choice one federal credit union

Chairman’s Report David L. Chatfield, Chairman, Credit Union House N Now into its third year of operation, Credit Other memorable moments of the past year include events for Senate Majority Whip Mitch McConnell (R-KY), House Minority Leader Nancy Pelosi (D-CA), Senate Banking Committee Chairman Richard Shelby (R-AL.) and an event that drew President Bush’s chief political advisor, Karl Rove. Indeed, Credit Union House on Capitol Hill truly has become a “working symbol” of the credit union movement’s political progress. Looking to the future, we expect even greater levels of activity at Credit Union House. Escalating banking industry attacks against credit unions, now focused at the federal as well as the state level, will undoubtedly inspire additional usage as Credit Union House factors into our strategy for defeating the bankers. We also look forward later in 2004 to completion of a roof terrace, an addition that will significantly enhance the existing event space at Credit Union House. We appreciate the financial support provided by California and Nevada credit unions for this endeavor. In closing, I would like to extend a special thanks to my colleagues on the Credit Union House, LLC Board of Directors, and to the many credit system entities and individuals who have pledged ongoing support that has made our vision for Credit Union House not only a reality, but a source of immense pride for the movement at large. Union House continues to realize and build upon its permanent and highly visible presence for the credit union movement on Capitol Hill. When Congress is in session, the facility is virtually in constant use, brimming with activity. As league and credit union delegations visit Washington to “Hike the Hill,” most featured visits to Credit Union House on their itinerary, either to host their member of Congress, conduct pre- or post-visit briefings, or simply as a rendezvous point—precisely among the purposes for which Credit Union House was envisioned. In 2003, a total of 88 events were held at Credit Union House, attracting more than 60 members of Congress. Among the most memorable events was a luncheon marking the five-year anniversary of the passage of H.R. 1151, the Credit Union Membership Access Act of 1998. It was, after all, our experience during that two-year legislative battle—when we had to make due with makeshift “war room” accommodations in nearby hotels— that galvanized league and credit union support for a dedicated credit union facility blocks from the U.S. Capitol. Our guests at the anniversary event included such notables as Sen. Paul Sarbanes (D-MD), the Senate Banking Committee’s ranking minority member, and the co-authors of H.R. 1151, Reps. Steven LaTourette (R-OH) and Paul Kanjorski (D-PA). 2 Credit Union House Annual Report 2003 President’s Report Daniel A. Mica, President, Credit Union House A As the national organization of the credit union community struggled to successfully enact the Credit Union Membership Access Act, has it been so important for credit unions to burnish and build on this image. There is little question in my mind that the banking industry will present a serious challenge to credit unions in the year to come. To answer that challenge most effectively, credit unions must have a base of operations right on Capitol Hill. Credit Union House is our headquarters for meeting the new challenges – in the right place, at the right time. I cannot overstate how grateful I am that the credit union movement has supported the construction, development and operation of Credit Union House to date. By the same token, I cannot emphasize enough how important it is that credit unions, working with and through the Leagues, continue their support for Credit Union House to operate and serve the needs of the movement in the months and years to come as we face this next challenge. In short, I believe that Credit Union House is just now hitting its stride – with more events, greater stature and higher visibility than ever before. Clearly, Credit Union House will play a pivotal role in helping us protect and preserve the credit union movement. Only with the continued support of credit unions, will that role be realized well into the future. movement enters its next 70 years of service to consumers, we know that we must be active, engaged and motivated to speak up before the Congress and policymakers in Washington. Credit Union House on Capitol Hill gives us the venue, presence and stature for effectively making our collective voice heard. And in the upcoming year, that is going to be a pivotal advantage for the credit union movement. For the past two years, Credit Union House has averaged 80 separate events each year, including those sponsored by the Leagues, Congressional leaders, other members of Congress as well as various trade and interest groups from around the nation’s capital. With each event, the presence and image of Credit Union House seems to grow markedly. More than once I have heard members of Congress and other first-time visitors exclaim at their tours, “this is a beautiful facility; very impressive.” And, more than once, those same visitors have returned to sponsor events of their own at credit unions’ “home away from home.” The presence and stature we are steadily building through Credit Union House is of an industry that recognizes the value of maintaining a physical presence on Capitol Hill; essentially, we are seen as an industry that “gets it” when it comes to being a player in Washington. In fact, not since 1998, when the credit union 2003 Credit Union House Annual Report 3 Treasurer’s Report Robert S. Walls, Treasurer, Credit Union House C of debt. Credit Union House, LLC continues to build and payable to CUNA, originally secured for the purchase of the adjoining property. The result is that Credit Union House, LLC is now debt-free. The outlook for the Credit Union House, LLC is extremely positive. As more credit union groups visit the facility, enthusiasm for Credit Union House results in more support. Because of this, Credit Union House maintains a solid financial base and additional fundraising opportunities. Ongoing fundraising for Credit Union House is crucial to the success of future operations. Despite fundraising success to date, continued support throughout the credit union system is required to maintain the current image reflected in Credit Union House. We appreciate those who have made a financial commitment for ongoing support and encourage those who have not yet done so to make that same commitment. In closing, I would like to point out that the independent CPA firm of BDO Siedman, LLP, conducted an audit report on the financial statements of Credit Union House, LLC, for the year ending 2003. The financial statements along with the opinion of the auditors can be found on the Credit Union House website at www.cuhouse.com. enhance its already solid financial foundation. We ended the year 2003 with net income of $104,000, Members’ (Investors’) Equity of almost $4.7 million, cash on hand of $605,000, and free Investors and non-investors alike continue to support the efforts of Credit Union House. In addition to the $4.3 million of capital contributions, during the past four years we received more than $1.1 million in non-capital contributions from investors, sponsors and contributors. These critical contributions fund the organization’s day-today operations. From an operational standpoint, the summary income statement shows Credit Union House had an excellent year in 2003, with net income of $104,000. This was the result of system support in the form of contribution income, the adjoining property being fully leased, and the close monitoring of operating expenses. In addition, the largest expense item in the Credit Union House operating statement is depreciation, a non-cash expense. This non-cash item helped generate a positive cash flow for 2003, and Credit Union House was able to pay off the $600,000 outstanding note 4 Credit Union House Annual Report 2003 The Year in Retrospect C Creative utilization of Credit Union House is event space Credit Union House is able to offer, and will expand the ways in which the facility can be used. The year 2003 brought two very generous capitol sponsorships. National Cooperative Bank sponsored the front receiving parlor and the credit unions of Pennsylvania banded together to sponsor our primary event space – the Capitol View Room. Annual contributions increased this year as many credit unions renewed their commitment of financial support and several new credit unions added their names to our list of contributors. Without the support that these contributors provide, Credit Union House would not be able to operate from year to year. That is why we are so grateful for this support and ask those who have not yet made a financial commitment to consider doing so. California League President Dave Chatfield (left) and House Minority Leader Nancy Pelosi (D-CA) during a reception at Credit Union House President Bush's chief political advisor, Karl Rove and CUNA Vice President, Legislative Affairs and Senior Legislative Counsel Gary Kohn during an event at Credit Union House enhanced with each passing year. The number of credit union board meetings and planning sessions increased in 2003, and state league groups used the facility in innovative ways to connect with their Members of Congress. From inception, Congressional leaders recognized the statement of presence credit unions were making in the establishment of Credit Union House. That recognition and the positive feedback on Capitol Hill only continues to increase each year. As more Members of Congress visit Credit Union House for various credit union and political events, they comment on the beauty and convenient location of the facility and ask if they might use it for their own events. A new state flower project was launched in 2003. Credit Union House contracted with local artist Margaret Huddy to provide an original painting of each state’s official flower. These paintings will be framed and hung in the front stairwell at Credit Union House, and will serve as yet another reminder of the Credit Union House connection to each of the fifty-one state leagues. Because of the funds raised by California and Nevada credit unions, construction on a new roof terrace is scheduled for completion by the summer of 2004. This outdoor area will add to the variety of 2003 Credit Union House Annual Report 5 2003 Credit Union House, LLC Board of Directors LLC LLC Members Presidential Level Members ($300,000 +) Chairman David L. Chatfield California and Nevada Credit Union Leagues Diplomat Level Members ($10,000 - $49,999) Alaska Credit Union League Arkansas Credit Union League DC Credit Union League Delaware Credit Union League Hawaii Credit Union League Idaho Credit Union League Iowa Credit Union League Kansas Credit Union Association Louisiana Credit Union League Maryland Credit Union League Mississippi Credit Union Association Montana Credit Union Network Nebraska Credit Union League Nevada Credit Union League New Hampshire Credit Union League New Mexico Credit Union League North Dakota Credit Union League Rhode Island Credit Union League Tennessee Credit Union League Vermont Credit Union League Washington Credit Union League West Virginia Credit Union League Wyoming Credit Union League California Credit Union League Colorado Credit Union System Pennsylvania Credit Union Association Texas Credit Union League Congressional Level Members ($200,000 – $299,999) Florida Credit Union League Missouri Credit Union Association New York State Credit Union League Virginia Credit Union League Wisconsin Credit Union League Vice Chairman James J. McCormack Pennsylvania Credit union Association Ambassador Level Members ($50,000 - $199,999) AACUL Alabama Credit Union League Arizona Credit Union League Connecticut Credit Union Association Georgia Credit Union Affiliates Illinois Credit Union System Indiana Credit Union League Kentucky Credit Union League Maine Credit Union League Massachusetts Credit Union League Michigan Credit Union League Minnesota Credit Union Network New Jersey Credit Union League North Carolina Credit Union Network Ohio Credit Union System Oklahoma Credit Union League Credit Union Association of Oregon South Carolina Credit Union League South Dakota Credit Union League Utah League of Credit Unions Treasurer Robert S. Walls Delaware Credit Union League Senator Mitch McConnell (R-KY), Kentucky League President Wendell Lyons, CUNA Vice President, Legislative Affairs and Senior Legislative Counsel Gary Kohn Secretary Richard D. Pillow Virginia and DC Credit Union Leagues President Daniel A. Mica Credit Union National Association Representative Brad Miller (D-NC) poses with a group of North Carolina credit union members 6 Credit Union House Annual Report 2003 2003 Contributors Capital Sponsors Pennsylvania Credit Unions National Cooperative Bank $120,000 - Capitol View Room $100,000 - Receiving Parlor GTE Federal Credit Union L.A. Financial Credit Union MacDill Federal Credit Union Mazuma Credit Union MidWest Financial Credit Union Missoula Federal Credit Union Missouri Corporate Credit Union Municipal Employees Credit Union of Baltimore, Inc. Pacific Service Credit Union PA State Employees Credit Union Pine Bluff Cotton Belt Federal Credit Union Priority One Credit Union Redstone Federal Credit Union SAFE Federal Credit Union Sea Air Federal Credit Union St. Anne's Credit Union of Fall River Stamford Credit Union T & C Federal Credit Union United Consumers Credit Union CUNA Vice Chairman, Juri Valdov’s International Credit Union Day Speech at Credit Union House is very warmly received Annual Contributors Patron Level ($15,000+) Boeing Employees Credit Union WesCorp Federal Credit Union Chairman Level ($10,000 - $14,999) First Financial Credit Union Orange County Teachers Federal Credit Union Randolph Brooks Federal Credit Union U.S. Central Credit Union World Council of Credit Unions Montana First Credit Union OSU Federal Credit Union Pawtucket Credit Union Robert S. Walls, Sr. San Diego Firefighters Federal Credit Union SMW 104 Federal Credit Union Spokane Federal Credit Union St. Jean's Credit Union Stanford Federal Credit Union Tennessee Teachers Credit Union TLC Federal Credit Union Tobacco Valley Teachers Federal Credit Union Wauwatosa Credit Union Yakima Valley Credit Union Platinum Level ($5,000 - $9,999) Alaska USA Federal Credit Union Honoring Glen Reese Navy Federal Credit Union Redwood Credit Union Riverside County's Credit Union U.S. Airways Federal Credit Union Visions Federal Credit Union Water and Power Community Credit Union Western Federal Credit Union Friends of Credit Union House ($25 - $249) Alcoa Tenn Federal Credit Union Atlantic Financial Federal Credit Union Amelia Blair Mr. and Mrs. Gene Bosma CRC Federal Credit Union Kathy L. Chartier Kenneth M. Corbett Dane County Credit Union Dexter Regional Federal Credit Union Byron Edgett FIED Franklin Trust Federal Credit Union Greenville Heritage Federal Credit Union Honoring Donald R. Meyers Sid Holland William Humpfer Michael Miller Modesto's First Federal Credit Union Organized Labor Credit Union Oro Grande Federal Credit Union Perfect Circle Credit Union Reliant Federal Credit Union Joel and Louisa Romaine San Jacinto Area Credit Union SGV Water Company Federal Credit Union Trona Valley Community Federal Credit Union Utilities Employees Credit Union Western Division Credit Union Mr. and Mrs. Ronald J. Woodbury Beverage Service provided to Credit Union House compliments of The Coca-Cola Company and The Coca-Cola Company Family Federal Credit Union Bronze Level ($250 - $999) 66 Federal Credit Union ABNB Federal Credit Union Alexandria USDA Federal Credit Union Autotruck Federal Credit Union Avanta Federal Credit Union Bellco Credit Union Campus USA Credit Union Central Credit Union Commonwelath One Federal Credit Union Community Educators Credit Union Community First Credit Union Core Plus Federal Credit Union Credit Union Central Falls Deer Valley Federal Credit Union Delaware Federal Credit Union Detroit Federal Employees Credit Union DuPont Fibers Federal Credit Union Duval Federal Credit Union Energy First Credit Union Five County Credit Union Hughes Federal Credit Union Jim Jukes Kimberly Clark Credit Union Kraft America Credit Union Long Beach Postal Credit Union Melrose Credit Union Milwaukee Metropolitan Credit Union Moapa Valley Federal Credit Union Gold Level ($2,500 - $4,999) Arrowhead Credit Union ESL Federal Credit Union Eastman Credit Union Northrop Grumman Federal Credit Union Portland Teachers Credit Union Vandenberg Federal Credit Union Silver Level ($1,000 - $2,499) America First Credit Union American River HealthPro Credit Union Atlantic Regional Federal Credit Union Call Federal Credit Union Caltech Employees Federal Credit Union Carolina Trust Federal Credit Union Community One Federal Credit Union Contra Costa Federal Credit Union Credit Union Executives Society CUNA Credit Union DayMet Credit Union, Inc. DCUL Governmental Affairs Committee Dutch Point Credit Union, Inc. Fiscal Federal Credit Union 2003 Credit Union House Annual Report 7 Capitol View Room Made possible by the generous support of Pennsylvania credit unions $5,000 Contributor Level A-K Valley Federal Credit Union Citadel Federal Credit Union Erie General Electric Federal Credit Union Mid-Atlantic Corporate Federal Credit Union Pennsylvania State Employees Credit Union Reading Works Federal Credit Union TruMark Financial Credit Union Visionary Federal Credit Union WEST-AIRCOMM Federal Credit Union VA Pittsburgh Employees Federal Credit Union Wheatland Federal Credit Union Wyoming Valley Chapter of Credit Unions York Chapter of Credit Unions $250 - $999 Contributor Level Armstrong Associates Federal Credit Union Beaver Valley Chapter of Credit Unions William and Barbara Bowker C G H Federal Credit Union Margie Coan Erie Chapter of Credit Unions Freedom United Federal Credit Union Friendly Federal Credit Union Harrisburg Chapter of Credit Unions Gerald Hogan Janet and Lanny Horn Irvin Works Federal Credit Union K of C Federal Credit Union John Kebles Keystone Federal Credit Union Deborah Klaes LANCO Federal Credit Union Ronald Lasich Lee Hospital Credit Union Edward Maier MERHO Federal Credit Union Jim McCormack Mercer County Community Federal Credit Union Moonlight Credit Union Francis and Jane Muto N.W. Susquehanna Valley Chapter of Credit Unions Parkview Community Federal Credit Union Pennsylvania CU Association Employees Andrew Pistoria Pittsburgh Central Federal Credit Union John Richards Riverfront Federal Credit Union R-S Bellco Federal Credit Union Scranton Chapter of Credit Unions Sterling Credit Corporation Superior Credit Union Susquehanna Valley Chapter of Credit Unions Tri-State Federal Credit Union Valley 1st Community Federal Credit Union R. Brian and Sue Wilbur Wilkes-Barre Postal Federal Credit Union Wilkes-Barre VA Employees Federal Credit Union Cookie Yoder $2,500 Contributor Level AmeriChoice Federal Credit Union American Heritage Federal Credit Union Erie Federal Credit Union Lebanon Federal Credit Union New Alliance Federal Credit Union People First Federal Credit Union Pittsburgh Teachers Credit Union $1,000 - $2,499 Contributor Level Allegheny Energy Federal Credit Union Atlantic Credit Union Belco Community Credit Union Choice One Federal Credit Union Cornerstone Federal Credit Union Cross Valley Federal Credit Union Diamond Credit Union Eagle One Federal Credit Union Erie Times Federal Credit Union First Commonwealth Federal Credit Union Freedom Credit Union Frick Tri-County Federal Credit Union Glatco Credit Union Hershey Federal Credit Union Robert Marquette Members 1st Federal Credit Union Merck Sharp & Dohme Federal Credit Union Monongahela Valley Chapter of Credit Unions P & G Mehoopany Employees Federal Credit Union Patriot Federal Credit Union Pennsylvania Central Federal Credit Union Philadelphia Chapter of Credit Unions Philadelphia Federal Credit Union Pittsburgh Chapter of Credit Unions SB1 Federal Credit Union Service 1st Federal Credit Union Sun East Federal Credit Union Tobyhanna Army Depot Federal Credit Union U.E.S. Community Federal Credit Union UFCW Federal Credit Union USX Federal Credit Union The Credit Union House serves as a central point for credit union activity in Washington. It provides our three-tiered system (CUNA, leagues, credit unions) with a tangible and visible presence in our nation’s capitol. 8 Credit Union House Annual Report 2003 $20 - $249 Contributor Level ALCOSE Credit Union Allegheny-Kiski Postal Federal Credit Union Asbestos Workers Local #14 Federal Credit Union Berks Community Federal Credit Union William Bittner Blue Chip Federal Credit Union Gene and Pat Bosma Raymond Brunner John Buchinski Bucks County Employees Credit Union Central York Federal Credit Union Teresa Chletcos Gail Cook Copper & Glass Federal Credit Union Kevin Davis Phyllis Dick E C-2 Federal Credit Union E. S. B. Employees Federal Credit Union EC & EE Employees Federal Credit Union EME Credit Union Eckell, Sparks, Levy, Auerbach, Monte, Rainer Attornies at Law Endless Mountains Chapter of Credit Unions Erie Community Credit Union Erie Firefighters Federal Credit Union First Choice Federal Credit Union G.A.P. Federal Credit Union Galaxy Federal Credit Union Gautier Federal Credit Union Green Tree Federal Credit Union T. Fetsko Bruce Foulke John Gulick Guthrie Federal Credit Union Gina Tatkus Hopewell Joint School Employees Federal Credit Union The Triumph Baptist Federal Credit Union Joyceann Jumper WACOPSE Federal Credit Union Norb Kaczmarek Warren Area Federal Credit Union David Keffer Wawa Employees Credit Union Keystone United Methodist Marilyn and Bill Wehr Federal Credit Union Wyse Federal Credit Union David Killa Chip Yates Allan King Zurn Federal Credit Union John F. King Georgeann Lawson LAKES-TO-SEA Federal Credit Union Lehigh Valley Federal Credit Union Richard Lenio Kathy M. Linn Lee MacMinn James McAneney McKinney-Scranton Federal Credit Union Mt. Lebanon Federal Credit Union New Castle Bellco Federal Credit Union New Visions Community Federal Credit Union Norristown Bell Credit Union Pagoda Federal Credit Union Par-Del Emp. Federal Credit Union Representative Max Burns (R-GA) PHB Employees Federal Credit Union chats with a constituent during an event Pittsburgh Federal Credit Union at Credit Union House POSTMARK Credit Union PPG & Associates Federal Credit Union Diana Roberts Katherine Robinson Schott Emp. Federal Credit Union Shenango Valley Chapter of Credit Unions Leonard Shimko Paula Speicher W. Harold and Dorothy Springer Judith Supplee Illinois credit union members listen to a speaker during their Hike the Hill program Representatives Vic Snyder (D-AR), Marion Berry (D-AR) and Mike Ross (D-AR) pose with Arkansas League President Reta Kahley at the center of a group of Arkansas credit union members CUNA President and CEO Dan Mica, Senator Richard Shelby (R-AL) and Alabama League President Gary Wolter 2003 Credit Union House Annual Report 9 Contributor Opportunities There are two primary ways to support or contribute to Credit Union House: I. Annual Contributor Patron Level Annual Contribution of $15,000+ Use of Credit Union House for Annual Event ** Color Print of Credit Union House Board Room Usage * Office Space Usage * Patron Level Contributor Pin Recognition as a Patron Level Contributor Gold Level Annual Contribution of $2,500 - $4,999 Office Space Usage * Gold Level Contributor Pin Recognition as Gold Level Contributor Silver Level Annual Contribution of $1,000 - $2,499 Silver Level Contributor Pin Recognition as Silver Level Contributor Chairman Level Annual Contribution of $10,000 - $14,999 Use of Credit Union House for Annual Event ** Board Room Usage * Office Space Usage * Chairman Level Contributor Pin Recognition as Chairman Level Contributor Bronze Level Annual Contribution of $250 - $999 Bronze Level Contributor Pin Recognition as a Bronze Level Contributor Platinum Level Annual Contribution of $5,000 - $9,999 Board Room Usage * Platinum Level Contributor Pin Recognition as Platinum Level Contributor Friend of Credit Union House Annual Contribution of $25 - $249 Recognition as Friend of Credit Union House *Subject to availability **Includes approved catering list, catering costs not covered II. Capital Sponsor Capital Sponsorship opportunities are for those that wish to designate giving for a specific purpose in the facility itself. For example, each front walk paver sponsor will have a personalized engraved paver placed permanently in the front walk of Credit Union House. There are a limited number of capital sponsorships available. Each sponsor will receive: • Recognition at the Credit Union House facility • Recognition in Credit Union House publications • One year of benefits as a Patron Level annual contributor Please contact Kyle Noble (202) 548-3130 if you would like more information about becoming a Capital Sponsor. 10 Credit Union House Annual Report 2003 Credit Union House Annual Contributor Form Name: ____________________________________________ Title: ____________________________________________ CU/Organization: __________________________________ Mailing Address: __________________________________ City: __________________________State: ____Zip: ______ Phone:____________________________________________ CU ID#: __________________________________________ Contributor Level (Check One): Patron Silver Chairman Bronze Platinum Friend Gold Contributor is a(n) (Check one): Individual Credit Union Organization Please recognize: __________________________________ (Print name as it should appear in recognition materials) Attached is my check/share draft of $____________ made payable to Credit Union House. Credit Card: Visa Master Card Please charge my credit card in the amount of $__________ Number _______ /_______ /_______/_______ Expires:___/___ Name on Card: ____________________________________ Signature: ________________________________________ Please mail you contribution to: Credit Union House 403 C Street, NE Washington, DC 20002 FAX: (202) 548-3148 Note: Contributions to Credit Union House are not tax deductible as charitable contributions. However, they may (consult your tax advisor) be tax deductible as ordinary and necessary business expenses. 2003 Credit Union House Annual Report 11 Credit Union House is a first class events facility situated just blocks from the United States Capitol. The facility is owned by the Credit Union House, LLC which is comprised of the 51 state credit union leagues and the American Association of Credit Union Leagues (AACUL). Overall management of the day to day operations of the facility is provided by the Credit Union National Association. Credit Union House 403 C Street, NE Washington, DC 20002 (202) 548-3131