2017 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 1,383 new members!
Our 2017 Financial Summary
as of September 30, 2017
|STATEMENT OF INCOME||STATEMENT OF FINANCIAL CONDITION|
|Loan Interest Income||$3,412,998||Cash||$5,527,047|
|Investment Interest Income||$222,876||Total Net Loans||$62,322,715|
|Other Income||$1,795,958||Property and Equipment||$2,014,750|
|Dividend Expense||$147,559||Total Assets||$83,144,121|
|Provision for Loan & Share Loss||$188,507||Liability & Equity|
|Total Expense||$4,693,797||Notes Payable||$4,877,805|
|Net Income||$738,035||Members’ Share Accounts||$69,706,296|
|Total Liabilities & Equity||$83,144,121|
Our President’s Report
2017 was a strong year for Ohio HealthCare Federal Credit Union. Our members benefited from low-rate loans, continued convenience, and an increase in personalized member service. We continue to evaluate our membership and look for products and services tailored for the healthcare industry.
To honor our commitment to our healthcare members, we were proud to again sponsor the Don O. Tootle Scholarship, this year providing $2,000 in scholarship funds to two credit union members – one from Central Ohio and one from Northeast Ohio.
We received the Ohio Credit Union League’s prestigious Dora Maxwell Social Responsibility Community Service Award for our We Care Loan initiative which has raised $23,000 for our Children’s Miracle Network Hospitals. We are so proud of our We Care Loan program and know it is directly impacting our members’ communities and the healthcare industry.
We had another financially successful year. The Credit Union’s assets are $82.8 Million. Earnings were strong and the Credit Union is financially very healthy. A local CPA firm audits our financial statements annually, and we are examined for “safety and soundness” every 18 months by the NCUA. You can be assured that the savings and retirement funds are safe with your Credit Union.
We want to thank all our staff, board, and members for making the Credit Union a valuable benefit for the Ohio healthcare community, and we encourage you to support your Credit Union. Working with and serving all the people who make the Credit Union a reality is the best part of being involved with the Ohio HealthCare Federal Credit Union.
Chair, Board of Directors
Board Members – David Mechling, Tom Kelly, Chuck Smith, Eric Beining, Lisa Biegler, Lynn Clark, Harry Trombitas, Tom Flagg, 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, 2017 and 2016, 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, 2017 and 2016, 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