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
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.
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.
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 unexpectantly 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.
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.
service is our #1 priority!
you for the opportunity to serve all healthcare providers and their families in
Our Board Chair’s Report
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
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
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.
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