the Advent
ures
of
2013
annual
report
for the past o years theres been one outstanding institution dedicated to protecting the citizens of san luis obispo from the sinister clutches and high fees of big banks
un IonCred I t. . .sLo
the dedicated slocu super team works day and night to maintain banking truth and justice for all slo credit union members.
the slocu board of dir
ectors, aka
s-men
the league of
f inanc ial just ice
the slocu supervisory
committee, aka
member service representatives jen tutko & teri dallacosta, aka
the dynamic member serv ice duo
operations off icer emilie devera-jones, aka
wonder worker
loan off icer diane garcia, aka
the l ender avenger
capta in cred i t un ion
ceo suzanne leedale, ak
a
ceo & chair report
we all grew up believing heroes were all around us, ready to swoop in and save the day. in reality, a hero is just the right person in the right place at the right time, doing the right thing.
capta in cred i t un ion
at slo credit union (slocu), your heroes continually save the day with the best savings options. we defeat high-price villains with super-low loan rates and superior service.
as everyday super heroes, we f ight to give you knockout service. we use facebook, twitter and e-mail to rescue your wallet with useful information, savings tips, and the credit union message.
in 2013, we added more tools to our super-power arsenal. we want to protect both children and adults from going down a bad f inancial path. so we launched the smart cents clubs, for kids and teens, to start them on the road to f inancial freedom. we also started the new slocu hero program to give our members the power to restore peace to their loved ones wallets by referring them to slocu.
this year, slocu remained very strong, sound and solid our f inancial strength is stellar with f ive-star ratings from both bankrate.com and bauer f inancial, two independent rating f irms.
slocu continues to battle a low-interest rate environment, so you can continue to enjoy heart-stopping, low rates on your slocu loans. though savings rates have not fought back to pre-recession levels, slocu continues to bring you the best possible deals.
slocu also supported the next generation of local heroes by donating to the slo 4-h program in 2013, and were gearing up for an even stronger partnership in 2014.
you can count on
slocu to save your
wallet.
in an effort to be your f inancial service hero both today and tomorrow, the slocu board set growth targets and staff climbed to new heights
a feat that wouldnt be poss ible w ithout you,
our member heroes.
league of f inancial justice board of directors
john maddux board chair fran edwards board vice-chair russ haynes secretary/treasurer ken miller board member carl nelson board member steve senet board member david romero board member
the s-men supervisory committee
ken f inney chair terilyn thompson member glen priddy member
the following people heroically stepped up to serve in the following vacancies:
board of directors
carl nelson 3-year term expires january 2017 david romero 3-year term expires january 2017
supervisory committee
ken f inney 3-year term expires january 2017 glen priddy 2-year term expires january 2016
superheroes in the mak ing
nominating committee
report
slocu relies on elected, volunteer champions to serve on its board and supervisory committee. volunteers work to ensure your f inancial freedom, develop winning strategies and make sound policy decisions to save your wallet. slocu thanks the current volunteer heroes who make it possible for us to serve you our member.
2013 off ic ia ls
the s-men
are not mutants;
they are slocu volun
teers who
use their powers to
benef it humanity. a
group of both men
and
women, the s-men u
se the power of thei
r minds to keep slo
cu
f iscally responsible
and benef icial for
all members. they ac
hieve
this by keeping an e
ye on operations and
meeting with auditor
s.
this year, the comm
ittee worked with bo
th external auditors
and state agencies t
o complete routine
evaluations of oper
ations.
all of the reports
indicate slocu is ope
rating safely and s
oundly.
additionally, f inancia
l reporting complies
with generally acc
epted
accounting principles
.
slocu and the super
visory committee can
only
function with the hel
p of member volunte
ers.
if you want to use
your powers for g
ood by
volunteering, please
talk to a current
s-man
or staff member toda
y.
the supervisory committee report
s-men
2013 f inanc ial reportassets 2012 2013
loans to members 3,481,082 3,419,063allowance for loan losses (30,880) (31,121)cash 2,833,002 3,174,083investments 26,208,163 26,840,339f ixed assets 467,059 433,655accrued interest due 108,284 111,689other assets 320,638 304,349
total assets $33,387,349 $34,252,058
liabilities
member shares 13,081,277 14,610,556member certif icates 13,895,494 13,376,603member share drafts 514,567 739,972other liabilities 34,720 48,404regular reserves 397,159 397,159undivided earnings 4,805,011 4,887,252unrealized gains/losses 659,120 192,112
total liabilities $33,387,349 $34,252,058
income
interest on member loans 237,015 208,121income from investments 684,592 570,095fee income 20,478 21,318other income 1,242 1,900
total gross income $943,327 $801,434
operating expense
compensation & benef its 292,147 302,733travel & conference expenses 3,155 3,719association dues 11,087 11,097off ice occupancy 43,544 44,853off ice operations 136,863 146,930education & promotion 43,401 46,723loan services expense 38,578 36,416professional & outside services 32,191 32,177provision for loan loss (13,759) 0member insurance 0 0 member share insurance 26,137 22,340state operating expense 5,500 5,500miscellaneous expenses 12,166 12,260
total operating expense $631,009 $664,749
dividends paid to members $136,941 $89,038
total gross expense $767,951 $753,786
net income/loss from operations $175,376 $47,648
other non-operating income/expense $0 $34,593
net income/loss $175,376 $82,241
the slo credit union super hero team will continue to f ight for truth and justice in banking across san luis obispo county. but we will not do it alone. there are many heroes working to return order, peace and integrity to the way we bank
and one of those heroes is you.
slocu herorefer your friends & win cash!
rescue your friends from the sinister clutches and high fees of big banks by referring them to slocu today.
LooK At these AMAZInG ProGrAMs!
WoWZA! !
manage your slocu account from the palm of your hand!learn more about the sprig mobile banking apps and banking capabilities online at www.slocu.com.
lean on us i f you need a loan.-new/used auto loans
-new/used rv loans
-salary loans
-savings or certificate
secured loans
-debt consolidation options
who says saving cant be fun?with the slocu smart cents club, kids and teens can save big and win big when they reach a savings goal !
CALL dIAne,
the Lender AvenGer
(805) 543-5839
for More InforMAtIon.