**DRAFT** 2021 Annual Meeting Minutes **DRAFT**



Virtual Meeting | May 6, 2021


Call to Order
The meeting was called to order at 6:30 p.m. after a quorum of the membership was ascertained. 


Ascertain Quorum
Quorum was ascertained.


Approval of Minutes
A motion was made and seconded to waive the reading of the minutes. A second motion was made and seconded to approve the 2020 Annual Membership Meeting minutes; both motions carried unanimously.


Karen Foster introduced the Board of Directors, Emeritus Board Members, the members of the Supervisory Committee and the executive staff.


Board Chair’s Report
Karen Foster explained that this year the Credit Union celebrates our 73rd anniversary and since being chartered in 1948 we have grown from a few hundred dollars in assets to over 50,000 members and $600 million in assets.  She further explained that our Credit Union is financially healthy with good liquidity and quality assets, we have strong core values that guide decision making and we have much to be thankful for and a bright future ahead.  She then thanked the members for participating in this year’s Annual Meeting, for their membership and for their support of the Credit Union.


CEO’s Report
Ed began his report by expressing his gratitude and thanking all of the members in attendance.  He reviewed the Credit Union’s mission statement.   He expressed his gratitude to the board, volunteers and staff, who make up the MVFCU leadership.

During, 2021 the Credit Union partnered with the Small Business Administration to implement the payroll protection program to support businesses during the COVID-19 Pandemic.  Additionally, the Credit Union donated over $25,000 in donations and sponsorships to local community nonprofit organizations.

Ed encouraged the members to review the annual report to see how well the Credit Union is performing. 


Supervisory Committee’s Report
Supervisory Committee Chairman, Matt Reisterer, gave a brief overview of the role of the Supervisory Committee. The Committee operates independent of the Board and provides oversight of the Credit Unions operations and arranges for independent audits.

Matt then discussed what steps are taken to assure that member’s assets are safeguarded.  He stated that each year the committee engages an external audit firm to complete the financial audit.  The committee also meets regularly with the Credit Union’s internal auditor. In addition, the Credit Union is examined by the National Credit Union Administration and the Supervisory Committee oversees the exam results. Matt reported that the Credit Union is active in following up with all audit and examination findings.


Election Results
Matt Reisterer, Supervisory Committee Chairperson, announced the election results. The 2021 candidates were Amy Roberts and David Combs. The Board seats were uncontested and as such no election was needed.  Amy Roberts and David Combs each have been re-elected to three year terms.


New/Unfinished Business
There was no new or unfinished business.


Special Recognition
Karen Foster thanked the MVFCU employees for persevering during the challenging times brought on by the COVID-19 pandemic.


Karen Foster adjourned the meeting at 6:41 p.m.



Tia Burgess
Recording Secretary