ANNUALREPORT

(409) 899-3430

(409) 886-0726

(409) 489-0300www.dugood.org

REPORT OF THE SUPERVISORY COMMITTEE

The primary goal of our credit union is to serve our membership and meet their needs. The Supervisory Committee has observed the Board of Directors, our CEO, management and staff as they continually work together to accomplish this goal. The four members and two assistants of the Supervisory Committee are appointed by the board, but they must operate separately from the board in order to accomplish their tasks and be effective.

As Committee Chairman, I would like to acknowledge these individuals who have given so much of their time to volunteer and serve on your Supervisory Committee:

Our committee thanks our Accounting Vice President, Kelly Harrison, Internal Auditor, Katie Gripp, the branch managers and employees for your assistance and cooperation in helping us fulfill our responsibilities in performing our audits.

It has been my pleasure to serve as Chairman of your Supervisory Committee.

Each branch has unannounced quarterly audits which includes one teller drawer, vault

drawer, travel money cards, gift cards, instant issue debit cards, open and closing log.

Audit expenditures of the credit union for proper approval.

Review monthly bank reconciliations.

Check allowance for loan loss vs general ledger.

File Maintenance Reports reviewed include:

Member Data Change Report, Loan Data Change Report, Monthly Suspect Kite Report, Daily

Override Report, Loans to One Borrower Report and Check Register.

Engaged the CPA firm of Wathen, DeShong and Juncker to audit the credit union books.

Louis Saldana, 25 years

Van Thigpen, 6 years

Paul Hussey, 5 years

Stephen Jordan, 3 years

Thomas Jordan, Assistant, 6 years

Slvia Root, Assistant, 8 years

p

p

p

p

p

p

Van ThigpenSupervisory Committee Chairman

Jada KelleyPresident/CEO

Larry Ducharme Chairman

Sylvia RootSecretary

Dan Harrington

Leo BegnaudVice Chairman

Dieter SchulzTreasurer Membership Officer Directors

Don AlbaneseWayne Dionne

Thomas JordanSteve Graffagnino

Federally insured by NCUA. Equal Housing Lender.

Added FHA and VA loans to our Mortgage Center.

Moved our Nederland Branch to a more convenient location on Nederland Avenue.

Converted the building on Twin City Hwy to our Mortgage Center.

Added CARVANA as another way for members to purchase or trade in used vehicles.

Updated our computers and added tablets at all branches to better serve members digitally.

Welcomed Violetta Propps as our new Financial Advisor to assist members in reaching their

financial goals.

Updated our Mobile App with enhanced features.

Increased Remote Deposit postings from 2 times per day to 4 times, allowing members to

receive remote deposit funds faster.

Implemented Secure Live Chat behind home banking’s authentication to share confidential

information with members more securely.

Implemented a Green Light Auto Loan Program to approve more car loans.

Offered credit cards as a method to make loan payments.

REPORT OF THE CHAIRMAN AND PRESIDENT

On behalf of the Board of Directors, management and staff, we’d like to welcome you to our 58th Annual Membership Meeting of DuGood Federal Credit Union. We thank you for your continued support of the credit union and for allowing us to achieve another successful year in 2019.

REPORT OF THE TREASURERFor Year Ending December 31, 2019

NEW PRODUCTS AND ACCOMPLISHMENTS

Contributed over $126,400 to local charities, schools and community events

Awarded over $6,000 in Scholarships

Volunteered over 1,770 hours

Participated in 95 events

Offered financial education to students

Sponsored charitable events for:

COMMUNITY EVENTS AND SPONSORSHIPS

ASSET GROWTHASSETS 2019 2018

Dollars in Thousands

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

American Cancer Society

The ARC of Greater Beaumont

Boys’ Haven

Community Care - Prayer Outreach

Children’s Miracle Network

Garth House

Harbor Hospice

Julie Rogers Gift of Life

Some Other Place

2016

2017

2018

2019

$275,230

$333,483

$326,654

$343,450

SHARE GROWTHDollars in Thousands

2016

2017

2018

2019

$239,252

$294,518

$285,731

$298,965

LOAN GROWTHDollars in Thousands

2016

2017

2018

2019

$173,019

$183,793

$198,223

$208,920

Loans to Members $208,920,108 $198,222,693

Loan Loss (1,088,780) (1,044,115)

Cash & Equivalents 32,100,179 26,540,436

Investments 81,846,396 82,481,315

Land & Building 6,900,489 6,137,121

Furniture & Equipment 1,374,408 1,367,384

13,397,030Other Assets 12,949,115

TOTAL ASSETS $343,449,830 $326,653,949

LIABILITIES $2,504,743 $2,177,063

INCOME

GROWTH PERCENT BALANCE

Income From Loans $9,183,689 $8,421,108

Income on Investments 2,339,817 2,269,774

All Other Income 6,136,028 5,808,427

Total Gross Income 17,659,534 16,499,309

Assets $16,795,881 5.14%

4.63%

5.40%

8.35%

$343,449,830

Shares $13,233,353 $298,964,612

Loans $10,697,415 $208,920,108

Capital $3,235,118 $41,980,745

Less Operating Expenses 12,766,661 12,021,738

Net Income Before Dividends 4,892,873 4,477,571

1,658,025Less Dividend Expense 1,357,282

NET INCOME $3,234,848 $3,120,289

MEMBER EQUITIES

Member Shares $298,964,612 $285,731,259

Regular Reserves 3,722,003 3,722,003

Undivided Earnings 38,258,472 35,023,624

TOTAL LIABILITIES & EQUITY $343,449,830 $326,653,949

Jada KelleyPresident/CEO

Larry Ducharme Chairman

Sylvia RootSecretary

Dan Harrington

Leo BegnaudVice Chairman

Dieter SchulzTreasurer Membership Officer Directors

Don AlbaneseWayne Dionne

Thomas JordanSteve Graffagnino

Federally insured by NCUA. Equal Housing Lender.

Added FHA and VA loans to our Mortgage Center.

Moved our Nederland Branch to a more convenient location on Nederland Avenue.

Converted the building on Twin City Hwy to our Mortgage Center.

Added CARVANA as another way for members to purchase or trade in used vehicles.

Updated our computers and added tablets at all branches to better serve members digitally.

Welcomed Violetta Propps as our new Financial Advisor to assist members in reaching their

financial goals.

Updated our Mobile App with enhanced features.

Increased Remote Deposit postings from 2 times per day to 4 times, allowing members to

receive remote deposit funds faster.

Implemented Secure Live Chat behind home banking’s authentication to share confidential

information with members more securely.

Implemented a Green Light Auto Loan Program to approve more car loans.

Offered credit cards as a method to make loan payments.

REPORT OF THE CHAIRMAN AND PRESIDENT

On behalf of the Board of Directors, management and staff, we’d like to welcome you to our 58th Annual Membership Meeting of DuGood Federal Credit Union. We thank you for your continued support of the credit union and for allowing us to achieve another successful year in 2019.

REPORT OF THE TREASURERFor Year Ending December 31, 2019

NEW PRODUCTS AND ACCOMPLISHMENTS

Contributed over $126,400 to local charities, schools and community events

Awarded over $6,000 in Scholarships

Volunteered over 1,770 hours

Participated in 95 events

Offered financial education to students

Sponsored charitable events for:

COMMUNITY EVENTS AND SPONSORSHIPS

ASSET GROWTHASSETS 2019 2018

Dollars in Thousands

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

p

American Cancer Society

The ARC of Greater Beaumont

Boys’ Haven

Community Care - Prayer Outreach

Children’s Miracle Network

Garth House

Harbor Hospice

Julie Rogers Gift of Life

Some Other Place

2016

2017

2018

2019

$275,230

$333,483

$326,654

$343,450

SHARE GROWTHDollars in Thousands

2016

2017

2018

2019

$239,252

$294,518

$285,731

$298,965

LOAN GROWTHDollars in Thousands

2016

2017

2018

2019

$173,019

$183,793

$198,223

$208,920

Loans to Members $208,920,108 $198,222,693

Loan Loss (1,088,780) (1,044,115)

Cash & Equivalents 32,100,179 26,540,436

Investments 81,846,396 82,481,315

Land & Building 6,900,489 6,137,121

Furniture & Equipment 1,374,408 1,367,384

13,397,030Other Assets 12,949,115

TOTAL ASSETS $343,449,830 $326,653,949

LIABILITIES $2,504,743 $2,177,063

INCOME

GROWTH PERCENT BALANCE

Income From Loans $9,183,689 $8,421,108

Income on Investments 2,339,817 2,269,774

All Other Income 6,136,028 5,808,427

Total Gross Income 17,659,534 16,499,309

Assets $16,795,881 5.14%

4.63%

5.40%

8.35%

$343,449,830

Shares $13,233,353 $298,964,612

Loans $10,697,415 $208,920,108

Capital $3,235,118 $41,980,745

Less Operating Expenses 12,766,661 12,021,738

Net Income Before Dividends 4,892,873 4,477,571

1,658,025Less Dividend Expense 1,357,282

NET INCOME $3,234,848 $3,120,289

MEMBER EQUITIES

Member Shares $298,964,612 $285,731,259

Regular Reserves 3,722,003 3,722,003

Undivided Earnings 38,258,472 35,023,624

TOTAL LIABILITIES & EQUITY $343,449,830 $326,653,949

ANNUALREPORT

(409) 899-3430

(409) 886-0726

(409) 489-0300www.dugood.org

REPORT OF THE SUPERVISORY COMMITTEE

The primary goal of our credit union is to serve our membership and meet their needs. The Supervisory Committee has observed the Board of Directors, our CEO, management and staff as they continually work together to accomplish this goal. The four members and two assistants of the Supervisory Committee are appointed by the board, but they must operate separately from the board in order to accomplish their tasks and be effective.

As Committee Chairman, I would like to acknowledge these individuals who have given so much of their time to volunteer and serve on your Supervisory Committee:

Our committee thanks our Accounting Vice President, Kelly Harrison, Internal Auditor, Katie Gripp, the branch managers and employees for your assistance and cooperation in helping us fulfill our responsibilities in performing our audits.

It has been my pleasure to serve as Chairman of your Supervisory Committee.

Each branch has unannounced quarterly audits which includes one teller drawer, vault

drawer, travel money cards, gift cards, instant issue debit cards, open and closing log.

Audit expenditures of the credit union for proper approval.

Review monthly bank reconciliations.

Check allowance for loan loss vs general ledger.

File Maintenance Reports reviewed include:

Member Data Change Report, Loan Data Change Report, Monthly Suspect Kite Report, Daily

Override Report, Loans to One Borrower Report and Check Register.

Engaged the CPA firm of Wathen, DeShong and Juncker to audit the credit union books.

Louis Saldana, 25 years

Van Thigpen, 6 years

Paul Hussey, 5 years

Stephen Jordan, 3 years

Thomas Jordan, Assistant, 6 years

Slvia Root, Assistant, 8 years

p

p

p

p

p

p

Van ThigpenSupervisory Committee Chairman