2007 Annual Meeting Report
The Annual Meeting was held on Sunday, March 11 at the Westcott Community Center. Every seat was taken and the presentations were energized with the active participation, questions, and ideas of members. New this year was simultaneous translation into Spanish. Jorge Carceres translated with a microphone in one hand and his infant daughter in the other. Peter Scheibe called the meeting to order. After approving minutes, members heard brief, informative reports from CU officials.
Cheri Capparelli, President, reported on the board’s priorities in 2006. The board devoted much of 2006 to strategic planning. The credit union requires more physical space in order to function efficiently, serve more members, and serve all our members better. As 2007 begins, the board and staff are hard at work to find a third CU office space.
Ron Ehrenreich, Cooperative Federal treasurer, highlighted key activities of 2006 and presented a financial report. 2006 was a year of modest growth in savings, loans, and assets. After growing too rapidly in 2004 and putting the brakes on in 2005, the modest growth of 2006 is very healthy.
Simon Morin, credit committee secretary, delivered the report on loans. The credit union’s delinquency ratio spiked in 2006, but by year-end had returned to typical levels.
The Supervisory Report on the credit union’s audit and other activities was delivered by Mark Feldman, committee chair. Considerable discussion focused on the credit union’s obligation to comply with the Bank Secrecy Act. Peter, newly elected board member Julie Gozan, and other members discussed the idea of explaining the law and the credit union’s responsibilities in a future edition of Commonwealth.
David Andrews reported for the nominations committee. Members reelected David Andrews, Cheri Capparelli, Ron Ehrenreich, Kennia Matos, and Larry Young to the board. Newly elected members are Julie Gozan and Pamela Spearman. Reelected to the credit committee were Lisa Bailey, Simon Morrin and Osupa T-Davis; Joe Branagan, Mike Burton, Christina Sauve, and Gerry Russo were elected as alternates.
Ron Ehrenreich discussed New Business for 2007. We will work to expand the Southwest Office and open a third office in another underserved area. We will launch a new credit union “brand,” complete with a revised logo (don’t worry, the tree will stay!) and a new nickname: Cooperative Federal.
This year marks our 25th Anniversary, which will be celebrated by a gala in October. Finally, another goal for 2007 is to build the reputation of our Financial Education program as the best provider in the region.
Certificates of Appreciation and special prizes were awarded to board member-turned-loan officer Susan Hamilton, financial education volunteers Jason Eaton and Kira Crawford, and AmeriCorps*VISTA member Meagan Weatherby to thank them for their dedicated service. Door prize maven Sondra Roth distributed door prizes generously contributed by field of membership organizations, community partners, and other supporters. Once the meeting was adjourned, attendees sat down to a tasty gourmet dinner prepared by members Steve Susman and Mickey Schechter. Member Linda Barbour provided an array of sumptuous desserts.
