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Conference 7.286::dcu

Title:DCU
Notice:1996 BoD Election results in 1004
Moderator:CPEEDY::BRADLEY
Created:Sat Feb 07 1987
Last Modified:Fri Jun 06 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1041
Total number of notes:18759

95.0. "1988 Annual Report Concerns" by TYFYS::MEEHAN (If Murphy's Law can go wrong, it will) Wed Apr 27 1988 20:17

    I have several question about the Annual Report for the DCU.  I
    thought I would ask here first to see if my feeling and concerns
    form a consensus before going to the DCU.

    The first problem is the Annual Report was not distributed to
    the members of the DCU.  Copies were placed in the DCU office
    and by the ATMs.  I believe the reports should have been seen
    with the checking statements. Is it not required to send Annual
    Reports to share holders and by definition is not a member of the
    DCU a share holder?

    The second problem is with the Annual Report itself.  In the
    report there are the standard report statements from the
    Chairman, President, Treasurer, and the Credit Commitee.  There
    is no information or report given by an independent auditor. Isn't
    this a requirement for Annual Reports?

    Regards,

    Jim
T.RTitleUserPersonal
Name
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95.1What about us, out in the field?KYOA::CLEARYBob Cleary, SWS @KYO, New JerseyMon May 02 1988 19:0315
    If the Annual Reports were distributed by placing them in the branches
    and by the ATMs, they are avoiding distributing them to those of us who
    have to travel 300 miles or more to get to them. I didn't see any by
    the Cirrus ATM in Jersey City, NJ! How about the more remote areas?
    
    I work in the New York/New Jersey Area. The area, as a whole, employs
    about 2500 people. This is spread from Cape May, NJ, to Albany, NY and
    from the Delaware River to the Eastern tip of Long Island. This
    does not warrant any DCU representation.
    
    How do the orphans in the field get a copy of the Annual Report?
    
    					Bob Cleary,
    					New Jersey Central District
    					Software Services
95.2SALEM::RIEUWho gets custody of Chuck Sullivan?Tue May 03 1988 12:003
       Seems like the old DCU axiom, "what they don't know won't hurt
    them". Much like the secret minimum balance increase.
                                                  Denny
95.3Why not call and ask that they mail you one?COOKIE::WITHERSSN*W is a 4-letter word!Tue May 03 1988 14:261
    
95.4Of course I'll call now.KYOA::CLEARYBob Cleary, SWS @KYO, New JerseyTue May 03 1988 22:305
    RE: .3
    
    Bob, I wouldn't know enought to call if Jim didn't snitch in .0!
    
    					Bob Cleary
95.5Official DCU ResponseTSE::LEEBERKnock Knock!Tue May 17 1988 16:4525
    This is an official response by John Tilley of the DCU. The response,
    dated 4-MAY-1988, is included below. 
        
    Whether you agree or disagree with the response from the DCU,
    *PLEASE* remember I'm just the MESSENGER.
    
    Carl Leeber

******************************************************************************
    Over the years, DCU has published both "official" annual reports and
    annual updates similar to the information made available through the
    branches in April. The auditors' statement and extended financials are
    available for inspection at the headquarters office. In general,
    interest in the information has been very low among the members of DCU
    and much money could be spent for very little response. Monthly
    statements of financial condition are available in all branches for
    inspection. 
    
    DCU is audited twice a year, by the National Credit Union
    Administration (NCUA) and by the CPA firm of Peat, Marwick, Main, & Co.
    of Boston. DCU has received excellent ratings from both agencies for
    the management and condition of the organization. In fact, DCU is used
    as a training facility by the NCUA because of our performance and
    quality of financial management.
******************************************************************************
95.6COOKIE::WITHERSBob Withers - In search of a quiet momentThu Sep 19 1991 16:3516
While making a deposit at SSFCU, I ran into my "personal banker."  I asked,
"How can I get a copy of the anual report?"  She said that it was posted on
the wall of the credit union for me to look at, but she didn't have the
key.  She had this pained expression that entreated me not to ask her to
find the key and open it up for me :-)

The AR is six pages long, three sides showing.  The sides that were visible
were the officer's names and contact information, the balance sheet, and
the statement of condition.

I just got off of the phone with SSFCU's national branch.  A customer
service person named Sheila will be sending me an AR in the mail.  SHe also
gave me an "operator number" for my reference - presumably so I could
follow up with her if needed.

BobW