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A N N U A L
R E P O R T
GPOFCU Annual Membership Meeting
GPO Federal Credit Union
Agenda
April 10, 2017
2:00 pm
•
Member Sign-in & Refreshments
•
Welcome & Call to Order / Ascertainment of Quorum
•
Approval of March 10, 2016 Annual Meeting Minutes
•
Remarks from GPO Director’s Office
•
Board Chair’s Report
•
President/CEO’s Greeting
•
Treasurer’s Report
•
Supervisory Committee Report
•
Nominating Committee Report & Election Results
•
Old Business & New Business
•
Door Prize Drawings
•
Adjournment
A budget is telling your money where to go
instead of wondering where it went.
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BOARD OF DIRECTORS
S U P E R V I S O RY C O M M I T T E E
Anthony J. “Tony” Zagami‚ Chair
Robert Freeman‚ Vice Chair
Rose Bates Hood‚ Secretary
Charles Mbonu‚ Treasurer
Azalea O. Albritton‚ Director
Diane Atkins‚ Director
Pamela Metts‚ Director
Janice Oloto‚ Chair
David McGhee‚ Secretary
Thien-Nga Gina Nguyen
“Save first. Spend
what is left after
saving!”
MANAGEMENT TEAM
Timothy L. Anderson, President/CEO
Marcia Dixon, Director of Growth Initiatives
Carla Baker, Director of Finance & Operations
Jocelyn Audet, Operations Manager
Warren Buffet
M I S S I O N S TAT E M E N T
To deliver exceptional service, built
on trust, while meeting the primary
financial needs of our members.
B O A R D C H A I R & P R E S I D E N T / C EO’ S R E P O R T
2016 was another rewarding year for the credit union. Our membership increased steadily through organic growth, surpassing a
milestone of 4,000 members. While over the years we have highlighted asset growth and other successes, adding new members to
the credit union is a significant sign of a flourishing institution. Unlike banks, credit union members are owners. To paraphrase
economist Milton Friedman, our sole responsibility at the Government Printing Office Federal Credit Union (GPOFCU) is the
financial well-being of our owners. We may not be as big as the mega-banks and other financial institutions; however, we deliver the
kind of niche services and access our members demand. We take what our owners say seriously, and will always put them first.
As you are aware, we opened our new satellite branch in GPO’s first-floor Bookstore at the end of 2015. This branch has been a long
time coming. A special thanks to agency Director Davita Vance-Cooks and her staff for bringing this to fruition. Now that the
branch has been open a full year, I can report to you that having the location there at the building entrance has enabled us to provide
expedient service to the GPO employees, their families and retirees. It has also allowed us to reach out to the unbanked in the
Washington D.C. community more effectively, ensuring them of a convenient location to do their banking.
While the credit union has experienced record asset growth over the last two years, our goal this year is to become more efficient by
streamlining processes and focusing on enhanced member service and maximizing our electronic banking services. Membership has
increased progressively the last three years; however, we know we can do more to make banking easier through online account
opening, remote deposit capture (making deposits through your mobile phone) and other electronic offerings.
By opening the new branch and growing the infrastructure, the credit union strategically expended some of our stockpile of capital
which impacted the bottom line. Additionally, we had to write off some long-standing toxic loans, which further affected net income.
Even with this, we believe it better positions us to bring on new loans with our increased membership base. Net income for the year
was down $925,000. Our capital (overall net worth), is at a very healthy 12.27%. Financial institutions are considered well
capitalized by the Federal regulators at 7%. As you can see, we almost double what is required to be well capitalized.
Looking forward in 2017 and 2018, we remain excited about the opportunities to continue to grow while offering “financial choices
and lifetime solutions” to the unbanked throughout the Washington, DC area. Our members expect excellence from us, and we
intend to deliver.
Finally, we will continue to live the credit union philosophy of “people helping people” and providing the kinds of financial products
and services our members have come to expect. Moreover, with our collective efforts, and working together, we are confident that our
credit union will continue to grow and prosper. Our Federal regulator, the National Credit Union Administration (NCUA) and
external auditor, DeLeon & Stang, seem to agree with us as they once again gave us good reviews and ratings during our yearly
examinations. On behalf of the board of directors, management and staff, we want to say thank you. As we often convey, this is
your credit union. We are very proud of our success, and without you, none of what we celebrate would be possible.
Timothy L. Anderson!
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President and Chief Executive Officer!
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Anthony J “Tony” Zagami
Board Chair
GPO Federal Credit Union
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M I N U T E S O F T H E A N N U A L M E M B E R S H I P M E E T I N G O N M A R C H 10, 2016
G PO C A R L H AY D E N R O O M
I.
CALL TO ORDER / ASCERTAINMENT OF A
QUORUM
The GPOFCU Annual Meeting was called to order by
the Board Chair Anthony J. “Tony” Zagami at 2:10 pm.
Credit Union members present constituted a quorum. The
following Directors were present: Azalea Albritton, Diane
Atkins, Robert Freeman, Rose Bates Hood, Antoinette
Kaloz, Charles Mbonu, and Anthony Zagami.
II. REMARKS FROM GPO DIRECTOR –
By Davita Vance-Cooks
Board Chair Zagami introduced GPO Director Davita
Vance-Cooks who thanked the Credit Union for its support
and bringing two branches to serve GPO employees. She
praised the Credit Union staff, Board of Directors and
volunteers for providing all their services and friendliness
to the GPO communities.
III. BOARD CHAIR’S REMARKS By Anthony J. “Tony” Zagami
Board Chair Zagami introduced himself, Board of
Directors, and the Volunteer Supervisory Committee to the
members. Mr. Zagami encourage members to read the
Annual Report that is a snapshot of the credit union in 2015.
IV. APPROVAL OF MARCH 12, 2015 ANNUAL
MEETING MINUTES – Recorded by Secretary
Antoinette “Toni” Kaloz
Directors Azalea Albritton and Rose Bates Hood made
the motion to approve the minutes of the March 12, 2015
Annual Meeting as printed. The motion passed
unanimously by a show of hands.
V.
PRESIDENT/CEO’S GREETING & REMARKS –
By Timothy Anderson
CEO Anderson welcomed all the members and
described the good partnership between GPO, the Credit
Union, and its members. It was a good growth year and he
thanked the members and agency for their support and
collective effort from all to promote the growth. He pointed
out some of the accomplishments made by the credit union
in the last year:
• New GPO branch is helping to continue to serve
members
• 2.2 million in assets growth up to 40 million.
Mr. Anderson introduced the following Credit Union
team and staff to the members and guests: Marcia Dixon,
Director of Growth Initiatives; Carla Baker, Director of
Finance and Operations; LaTonya Allen; Jocelyn Audet;
Sharece Baker; Amy Carroll; Courtney Frazier; Joyce
GPO Federal Credit Union
Jackson; Tarlika Patel; Danielle Jones Thompson; Veronica
White; and Ebony Stapleton (not present). Business
Development Specialist Janet Miles was also present.
Please refer to the 2015 Annual Report for further
details and remarks from the Chairman and CEO.
VI. REPORT OF THE TREASURER – By Azalea Albritton
Treasurer Albritton presented the Treasurer’s Report
reporting on the following points:
• Key ratios remain strong
• Assets grew to 40 million
• Loans grew to 20 million
• Deposits grew, while income was down, but remains
strong
• Current projects include new servers and credit card
chips.
Please refer to the Annual Report in the program for
further details. Chair Zagami remarked on the Credit
Union’s capitalization and its importance. He thanked the
Board and CU staff on their help in this accomplishment.
VII. REPORT OF THE SUPERVISORY COMMITTEE –
By Chair Janice Oloto
Supervisory Committee Chair Oloto introduced the
following members of the Supervisory Committee to the
members: Thien-Nga Gina Nguyen and David McGhee.
David McGhee gave the report in the program.
VIII. REPORT OF THE NOMINATING COMMITTEE &
ELECTION RESULTS – By Chair Charles Mbonu
Nominating Committee Chair Charles Mbonu
submitted the following three incumbents for the upcoming
three-year term vacancies for the Board of Directors:
Anthony J. Zagami, Diane Atkins and Rose Bates Hood.
They were all re-elected by acclamation.
IX. OLD BUSINESS
A member present asked about transferring money
from one account to another. The CEO said he would speak
to him privately after the meeting.
X. NEW BUSINESS
Member Lisa Lewis from GPO Customer Service gave
the Credit Union an A+ for member service.
XI. PRESENTATION OF AWARDS
Wallace McDade was presented with a plaque by
Supervisory Committee Chair Janice Oloto, Board Chair
Tony Zagami, and CEO Tim Anderson for his 20 years of
service as a GPOFCU volunteer on the Supervisory
Committee. Mr. McDade thanked all.
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CONTINUED
CEO Tim Anderson honored the following three credit
union employees with awards for 10 years of service:
Carla Baker, Veronica White, and Ebony Stapleton.
Mr. Anderson also thanked Marcia Dixon for putting
together a successful membership meeting.
XII. DRAWING OF DOOR PRIZES
Marcia Dixon conducted the door prize drawings of
four $25 Visa Gift Cards for the members.
XIII. ADJOURNMENT OF MEETING
Board Chair Zagami thanked all for attending and
adjourned the meeting. Directors Rose Bates Hood and
Robert Freeman motioned and seconded to adjourn the
Annual Meeting. The meeting adjourned at 2:45 pm.
Anthony J. “Tony” Zagami, Board Chair
Rose Bates Hood, Secretary
“A penny saved is a penny earned.”
Benjamin Franklin
S U P E R V I S O RY C O M M I T T E E R E P O R T
Thank you, Members, for trusting your savings to GPOFCU.
Credit Union products are good and make sound economic
sense. Our Committee strives to ensure practices and
procedures that safeguard your assets. Committee members
in 2016 were Gina Nguyen, David McGhee and Janice Oloto.
We perform a number of reviews as part of our regulatory
responsibilities such as surprise cash counts, ATM
replenishment reviews, closed account verifications, and
loan reviews. Through these reviews, we learn what’s
working well and what can be improved. Then we present
our findings to the Board of Directors for their
consideration.
Unlike the reviews by our Committee, the annual audit,
performed by an accounting firm, is an in-depth exam.
DeLeon & Stang reported favorable findings overall for
year- end June 30. Besides the exam, the firm performed a
negative verification of accounts in the fall, for which
members were directed to respond only if the information in
their account statements was incorrect. DeLeon & Stang has
been selected again for a new 3-year engagement.
Concluding this report from the Supervisory Committee,
we’ll also mention that on-going training has been
beneficial. For example, at a conference, we learned that
having a charter is a best practice for Supervisory
Committees. It spurred us to develop one of own.
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N O M I N AT I N G C O M M I T T E E R E P O R T
In accordance with the Credit Union's Bylaws, a
Nominating Committee was appointed to select nominees
for two vacancies on the Board of Directors, which were
created as a result of expiring terms. The Committee
submitted the following names to fill the new terms:
Charles Mbonu (incumbent), Pamela Metts (incumbent),
Thien-Nga Gina Nguyen and Shirley A. Stewart-Tibbs.
Since there were four nominees for two positions, a ballot
election was necessary. The Credit Union hired CPA firm
CliftonLarsonAllen LLP as tellers of the election. Election
results will be announced to members at the April 10, 2017
Annual Membership Meeting.
Respectfully submitted,
Diane Atkins, Nominating
Committee Chair
TREASURER’S REPORT
Upon closing out another year, we are very proud to
report that your credit union is fiscally sound, with strong
capital (net worth) and a growing membership base. Over
the years, we have consistently provided “financial
choices and lifetime solutions” to our members and
community partners, while effectively and prudently
managing the credit union’s financial statements. As we
continue to grow and expand, we will always measure the
growth with sound financial oversight.
At the end of 2016, GPOFCU’s net worth was 12.27%,
which more than exceeds the amount required by our
Federal regulator, the National Credit Union
Administration (NCUA).
Key financial results as of December 31, 2016:
• Assets remained steady at approximately $37 million
• Loans remained healthy at just under $20 million
• Shares (deposits) continue to grow to over $32 million
• Loan to Share ratio remained steady at 60.83%
• Capital remains strong at 12.27%
• Net income was down approximately $925,000
On behalf of the Board of Directors and management, we
are committed to unassailable financial management. As
we increase our footprint throughout the community, we
will continue to monitor our net worth to ensure that
growth is safe and sustainable.
Please take a moment to review the financial statements
(balance sheet and income statement). If you have any
questions, please contact our CEO, Timothy L. Anderson.
Janice Oloto, Supervisory Committee Chair
GPO Federal Credit Union
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S TAT E M E N T O F F I N A N C I A L C O N D I T I O N
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as of December 31, 2015 and 2016
ASSETS:
2016
LOANS:
Lines of Credit & Credit Card Loans
New Autos
Used Autos
Real Estate Loans to Members
Loans Fully Secured by Shares
$ 2,125,318.18 $
507,617.20
9,461,021.57
1,768,754.40
60,193.20
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S TAT E M E N T O F I N C O M E
for the period ending December 31, 2015 and 2016
2015
2,204,481.65
551,550.04
9,761,901.91
1,866,627.49
58,190.43
INCOME:
Interest on Loans
(Less) Interest Refund
Income from Investments
Other Operating Income
All Other Loans to Members
5,579,888.10
5,515,970.68
TOTAL LOANS TO MEMBERS $ 19,502,792.65 $ 19,958,722.20
Less: Allowance for Loan Losses
Net Loans Outstanding
RECEIVABLES:
Receivables
CASH:
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(619,014.55)
(282,411.2)
$ 18,883,778.10 $ 19,676,311.00
Total Gross Income
2016
2015
$ 1,463,680.76 $ 1,528,830.93
226,540.54
195,977.26
772,732.28
667,383.49
$ 2,462,953.58 $ 2,392,191.68
Employee Compensation
Employee Benefits
Travel & Conference
Association Dues
Office Occupancy Expense
739,879.50
203,176.93
59,895.96
17,191.88
-
673,976.36
185,113.76
56,380.07
22,471.81
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Cash (Cash on Hand, Deposit)
987,721.86
995,578.91
INVESTMENTS:
Federal Agency Securities
6,387.57
8,248.90
Certificate of Deposits
14,162,556.28
16,224,123.35
Premium & Discounts
(67,890.66)
(50,055.83)
Deposits in Mid-Atlantic Corp FCU
179,101.03
175,490.80
All Other Investments
12,600
16,000.00
TOTAL INVESTMENTS $ 14,292,754.22 $ 16,373,807.22
OTHER ASSETS:
Office Operating Expense
Education & Promotional Expense
Loan Servicing Expense
Professional & Outside Services
Provision for Loan Losses
Member Insurance
Operating Fees
Interest on Borrowed Money
Annual Events Expense
612,355.92
22,186.81
141,087.01
186,076.81
866,398.48
7,117.85
13,239.80
445.96
614,891.02
26,326.07
136,175.56
210,994.27
267,610.10
5,126.94
9,295.13
15,770.44
Land & Building (Net Depreciation)
Prepaids
Miscellaneous Expenses
236,288.13
112,826.26
2,018,229.78
$
Fixed Assets (Net Depreciation)
NCUSIF Capital Deposit
All Other Assets
- $
76,355.69
90,415.93
292,075.08
1,998,359.35
115,227.04
96,787.98
281,075.44
108,249.83
92,936.76
TOTAL ASSETS $ 36,749,580.49 $ 39,630,083.70
LIABILITIES & EQUITY:
LIABILITIES:
Notes Payable
Accounts Payable
$
- $
42,025.81
1,244,705.07
(77,515.65)
Operating Expense Before Dividends
Net Operating Income Before Dividends $ (642,387.46) $
(17,125.42)
-
1,127.86
-
(17,125.42)
1,127.86
(659,512.88)
56,361.75
266,337.46
262,963.26
55,390.75
4,430.50
12,553.82
4,671.57
Total Non-Operating Gain & Losses
Accrued Expenses
All Other Liabilities
73,304.43
-
56,649.33
-
Net Operating Income Before Dividends
Regular Share Accounts
Share Draft Accounts
175,151.49 $
1,241,064.14
$ 14,507,657.49 $ 14,994,445.93
4,317,238.17
4,252,975.12
55,233.89
Gain (Loss) on Investment
Gain (Loss) on Disposition of Assets
Other Non-Operating Income/(Expense)
Accrued Dividends
Withholding Taxes Payable
TOTAL LIABILITIES $
SHARES:
$ 3,105,341.04 $ 2,336,957.79
Dividends
Net Income (Loss)
$ (925,850.34) $ (206,601.51)
Share Certificate Accounts
8,928,539.86
9,520,851.60
IRA/Keogh Accounts
1,307,002.01
1,374,516.61
Non-member Certificates
2,794,609.00
2,809,246.00
All Other Share Accounts
208,396.20
0.00
TOTAL SHARES $ 32,063,442.73 $ 32,952,035.26
RESERVES & EQUITY
Regular Reserves
$ 276,329.55 $
276,329.55
Accumulated Unrealized Gain/Losses
on Available for Sale Securities
Undivided Earnings
Net Income
22.45
4,981,221.45
(746,587.18)
170.14
5,268,887.53
(108,402.92)
TOTAL LIABILITIES & EQUITY $36,749,580.49 $39,630,083.70
GPO Federal Credit Union
The best way to teach your children how to
handle money is to be a good example.
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Member Perspective
An Interview with Davita Vance-Cooks
Director, U.S. Government Publishing Office
What are you most proud of during your tenure at GPO?
I am proud to be a part of GPO’s transformation from a
print-centric facility to a publishing-centric operation, and
having worked with Congress to change the statute that
reflects our modern approach as an agency. The change of
my title from Public Printer to Director also reflects this.
GPO’s core has been printing, but the world changes, and
I am proud to lead the agency’s digital initiatives.
GPOFCU has served GPO employees, families and
retirees for 82 years. What has it meant for you, the head
of the agency, to be a member of your agency’s credit
union?
It is wonderful to be a member of GPOFCU, and to benefit
from the convenience and personal service that the credit
union provides. I, and most of the executive team who are
also GPOFCU members, can relate to what the GPO
employees experience in their credit union relationship
because we are also members.
Is there anything you would like to see the credit union
doing for GPO members that we are not already offering?
really is a convenience for employees, and our retirees
who come to the building. By reaching out to the
community, the credit union has been able to develop
more and better services that benefit GPO employees,
including enhanced online services and mobile banking.
With the new administration change and your eventual
departure from GPO, are there any particular initiatives
you would encourage your successor to focus on relative
to the credit union?
The credit union is part of the GPO culture. Even with
GPO’s reduction in staff due to technological productivity
and efficiency, the workforce will still need the financial
services the credit union provides. As new tenants utilize
GPO space, their employees will also look to the credit
union for convenient financial services. I am confident the
credit union will continue to serve the core financial needs
of this agency’s employees, retirees, and their family
members. I trust that my successor will enjoy the same
cooperative relationship I have enjoyed with GPOFCU’s
board, management and staff.
The credit union is already providing a broad array of
beneficial member services, such as scholarships,
emergency loans, financial education, and of course,
personal service. During the 2013 government shutdown,
the credit union stepped up to the plate entirely and
supported GPO employees. We want to encourage
employees to continue to utilize their credit union,
especially with money management and credit needs, and
assistance with tax issues.
Has the credit union’s charter expansion, allowing it to
provide affordable financial services to individuals in the
DC community, impacted GPO (the agency) in any way?
We hear many compliments about the credit union’s
satellite branch on the 1st floor in the GPO Bookstore. We
are glad to have built the office for the credit union as it
L-R: GPOFCU Board Chair Anthony J. “Tony” Zagami, GPO
Deputy Director Jim Bradley, GPO Director Davita Vance-Cooks,
GPOFCU BD/Marketing Janet Miles, GPOFCU President/CEO
Timothy Anderson.
GPO Federal Credit Union
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In Your Community
GPOFCU’s innovative partnerships with community organizations deliver
money management and affordable financial services to Washington, DC’s
underbanked and underserved individuals.
Right: GPOFCU receives “Building
Stronger Communities” Award from
Edgewood/Brookland Family Support
Collaborative. (L-R) Kim J. Bright, E/BFSC
Board President; Azalea Albritton, GPOFCU
Board Member; Timothy L. Anderson, GPOFCU
President/CEO; Marcia Dixon, GPOFCU
Director of Growth Initiatives; Janet Miles,
GPOFCU BD/Marketing & Financial Educator.
Friendship Public
Charter Schools
Below: GPOFCU’s Lending Officer,
LaTonya Allen, educates students and
parents at Friendship Public Charter School
Southeast on the importance of saving.
GPO Federal Credit Union
Above: DC Central Kitchen’s Culinary Job
Training Class 8 from Central Union Mission
completed 10 hours of financial management
training. (L-R): Michael Williams, Jr.; Mark
Stoney; Janet Miles, GPOFCU Financial Education
Instructor; Yahya Abdussamadi; Auturo Prailow;
William Martinez; Darryl Lane.
Left: East River Family Supporting
Collaborative teamed with GPOFCU to offer
hands-on financial management workshops
to clients in DC’s Ward 7.
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Thank you GPOFCU
Members for
Sharing the Love!
Member donations supporting financial literacy made it
happen! GPOFCU earned the 2016 Financial Literacy
Month Credit Union of the Year Award from the MD/DC
Credit Union Foundation. (Below) Veronica White and
Marcia Dixon show off GPOFCU’s “Golden Pig” statue!
Officer Charlie Beard (above)
and Carol Parker with
GPOFCU President/CEO
Tim Anderson (right), were
winners in our 2016 “Share
the Love” membership
campaigns.
Thank you for encouraging
your friends and family to
become part of our credit
union family.
Banking is Easy with
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Contact Us
Branch Hours
Street Address:
732 North Capitol Street, NW,
8th Floor
Washington, DC 20401
8th Floor: !
Mailing Address:
PO Box 77119
Washington, DC 20013-7119
Download our Mobile App for
iPhone and Android. Visit
www.gpofcu.org and select
Online Banking for the App, or to
enroll first in Online Banking.
Main Phone: 202-512-1067
Toll Free: 800-286-4820
Fax: "
202-289-1790
Day 'N' Night Teller: !
!
202-589-0005
Website: www.gpofcu.org
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Monday, Weds & Friday:
GPO Payday : " "
(every other Monday)
Tuesday: "
"
Thursday: "
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8:00 am to 2:30 pm
8:00 am to 5:00 pm
7:30 am to 3:30 pm
9:00 am to 3:30 pm
1st Floor (at GPO Bookstore):
Monday thru Friday:
!
8:30 am to 2:30 pm
ATMs
Our 24-hour ATM is available at 732 N. Capitol
Street, NW for deposits and cash withdrawals.
Locate surcharge-FREE Allpoint ATMs at
www.gpofcu.org.
Federally Insured by NCUA
GPO Federal Credit Union