The Wright-Dunbar Area Credit Union is a faith-based financial cooperative, owned by its members who live, work, and worship in Montgomery County.
Our initiative is to be the primary financial institution of the members of our congregations and the larger community, by providing a wide array of services that meet the special needs of those we serve for housing, education, and business investment. Our mission is to provide a source of financial services to our members and the community, which are fairly and competitively priced and equally available based on our members’ individual needs.
Background
The Wright - Dunbar Area CU was created as a result of the merger between Corinthian Baptist Credit Union and Mt. Carmel Missionary Baptist Credit Union both located in Dayton, Ohio. The Corinthian Baptist Credit Union remained as the managing entity but changed it’s name to the Wright-Dunbar Area Credit Union to more closely resemble the goals and the community in which it will serve. Therefore the credit union has been in existence since 1956.
The CU offers a valuable source for savings and credit for the members. The CU is expanding its purpose so as to meet as many of the financial needs of our members as possible. Important to us is financial education -- not only to persuade people to join our CU and to save and borrow with us, but to use the CU as a source of unbiased, factual information about effective use of money in buying, investing, preparing for retirement, insurance programming and other aspects of family money management.
It makes no sense to pay banks monthly service charges to hold on to our hard fought savings? Shouldn’t they pay us! At WDACU.org, WE DO! Because we are a non-profit, any excess income we generate is given back to you in the form of lower interest rates, higher dividends, more services, etc.
The Wright - Dunbar Area CU has 480 members and assets of $450,000 through December 2007. Of those assets, 38% was re-issued as consumer loans with the remaining 62% invested in short-term certificates or held as cash or fixed assets.
Our present focus is to expand our membership to other congregations in our community and promote economic empowerment to the residents of Dayton and surrounding areas. We need the support and encouragement of the entire Christian Community to realize our vision and continue to be a source of community pride.
The Board of Directors, as authorized by the credit union by-laws, has responsibility for the general direction and control of credit union affairs. In summary, these responsibilities include:
· Policy decisions regarding shares, loans, dividends, etc.
· Approve membership applications
· Approve expenditures
· Authorize necessary bond coverage's, investments, and depositories for the funds, and
· Fill vacancies on the board and credit committee between annual elections
Although the above are important operational activities, The Board is also responsible for the future of the CU. This tremendous responsibility can be effectively dealt with only through regular planning and evaluation. Goals must be set and regular evaluations made of goal accomplishments. Only in this way will the credit union grow and prosper.
To achieve the essential functions of the credit union, namely to:
· Plan
· Direct
· Measure
The Board has delegated certain operational responsibilities to "standing committees" charged with carrying out the Board's strategic objectives. The standing committees are as follows:
The Supervisory/Audit Committee has responsibility for financial and operational reviews of the Credit at frequent intervals to ensure sound practices and procedures are followed and that we are in compliance with all current laws and regulations.
The Asset Management Committee is responsible for securing and investing the assets of the Credit Union. The committee has to balance the regulatory requirements, liquidity and risk preferences while ensuring the highest possible return on the funds invested.
The Credit Committee is responsible for approving, denying and/or counter offering to members applying for loans.
The Marketing Committee is responsible for promoting the services and benefits offered by the Credit Union. This committee also is responsible for gathering information about the members’ savings and borrowing habits, income ranges, occupations, home types, family sizes, etc.
The Education Committee will see that information is constantly supplied to members of the credit union to ensure members effectively take advantage of the services offered
The Annual Meeting Committee has the primary responsibility for planning the Annual Meeting of the Credit Union.
Other Ad Hoc Committees as authorized by Board
INVESTMENT POLICY
This is the investment policy for all of the investment transactions at the WRIGHT-DUNBAR AREA CREDIT UNION. The purpose of this policy is to present guidelines for the development of a sound, liquid and profitable investment portfolio with cash in excess of demand, and other operating purpose disbursements.
AUTHORITY
The owner will appoint an Investment Committee of at least three individuals with the responsibility to purchase or sell investments. Transactions will be reported to the board of directors along with reports detailing the par value, net book value and the market value of each security in the portfolio. The board then must ratify all investment transactions. The owner will approve a broker with whom investment security transactions may be conducted.
ACCEPTABLE INVESTMENTS
All investments will be in accordance with the Rules and Laws governing investments by sole proprietors. Only the following types of investments will be permitted by this policy:
A. Deposits in insured Banks and Savings and Loan Associations, up to the amount of the deposit
insurance.
B. Obligations of the U.S. Treasury Department.
C. Obligations of Federal Agencies backed by the full faith and credit of the U.S. government.
MATURITY
The maximum maturity for a single investment will not exceed two years, except for capitalization certificates Bonds and insurance contracts. Maturity dates will be staggered so that a steady stream of invested funds is available.
SAFEKEEPING
When ever possible investments will be held in safekeeping at a financial institution designated by the owner. All other investment securities will be locked up for safekeeping.
RECORDKEEPING
The following information will be maintained on all investments:
A. Investment description
B. Interest rate
C. Face value
D. Purchase price
E. Premium or Discount
F. Purchase date
G. Maturity date
H. Schedule of interest payments
I. Other pertinent data
Investment will be accounted for in accordance with generally accepted accounting principles.
REPORTING
Monthly investment reporting to the owner will include the details of all sales, maturity dates and purchases. The owner will also receive a report on the current state of the investment portfolio including par values, net book values, market values and yields.
This investment policy, as adopted by the owner of the WRIGHT-DUNBAR AREA CREDIT UNION, will remain in effect until modified by appropriate action