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					  Space Age Federal Credit Union
                 54th Annual Meeting - 2005 Annual Report




Expedition 2006


                               Agenda
                                    May 20, 2006
                             Village on the Park Branch
                             2495 S. Havana St., F-18
                                  Aurora, CO 80014

Welcome Members and Guests
I.    Call Business Meeting to Order
II.   Appoint Parliamentarian
III.  Ascertain that a Quorum is Present
IV.   Reading and approval of minutes from previous Annual Meeting dated May 14, 2005
V.    Reports
      i.     Chairman’s Report
      ii.    President’s Report
      iii.   Supervisory Committee Report
      iv.    Treasurer’s Report
VI. Unfinished Business
VII. Call for New Business
VIII. Elections
IX. Adjournment of Business Meeting
                                Chairman’s Report
                              On behalf of the Board of         make our members' lives easier. With the redesign of our web-
                              Directors, I would like to thank  site and the addition of the Bill Pay Tutorial and the Account
                              both, the members and the profes- Alerts feature in CyberBanking, we hope to have made electron-
                              sional team                                            ic access to your funds much more conven-
                              at Space                                               ient. Additionally, with the creation of the
                              Age Federal       “...Our focus in 2005 new Three-Year Step-Up Certificate, maxi-
                              Credit
                              Union, for
                                                                                             the
                                            was identifying ways that mizingbeen return on your deposits has
                                                                                     never        easier.
                              another
                              outstanding
                                              we can make our mem- With 2006 well underway, Space Age con-
                              year. In        bers' lives easier. With tinues to further our member focus.
                              light of the                                           Recently, we relocated our Corporate
                              challenges     the redesign of our web- Headquarters and Village on the Park
                              that finan-
cial institutions across Colorado have
                                                                                                   much more convenient location,
                                              site and the addition of branch to a parking, in-person tellers, and
                                                                                     with better
faced this year, with a significant
increase in bankruptcies and a lag in
                                             the Bill Pay Tutorial and private offices for business and loan services
                                                                                     that makes doing
                                                                                                          account
                                                                                                                  with Space Age
recovery from the recession, Space Age             the Account Alerts                as convenient and comfortable as possible.
continued to remain a secure, well-cap-                                              It is our hope that all of our members will
italized credit union, focused on provid- feature in CyberBanking, enjoy this 21st century designed facility.
ing superior products and service to its
members.
                                                                                                     your
                                               we hope to have made Thank you foryear! continued support and
                                                                                     another great

At Space Age, we realize that your time
                                            electronic access to
is valuable and we strive to make doing    your funds much more
business with us the best experience
possible. As a result, our focus in             convenient.”                         Carl S. Miller
2005 was identifying ways that we can                                                Chairman of the Board
                                  President’s Report
                             2005 was a challenging year for       Denver Center (DFAS) in Building #444 and relocate the Air
                             Colorado credit unions and Space      Reserve Personnel Center (ARPC) to Buckley Air Force Base.
                             Age Federal Credit                                         This was especially disheartening news to
                             Union. Throughout                                          Space Age Federal Credit Union due to the
                             2005, the             “...Space Age                        fact that Space Age was chartered in 1952
                             Colorado economy                                           by the people who worked in the Finance
                             lagged behind the    is positioned to                      Center. Rest assured, however, that Space
                             national economy                                           Age will continue to thrive and grow. In
                             in recovery. As     continue to serve                      fact, a great deal of respect must be given
                             such, many of our                                          to the Board of Directors who, back in the
                             members experi-     current and future                     mid 1980's, strategically decided to diversi-
                             enced financial dif-                                       fy the membership base through select
                             ficulties in being  members for many                       employee groups in order to mitigate the
                             able to meet their                                         loss of the Finance Center, should it ever
obligations with financial service providers,      generations to                       occur. With the BRAC decision becoming a
such as Space Age. Also in 2005, a bank-                                                fact in 2005, Space Age is positioned to
ruptcy law reform occurred, which led to an            come.”                           continue to serve current and future mem-
increase of 54% in bankruptcy filings over                                              bers for many generations to come. The
2004 in Colorado. In fact, Colorado ranked                                              professionals at Space Age Federal Credit
11th in the country for bankruptcy filings in 2005 with 1 out of   Union will focus on helping the personnel at DFAS and ARPC
every 47.68 households declaring bankruptcy. For Space Age,        in their transition.
over $700,000 in loans were affected by the increase in bank-
ruptcy. However, even with these events, Space Age continues       In 2005, Space Age continued to serve its many communities by
to be a highly capitalized credit union by maintaining 9.51% net   participating in the Lowry Community, Children's Hospital
worth.                                                             fundraising, Aurora Credit Union Alliance events, and the
                                                                   AFAFC/DFAS Retirees organization.
2005 was also complicated with the notification of the BRAC
decision to close the Defense Finance and Account Service,         We also continued to add new products and services to our

                                                                                            (Continued on next page)
                             President’s Report                                    (Continued)
membership. We introduced the Visa                                   has grown successfully over the past 54 years.
Gift Card, our Step-Up share certificate,        “On a sad note,     We will always remember and miss him.
reverse mortgages, pay by phone servic-                              Goodbye my friend.
es, and a check cashing program for our          we said goodbye
select employee groups. Notably, in serv-                            I would like to personally thank the Board of
ing our members, Space Age is also               to our long-time    Directors and Supervisory Committee for
proud to report that we maintained a                                 their continued excellent hard work, vision
96% member satisfaction rating. We              friend and leader,   and dedication to Space Age Federal Credit
challenge any financial institution to attain                        Union. We thank you, the members, for con-
this satisfaction rating in serving its cus-      Tony Iacovetta.    tinuing to use us and we promise to provide
tomers or members.                                                   you with the outstanding service you expect,
                                                He served proudly    along with the products and services that you
With 2006 underway, our members are                                  want.
already enjoying the new highly-visible         for 41 years as a
and member-friendly headquarters, locat-
ed at the Village on the Park in Aurora.        volunteer for our    Thank you,
We are very pleased to be able to provide
this new look and delivery channel to our          credit union.”    John R. Uchida
membership. With the Colorado econo-                                 President
my showing some slight improvement, we
anticipate that 2006 should be a better year financially.

On a sad note, we said goodbye to our long-time friend and
leader, Tony Iacovetta. He served proudly for 41 years as a
volunteer for our credit union. It is because of him and the
others that served as a volunteer at Space Age that Space Age
                            Supervisory Committee Report
                      The Supervisory Committee                  Performing quarterly independent loan reviews.
                      works to ensure
                      the safety and           “... We are                        Performing independent cash counts at all
                      soundness of mem-                                           the Space Age branch offices.
                      bers' funds and the     proud to offer
                      accuracy of Credit                                          Assisting the National Credit Union
                      Union records.         you a safe and                       Administration (NCUA) with an examina-
                      The Committee is
                      comprised of vol-
                                             sound environ-                       tion as of December 31, 2004. Their
                                                                                  examiners provide a report on Space Age
                      unteer members         ment to conduct                      Federal Credit Union's financial strength
                      who serve the                                               and management.
                      Credit Union by:        your financial
Performing external audits. To assist in
                                                business.”                     The Supervisory Committee serves as your
                                                                               personal advocate determined to provide you
this process, the Supervisory Committee                                        with the highest quality member service and
retained the public accounting firm of                                         privileges. As committee members, we are
Petersen & Associates, Certified Public Accountants. To       proud to offer you a safe and sound environment to conduct
fulfill Space Age requirements, Petersen & Associates per-    your financial business. We look forward to serving you in the
formed a comprehensive annual "opinion" audit for 2005.       future.
This auditing process reviewed statements of financial con-
dition as of September 30, 2005 and the related statements    Bob Bennett
of income, changes in retained earnings, and cash flows for   Chairman of the Supervisory Committee
the year.
                                              Treasurer’s Report
                             First and foremost, I want to             effort and frequent feedback received from the general member-
                             thank you, the membership at large,       ship, Space Age Federal Credit Union remains a well capitalized,
                             for allowing me to serve as your          financially stable and respected financial institution. Specific evi-
                             Treasurer during 2005 for such a          dence of this fact is confirmed in the unqualified audit opinion
                             prestigious financial institution. Space received again this year from the independent audit firm of
                             Age Federal Credit Union continues        Petersen & Associates, CPAs. Petersen stated, "Space Age's
                             to be a leader in the credit union        financial statements are in agreement with Generally Accepted
                             movement by offering its members          Accounting Principals and no accounting exceptions were noted."
                             some of the best products, services,
                             and pricing available                                         Space Age's continual strong performance takes
                             in the financial          “...Space Age Federal on even more significance when considering that
                             industry. These                                               2005 was a very difficult and challenging year
                             products and              Credit Union remains for financial institutions across the country. The
                             services cover the           a well capitalized,              change in the bankruptcy law resulted in hun-
full spectrum, from the traditional service offer-                                         dreds of filings and as a consequence, we, like
ings, to products geared to meet the needs of           financially stable and many other financial organizations, were left to
our Generation Y members. This is reflected in            respected financial              write off thousands of dollars in bad debt.
the continual growth in assets from                                                        Sadly, many of the bankruptcies and delinquent
$86,027,453 in 2003 to $92,797,091, as of                      institution.”               accounts were from long-time members with
December 31, 2005; and assets are expected to                                              30-40 year relationships and good credit histo-
exceed $96 million by 2007.                                            ries previously. This trend seems to have tapered off and we are
                                                                       optimistic we can get our delinquencies back under control. Lou
Additionally, the Space Age Management Team, Board of                  Holtz, the great football coach, once said, "Don't tell me how
Directors, and Supervisory Committee meet monthly with the sole rocky the sea is, just bring the darn ship in." Well, the entire
purpose of ensuring that your credit union remain financially          Space Age team is here to do just that, bring the ship in for you,
strong and your valuable hard-earned assets are well protected         regardless of the economy or market trends! We are proud to
and smartly invested. These monthly meetings are supplemented          have you as members - continue to let us know how we can serve
with an annual two-day Strategic Planning Session that is              you better!
designed to construct a long-term and short-term vision and
direction for the Credit Union based on member's input and mar-        LC Williams
ket trends. I'm proud to report that, as a result of this total team   Treasurer
                                                     Financials
                                                        Balance Sheet (unaudited)
Assets                                                                                                                               Dec. 31, 2005
  Loans to members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $79,321,531
  Less: Allowance for loan losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,344,326)
  Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972,562
  Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,785,016
  Accrued income receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380,561
  Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,799
  Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,125
  NCUA Insurance Fund deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770,831
  Furniture and equipment (net of depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,992
  Leasehold improvements (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,761
  Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,239
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $92,797,091

Liabilities and Members' Equity
Liabilities:
  Accounts and taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $71,711
  Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,540
Members' Equity:
  Share accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,596,124
  Share draft accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,040,958
  Holiday club accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,051
  Share certificate and IRA accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,889,656
  Money market accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,168,566
  Undivided earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,143,745
  Regular reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,694,768
  Reserve for loss on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,028)
Total Liabilities and Members’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $92,797,091

The accompanying notes are an integral part of these financial statements.
                                                    Financials
                     Statement of Income and Changes in Undivided Earnings (unaudited)
Income for the Year Ended                                                                                                         Dec. 31, 2005
  Interest on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$4,954,076
  Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299,022
  Miscellaneous operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,323,785
Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$6,576,883
Expenses
  Employee compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,476,532
  Employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .443,800
  Travel and conferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51,197
  Association dues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28,789
  Office occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .400,483
  Office operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .664,951
  Education and promotion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94,159
  Loan servicing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202,251
  Professional and outside services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .658,294
  Provision for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,890,121
  Share insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0
  Members' insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23,500
  Federal supervision fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19,543
  Annual meeting expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000
  Miscellaneous operating expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132,435
Total Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$6,092,055
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$484,828
   Non-operating gains (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0
   Income before dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .484,828
Dividends paid to members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,395,544
Interest on borrowed funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0
Net Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$(910,716)
Changes in undivided earnings
   Balance Jan. 1, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$8,054,461
   Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(910,716)
Balance Dec. 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$7,143,745
                                                  Financials
                                                        Notes to Financial Statements
Note 1. Summary of Significant Accounting Policies - Loans to Members and Allowance for Loan Losses - Loans are stated at
the amount of unpaid principal, reduced by an allowance for loan losses. Interest on loans is recognized over the term of the loan and is
calculated using the simple-interest method on principal amounts outstanding. The allowance for loan losses is established through a
provision for loan losses charged to expenses. Loans are charged against the allowance for loan losses when Management and the
Board believe that the collectability of the principal is unlikely. The allowance is an amount that Management believes will be adequate
to absorb possible losses on existing loans that may become uncollectible, based on a detailed review of each loan delinquent two
months or more. It also includes a percentage of the total loan portfolio based on an average of the last 36 months of loan charge offs
at the Credit Union. The accrual of interest on loans is discontinued when payments become two months delinquent.

Investments - Investments are stated at cost, adjusted for amortization of premiums and accretion of discounts, which are
recognized as adjustments to interest income on investments. Gains and losses on disposition are based on the net proceeds and the
adjusted carrying amount of the investments sold, using the specific identification method. The majority of investments are in certificates
of deposit at Federally insured financial institutions, or United States Government Agency Securities.

Furniture and Equipment - Furniture and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on
the straight-line method over the estimated useful lives of the assets.

Dividends - Dividends to members on various types of share accounts are paid at various rates and are shown as a reduction to net
income. Dividend rates are set by the Board of Directors and the Asset Liability Committee, based on an evaluation of current and
future market conditions and available earnings.

Note 2. Income Taxes - The Credit Union is exempt from Federal taxes under the provisions of the Federal Credit Union Act.

Note 3. Pension Plan - The Credit Union has a 401(k) retirement plan that covers all eligible employees. The Credit Union funds
pension costs on a current basis.

Note 4. Share Insurance - The National Credit Union Administration (NCUA) insures Credit Union accounts up to $100,000. The
NCUA Share Insurance Fund requires the Credit Union to maintain a deposit with NCUA.
                                                          Financials
Note 5. Leases - The Credit Union is committed to leases on the main office building in Aurora, Colorado and a branch
office in Denver, Colorado. The leases expire on January 31, 2016 and July 31, 2009, respectively. The leases are appro-
priately accounted for as operating leases. The leases contain clauses whereby the Credit Union is responsible for common
area maintenance and other related expenses.

Note 6. Line of Credit Agreement - The Credit Union has a $9,500,000 line of credit and security agreement with
System United Corporate Credit Union. No borrowings were outstanding at December 31, 2005.

Note 7. Loans to Members -
The composition of loans to members is as follows:
Year Ended                                                                                                                          Dec. 31, 2005
Automobile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$57,273,731
Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14,896,068
Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,449,527
Share and Certificate Secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .582,809
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119,396
  Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79,321,531
  Less: Allowance for Loan Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(1,344,326)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$77,977,205

A summary of changes in the allowance for loan losses is as follows:
Year Ended                                                                                                                        Dec. 31, 2005
Balance beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,010,873
Provision charged to operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,890,121
Loans charged off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(1,640,361)
Recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83,693
Balance End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,344,326
        Board of Directors




Clockwise from bottom left: Richard Koebert, Tom Wittman, Ann
Franklin, Sherry Tucker, LC Williams, Michelle Blackmon, Carl Miller.




Supervisory Committee




  Clockwise from bottom left: Susan Williams, Bob Bennett,
  Sylvia Taylor-Porter, Deborah A. Los. Not pictured: Michael Thompson.

				
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posted:11/21/2010
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Description: Space Age Federal Credit Union document sample