DFCU Annual Report 2019 | Financial Reports
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Financial Reports

Vigilant oversight ensures continued strong performance for Dort Financial Credit Union

Treasurer’s Report

In 2019, an important milestone was achieved when Dort Financial Credit Union surpassed one billion dollars in assets. Strong financial performance was achieved by balancing loan, deposit and asset growth. We are proud to present our financial statements and we remain committed to being transparent to our members, regulators and community. Throughout 2019, Dort Financial remained a fiscally sound and secure member-owned financial institution.

At year end, our assets totaled $1,005,502,000, an increase of more than $134 million (over 15%) from 2018. Total income increased and our Return on Assets (ROA) remained consistently stable at 1.43%. Dort Financial’s capital ratio remained strong at 16.47%, more than double the minimum level required by the National Credit Union Administration (NCUA), our government regulatory agency. We look forward to consistent strong financial performance and continued growth in 2020. Your credit union remains well capitalized and positioned for sustained stability and profitability for years to come.

There can be no doubt that the communities we serve will face challenges as we work to reopen our economy. We remain confident that the solid foundation we have built, coupled with capable accomplished leadership and a resourceful membership, will continue to make Dort Financial a dynamic and successful financial cooperative. We value the confidence you place in us and appreciate that you have made us your trusted financial partner. Thank you for being a member of Dort Financial Credit Union. As we transition into the future, we look forward to many more years of serving you!

Bruce Allan, Treasurer

Audit Report

The Audit Committee serves as a vital component of our member-owned financial institution. As stewards of Dort Financial’s assets, we oversee all the organization’s financial activities, conduct independent audits, confirm member accounts, protect financial confidentiality, respond to any unusual activity, and ensure the safety and integrity of our financial cooperative.

To assist us with our annual audit and provide fiscal advice, we retain the services of a Certified Public Accounting firm — Plante Moran, PLLC. Members of the Audit Committee are accountable to you, linking you to the governance of your credit union. We invite you to share any questions or concerns regarding regulatory compliance or credit union policy.

As Chairperson of the Audit Committee, I’m pleased to report that Dort Financial Credit Union is in excellent financial condition. Our credit union continues to operate in accordance with the regulations established by the National Credit Union Administration, as well as those professional standards set by our Board of Directors.

The members of the audit committee are honored to serve you and are grateful for your trust and confidence. We will continue to work hard on your behalf to maintain the financial strength of Dort Financial now and in the years to come.

Diane Piercy, Director & Audit Committee Chair