2019 Dupaco Times Annual Report
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PAGE | 2 | Dupaco continues to grow with its members PAGE | 6–7 | Community is our middle name: A chronology PAGE | 3 | Financial literacy for kids helps empower more families PAGE | 8 | The Midwest Girl: Dupaco believes in us PAGE | 4 | Your credit union continues putting you money ahead PAGE | 9 | What did you save for in 2019? Member Luis Acosta, of Manchester, Iowa, visits with Dupaco’s Michelle Damme on PAGE PAGE | 5 | Dupaco represents voices of past, present and future Sept. 11 at the credit union’s Manchester branch. Acosta found financial relief with | 11 | MoneyMatch helps couple save to buy 1st home the help of Dupaco following his move from Puerto Rico. (M. Blondin/Dupaco photo) ANNUAL REPORT 2019 EDITION DUPACO COMMUNITY CREDIT UNION THE FINANCIAL HOME YOU OWN | ESTABLISHED 1948 | ACCOUNTS FEDERALLY INSURED BY NCUA Owners share more than $3.6 million in Thank Use WATERLOO, Iowa—Shortly after cares about its members.” lesson on credit cards. joining Dupaco Community In 2019, Young was among “I was totally opposed to Credit Union, ReShonda Young 58,665 Dupaco members who using credit cards before,” she started hearing talk of Thank Use. collected more than $3.6 million said. “I was excited to see that In the beginning, the Waterloo in Thank Use dividends. By using a simple credit card that’s not woman shrugged it off. Dupaco’s services, eligible costing me anything could help members shared in their boost my score even more.” financial cooperative’s success. Most recently, Young switched 16,529 Young made it her mission to to Dupaco Insurance Services, Number of members who joined Dupaco try Thank Use-eligible services saving her more than $200 a through organic growth in 2019 that she wasn’t yet using. Not year in auto insurance premiums. only did it earn her more than In 2020, Young hopes to earn “It wasn’t clicking with me at $80 in Thank Use, but it at least $100 in Thank Use. first, because no other financial helped her boost her financial She’ll continue encouraging institution I’ve worked with well-being. her friends to earn more, too. It offered something like this,” Getting an auto loan was a was, after all, one of Young’s Young said. smooth and fast process. Young friends who told her to check But then it hit her: The more also made purchases quickly out Dupaco when she grew she participated in her credit with her Dupaco MoneyCard. frustrated with her previous union, the more Thank Use she When she started using Shine financial institution. could earn. Online and Mobile Banking “My friend said, ‘You’ll be “Once I started to dig into it more, she saved time and gas surprised by how much easier further, I thought, this is amazing,” by making mobile deposits. And they are to work with,’ and SCENE IN: 2019 she said. “The Thank Use Bright Track helped her watch I really was,” Young said. Dupaco member ReShonda Young, of Waterloo, Iowa, put her Thank dupaco.com/CUDifference program shows Dupaco really her credit score climb after a “Everybody is so helpful.” Use cash dividend into her savings account. (B. Pollock photo) What your membership means Did you know? Direct financial value $3.6 million+ 31,449 45 minutes Dupaco is a not-for-profit credit union owned by its members. That In 2019, Dupaco provided its membership more Total Thank Use dividends paid to members Number of members who actively Average time staff spent with means you control your money and reap the benefits—with your money than $50 million in value—that’s an average of in 2019 for using their credit union’s services received free Bright Track credit each new member providing staying right here, helping your friends, neighbors and community. $461* per member! monitoring services as of Dec. 31 financial coaching *These calculations are based on the sum of: a.) account rate and fee comparisons between Dupaco and local banks (for each particular product), and b.) actual promotions and dividends received by members. Business accounts were excluded. dupaco.com/YourMoneyForGood Welcome to the financial home you own Credit union or bank: What’s the difference? On behalf of the Dupaco Board of Directors and staff, I’m delighted to Dupaco is a financial cooperative. The more we do for each member, the better all present your credit union’s 2019 Annual Report. It highlights Dupaco’s our members do! When we help our members save money—with a savings account, pursuit to improve the financial lives of our more than 125,000 lower loan rates, fewer service fees, low-cost insurance, financial education and members, each of whom is an more—we help grow the whole credit union. It’s people helping people, using owner of the credit union. your money for good. Joe Hearn, President and CEO Credit Union Bank Organization Not-for-profit cooperative For-profit corporation Primary objective Meet member/owner needs Maximize profit Ownership All members who are, by Stockholders who may or may not definition, users of services be customers or users of services Directors Volunteers Paid directors Decision-making Member controlled; one vote per Only stockholders vote; one vote member (each member/owner per share of stock (more stock has the same power) means more voting power) Distribution of Dividends issued to members Dividends issued to net income and used for capital development, stockholders only additional locations, equipment, etc. for members Community links Owners/leaders reside or have Owners/leaders may live an interest in the community anywhere in the world; headquarters could be anywhere in the U.S. Rates/products Offer better overall rates and Rates and fees may not be lower fees due to the nature favorable because of for- of the organization and its profit status of banks dividend distribution Generation of capital Generated only through Generated through income income stream stream and/or issuance of stock Who benefits Members/owners Stockholders Taxes Yes. Property, sales, employer- Yes. Property, sales, employer- related, monies and credits tax related and income on reserves in Iowa SCENE IN: 2019 Deposit insurance National Credit Union Federal Deposit Insurance Dupaco branch managers join President and CEO Joe Hearn for a selfie during a team-building event June 25 Administration (NCUA) Corporation (FDIC) at Franklin Street Brewery in Manchester, Iowa. (J. Hearn/Dupaco photo) 2 2019 ANNUAL REPORT Have you met your volunteer board of directors? 1 2 3 4 5 6 7 8 9 DUBUQUE, Iowa—Each member |2| Andy Schroeder |5| Denise Dolan, CCUV* |8| Ron Mussehl of Dupaco’s Board of Directors Vice Chair Our Vision Director Director serves voluntarily and is elected • Vice President, Prenger Solutions • County Auditor, Dubuque • Owner, Ron’s BP Convenience Group, Dubuque To be our members’ lifetime financial home. County, Dubuque Stores, Dubuque by the credit union’s members • Chair of Credit Union Service • Chair of Personnel Committee and • Chair of Business Lending during the Annual Meeting. Organization Board of Directors Our Mission Dupaco R.W. Hoefer Foundation Committee These nine directors contributed To improve our members’ financial |3| Steve Chapman |6| Jeff Gonner |9| Randy Skemp, CCUV*, CCUD** their time, talent and dedication Secretary position and build valued relationships Director Director to benefit the credit union and • Vice President and Chief by delivering personalized financial • Chief Financial Officer, Medical • Vice President, Sales, Active its members during 2019: Operating Officer, Auxiant, advice, products and services. Associates, Dubuque Network, LLC, Dallas, Texas |1| Bob Wethal Madison, Wis., and Cedar • Chair of Investment/Asset • Chair of Audit Committee Rapids, Iowa Liability Management Committee Chair of the Board Dupaco thanks them for • Vice President of Patient Care • Chair of Salary Savings Plan |4| Renee Poppe | | Oversight Committee 7 Ron Meyers their service. Services and Chief Nursing Treasurer Director * Certified Credit Union Volunteer Officer, MercyOne Medical • Vice President, Customer Service, • Principal, Wahlert Catholic High ** Certified Credit Union Director Center, Dubuque Medline Industries, Dubuque School, Dubuque • Chair of Marketing and • Chair of Credit/Delinquent Loan dupaco.com/board Nomination committees Committee Dupaco continues to grow with its members As more members join and use Dupaco, the financial cooperative continues to help its members get money ahead while creating new ways to enhance member benefits. In 2019, more than 16,500 members joined the Dupaco community, which now includes members from all 50 states and 26 other countries. Dupaco continues to grow, too. During 2019, Number of live video the credit union tellers Dupaco operates in Iowa and Illinois 19 kicked off construction at two locations, prepared to install more live video tellers and expanded its network of fee-free ATMs SCENE IN: 2019 Dupaco board members sign a wood pillar to commemorate the Dupaco Voices Building revival kickoff April 9 in Dubuque, Iowa. (DreamCatcher Productions photo) to serve its growing membership. Dupaco began transitioning its Carroll, Iowa, union’s operations center and include a mix of retail, branch into a full-service Dupaco Learning Lab. entertainment and community space. Designed to help members better understand money, Dupaco’s ATM network also grew in 2019. learning labs support the credit union’s mission to The credit union joined the CO-OP ATM improve each member’s financial position. network—a partnership that allows members to use Members can have more in-depth conversations their Dupaco MoneyCard surcharge free at ATMs of about their financial goals with branch employees, participating financial institutions. This is in addition while live video tellers help members make to Dupaco’s long-standing partnership with the transactions with Dupaco staff in real time. The Privileged Status ATM network.