2019 Annual Report
Chairman’s and President’s Report
In an effort to control the spread of COVID-19, we are changing the format for the White Sands FCU 2019 Annual Meeting scheduled for April 16, 2020. Our meeting will now be held as a virtual meeting. Please note, there are no formal actions to be voted on at the annual meeting.
As you will see in the Annual Report, White Sands FCU performed well in the fiscal year 2019. Some of the highlights of that report include:
•Our assets at the end of 2019 were $318,085,468
• I'm very pleased to announce that again this year White Sands FCU is a well-capitalized financial institution, with a strong net worth ratio of 9.55 percent. To put that in perspective, a net worth position above 7 percent is considered well-capitalized by our regulators.
• You, the member-owners of this institution, borrowed more than $205,007,750 in new loans in 2019 and reflects the continued optimism in our economy and trust in your credit union.
• As loan demand has increased 2.14 percent from 2018, our delinquencies remain low at .35 percent. This is a reflection of two things: the competitive rates we're able to offer and your strong commitment to honoring your financial obligations.
White Sands FCU also benefits the communities in which we serve through donations of time and money. The credit union donated over $15,000 to local charities and non-profit organizations in 2019, and our employees donated an additional $8,007.18 of their own funds through our Do A Good Deed Program. Click Here to view some of the organizations that benefited.
Last year, White Sands FCU performed exceedingly well. We generated $2,415,551 in net income in 2019; and as a result, we were able to pay out special year-end double dividends to our members of over $40,000. That was our way of saying thank you for being a loyal member to White Sands FCU.
In closing, I'd like to express my deepest confidence in the leadership of the credit union, our board of directors, the commitment of our dedicated staff, and the support and loyalty of our member-owners. We look optimistically into the future.
Jack Randal, Chariman of the Board
William Jacobs, President & CEO
Supervisory Committee Report
The Supervisory Committee is composed of three volunteer members, whose responsibility is to oversee the credit union’s financial condition and operations. To help us conduct a thorough examination in 2019, the Supervisory Committee utilized the services of Bolinger, Segars, Gilbert and Moss Certified Public Accountants to perform a detailed audit of the credit union. In addition, the National Credit Union Administration (NCUA) performs regularly scheduled federal examinations. All audit findings indicated that the credit union is financially sound, maintains accountability of its financial and lending records, and possesses good management.
The Supervisory Committee also handles inquires from individual members and the NCUA concerning the application of policies, procedures, and regulations. Based on our reviews, we are confident that your credit union is operating in compliance with all laws and regulations for federally chartered credit unions. Should you have questions or need assistance, you can reach your Supervisory Committee at Supervisory Committee, White Sands FCU, PO Box 99, Las Cruces, NM 88004.
Patricia Wagner, Chairperson
|Statement of Condition as of December 31, 2019|
|Cash on hand|
|Net Loans to members||$ 205,007,750
|Fixed assets||$ 4,197,910
|Other assets||$ 14,728,094
|Total assets||$ 318,085,468
|Liabilities and net worth|
|Accounts payable & accrued expenses||$ 1,776,340
|Net worth||$ 30,370,108
|Total liabilities and net worth||$ 318,085,468
|Statement of Operations as of December 31, 2019|
|Interest on loans||$ 9,915,204
|Income from investments||$ 1,588,276
|Fees and other income||$ 2,827,188
|Total Revenue||$ 14,330,668
|Operating expenses||$ 9,600,964
|Cost of funds||$ 1,389,153
|Provision for loan loss||$ 925,000
|Total Expenses||$ 11,915,117
|Net Income||$ 2,415,551
Federally Insured by NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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