In 2020, we faced an unprecedented situation caused by the COVID-19 pandemic. As treasurer, I wanted to take the opportunity to share how Dort Financial has been responding — and will continue to respond — to the crisis we all face. This pandemic has changed the way we work and learn and, importantly, how we handle our finances. At Dort Financial, I am proud to report that we remained a fiscally sound and secure member-owned financial cooperative.
At year end, our assets totaled $1,244,269,209, an increase of more than $238 million (over 23%) from 2019. As federal Economic Impact Payments were deposited in the credit union, our members used those payments to pay off debt. Our delinquency ratio dropped to .55% in 2020, down from 1.42% in 2019. Dort Financial’s capital ratio remained strong at 14.20%, more than double the minimum level required by the National Credit Union Administration, our government regulatory agency. Total income remained steady, and our return on assets remained stable at .91%, well above the industry peer average of .69%.
The communities we serve will continue to face challenges in the battle against the pandemic and the reopening of our economy. At Dort Financial, we remain confident that the solid foundation we have built, coupled with capable, accomplished leadership and a resourceful membership, will continue to make our credit union a dynamic and successful financial cooperative. The confidence you place in us is our driving force, and we appreciate that you have made us your trusted financial partner. Thank you for being a member of Dort Financial Credit Union. As we continue to provide essential financial services well into the future, we look forward to many more years of serving you!
Bruce Allan, Treasurer
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 the 2020 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 credit union policy or regulatory compliance.
As chairperson of the Audit Committee, I am 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 and the Michigan Department of Insurance and Financial Services, as well as the 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 diligently on your behalf to maintain the financial strength of Dort Financial now and in the future.
Diane Piercy, Director & Audit Committee Chair