April 23, 2010 ● Volume 33, Issue 8 Archived Issues
Dollars & sense: Register today for MnCUN’s Financial Management School
A credit union’s financial statements serve as a road map showing where the organization has been and where it is headed. During MnCUN’s Financial Management School, credit union employees will receive knowledge and tools to successfully read this map.
Set for May 24-26 at the Network office in St. Paul, the school will provide attendees an overview of credit union financial statements, key ratios and the budgeting process. The first half of the conference will investigate how to evaluate a credit union’s financial statements and calculate key ratios. Participants will then tackle the budgeting process, learning how to set monetary objectives and develop a budget.
Register today to take advantage of the Financial Management School’s early bird pricing. Those that miss the April 29 deadline can still register for the conference at the standard rate until Friday, May 7. Complete information, a printable brochure and online registration are available on the Financial Management School page of the Network web site.
FIC awards $11,000 in scholarships
After wading through more than 700 applications on March 30, the Family Involvement Council (FIC) selected the recipients for its 2010 scholarship program. A total of $11,000 in scholarship were awarded to 20 individuals for the 2010-2011 school year. Two $1,000 scholarships and eighteen $500 scholarships were awarded to applicants in traditional (high school seniors) and non-traditional categories.
Applicants submitted information and an essay that answered the following question: "Credit unions were established in the U.S. 100 years ago, yet many Americans know nothing about them. As the manager of a credit union, what strategies would you employ to give credit unions a higher profile and help them grow?”
While reading through the scholarships, the FIC committee took note of the insightful comments and tips that members provided in their essays. The committee will make this information available to credit unions within the next month.
The scholarship winners in the traditional category include:
||Kristen Luepke of SouthPoint Federal Credit Union|
Sarah Johnson of Affinity Plus Federal Credit Union
Daniel Hadidi of City-County Federal Credit Union
Brooke Savage of Mayo Employees Federal Credit Union
Logan Worke of Hiway Federal Credit Union
Gabrielle Jackson of Postal Credit Union/Como Northtown Community Credit Union
Ryan Symanietz of St. Cloud City & County Employees Credit Union
Lauren Siever of City & County Credit Union
Kayla Erickson of Affinity Plus Federal Credit Union
The scholarship winners in the non-traditional category include:
||Martin Odima of Como Northtown Community Credit Union|
Sherri Johnson of Members Cooperative Credit Union
Kay Pedretti of Affinity Plus Federal Credit Union
Lilian Msambichaka of TopLine Federal Credit Union
Shirley Kingsley-Berg of Mayo Employees Federal Credit Union
Natalie Ristau of Affinity Plus Federal Credit Union
Jessica Helfenstein of US Federal Credit Union
Winifred Anderson of Electrus Federal Credit Union
Edward Sullivan of TopLine Federal Credit Union
Rebecca Wiskerchen of Mayo Employees Federal Credit Union
Jenell Levander of Affinity Plus Federal Credit Union
Funds for the FIC’s scholarship program are raised at the committee’s silent auction held during the MnCUN Annual Meeting. Information about the 2011 scholarship program will be available in late August/early September.
U.S. Small Business Administration to host free conferences in May & June
To assist small businesses and lenders in taking full advantage of the benefits offered in the American Recovery & Reinvestment Act, the U.S. Small Business Administration is hosting five half-day conferences throughout the state of Minnesota. Geared toward lenders, small business owners, and economic development representatives, this free conference will investigate small business survival strategies for the months ahead.
This educational event will overview the government programs available and ways that lenders can assist their small business members/clients. Receive tools that will help credit unions and members tackle the challenges of a tough economy.
This conference will be held from 9 a.m.-12:30 p.m. at various locations throughout Minnesota. The dates and locations include:
Tuesday, May 11 – Walker
Northern Lights Hotel & Casino
6800 Y Frontage Road NW
Wednesday, June 16 – Morton
39375 County Highway 24
Wednesday, May 12 – Biwabik
Giants Ridge Golf & Ski Resort
6325 Wyne Creek Drive
Thursday, June 17 – Owatonna
2365 43rd Street NW
Thursday, May 13 – St. Cloud
Holiday Inn Hotel & Suites
Division Street & 37th Avenue
While this event is free, registration is required. For more information about the conference and to register, visit the Event Calendar section of the Network web site.
Do you have 30 seconds to become GREAT?
For less than a minute of your time, you can join credit union professionals and volunteers around the state in helping to secure the future of the Minnesota credit union movement. By becoming a member of GREAT, the GrassRoots Education & Action Team, you will play an important role in ensuring that the credit union voice is heard on both state and federal legislative issues.
GREAT is made up of more than 1,000 credit union professionals, volunteers and supporters who work together to affect public policy. Throughout the year, members of this group are informed about pertinent state and federal bills, and occasionally they are asked to voice the credit union position on these key issues. MnCUN makes the process as easy as possible by providing GREAT members a sample letter or script to use when e-mailing or calling elected officials. It's free and easy to do!
Join this grassroots network today and become part of a team that cares as much about the credit union movement as you do. To sign up, visit the GREAT web site and click on "Join our Action Network”.
Credit union notes…
Patty Anderson and Al Sticha have been named co-managers of Minnesota Valley Credit Union in New Prague. Anderson has been working for the credit union for the past two years, and Sticha has been with the credit union for one year.
Credit union innovation grants available
The National Credit Union Foundation (NCUF) is accepting applications for its Credit Union Innovation Grants. Credit unions, credit union service organizations, and other organizations owned or controlled by credit unions are eligible to apply for the grants.
The Innovation Grants align with NCUF’s REAL Solutions program, but participation in the program is not required to apply for a grant. The National Credit Union Foundation will accept applications for any of the following five service areas:
- Education – Assists credit union organizations participating in national financial education programs and other initiatives consistent with the education components of REAL Solutions including financial counseling, product awareness and staff training.
- Transaction Services – Supports transaction services that help credit unions attract underserved consumers. Examples include check cashing, money orders, pre-paid stored value cards, remittances, second chance/fresh start checking and tax preparation.
- Savings – Supports programs that help credit union members with low wealth establish and maintain savings. Examples include prize-based savings, safe accounts, savings challenges and step-up CDs.
- Credit – Supports initiatives that help non-prime borrowers build and improve credit through credit unions. Examples include alternative credit reports, citizenship loans, first and last rent loans, flexible loan policies, and non-prime used car loans.
- Homeownership – Supports responsible programs that help credit union members with lower credit scores qualify as first-time homebuyers. Examples include foreclosure assistance loans, green loans, Home Loan Payment Relief (HLPR) mortgages, Individual Taxpayer ID Number (ITIN) loans, and timely repayment rewards.
Grant applications are due Wednesday, June 30. For more information about the grants, visit the National Credit Union Foundation web site.
Nominations open for Wegner Awards
Credit union supporters can nominate individuals and organizations for the 23rd Annual Herb Wegner Memorial Awards to be presented by the National Credit Union Foundation.
Individuals and organizations can be nominated for the following 2011 awards:
- Individual Achievement Award – Honors the unsung hero for innovative concepts or accomplishments that have significantly impacted the national or international credit union movements.
- Outstanding Organization/Program Award – Recognized an organization or program for innovative concepts, products or services that significantly impacted the national or international credit union movements.
- Lifetime Achievement Award – Honors an individual who has dedicated his or her life to promoting the credit union philosophy of "people helping people.”
Nominations must be received by Friday, June 18. For more information about the Wegner Awards, visit the National Credit Union Administration web site.
Give the gift of Visa gift cards
Are your members looking for gift ideas for Mother’s Day, graduations and weddings? With Visa gift card, you can offer them the convenience of giving the gift of money.
Similar to credit cards, the gift cards are accepted wherever the Visa logo is displayed, including purchases made in-store, online or on the phone. Plus Visa cards are more functional than traditional gift certificates and safer than cash. With six contemporary designs to choose from, these cards will help your credit union attract new members and retain those who have been with the credit union for many years.
Investigate Visa gift cards today and discover how your credit union can become more competitive in the payment arena. For more information about these gift cards, contact Vickie Ganrude, MnCUN Director of Business Development, by e-mail or at (651) 288-5515.
Sprint/Nextel provides more value to CU members
Credit union members across the country are saving big with Sprint/Nextel's credit union member discounts. In addition to the standard discounts available, credit union members can now receive a free car charger* with the purchase and activation of a new phone from Sprint/Nextel.
Not familiar with the Sprint/Nextel Credit Union Member Discount Plan? Here’s how your credit union members can save:
- 10 percent off most regularly-priced Sprint service plans
- Waived activation fee on new activations
- Waived upgrade fees
In addition, credit unions participating in the Credit Union Member Discount Plan also receive numerous benefits including:
- Non-interest income
- Free marketing materials
- Added value of membership
- Turnkey program with member service provided by Sprint/Nextel
For in-depth information about credit union discount program and its ability to earn your credit union income and save our members money, visit Sprint/Nextel online. With questions about the Sprint/Nextel Credit Union Member Discount Program, contact Vickie Ganrude, MnCUN Director of Business Development, by e-mail or at (651) 288-5515.
*Offer valid until May 31, 2010. Exclusively from Platinum Wireless, while supplies last. The free charger is available with phone purchases only. Must be a credit union member to qualify.
Calendar of Events
The Minnesota Credit Union Network offers a wide variety of educational opportunities for credit union professionals and volunteers. Check out MnCUN's Financial Management School, along with the roundtables, telecourses and webcasts available to you. Visit the online Event Calendar today.
- April 23: MnCUN Annual Meeting & Convention
- April 28 (2 p.m.): WebCast - Member Bankruptcy
- May 5 (11 a.m.): Marketing & Business Development Roundtable
- May 5 (2 p.m.): WebCast - CU Financial Statements
- May 6 (10:30 a.m.): Compliance/Fraud Roundtable
- May 10 (11:30 a.m.): Trainers Roundtable
- May 11 (9 a.m.): Small Business Administration Conf. – American Recovery & Reinvestment Act
- May 11 (10 a.m.): TeleCourse - Supervising a Diverse Workforce
- May 11 (12 p.m.): CUNA Mutual Group Discovery WebCast - Electronic Fraud in the New Decade
- May 11 (2 p.m.): WebCast - Earning Revenue Under the New Overdraft Regulations
- May 12 (9 a.m.): Small Business Administration Conf. – American Recovery & Reinvestment Act
- May 12 (10:30 a.m.): Technology Seminar: Virtualization
- May 12 (11 a.m.): Minnesota Credit Unions for Kids Committee Meeting
- May 12 (2 p.m.): WebCast - Strengthening Loan Review Programs
- May 13 (5:30 p.m.): Central Minnesota Chapter Meeting
- May 13 (8 a.m.): NCUA Small Credit Union Workshop & Roundtable
- May 13 (9 a.m.): Small Business Administration Conf. – American Recovery & Reinvestment Act
- May 13 (10 a.m.): TeleCourse - Teller Essentials
- May 13 (10:30 a.m.): Commercial Lending Seminar: Business Lending
- May 13 (10:30 a.m.): Collectors Roundtable
- May 13 (2 p.m.): Webcast - Performing Required ACH Risk Assessment
- May 13 (5:30 p.m.): Hiawatha Chapter Meeting