2024 Annual Meeting

Embracing Change and Moving Forward: Advancing our Legacy, Membership, Technology, and Community impact.
70th Annual Membership Meeting Promo Photo

Paving The Way For Transformative Change

At DC Credit Union, we truly believe our members always come first! The 70th Annual Membership Meeting was centered on “Embracing Change and Moving Forward” by advancing our legacy, increasing our membership base, strengthening our technology infrastructure, and deepening our community impact. At the Annual Meeting we provided information regarding 2023’s Fiscal Year’s performance, gave insight on our current operational processes, and laid the foundation on a strategic plan for how we will continue to meet your needs moving forward.

Our Commitment to Community Development

Since we were founded in the 1950’s, we’ve been dedicated to creating access to credit for everyone in the community as a tool for economic development. We are proud to be a Community Development Financial Institution (CDFI) by bringing affordable and safe banking to those who need it the most, and work with our members to bring about financial transformation in their lives.

 

Without equitable access to financial services, we cannot have an equitable economy. Our areas of focus include:

  • Serving DC government, surrounding neighborhoods, and others with common bonds
  • Bringing banking to underserved communities
  • Serving the Latino community and immigrants

 

To learn more about DC Credit Union’s community development, visit our About DC Credit Union page.

Audio & Visual Recording of Annual Meeting

Due to the technical difficulties encountered during our 70th Annual Meeting, we are unable to provide audio and/or visual recordings of the Annual Meeting. We apologize for this inconvenience and appreciate your understanding. Down below you will find itemized detailed notes of the 70th Annual Meeting Minutes. We look forward to providing you with an exceptional experience at our 71st Annual Meeting, see you next year!
  1. Call to Order
  2. Introductions
  3. Minutes of the 2023 69th Annual Membership Meeting
  4. Officers’ & Supervisory Committee Reports
  5. Nominating Committee Report
    o Volunteer Recognition
    o New Board Member Oath
  6. Keynote Speaker: Nikki O’Dell, SHRM-CP, Talentology, LLC
  7. Q&A Session – Old & New Business Items
  8. Raffle of five $100 prizes
  9. Adjournment

MINUTES OF THE 69th HYBRID ANNUAL MEMBERSHIP MEETING
October 25, 2023

Call to Order
The 69th Annual Membership Meeting of DC Credit Union was held on October 25, 2023,
as a hybrid meeting (in-person at the Reeves Center and virtual via Zoom.us).
After the logistical meeting information was provided by Credit Union staff and Quorum
was confirmed, Ms. Charlotte Ducksworth, DC Credit Union’s Board Chair, called the
meeting to order at 12:05 p.m.

The Chair introduced Directors Leroy Proctor, Joseph Goosby, Delvia Lewis, Priscilla
Hackney, Michael Beall, Anthony Stevens, Josué Salmerón and Jamaine Taylor. The Chair
then introduced Supervisory Committee Chair Deborah Cunningham, and Members Delvia
Lewis, Wilma McDowell, Leslie Fogg-Bowie and Gertrude Thompson. The Chair
acknowledged the staff present led by Sybil Bogans, President/CEO.

Approval of Last Year’s Minutes
Ms. Ducksworth directed members’ attention to the Minutes of the 68th Annual
Membership Meeting held in 2022. On motion by Leroy Proctor, the membership approved
that Meeting’s Minutes as presented.

Officers’ Reports
Ms. Ducksworth referred to the 2022-23 Annual Impact Presentation containing written
reports by the Supervisory Committee and Board Treasurer, including audited financial
statements for the year ending December 31, 2022. The Chair introduced Supervisory
Committee Chair Deborah Cunningham and Board Treasurer Joseph Goosby and they
proceeded to share remarks with the Membership.

The Chair then delivered her report, also included in the 2022-23 Annual Impact
Presentation.

Old Business
There was no Old Business brought forth – other than to note the improvement in provision
of electronic services – e.g. LoanPay Xpress, Remote Deposit Auto-Enrollment, and other
ItsMe247 Online & Mobile banking features.

New Business and Q&A Session
Members took the opportunity to ask about the timing for the cessation of in-branch
services at the Municipal Branch – Daly Building as well as other matters regarding branch
and community services. Kudos to staff who were recognized for their friendly and
professional member service.

Raffle Prizes & Adjournment
The meeting ended with a raffle of six cash prizes in the amount of $100 each – including
a winner selected from the collection of member surveys. The winners were selected
randomly from those members in attendance. The winners were congratulated and
informed that at the closing of the meeting, the funds would be deposited into their regular
share accounts.

Without further discussion, Ms. Ducksworth accepted a motion by Leroy Proctor and the
69th Annual Membership Meeting was adjourned at 1:05 p.m.

Meeting Adjourned.

 

I would like to commend our members, the DC Credit Union staff, as well as my fellow volunteer Board, Supervisory Committee and other committee members on your continued service and dedication during 2023-24.  Here are some highlights of how the Credit Union has progressed since our last Annual Membership Meeting:

During the 4th quarter of 2023, the Board oversaw management’s continued implementation of our strategic plan with an emphasis on risk management and service delivery.  As a part of our existing plan to expand branch operations into southeast Washington, DC and in preparation for the scheduled redevelopment of the Daly Municipal Building as well as the Reeves Center of Municipal Affairs – the sites of our administrative offices and two of our branches – the selection of a location in the Navy Yard district was completed.  Thus began multiple contract negotiations, the closure of the Municipal Branch on Indiana Avenue, and the redeployment of resources across the credit union.  Communications were provided to membership regarding continuity in the ability to securely access your accounts and products and services relevant to your financial needs remotely as well as via our open branches in the Mount Pleasant/Columbia Heights/Adams Morgan and 14th & U Street corridors of the city.  We also focused on enhancing protection from cyber threats and ensuring that the credit union updated internal policies and procedures, awareness, and vigilance given the impact of artificial intelligence (AI) and other maladies in the banking industry.

In the 1st and 2nd quarters of 2024, the Credit Union continued executing its strategic plan with a focus on community development and investment in additional human resources with the skills and experience to navigate through the impending changes yet to come.  Year-to-date, we’ve enrolled new members due to our combined outreach efforts with DC Government and affiliated agencies.  We applied for and received $2.5MM in CDFI funding through its ERP allocation, which will help us deploy additional products/services to our communities. We continue to engage in financial literacy initiatives with the District’s Department of Insurance, Securities, and Banking (DISB) and other community partners.  We like to remind you annually that you may find additional information about our community development programs and how you may benefit and get involved, by visiting our website (Our Community Partners – DC Credit Union), contacting our Community Development Officer, or email us at [email protected].

As provided in our Treasurer’s Report, I would like to re-emphasize that last year, DC Credit Union’s assets remained over $80 million – which is quite remarkable considering the economic pressures due to inflation and tightening liquidity.  Our loan portfolio grew over 11% amidst the impact of this economic climate while member shares remained steady at almost $72 million.  This demonstrates not only a commitment from the credit union to you to ensure that your shares are redistributed for the benefit of providing loans for homes, automobiles, small business ventures, credit improvement, and personal needs but also your commitment to the credit union in depositing your funds with us while reaping competitive dividends as a benefit of your membership.

As we look forward to the rest of 2024 and beyond, we will complete the relocation phase of our expansion efforts as we move our headquarters to the Navy Yard at 20 M Street, SE, Washington, D.C.  We will continue to work with our partners, establish new community relationships, and take advantage of opportunities to broaden our impact with beneficial financial services.  The next phase of the credit union’s strategic plan still includes expanding “east of the river” in alignment with DC’s economic development plans as well as continuing to meet the needs of our neighbors in northwest DC with our ACCESO community branch, while enhancing our digital banking services across the region.

This year we celebrate 70 years of providing viable financial products and services as a cooperative institution!  As a credit union owned and operated for the benefit of our members and communities we continue to emphasize helping the underserved in the District get access to credit and improve financial stability.  Along with our members and stakeholders, we value this legacy and look forward to continuing to serve you as DC’s Credit Union.

Sincerely,

Charlotte Ducksworth, Chairperson of the Board of Directors

To the Supervisory Committee of DC Federal Credit Union:

We have audited, in accordance with auditing standards generally accepted in the United
States of America the statements of financial condition of DC Federal Credit Union as of
December 31, 2023 and 2022, and the related statements of comprehensive income (loss),
changes in members’ equity, and cash flows for the years then ended; and in our report dated
May 21, 2024, we expressed an unmodified opinion on those financial statements.

In our opinion, the information set forth in the accompanying condensed financial statements
is fairly stated, in all material respects, in relation to the financial statements from which it
has been derived.

Signed by:

DeLeon & Stang
DeLeon & Stang, CPAs and Advisors
Frederick, Maryland – May 21, 2024

 

The DC Credit Union Supervisory Committee is appointed by the Board of Directors and serves in accordance with the Federal Credit Union Act, and the Credit Union’s by-laws.

Specifically, the Supervisory Committee is responsible for ensuring that the financial condition of the Credit Union is accurately and fairly represented in its financial statements, that management’s practices and operating procedures are adequate to safeguard members’ assets, and that the necessary controls are in place to ensure a safe and sound operation.

I am pleased to report that the audit of financial statements as of December 31, 2023, which was conducted by the accounting firm of DeLeon & Stang, CPAs and Advisors, resulted in an “unmodified” or clean opinion of our financial statements.  There were no material weaknesses identified that would have led to a modified opinion; however, the auditors did report a significant deficiency in the credit union’s internal controls related to wire fraud.  The credit union was subject to a business email compromise scheme which resulted in fraudulent wire transfers of approximately $1 million – over $500 thousand of which has since been recovered.  There were no members’ accounts directly impacted and the credit union has implemented policies and procedures to mitigate future risk of exposure.  We share this with you for transparency as well as to inform you that DC Credit Union is increasing its vigilance along with our peers in the financial services industry to combat cyber security threats and enhance awareness of the pros and cons of artificial intelligence (AI) and other technological advances.   This committee remains dedicated to its aforementioned responsibilities and will continue to monitor and assist DC Credit Union in its compliance.

Besides audits and compliance reviews, the Supervisory Committee is also a resource to members. We investigate individual member claims to ensure that accurate and complete service is extended to all members. The Supervisory Committee can be reached by e-mailing [email protected] or writing to:

DC FCU Supervisory Committee

P.O. Box 70187

Washington, DC 20024

Sincerely,

Deborah Cunningham, Chairperson

DC Credit Union maintains its mission to help improve the financial lives of its members. As such it is important that DC Credit Union’s financial condition remains viable. The credit union accomplished this mission in 2023 in the midst of elevated interest rates, inflation, and economic uncertainty stemming from domestic and global unrest.

In 2023, member deposits remained steady at $72 million year over year consistent with the trend from 2021 to 2022. Household spending was impacted by supply and demand in that inflation remained higher than the Federal Reserve’s target 2% rate and many were challenged with the excessive costs of basic consumer goods like food and clothing. The cost of automobiles and housing was also elevated in 2023 causing a shift in the credit union’s loan portfolio from real estate and new automobiles to used automobiles and personal loans.

The credit union’s loan portfolio increased year over year by 11% from $52 million in 2022 to $58 million in 2023. The loan-to-share ratio ended at about 80%, which met management’s goals in terms of redistribution of credit union assets for direct membership benefit. Liquidity was noticeably impacted by the increased lending and other operational costs.

The credit union ended 2023 well capitalized per NCUA guidelines with a net worth ratio of 13.01%. Net worth is fueled by earnings and in 2023, though the credit union experienced cyber-related compromise, undivided earnings remained above $9.5 million. As previously stated, these retained earnings are important for business continuity, community development, provision of financial education and empowerment programs, expansion of our product and service delivery channels, and evolving technological advancement.

With over $80 million in assets, the credit union remains poised to continue to provide financial services to our members in and surrounding Washington, DC. As a Community Development Financial Institution (CDFI), DC Credit Union has been able to utilize designated resources to prepare for and respond to the economic impacts experienced in 2023 and the last few years. This helps to position the credit union to continue its expansion efforts and provide more benefits to our membership.

Respectfully submitted,
Joseph Goosby
Joseph Goosby, Treasurer

New Board of Directors Elected:

  1. Stephanie Coffey
  2. Stephanie Perry

Oath of Office:

Delivered by the Secretary and Pledged by Newly Elected (or Re-elected)
Directors.

Please raise your right hand and repeat after me the Oath of Office.

I hereby affirm that I will support the Mission
and goals of DC Credit Union,
and that I will faithfully discharge the duties of my office
as a member of the Board of Directors,
to the best of my ability throughout the term of my office.

Congratulations.

Oaths Accepted.

Volunteer Recognition Honorees:

  1. Anthony Stevens
  2. Patricia Hackney

Award Verbiage:

This Certificate is proudly presented to _________ (named honoree)

In deep gratitude for your significant contributions. Your efforts have made a difference to our organization. Thank you for all you do for our DC Credit Union Family and Community.

Award Seal Signed By:

Charlotte Ducksworth, Chairwoman, Board of Directors DC Credit Union

Sybil Bogans, President & CEO DC Credit Union

LaTesha Wheeler, COO DC Credit Union

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