Financial Statements
Financial Statement made up of Assets, Liabilities and Net Worth
What is a Balance Sheet?
The year that CCU was formed.
What is 1953?
A strategy lever composed of employee salaries, office operations, office occupancy, loan servicing, etc.
What is Operating Expense?
Regulatory body that insures most credit unions, and oversees the health and well-being of federally chartered credit unions
What is the NCUA?
An accumulation of all of the profit that the credit union has made since its inception
What is Net Worth?
Always improve the financial well-being of our members and make a positive difference in the community.
What is CCU's mission statement?
The amount expensed to accumulate dollars for absorbing credit risk
What is the Provision for Loan Losses (PLL)?
The total dollar amount insured by NCUA for a deposit
What is $250,000?
Sometimes referred to being in the red or black
What are earnings (net income)?
The approximate value of 1 basis point (as of September 30, 2019)
What is $80,000?
This strategy lever is comprised of expenses such as Dividends and Borrowing Expenses
What is Cost of Funds?
This body of people is responsible for representing members’ interests in setting the strategic direction for the credit union
What is the Board?
The amount of earnings the credit union makes over the average assets of the credit union
What is return on assets (ROA)?
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The 5 KPIs currently being measured on the balanced scorecard.
What are membership growth, loan growth, deposit growth, ROA ratio (return on assets), efficiency ratio?
This strategy lever adds to the profitability of the credit union but lives in the Net Operating Expense
What is Fee and Other Income?
This body of people is responsible for monitoring the credit union's Interest Rate Risk
What is ALCO?
The location on the balance sheet where credit union borrowings live
What are liabilities?
The main focus areas for CCU Strategies.
What are member experience, employee experience & development, community partners, and financial strategy?
The income that is paid on assets minus the expense paid on dividends over the average assets of a credit union
What is Net Interest Margin?
The Act passed by Congress stipulating minimum regulatory capital and Prompt Corrective Action levels for insured Credit Unions
What is the Credit Union Membership Access Act (CUMAA)?