2018 Annual Report
Serving Ohio’s healthcare community is our reason for existence. We are here to turn your financial goals into fantastic realities. Think of us as your financial partner. Your family. We are a different kind of bank. We are owned by YOU and working for YOU to give YOU control of your financial future.
Through partnerships, we offer our members discounts on various services. Through philanthropic initiatives, we support our local communities and work to build a better tomorrow. Through lower loan rates and higher savings rates, we make your money work for you.
Thank you for trusting us. Thank you for growing and evolving with us. Thank you for being an Ohio HealthCare Federal Credit Union member.
We opened accounts for 1,435 new members!
Our 2018 Financial Summary
as of September 30, 2018
|STATEMENT OF INCOME||STATEMENT OF FINANCIAL CONDITION|
|Loan Interest Income||$3,524,932||Cash||$2,641,861|
|Investment Interest Income||$288,315||Total Net Loans||$61,884,700|
|Other Income||$1,965,775||Property and Equipment||$2,007,906|
|Dividend Expense||$236,271||Total Assets||$85,566,059|
|Provision for Loan & Share Loss||$369,812||Liability & Equity|
|Total Expense||$5,316,286||Members’ Share Accounts||$72,708,157|
|Net Income||$462,736||Other Liabilities||$5,118,306|
|Total Liabilities & Equity||$85,566,059|
Our President’s Report
I am very excited and humbled to work with our members and staff as your President & CEO of Ohio HealthCare FCU. Our board of directors provide guidance, expertise, and leadership while volunteering countless hours of their time. I am truly indebted to them for their commitment and dedication to the success of this credit union.
Our goal has always been to improve the lives of Healthcare workers in Ohio. This would not be possible without our highly trained and competent staff. Their desire to meet the needs of our members is the foundation of our success. Our staff continues to focus on our member experience. Our 24/7 call center, our new digital platforms, shared branching locations and our website are all examples of providing convenience for our members. Our member focus requires us to be available to communicate in the form and manner they prefer wherever and whenever possible.
While we are confident with the direction of our board and highly motivated staff, our success would not be possible without our valued members. Our biggest accomplishments cannot be found on a financial report. They are found in the lives of our members. A young couple was able to purchase their grandmother’s home with some guidance and financial counseling from our credit union. A member facing hard times who was able to refinance her loans to make payments manageable. A hospital employee helped her son purchase his first car. New parents setting up a savings account for their first born. A couple setting up an account for their young graduate as she heads off to college to earn a nursing degree. A father passed away unexpectedly and we were able to assist the son with financing, so he could keep his father’s car because it meant so much to him. These are huge accomplishments in the lives of our members, and they make Ohio HealthCare FCU stronger.
Thank you to all the members for your support! Our goal as a credit union is to improve the lives of healthcare workers and their families in Ohio. With technologies advancing rapidly, our commitment to support our members while they build and strengthen their financial foundations remains at the core of our purpose.
Member service is our #1 priority!
Thank you for the opportunity to serve all healthcare providers and their families in Ohio.
Our Board Chair’s Report
For over 40 years our credit union has strived to meet the growing needs of our members. Through a joint effort, we have been able to meet the needs of countless members and allow their dreams to come true. It is with your support that allows us to be successful, thank you for being a member of the Ohio HealthCare FCU
Ohio HealthCare FCU’s core vision is to be your credit union of choice. Our primary goal is to address the financial needs of our members by offering products and services that not only meet their current needs but provide opportunities for future needs. In January 2019, we launched a new home banking product with many new features to improve the overall member experience.
We have had an exciting year with many accomplishments and milestones. Our board of directors and management team are committed to providing financial safety and security to our Ohio HealthCare FCU members. As we continue to grow our capital ratio to 10% which far exceeds the required ratio set by the National Credit Union Association (NCUA). We are also committed to growth and stability which was the cornerstone of the founding members of this credit union.
As a member/owner of Ohio HealthCare FCU, you belong to a strong, viable financial institution. We are well positioned in today’s financial arena to meet your personal financial needs. I urge you and your family to take full advantage of your credit union membership and please remember once a member, always a member!
Chair, Board of Directors
Board Members – David Mechling, Tom Kelly, Chuck Smith, Eric Beining, Lisa Biegler, Lynn Clark, Harry Trombitas, Cynthia Johnson
Our Auditor’s Report
We have audited the accompanying financial statements of Ohio HealthCare Federal Credit Union, which comprise the statements of financial condition as of the years ended September 30, 2018 and 2017, and the related statements of income, comprehensive income, changes in members’ equity and cash flows for the years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Ohio HealthCare Federal Credit Union as of the years ended September 30, 2018 and 2017, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
GBQ Partners, LLC