Financials
| |
|
|
|
|
|
|
|
| |
NATIONAL JACL CREDIT UNION |
|
BALANCE SHEET |
| |
AT DECEMBER 31, 2008 and 2007 |
|
| WE HOLD THESE ASSETS |
|
2008 |
|
2007 |
|
| Cash on hand or in the bank.................. |
$58,011 |
|
$240,909 |
|
| Investments.......................................... |
17,603,582 |
|
14,980,244 |
|
| Loans ................................................. |
11,025,745 |
|
12,897,683 |
|
| Allowance for loan losses..................... |
(256,000) |
|
(115,514) |
|
| Accrued Income.................................. |
191,800 |
|
128,335 |
|
| Land, Credit Union Building................. |
1,485,041 |
|
1,521,420 |
|
| Other Fixed Assets.............................. |
85,623 |
|
123,422 |
|
| Other Assets........................................ |
221,753 |
|
270,237 |
|
| TOTAL ASSETS |
|
$30,415,555 |
|
$30,046,736 |
|
|
| OUR LIABILITIES AND MEMBER EQUITY |
|
|
|
| LIABILITIES: |
|
| Share savings of our members............. |
$9,594,741 |
|
$9,716,202 |
|
| IRA Accounts..................................... |
512,475 |
|
698,321 |
|
| Certificates......................................... |
11,376,431 |
|
11,863,517 |
|
| Money Market Accounts………..…… |
5,336,145 |
|
3,627,481 |
|
| Accrued Interest Payable................... |
71,709 |
|
132,949 |
|
| Other Payables.................................. |
320,734 |
|
222,844 |
|
| TOTAL LIABILITIES |
|
$27,212,235 |
|
$26,261,314 |
|
|
| MEMBER EQUITY: |
|
| Regular Reserve............................... |
$1,113,340 |
|
$1,113,340 |
|
| Other Comprehensive Income……. |
0 |
|
64,723 |
|
| Undivided Earnings.......................... |
2,089,980 |
|
2,607,359 |
|
| TOTAL EQUITY |
|
|
3,203,320 |
|
3,785,422 |
|
| TOTAL LIABILITIES & |
|
| MEMBER EQUITY......... |
$30,415,555 |
|
$30,046,736 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
NATIONAL JACL CREDIT UNION |
|
STATEMENT OF INCOME AND EXPENSES |
| |
for years ended December 31, 2008 and 2007 |
|
|
2008 |
|
2007 |
|
| EARNINGS: |
|
| Interest on loans to Members......... |
$668,498 |
|
$821,118 |
|
| Interest on Investments.................. |
843,064 |
|
676,135 |
|
| Other Income............................... |
107,850 |
|
107,929 |
|
| TOTAL EARNINGS |
|
|
$1,619,412 |
|
$1,605,182 |
|
|
|
|
|
| EXPENSES: |
|
|
|
|
|
| Salaries & Employee Benefits...... |
372,275 |
|
393,602 |
|
| Occupancy………….................. |
62,648 |
|
62,065 |
|
| Operations.................................. |
394,113 |
|
395,219 |
|
| Insurance.................................... |
274,299 |
|
47,765 |
|
| Provision for Loan Losses........... |
334,425 |
|
24,000 |
|
| Loss on investments………....… |
0 |
|
7,344 |
|
| Miscellaneous............................. |
21,331 |
|
19,579 |
|
| TOTAL EXPENSES |
$1,459,092 |
|
$949,574 |
|
| NET EARNINGS FROM OPERATIONS.......................... |
|
$160,320 |
|
$655,608 |
|
|
|
|
|
| DIVIDEND & INTEREST........ |
-677,698 |
|
-727,981 |
|
|
EARNINGS AFTER
DIVIDEND & INTEREST........ |
|
($517,378) |
|
($72,373) |
|
|
|
| |
DISTRIBUTION OF NET EARNINGS |
| |
2008 |
|
2007 |
| |
Regular Reserves........................................ |
$0 |
|
$0 |
| |
Contingency Reserve................................... |
$0 |
|
$0 |
| |
Accumulated other comprehensive income |
-$64,723 |
|
-$5,886 |
| |
Undivided Earnings...................................... |
($517,378) |
|
($72,373) |
| |
($582,101) |
|
($78,259) |
|
|
|
|
|
|
|
|
|