2014
Annual Report
Growth
at a Glance
$96.2
Million in Assets
499
New Members
10.72%
Net Worth
89.57%
Loans:Savings
CHAIRMAN’S REPORT
Your Credit Union has had another successful year of serving
members with great products and services. As of January 1st, we were
happy to welcome our newest members from the former Three I
Credit Union. With this merge we have added a full-service branch to
accommodate our Southern Iowa members in the Burlington, Iowa
area. In addition, former Three I members will now have many more
services available to them to meet their financial needs.
In 2014, members used our loan and savings products at a record
Jack Schumacher
pace. As we move into 2015, I hope you will continue to spread the
Board Chairman
word to your family and co-workers that Alliant Credit Union and
Health Services Credit Union are great credit unions to be members of.
I would like you to know that your board of directors works diligently to protect and serve
your financial needs. I express my sincere thanks to you for continuing to make us your
trusted financial home. We hope to exceed your expectations now and well into the future.
PRESIDENT/CEO’S REPORT
Alliant Credit Union (ACU) experienced another very positive year in 2014 and continues
to build for the future. ACU ended the year with consolidated assets over $96 million. Our
lending programs were a great benefit to the members as shown by our 89.57% loans to
shares ratio. Net worth rose to 10.72% and we ended the year with a Return on Assets of
0.69%. 2014 was very positive and the ratio’s confirm your credit union is headed in the
right direction.
The future is indeed bright at ACU. Our staff and volunteer Board of Directors continually
look for new products and services that will benefit membership.
One such example of this commitment to you was the introduction
of our student consolidation loan program. Alliant Credit Union is
in the forefront by offering our Unified Student Consolidation Loan
with our partner Aspire (formerly named Iowa Student Loan). This
is a wonderful program for former college students to consolidate
their loans into one easy, affordable payment. If you know of a family
member or co-worker who could benefit by this program, have them
contact the credit union.
In the Fall, we were pleased to announce the merger of Three I
Credit Union in Burlington, Iowa to Alliant Credit Union. On January
Mike Moroney
1st of this year, we successfully completed the merge. Not only does
President/CEO
this give us greater economies of scale, but it also gives our Southern
Iowa members easier access to the credit union. We welcome Vince Copeland and Diane Lee
to ACU’s Board from the former Three I Board.
I would be remiss if I did not acknowledge the staff at Alliant Credit Union. Having just
gone through a merge over the holiday season, I was very pleased to see how they stepped
up to the challenge. I was very proud to see them in action working to ensure a successful
merge. Weekends and holidays were no match for this dedicated crew.
I conclude my report thanking you for your ownership in Alliant Credit Union. I am
confident that our future is bright by the membership we serve. Not only are you using your
credit union for your financial needs, but you are spreading the word about the great things
your credit union can do to help your co-workers and families. Together, we can accomplish
great things.
BALANCE SHEETS
As of December 31,
Assets
2014
2013
2012
Consumer Loans ............................. $ 31,431,128 $ 31,154,412 $ 29,722,781
Mortgage Loans .............................. 43,908,136
39,309,875 35,172,655
Allowance for Loan Loss .................
(376,526)
(383,789)
(352,952)
Cash in Bank ...................................
1,414,369
1,422,218
1,645,100
Investments - Held to Maturity........ 10,703,326
16,670,551 19,820,575
Accrued Interest ..............................
283,20
236,781
190,375
Fixed Assets (Less Depreciation) ....
2,416,333
2,507,472
2,406,799
CUSO Investments..........................
839,370
858,124
875,384
NCUSIF ...........................................
842,450
838,982
822,225
Other Assets....................................
4,360,551
2,328,187
858,073
Total Assets ............................................ $95,822,337
$94,942,813 $91,161,015
Liabilities and Members’ Equity
Member Savings ............................. $
Other Liabilities & Accrued Expense
Statutory Reserve............................
Undivided Earnings .........................
83,776,636 $ 85,134,638 $ 81,937,479
1,776,476
199,435
219,913
4,156,137
3,956,137
3,656,137
6,113,088
5,652,603
5,347,486
Total Liabilities & Equity ....................... $ 95,822,337
Number of Members ............................
9,429
$ 94,942,813 $ 91,161,015
9,560
9,343
STATEMENTS OF INCOME
As of December 31,
Income & Expense
2014
Interest Income
Interest from Loans ......................... $ 3,270,976
Interest from Investments ...............
122,114
2013
2012
$ 3,293,697 $ 3,322,106
170,050
209,730
Total Interest Income ....................
3,393,090
3,463,747
3,531,836
Less Interest and Dividend Expense ..
513,608
602,766
777,188
Less Provision for Loan Loss..............
Net Interest Income After
Provision for Loan Loss ................
246,705
230,633
266,800
2,632,777
2,630,348
2,487,848
Non-Interest Income ...........................
1,137,985
1,059,286
1,348,921
Less Operating Expenses ...................
Less NCUSIF Premium/Stabilization
Expense ..............................................
3,110,278
3,017,397
2,823,578
-
67,119
78,111
Net Income.....................................
660,484
605,118
935,080
Transfer to Reserves ...........................
-
-
-
Transfer to Undivided Earnings...........
$ 660,484
$ 605,118
$ 935,080
GROWTH
As of December 31,
Amount of
Description
Increase
Assets
$ 879,524
Total Savings ($1,358,002)
Total Loans
$4,874,977
Total for
Percent of
2014
Growth
$95,822,337
0.93%
$83,776,636
-1.60%
$75,339,264
6.92%
Total for
2013
$94,942,813
$85,134,638
$70,464,287
Millions
100
90
80
70
60
50
0
2010
TOTAL LOANS
2011
2012
TOTAL SAVINGS
2013
2014
TOTAL ASSETS
Annual Meeting Minutes
The 81st annual membership meeting was held at The Diamond Jo Casino, Dubuque,
Iowa, on Saturday, March 29, 2014. There were 143 members and guests in attendance,
with one board member, Jim Hodgson not present.
Jack Schumacher, Chairman, called the meeting to order at 5:41 p.m., welcoming
everyone to the annual meeting on behalf of the board and staff.
Jack announced the winners of the Credit Union’s essay scholarship contest and
thanked Carla Decker, Denice Habel, Bruce Main, Beth McMullen, and Lynn Vogt for
grading the essays. Each winner listed below will receive a $500 scholarship.
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A drawing was held for three additional $500 scholarships and awarded to:
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The drawing for door prizes was held and listed below are the winners:
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Schumacher, Vince Schuster, Shelley Spicer and Board Emeritus Jean Hoeger. Board
member Jim Hodgson was excused.
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everyone for attending and reviewed the ballot for candidates that will be elected to the
board for a term of three years. Terry introduced the nominees: Michelle Arenson, Jeff
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were asked to vote for four candidates listed on the ballot. The votes are to be tallied and
will be announced later in the meeting.
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assets are $94.9 million, loan growth of 8.58% and a net worth ratio of 10.12%. We
welcomed 582 new members to the credit union. Mr. Moroney thanked the staff for
another great year.
Mike Moroney also thanked Ed Barud for his service to ACU. Ed is retiring from the
board after 36 years. Ed joined the credit union in 1966. Ed thanked the board and the
credit union for 36 pleasurable years.
Jack referred members to the annual report. Loren Heber motioned to approve the
minutes from the 2013 annual meeting. This was seconded by Char Eddy. All in favor,
motion carried.
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by Roger Vogt. All in favor, motion carried.
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members Chuck Nachtman, Steve & Janell Stoffell. The election committee collected and
tallied the votes. The following were elected to the board:
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The meeting adjourned at 6:01 p.m.
Respectfully submitted,
Becky Jenkins, Secretary
CREDIT COMMITTEE REPORT
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1,977 loans for $35,177,288. This includes 174 mortgage loans, including advances, for
$16,323,882.
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you are doing business with an organization in which you have a vested interest.
The credit committee would like to commend the staff for their dedication and service
to the membership.
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Sandy Even, Chair
Joseph Kubesheski
Shelly Spicer
Shelley Fitzgerald
AUDIT COMMITTEE REPORT
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Alliant Credit Union as of December 31, 2014, and were in accordance with generally
accepted accounting principles.
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Jim Hodgson, Chair
Kathy Miller
Jeff Eddy
ACU wishes to thank the board of directors for their ongoing support, dedication, and contributions.
Vince Copeland
Jeff Eddy
Sandy Even
Shelly Fitzgerald
James Hodgson
Becky Jenkins
Joe Kubesheski
Diane Lee
Kathy Miller
Mike Moroney
Jack Schumacher
Vince Schuster
Shelly Spicer
www.alliantcu.com