Annual Reports

Annual Reports

Business Meeting - Agenda & Rules of Order

Friday, May 17, 2019 – 3:00 PM

Summit Ballroom, Topnotch Resort, Stowe, VT

 Agenda & Rules of Order

  1. Call to Order
  2. Incorporation of the Official Call into the Minutes
  3. Credentials Committee Report
  4. Acceptance of the Rules of Order
  5. Appointment of a Parliamentarian
  6. Approval of the Minutes of the 71st Annual Meeting
  7. New Business
  8. Elections
  9. Reports
  10. Comments from Honored Guests
  11. Adjournment

I) Robert’s Rules of Order shall govern the meeting in all cases in which they are applicable and in which they are not inconsistent with the Bylaws of the Association of Vermont Credit Unions, Inc. A parliamentarian shall be appointed by the Chairman.

II) All committees, unless specifically provided, shall be appointed by the presiding officer.

  • Credentials Committee – This committee is in charge of registration of delegates and alternates. Delegate and alternate check-in will begin at 3:10 PM on Friday, May 17, 2019.  The committee shall receive, check, and file credentials of all delegates or alternates and report to the presiding officer at the time indicated on the agenda.  This committee shall be responsible for the seating arrangements of delegates, visitors, and guests.  If there is any challenge to the rights of any person to be delegates or alternates, then such matters shall be referred without debate by the presiding officer to the Credentials Committee for investigation, report, and recommendation.
  • Nominating Committee – This committee shall submit to the Association meeting a list of nominees for all vacant offices for the consideration of the delegates at the meeting.

III) The report of the Credentials Committee shall be accepted as evidence of delegates and alternates in attendance at the Association meeting in determining the presence of a quorum.

  1. IV) Regarding decorum and debate, only Association directors, the Association president, delegates, or their alternates, are entitled to the use and privilege of the floor. The chair may use its discretion in all other cases.
  • Delegates and alternates desiring to address the meeting or to make a motion shall address the presiding officer as “Mr. Chairman” and give their name and name of their credit union.
  • Discussion – It is desirable that all keep remarks as brief as possible.
  • Voting – All voting shall be done in one of the following manners:
    1. Voice vote;
    2. Raising of hands;
    3. Roll call;
    4. Standing; or
    5. Secret ballot.
  • The presiding officer may designate the method to be used unless over-ruled by majority vote on appeal from the decision of the Chair. In the event of a contest, the presiding officer shall appoint ballot clerks.

Business Meeting - Minutes of the 71st Annual Business Meeting

Minutes of the 71st Annual Business Meeting

Woodstock Inn, May 18, 2018

The seventy first Annual Meeting of the Association of Vermont Credit Unions, Inc. (AVCU) was called to order by Chairman Sean Gammon at 3:05 p.m.

Secretary Carrie Allen announced that the Official Call to the 71st Annual Meeting was emailed to all member credit unions on February 2, 2018.

The Credentials Committee Report was given by Secretary Allen, who stated that 13 member credit unions were present for a total of 26 delegate votes.  A quorum was declared.

A motion was made by Michael Cooney (River Valley CU) and seconded by Matthew Levandowski (Heritage Family FCU) that Robert’s Rules of Order and the “Rules of Order” as published on the Reports page of AVCU’s online Annual Yearbook be adopted as governance for the meeting.  SO VOTED.

Introductions – Chairman Gammon introduced AVCU Board Vice-chair Susan Poczobut, Treasurer Jeff Morse, Secretary Carrie Allen, and Directors Rick Hommel, Brett Smith and Jim St. Peter.  He then introduced distinguished guests Commissioner Michael Pieciak from the Vermont Department of Financial Regulation, Jesse Rocheleau, CPA, from AVCU’s accounting firm of A. M. Peisch & Company, LLP, Richard Brock, AVCU’s Legal Counsel from the firm of Brock and Brock, PLLC.  Mr. Gammon appointed Mr. Brock to serve as parliamentarian for the business meeting and then asked the AVCU staff to stand and be recognized.

Chairman Gammon appointed Mary Robert (AVCU) as Recording Secretary for the Minutes and noted that Liz Williams and Jen Malroux (AVCU) had served as the Credentials Committee.

Minutes – A motion to dispense with the reading of the Minutes of the 70th Annual Meeting and to accept them as published on the Reports page of AVCU’s online Annual Yearbook was made by Jim Adorisio (NorthCountry FCU) and seconded by Joe Finnigan (Vermont FCU).  SO VOTED.

New Business – Bylaw Amendment Section 12.3 and Section 12.6

Chairman Gammon explained the purpose of the proposed amendment by the Association’s board of directors which was sent to credit union CEO/Managers on March 30, 2018 as required by the Association Bylaws being three-fold:

  • Move the date used in dues calculation from September 30th to June 30th, bringing calculation in line with CUNA, whose dues AVCU collects on its behalf.
  • To enable the earlier preparation of AVCU budgets and membership invoices.
  • To delete reference to the four-year transition period added when the current dues formula was implemented in 2013. The temporary provision bridged the change from the old formula to the current one, and is no longer in effect.
  • Move the date used in dues calculation from September 30th to June 30th, bringing calculation in line with CUNA, whose dues AVCU collects on its behalf.
  • To enable the earlier preparation of AVCU budgets and membership invoices.
  • To delete reference to the four-year transition period added when the current dues formula was implemented in 2013. The temporary provision bridged the change from the old formula to the current one and is no longer in effect.

A motion was made by Lisa Huyer, (NorthCountry FCU), and seconded by Eileen Mead-Belanger (Vermont State Employees Credit Union) to accept the Bylaw Amendment as presented.  SO VOTED.

Elections – Chairman Gammon thanked Election Committee Chair Susan Poczobut (Granite Hills CU), and members Wanda Dunham (White River CU), and Bob Lake (Green Mountain CU) for their service.  He then called upon Vice-Chair Poczobut to conduct the election.  She announced that no absentee ballots or petition requests to add candidates to the ballot were received by their announced deadlines, so the slate of candidates remained unchanged.  Sean Gammon, Members Advantage Community CU, Rick Hommel, VSECU, and Lisa Huyer, NorthCountry FCU.

Vice-Chair Poczobut declared that as there were three candidates for the three expired three-year terms, all three candidates were elected by acclamation, then asked the audience to join her in congratulating all the elected candidates. She then turned the meeting back over to Chairman Gammon

Reports – Chairman Gammon thanked the members of all AVCU Committees for their work throughout the year then called upon President Joe Bergeron for his management report.

A motion was made by Matthew Levandowski (Heritage Family FCU) and seconded by Jim Adorisio (NorthCountry FCU) to dispense with the reading of reports and accept them as published on the Reports page of AVCU’s online Annual Yearbook.  SO VOTED.

Comments from Honored Guests: Chairman Gammon welcomed Michael Pieciak, Commissioner of the Vermont Dept. of Financial Regulation, and asked him to address the meeting.

Chairman Gammon welcomed Tracy MacNeil, Sales Executive with CUNA Mutual Group, and asked her to address the meeting.

Chairman Gammon welcomed Steve Roy, CEO of Tricorp FCU, and asked him to address the meeting.

Chairman Gammon thanked President Bergeron and the staff for the work done during the previous year.

Old Business – None

Adjournment – The meeting was adjourned at 3:36 p.m. upon a motion by Michael Cooney (River Valley CU) and seconded by Jim Adorisio (NorthCountry FCU). SO VOTED

Respectfully Submitted, Carrie Allen, Secretary

* * * * *

At a re-organizational board of directors meeting immediately following the AVCU Business Meeting, the following officers were elected for 2018 / 2019:

Chairman – Sean Gammon

Vice Chairman – Carrie Allen

Treasurer – Jeff Morse

Secretary – Rick Hommel

Business Meeting - Report of the 2018-2019 Audit Committee

Report of the 2018 – 2019 Audit Committee

April 29, 2019

Board of Directors

Association of Vermont Credit Unions, Inc

Association of Vermont Credit Unions Services Corporation

On Monday, April 29, 2019 the committee met to review and receive the audit report of the Association of Vermont Credit Unions and its subsidiary Association of Vermont Credit Unions Services Corporation.

We met via teleconference with Association President Joe Bergeron, Finance Administrator Mary Robert, Todd Burgess and Jesse Rocheleau, Certified Public Accountants of A.M. Peisch & Company. The committee reviewed the audit report prepared by A.M. Peisch & Company, about which Mr. Rocheleau noted highlights and responded to Committee questions.

After reviewing the report and supporting documentation, the Audit Committee found it to be thorough and understandable. The financial statements were found to be in balance, with proper accounting procedures being followed.

Available as a separate document are the Consolidated Financial Position and Consolidated Statement of Activities for the Association of Vermont Credit Unions, Inc. and Subsidiary as of December 31, 2018. A copy of the Audited Financial Statements and Auditor’s Report is on file at the Association office and is available to member credit unions upon request.

We want to thank Association staff and A.M. Peisch & Company for their cooperation in explaining and reviewing the audit report of the Association of Vermont Credit Unions, Inc. and Subsidiary.

Respectfully submitted,

Susan Leonard, Chair, New England FCU

Terence Field, VSECU

Jeff Morse, River Valley CU

Financial Statements

Printed copies of AVCU, Inc. & Subsidiary 2018 Financial Statements will be provided (upon request) to Delegates, Alternates, and other registered attendees of the 72nd Annual Business Meeting.

Digital copies of AVCU, Inc. & Subsidiary 2018 Financial Statements are available to recognized management, staff, and volunteers at AVCU member credit unions.  Submit your request by email and kindly allow 2-3 business days for processing.

Business Meeting - Report of the 2018-2019 Nominating Committee

Report of the 2018 – 2019 Nominating Committee

From: 2019 AVCU Nominating Committee

                Lisa Huyer (Chair) – NorthCountry FCU

               Wanda Dunham – White River CU

               Bob LakeGreen Mountain CU

April 5, 2019

The Nominating Committee of the Association of Vermont Credit Unions has performed the task of selecting candidates to fill terms expiring on the Association’s Board of Directors at the upcoming 2019 Annual Meeting of members.

An election will be held to fill one expiring director position for a three-year term.

On February 8, 2019 a request was sent to member credit unions for the purpose of soliciting names of possible candidates to fill the vacancy. After careful consideration, the Committee decided to place in nomination Greg Hahr of New England Federal Credit Union for election to the Association’s board of directors.

Petition Nominations:

Association bylaws allow for additional nominees to be added to the ballot by petition. Any qualified individual seeking to be added to the 2019 director elections ballot was required to submit his / her completed petition and qualifications to the Nominating Committee by April 12, 2019.  As no petition nominations were received, the candidate list remains unchanged.

2019 AVCU Director Election Nominee

 Greg Hahr

Greg is Chief Lending Officer for New England Federal Credit Union (NEFCU) a $1.26 billion institution (as of 12/31/18) serving nearly 90,000 members throughout Chittenden, Grand Isle, Franklin, Lamoille, Washington and Addison counties in Vermont, four counties in southeastern Michigan, and two SEGs.in Ohio.  He has been with NEFCU since 2010, previously serving as Mortgage Manager. His prior experience includes 30 years of executive and managerial experience with financial institutions and mortgage companies and he is a past president and vice-president of the Vermont Mortgage Bankers Association.  He holds a bachelor’s degree in Business Administration with minor in Economics from the University of Vermont, has completed the CUNA CEO Institute, CUNA Regulatory Compliance School, and is a 2017 graduate of Leadership Champlain.  In his community, Greg has served on the Starksboro Zoning Board of Adjustments, multiple school boards, and for a decade has been an active coach of youth soccer, basketball, and softball.