| In reading this report, I keep seeing differences between what the
Consolodated Statement of Condition report period ending 30-Apr-1994
says and what is said at the board meeting...
> Loans to members grew $2.4 million in March. Consumer loans outstanding
> increased $1.7 million, while Real Estate loans increased $.7 million. The
> main growth was in vehicle loans ($2.2 million), which are now growing at
> an annualized rate of 10.9%. Marketing promotions for both vehicle loans
> and first mortgages were implemented in March.
If I look at loans to members comparing to the previous month, I see a
2.4% increase ($4,856,220) and as compared to last year 0.7%
($1,381,802)
The numbers do not match... What are we missing here? Am I reading
this report wrong?
> Total savings for the month increased $5.4 million, partly due to the month
> ending on a payday and to quarterly dividends being paid. Checking account
> maintenance fees for some members were implemented three months ago. The
> volume in these accounts is growing at an annualized rate of 23.3%,
> compared to a negative 7.1% in 1993.
This is also confusing. Total savings decreased as compared to the
previous month by -1.8% (-$5,942,292) or as compared to previous year -2.0%
(-$6,723,386).
How are they increasing when the Statement of Condition shows them
decreasing? Are there some unknown savings accounts that the report
does not show?
> Total savings are growing at an annualized rate of 14.1%, compared to a
> negative 5.9% last year.
This odes not make sense when one looks at the Statement of Condition
Compared to last month we have -1.8% less savings and compared to last
year we have -2.0% less savings.
How do we increase when the numbers show a decrease?
> Net income for the month was close to budget at $249,208. This brought net
> income for the year to $1.4 million which is $102,000 better than budget.
Again, I cannot find these numbers...
> - Member survey results are near completion and the savings growth goal has
> been surpassed (14.10%).
Where is this coming from?
- mark
|
| It is interesting that the minutes note that Chuck and the senior staff left the
board meeting. They do not note that any of them returned, but later in the
minutes, Chuck gives a report. If it doesn't say he returned, maybe they all
returned, also? It is also not clear why they left in the first place.
Elaine
|
| > * It was moved by Ms. Mann and seconded by Mr. McEachin to approve the
> charge offs, in the amount of $72,453,39, for the month of April, 1994.
> MOTION CARRIED UNANIMOUSLY.
The number is misformed. Is that supposed to be a DOT between the two 3s?
|