the Valley” from
you, our loyal members! In the Valley Advocate
“Reader’s Poll,” you once again gave us your vote
of confidence.
UMassFive is only the “best” because of each and
every one of you who participates in this not-forprofit financial cooperative. Thank you for your
continued trust and loyalty!
UMassFive has a commitment to helping members
save, and our financial literacy program strongly
supports our commitment. We have developed topics
ranging from Budgeting to Understanding Credit.
While we continue to develop additional topics and
improve the channels through which our members
can access financial literacy, we also feel a strong
responsibility to develop financial literacy materials
specifically for students. There are over 28,917
students in the Five Colleges, and students are a
notoriously underserved group when it comes to
financial literacy.
For this reason, UMassFive is proud to be working
with numerous departments at UMass Amherst to
develop a financial literacy program to assist college
students through all of their major financial
milestones. Starting last year, we began developing a
workshop for seniors called “Money Matters.” This
workshop was designed to prepare students for their
transition to post-college life. Topics include
budgeting, credit reports and scores, identity theft,
savings, understanding debt, and investing. This
workshop is scheduled to be launched next spring.
This year, we were asked to partner with UMass
Amherst’s Housing and Residence Life Off-Campus
Housing Referrals to create a workshop for students
preparing to live off-campus. For many students,
their first experience living off-campus brings some
surprises, including the number of bills and the
challenge of having to share expenses for the first
time. This workshop encourages students to establish
a personal budget, maintain a household budget,
communicate with housemates on shared expenses,
and cultivate successful spending habits. We have
also been asked to develop a financial workshop for
freshmen to let them know what to look out for
financially during their college years.
We are excited about the new developments in
student financial literacy and will keep you informed
as our outreach continues.
SMART Employee:
Jessica Barry-Alves
Jessica Barry-Alves is the SMART Employee of first
quarter 2011. SMART is the Credit Union’s quality
service motto, which stands for “Sharp, Motivated,
Aware, Responsible, Team-player.” Jessica has been
with the Credit Union for just over five years, working
as a part-time Receptionist/Loan Processor. Due to her
previous experience with lending, Jessica occasionally
fills in as a Loan Officer, when she is needed.
Jessica has earned the SMART employee award for the
flexibility and willingness to help that she demonstrates
each day. Recently, Jessica volunteered to change her
part-time work schedule to accommodate staffing
needs in the branch. For the past several months,
Jessica has been working
as a full-time Loan Officer
as well as continuing to
help open accounts and
occasionally work on the
teller line. Jessica is always
willing to help, going
wherever she is needed
at a moment’s notice.
She demonstrates true
teamwork every day!
We are lucky to have an employee like Jessica. Thanks,
Jessica!
FINANCIAL & INVESTMENT SERVICES:
You May Love Each Other,
But Should You Invest Together?
It’s one of the most important questions a couple will
face in their relationship but it so rarely gets asked until
a relationship is well underway—should we pool or
separate our money for investment? The answer is as
unique as the both of you. But there are some critical
facts and some questions to consider as you develop a
financial strategy for a lifetime.
couple planning to marry to sit down with a financial
planner to go over their respective and combined goals
for home ownership, retirement, kids’ college savings
and various other lifestyle goals. A visit to tax and
relevant legal professionals makes sense before the
wedding as well.
THINGS TO CONSIDER:
Pooling can be a great idea after a marriage because
the both of you are legally bound together, so why
not bind your finances for potential maximum return?
Many financial experts believe it’s a good idea for the
simplest of reasons: The bigger the pile of money you
two can gather, the greater the potential for financial
gain with the right advice.
But there’s more to it than simply combining your
assets. Pooling your investment dollars should produce
not only shared decision-making, but shared awareness
of everything going on with your finances for a lifetime.
It’s the kind of cooperation that will not only benefit
you all the years of your marriage, but also provide a
surviving spouse the knowledge to function if the other
dies suddenly or is incapacitated.
It’s a move that women need to consider in particular—
it’s to their advantage to maximize the total investment
pie because chances are they will be the lower-earning
spouse, as they may go years without income if they
stay home to raise children. And if the marriage breaks
up—as roughly 40 percent of them do these day—she’ll
need extensive assets to prepare for a retirement that
will be statistically longer than her husband’s.
But how about a couple that wants to plan separately?
The first question is: Why? There may be compelling
reasons—for instance, one spouse has assets he or
she wishes to protect from another spouse engaged
in a high-risk business proposition. Others may have
significant inherited family assets that need to be
protected for heirs from potential loss in a divorce.
And of course, this is the least attractive reason, but it
happens: One spouse doesn’t simply trust the other.
These questions and more are a good reason for a
What approach will get you to your goal faster? Young
people starting out literally need to save every nickel
for a first home. It makes sense to figure out how
much you can jointly put aside and where to invest that
money based on your risk tolerance.
How can your employer help? Obviously max out on
your 401(k) plan and other retirement savings options—
particularly if there’s significant company matching
involved, but check to see if your other benefits will do
more for you and your spouse. See if joining on one or
the other health plan might be a better value than going
it alone on your respective plans. If you have a health
savings account that your spouse hasn’t, see how you
can make that a part of your overall joint investment
strategy. Also, don’t forget employee discounts that
might cut your overall household spending.
Let your competing investment styles…compete.
There are plenty of studies on this, but they seem to
hold steady: Men tend to take more investment risks,
women seem to be risk-averse. One of the advantages
to working with a financial planner is not only their
ability to make solid investment suggestions for you,
but to identify the differences in your investment
approaches and find compromises that work best for
the both of you.
Talk. Talk about your financial expectations and what
goals you’d like to achieve. Talk about what you’re
afraid of. And most important, talk about your money
history—your credit rating and score or any troubles
with credit in the past, including bankruptcy. Oh, and if
you survive these initial discussions, make a promise to
talk about money once a month.
The preceding content was originally published on the Financial
Planning Association® website, www.FPAnet.org.
WORKSHOPS
Please join us for one of the following complimentary
workshops at designated branches. Seating is limited.
Please RSVP to 800.852.5886 or register online at
umassfive.org to reserve your seat. RECEIVE 250
CO-OP POINTS WHEN YOU ATTEND!
.
Understanding Credit
Thursday, 5/12/11, 5:45–7:00pm, Hadley
Wednesday, 5/25/11, 5:45–7:00pm, Northampton
Tuesday, 6/14/11, 5:45–7:00pm, Northampton
Wednesday, 6/15/11, 12:00–1:00pm, Worcester,
University Campus, Room S1-123
Thursday, 6/23/11, 5:45-7:00pm, Hadley
This workshop will help you understand your credit
report, explain how credit scores are determined, and
give you tips to improve your score. You will also learn
what to look for to find the best credit card or loan.
Budgeting Essentials
Tuesday, 5/17/11, 5:45–7:00pm, Northampton
Tuesday, 5/24/11, 5:45–7:00pm, Hadley
Wednesday, 5/25/11, 12:00–1:00pm, Worcester,
University Campus, Room S1-123
Wednesday, 6/15/11, 5:45–7:00pm, Hadley
Tuesday, 6/21/11, 5:45–7:00pm, Northampton
This overview presents five basic steps to better money
management in an easy-to-understand manner. Learn
how to set realistic financial goals, create a budget, and
understand how to use credit wisely.
Home Buying 101
Wednesday, 5/18/11, 5:45–7:00pm, Northampton
Thursday, 5/19/11, 5:45–7:00pm, Hadley
This workshop takes a step-by-step approach to home
buying, including locating and working with a real estate
agent, understanding your financing options, tips on
searching for a home, the value of inspections, and how
to make an offer.
Living on Less
Thursday, 5/26/11, 5:45–7:00pm, Hadley
Tuesday, 6/28/11, 5:45–7:00pm, Northampton
Are you under financial stress due to a reduction or loss
of income? Gain the knowledge you need to assess your
current situation, set priorities, and create an action plan
to regain control of your situation. Learn how to work
with creditors, understand your rights as a consumer, and
find local resources.
COMPLIMENTARY SEMINARS
Financial & Investment Services and CFS* will offer the following workshops at designated branches.
Seating is limited. Please RSVP to 800.852.5886 or register online at umassfive.org to reserve your seat.
Receive 250 Co-op Points for attending one of these workshops!
Investing 101: Tuesday, 5/17/11, 5:45–7:00pm, Hadley • Tuesday, 5/31/11, 12:00–1:00pm, Worcester,
University Campus, Room S1-123 • Monday, 6/27/11, 5:45–7:00pm, Northampton
In this seminar we’ll discuss the basics of stocks and bonds, advantages of investing in mutual funds, benefits of
asset allocation, and why investing NOW may help you meet your unique financial goals.
Retirement Income Planning: Monday, 5/23/11, 5:45–7:00pm, Northampton • Tuesday, 6/14/11,
5:45–7:00pm, Hadley • Wednesday, 6/29/11, 12:00–1:00pm, Worcester, University Campus, Room S1-123
This seminar will help answer questions such as should I retire now or wait and will my money last. We will
discuss the financial risks of retirement and the essential elements of a retirement income plan.
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member
FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured,
are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment
Representatives are registered through CFS. UMassFive College Federal Credit Union has contracted with CFS to make non-deposit
investment products and services available to credit union members.
Planning a trip?
Be sure to check out some valuable tips
on our Vacation Planning Checklist, in the
Budgeting & Saving Money section of the
Resource Center at umassfive.org.
Main Office:
200 Westgate Center Drive
Hadley, MA 01035
Member Update
Presort Standard
US Postage
PAID
Permit 183
Greenfield, MA
01301
tel: 413.256.5500
toll-free: 800.852.5886
fax: 413.253.9123
www.umassfive.org
Holiday Closings:
Memorial Day: Monday, May 30
EQUAL HOUSING
L E N D E R
Federally insured by the NCUA
Printed on 55% recycled paper
with 30% post consumer fiber
Searching for a way to
pay for your next home improvement?
Look under your roof.
UMassFive has a Home Equity product to fit your needs—either a variable rate Home Equity Line of Credit* or a fixed rate Home
Equity Loan. Whether you have a lot or a little equity in your home, we have a solution for you. Interest on Home Equity Loans is generally
tax-deductible and rates are lower than traditional loans. We offer Home Equity Loans for your primary or second home nationwide.
*The rate is adjusted monthly according to the Prime Rate as published in the Wall Street Journal on the last Thursday of each month.
Board of Directors Update
Growing Stronger than ever…
Together.
UMassFive held its
44th Annual Meeting
at the Hadley branch
on March 26. A copy
of the 2010 annual
Report
to
the
Membership is now
available online.
During the meeting,
four members were
elected to the Board of Directors. Elected to serve
included: incumbent Marie Hess and three new
members – Karl Kowitz, Director of Business Services
at Smith College; Michelle Mulea, Bursar, Hampshire
College; and Paul R. Rogers, former administrator
at UMass Amherst, currently Assistant ClerkMagistrate, Greenfield District Court. Other
directors currently serving a term on the Board
Report to The Membership 2010
include: Robert Mishol, Donald Pelkey, Patrick
Brock, Sam Killings, and Michael Sullivan.
We would also like to acknowledge and thank five
directors who stepped down this year. They are:
Mary Szala, Vera Sherman, Greg Malynoski, Tony
Krzystofik, and Jack Walsh. They demonstrated in
many ways the cooperative spirit of our credit union
and a true testament to the effectiveness of having
a volunteer board made up of credit union members.
We wish them the best for the future.
During the March 30 Board meeting, official
positions were reorganized. The following directors
were elected to officer positions: Marie Hess, Chair;
Robert Mishol, Vice Chair; Donald Pelkey, Secretary;
and Patrick Brock, Chair of Asset Liability
Management Committee.
Get your UMassFive
Newsletter faster & “greener”
Did you know that UMassFive’s Member Update newsletter
is available electronically? If you would like to receive the
e-version of this newsletter, you can sign up by calling us
at 800.852.5886, sending an email to [email protected],
visiting our website at umassfive.org, or stopping by any
branch and asking a UMassFive representative.