Annual Meeting Notes 2014

UTILITIES CREDIT UNION
ANNUAL MEMBERSHIP MEETING MINUTES

February 27, 2014

CALL TO ORDER
The 81st Annual Meeting of the Utilities Credit Union was held February 27, 2014 in Bays 1 and 2 of the Xcel Energy Sky Park Building, 1414 West Hamilton Avenue, Eau Claire, WI, 54701.

Minutes

Chairman Seaholm called the meeting to order at 5:05 PM. There were 34 members present, constituting a quorum.

Chairman Seaholm introduced the members of the Board of Directors and Committee members. UCU Staff introductions were deferred to Pres./Treas. Amans report.

The minutes of the 2013 Annual Meeting were approved as presented.

The slate of nominees for three (3) Directors positions of three-year terms, and one (1) open position recently vacated by Heidi Faulkner were presented. There were four nominees on the ballot. They were Tom Bachmeier, Kirk Hendrickson and John Ness, all incumbent Directors and Theresa Theisen who was nominated for the open position. Nominating Committee chairman John Roffler read biographies of each of the candidates. Chairman Seaholm called three times for additional nominations from the floor. Hearing none, a motion was made, seconded and passed to close the nominations. There was a motion made from the membership to hold an immediate vote for unanimous approval for the four candidates to fill the four vacant positions. The motion was seconded and a unanimous vote by membership was received to pass the motion. Chairman Seaholm congratulated the incumbent and new Directors.

The meeting was turned over to Vice-Chairperson Kirk Hendrickson who called upon Chairman Seaholm to present the Chairman’s Report (copy attached). Chairman Seaholm acknowledged the support of the sponsor company, and in particular Mark Stoering, CEO of NSPW. He reported on last year’s Board activities, noted UCU’s asset size, and summarized UCU’s investments, dividends, and loans, and the opportunities and constraints facing the credit union in 2014. He also gave an overview of the asset impairment assessment by the NCUASIF and was able to assure that while not definite, it appears the assessment may be over, or close to it. Finally, he informed the membership of an initiative last year that led to widening our field of membership to include the grandchildren of active and retired Xcel Energy employees. Vice Chairperson Hendrickson called for any questions from the attendees. No questions were raised and control of the meeting was returned to Chairman Seaholm.

Chairman Seaholm introduced David Amans, President-Treasurer, to present a summary of the financial condition of UCU (copy attached). President-Treasurer Amans highlighted notable information pertaining to the Balance Sheet, Income Statement, and the Credit Card and HELOC programs.

Carol Lueke, UCU Credit Committee Chairperson, presented an overview of the 2013 Credit Report (copy attached).

Al Gruba, Examining Committee Chairperson, presented the Examining Committee report (copy attached).

There was one piece of communication that Pres./Treas. Amans shared. As a result of the successful email, texting and letter writing campaign that utilities across the state participated in to inform and persuade legislators on the appropriateness and benefits to members of keeping credit union earnings exempt from taxation, during the last legislative session there were no new draft pieces of legislation on this issue.

There were no unfinished or new business items to address at this meeting.

Door prize drawings were held and the meal was served.

With no further business, the meeting was adjourned at 6:00 P.M.

Respectfully submitted,

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Secretary

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Chairperson

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