Communications
COMMUNICATING ARTS CREDIT UNION SPRING 2009
YOUTH SAVERS CD
Help the younger people in your life
grow their savings when you open a
12-month Youth Savers CD in their
name. A Communicating Arts
account helps your child learn the
value of savings whether it’s saving
$
for a bike, planning for a trip, or
even just to feel independent.
Developing a habit of saving and
experiencing its rewards will serve
Auto Loans
them well in the years to come.
It’s easy to do. Open an account
in the child’s name with a $5
deposit to the Primary Savings.
The certificate deposit may be from
Special Rate Reduction gifts for a newborn, graduation or
birthday, or other savings. This
May 1st through July 6th special rate is available till June 30,
2009. Call, stop by, or visit us online
at www.cacu.org to learn more.
Discounts on qualifying rates*
Rates starting as low as 3.99%
TERMS UP TO 48 MONTHS - 2% discount off your
qualifying rate*
TERMS GREATER THAN 48 MONTHS - up to 60 • Special 12-month Youth Savers CD
months - 1% discount off your qualifying rate* earns 5% APY*
• Each month the interest will be
NEW & USED VEHICLES deposited in the child’s savings.
• Certificates can be opened with as
Purchase or refinance of loan from another little as $250 (maximum $1000).
financial institution • For any child under the age of 16
• Only one CD for each child.
* qualifying rate determined combined withhistoryoffers. To receive rate discount,
Rate discounts may not be
by your credit
other
• The Youth Savers CD will not
automatically renew at maturity.
* APY – Annual Percentage Yield
loans must be closed with Communicating Arts Credit Union and cannot be
closed at dealerships.
Communicating Arts Credit Union 1717 Western Avenue Cincinnati,Oh 45214 Tel: 513.381.3070 1.800.735.7929 Web: www.cacu.org
transferring additional funds to
P R ESIDE NT ’S ME SS AG E
our Allowance for Loan Losses in
anticipation of expected losses,
and paying a bonus dividend for
I welcome the opportunity to again insured certificates of deposit and the second consecutive year.
speak directly with you, our member- government-backed instruments. It is business as usual at your
owners. In these turbulent and We do not make subprime credit union. We have money to lend
challenging times, it’s important for you mortgage loans, we do not invest and welcome the opportunity to meet
to know how your credit union is doing. in collateralized debt obligations, your credit needs, whether it’s a
Most important is our ownership mortgage-backed securities, or other mortgage, a vehicle, a personal
structure - we are a cooperative, so-called exotic investments that loan, or a credit card. There aren’t
owned and directed by you, our have largely contributed to the any tricks to our programs - no
members. We do not have a paid current economic morass. “universal default” clauses on our
Board of Directors; we do not have As a group, America’s credit unions credit cards, no automatic rate
stockholders who are focused on the lead the financial services industry increases. We aren’t lowering lines
value of their shares and the return on in safety and soundness, with high of credit or otherwise restricting
their investment. We aren’t a bank, a capital ratios, strong liquidity, and your access to credit.
hedge fund, a multi-national financial high-quality assets. Credit unions We’re developing additional
services or insurance company. We have been able to deal with and programs to enhance convenience,
are a credit union, built by and for our resolve our challenges without encourage savings, and meet your
member-owners and focused on our relying upon funds from the federal borrowing needs. We invite you, your
member-owners and our local government. Your credit union is family members, and your eligible
community. closely supervised by both the Ohio co-workers to take full advantage of
We operate in a conservative manner; Division of Financial Institutions and the services available through your
after all, it’s your money. You entrust American Share Insurance. credit union. I welcome your
us with your savings and we use those You see Communicating Arts Credit comments, questions or suggestions
funds to lend money to your fellow Union’s strength reflected in the either via email to cherring@cacu.org
members, to help them with everything accompanying financial statement. or telephone at 513-381-5888, ext. 113.
from buying a home or a car to paying Our 13% capital ratio is nearly double Thank you for your membership,
tuition. Excess funds, over and above that required by our regulator to be
what we are able to lend and what is considered well-capitalized. We
needed for daily operations, are purposefully managed to a nearly
conservatively invested, primarily in break-even result last year, Catherine Herring
President/CEO
F I NA N C I A L S TATE ME N T
Statements of Financial Condition December 31, 2008 and 2007 Statements of Income for the Years Ended December 31, 2008 and 2007
Assets 2008 2007 Interest Income 2008 2007
Cash and cash equivalents 1,728,425 4,391,783 Interest and Fees on Loans 1,971,900 2,000,030
Investments, held to maturity 17,784,936 15,212,838 Interest on Investments 746,098 860,044
Investment in and Loan to CUSO 55,341 36,181 Total Interest Income 2,717,998 2,860,074
Loans to members, net of allowance for loan losses 26,513,155 24,448,237 Interest Expense
Accrued Interest Receivable 235,187 256,414 Members’ Share and Savings Accounts 1,061,047 1,124,273
Property & Equipment 26,184 42,411 Borrowed Funds 64 33
ASI Deposit 384,867 368,281 Net Interest Income 1,656,887 1,735,768
Other Assets 216,752 165,258 Provision for Loan Losses 289,700 17,250
Total Assets 46,944,847 44,921,403 Net Interest Income After Provision For Loan Losses 1,367,187 1,718,518
Liabilities and Members’ Equity Non-Interest Income
Members’ Shares and Savings Accounts 40,147,944 38,269,339 Insurance Commissions 3,761 4,483
Accrued Expenses and Other Liabilities 577,338 507,590 Income on investment in CUSO 54,464 23,167
Total Liabilities 40,725,282 38,776,929 Income from fees and charges 767,095 728,104
Commitments and Contingent Liabilities Total Non-Interest Income 825,320 755,754
Members’ Equity, Substantially Restricted 6,219,565 6,144,474 Non-Interest Expense
Total Liabilities and Members’ Equity 46,944,847 44,921,403 General and Administrative
Compensation and Benefits 910,698 853,173
Occupancy 60,000 60,000
Statements of Member’s Equity for the Years Ended December 31, 2008 and 2007
Operations 832,003 791,633
Appropriated Unappropriated Total Education and Promotion 75,090 63,238
Regular Reserves Earnings Professional and Outside Services 225,400 211,659
Balance at December 31, 2006 1,459,730 4,206,212 5,665,942 Other 14,225 16,037
Net Income -- 478,532 478,532 Total Non-Interest Expense 2,117,416 1,995,740
Balance at December 31, 2007 1,459,730 4,684,744 6,144,474 Net Income 75,091 478,532
Net Income -- 75,091 75,091
Balance at December 31, 2008 1,459,730 4,759,835 6,219,565
A copy of the audited financial statement with an unqualified opinion from Whitmer & Co. dated February 10, 2009 is available at the Credit Union office.
Communicating Arts Credit Union 1717 Western Avenue Cincinnati,Oh 45214 Tel: 513.381.3070 Toll Free: 1.800.735.7929 Fax: 513.421.3508
OVERDRAFT PROTECTION
A Communicating Arts checking account is a great
tool for managing your family money and keeping
track of expenses. But what are your options for
making sure your payments are honored?
• First, don’t put your account on auto-pilot. Keeping track of every deposit and
payment can help to avoid overdrafts and the fees that accompany them. Use the
Internet Branch to verify transactions and view holds from debit card transactions.
Set-up eAlerts to receive timely information on transactions and balances. And, Why wait to have a
don’t forget the age-old practice of reconciling your account balance to periodic credit card that meets
statements.
new consumer-friendly
• Keep a balance in your primary savings. Your Communicating Arts Checking Federal regulations?
account can be set-up to automatically transfer funds (at no cost) to checking to
pay transactions. (Federal regulations limit the number of transfers that can occur Last year the Federal Reserve
to six/month.) approved a set of credit card rules
that go into effect July 1, 2010.
• Apply for an Overdraft Protection Loan. This line of credit can provide for Congress is working on reforms
transfers in $100 increments to allow for payments authorized from your account. that would restrict fees and
You can apply on-line, or send your application by mail or fax. charges, increase disclosure,
• If your account qualifies for Courtesy Pay, the payment may be honored even and protect younger consumers.
if your available balance is not sufficient to cover the amount authorized. No need to wait to get these
This can prevent a payment from being returned unpaid. There is no application advantages. Communicating Arts
required for Courtesy Pay but you may choose to opt-out of this service by providing has always provided our members
this request in writing or through our secure Internet Branch Mail Center. with a credit card that offers
convenience without exploitive
We’re here to help. For more information about your Checking Account and
interest rates and “gotcha”
Overdraft Protection options call us today.
triggers. Visit us on-line for
an application or to learn more
about transferring a balance
O U R M ISSIO N from another card.
Communicating Arts Credit Union is a member-owned, not-for-profit financial
institution. Our mission is to make available quality financial services at a
reasonable cost to out members so as to provide for their financial needs, while
insuring the long-term financial stability of the Credit Union.
Discount Amusement Tickets
Visit our web site, www.cacu.org, for
a complete list of discount tickets for
local venues when you’re planning your
family outings.
• Kings Island
• Cincinnati Zoo and Botanical Garden
• The Beach
• Newport Aquarium
• Coney Island
• Cedar Point
• Geauga Lake
Transfer Your Bonus Dividend
Your use of Communicating Arts Credit Union services produced a profit last year
that is shared by its member/owners. Transfer your Bonus Dividend to your
savings or money market to earn interest. Or, transfer to your checking and use
the money. It belongs to you!
Auto Attendant: 513.381.5888 Comm-Line: 513.381-8860 or 1.800.735.0246 E-mail: info@cacu.org Web Site / Internet Branch: www.cacu.org
Spring 2009
Communications
COMMUNICATING ARTS CREDIT UNION
New Enhanced Bill Pay-
One Place, One Password,
All Your Bills
On May 13, 2009 we will upgrade our
Internet Branch Bill Payment program to
provide you with enhanced features:
Easy sign up and set up - sign up online, Review pending payments. View and track
pay bills right away up to 6 months of payment history – see
In most cases, payments will be made who you paid, the date and the amount
electronically and funds will be deducted Receive ebills (electronic version of your
on the date your payment is due. paper bills) from over 370 billers
The user friendly Payment Center helps Eliminate the need for checks, stamps
you manage all of your bill payment and trips to the mailbox.
activity, from one convenient screen. And best of all, Bill Pay is still a FREE
Schedule payments in advance. Simply Service.
enter the date you want your payment to be To view a quick Bill Pay demo use the link from
sent, up to one year in advance. the News page on our web site.
Many payments can be made the same Enrollment is quick and easy. Log-in to Internet
day, or next day. Branch and click on the Bill Pay menu.
New Enhanced Bill Pay
Transfer Your Bonus Dividend
Discount Amusement Tickets
Overdraft Protection
Financials
President’s Message
Youth Savers CD
Rate Reduction
Auto Loans – Special
IN THIS ISSUE
Cincinnati,Oh 45214 1717 Western Avenue
Cincinnati, OH
Permit No. 6657
U.S. Postage PAID
PRSRT STD