Desertview Credit Union holds meeting
The Desertview Federal Credit Union held its annual membership meeting and board elections on Jan. 24. Board chairman, Chris Justice said this was the most well attended meeting in recent times. The meeting started 30 minutes late due to members coming through the door and registering to vote as well as for door prizes.
LoriAnn Larsen took the minutes for the meeting. Justice said the credit union is financially viable and it has grown. The credit union is still lending money and charging interest which keeps the credit union in sound financial condition. Desertview has a niche market in Emery County and Justice credited much of the success of the credit union to the board members past and present. Current members of the credit union board are: Dorthy Schade, Chris Justice, LaRae Majors, LoriAnn Larsen all of Huntington and Christine Jensen of Emery.
Justice introduced Mike Nelson who gave his report. He said, "I am happy to see everyone out today. One thing you need to remember is we are a credit union and not a bank. We have had an increase in delinquency, but we have provided for that. There might be a recession going on in the nation, but we in Emery County can choose to participate in it or not. Our coal industry is still going strong. What we provide is important to this nation. Use your credit union. We will still loan money. We might have tightened standards, but we are still here as your credit union."
Nelson said delinquencies and overregulation could be ways a credit union like Desertview might fail. He doesn't see that happening as long as people realize Desertview is a credit union and not a bank. Nelson recognized the staff at the credit union for keeping things running so smoothly. "Lorna is still our loan officer. We appreciate all she has done for us. She just needs rest," said Nelson.
Lorna Nielson who has been with the credit union for many years recently became ill and will be off work for a couple of months. But, she is expected back when she recovers.
Bill Dellos was introduced to the members. He is the chairman of the supervisory committee. Dellos introduced the committee members which include: Beulah Oveson, Janet Leamaster, Zora Peacock and Sharon Pulli. This group is the watch dog that supervises the credit union. They meet twice a month and take care of any complaints. They will attend two days intensive training in Las Vegas in February. There is a lot going on in the financial industry right now. There is the Bank Security Act and other important legislation.
The supervisory committee plays a very active role in the credit union. They review corporate credit card statements and receipts to ensure compliance with the guidelines of the policy manual on a monthly basis. They review the file maintenance report monthly. They confirm closed and new accounts on a monthly basis. They review and report to the board on 10 loan files each month.
The supervisory committee counts the cash on a quarterly basis. They review official and staff accounts. They pull histories of staff accounts at random and trace transactions. The committee reviews reconcilement records to make sure deposits are clear and adjusted entries are clear on a quarterly basis. Every six months they review the denied loans. Every six months they review the overdraft accounts. Every six months the committee reviews death claims to make sure the beneficiary receives payment. On an annual basis the supervisory committee will review the annual audit report by Ferrin and Company and make sure any recommendations are followed through and implemented. The committee reviews the foreign asset control every September. The currency transaction reports for over $10,000 are reviewed each September. All reviews and actions are reported by the supervisory committee to the credit union board each month.
Nelson explained the voting procedures to the members for the election of board members.
One member, one vote is the policy. The members cast their votes for the one position available this year. Three people ran for the open position: LoriAnn Larsen, Gary Arrington and Kathy Vuksinick.
The votes were counted and LoriAnn Larsen will keep her seat on the board.
The credit union provided lunch for the members attending the meeting and held a drawing for door prizes.