Supervisory Committee Report The Supervisory Committee has the responsibility of overseeing the internal operations of the credit union and verifying compliance with federal and state laws, the credit union bylaws and policies enacted by the Board of Directors. We hired the CPA firm of Doeren Mayhew to conduct a comprehensive annual audit to assist us with our responsibility for the year 2014. As a result of the audit by Doeren Mayhew, we are pleased to announce an Unqualified Auditor’s Opinion. Additionally, the Department of Insurance and Financial Services (State of Michigan Regulators) conducted a periodic examination of the credit union. This agency conducted the examination in accordance with the regulations established by the State of Michigan. Bo ar d o f d ir e cto r s William H. Harvey | C hairman Charles R. Lacey | V ice C hairman Terry G. Boden | T reasurer Betty Richards | D irector Paul J. Renko, Jr. | S ecretary Su pe r v iso r y Co m m itte e Kristine Misko | C o -C hairperson Ann Schroeder | C o -C hairperson Barbara O’Brien Paul Wydendorf Cr e d it Co m m itte e Georgia Vowles-LaBean | C hairperson Jon Elliott April Thomas The members of the Supervisory Committee are pleased to announce the results of the audit and the examination, In Every sense, with Every cent. ‘MemberFocus Community credit union continues to be a sound financial institution.’ Credit Committee Report Our mission is to treat each member with the personal and individual care, respect and understanding they deserve and to look for every possible way to maximize financial value so that we may help our members accomplish their financial goals. Members of Management and the Credit Committee remain committed to the underlying philosophies that have helped us grow into who we are today. We look forward to the continued support of our members. VA L U E EAST DEAR B OR N B RAN C H 6246 Chase Road • Dearborn, MI 48126 P 313.581.2002 • F 313.581.5688 W e s t D e a r b o r n B r a n ch 1050 North Telegraph Road • Dearborn, MI 48128 P 313.581.2002 • F 313.561.3834 www.memberfocus.org ©CUAdvantage.com • 877.799.0784 • 2/15 2014 ANNUAL REPORT Chairman’s Treasurer’s report report Our Values: MemberFocus is a not-for-profit financial cooperative. We believe in operating a lean business so that we can give as much benefit to our membership and our community as possible. Value ($) for You: Our members can experience exceptional value through better rates, fewer fees, and member exclusive discounts. The more you use MemberFocus, the more you can save! Value to our Community: MemberFocus is proud to give back to the communities that we serve. In 2014, we contributed over $13,000 through donations, scholarships, and sponsorships to better our community. A new initiative in 2014, we made a donation for every new membership that we opened. In total, we donated over $2,600 to three local service groups in just nine months. In addition, we offered non-monetary support to groups such as the Dearborn Firefighters’ Burn Drive, the Dearborn Goodfellows and Henry Ford College. Since our founding in 1935, our credit union has seen many changes. Our economy, our country and our world has transformed around us. One thing that hasn’t changed is our credit union’s values. MemberFocus was founded as an educational credit union with the philosophy of “people helping people.” Our co-operative business model has held us true to this mission for nearly 80 years. Our commitment to education hasn’t wavered either. In 2014, we contributed over $5,000 to educational causes. Our not-for-profit status has allowed us to offer the most value possible to our members. Our Operating Expense to Average Asset Ratio actually decreased from 3.06% to 2.99%, a sign of an efficient operation. Our Equity to Asset Ratio increased from 10.26% to a strong 11.18%. Total Assets have increased from $92,337,378 to $95,630,031, representing an annual increase of $3,292,653. Total loans on the other hand, have decreased to $25,791,760, an annual decrease of $3,421,524. Financial Report As of December 31, 2014 Assets Member loans Official loans Allowance for loan loss Investments Cash and Funds Due from Banks Other Assets Total Assets $25,468,360.97 323,399.08 (238,011.58) 65,052,912.44 659,717.38 4,363,652.55 $95,630,030.84 Liabilities and Equity Liabilities Shares Special Deposits Certificates of Deposits IRA Deposits Share Drafts Total Liabilities and Share Equity $424,309.61 34,423,758.70 24,384,172.65 7,383,792.00 1,182,042.69 17,375,294.79 $85,173,370.44 Required Reserves Capitalization Reserves Total Liabilities and Equity 2,022,782.39 8,433,878.01 $95,630,030.84 Income Interest on Loans Interest on Investments Other Income Total Income $1,265,492.02 1,009,768.46 850,222.77 $3,125,483.25 Distribution of Income Operating Expense Dividends and Interest Net Required Reserve Transfer Total Distribution of Income $2,805,853.01 96,644.58 222,985.66 $3,125,483.25