On December 15, 2016, the Federation of Greene County Employees (FOGCE) Federal Credit Union held its 2016 Annual Meeting.
Rodney Pham, Credit Committee Chair, on behalf of the Manager reported that the credit union had $1.416,308 in assets as of November 30, 2016. Of this amount $ 923,381 are shares deposited by members and $200,000 in non-member deposits from other credit unions and non-profit organizations. The balance of the assets are in reserve funds and undivided earnings.
As of November, the credit union had $452,346.57 out in approximately 300 loans to members. The credit union makes loans against shares, personal loans, education, new and used car loans and other loans of benefit to members. Pham said, “The delinquency rate on loans was under 1%, which means our members understand that we are borrowing from each other and have a responsibility to pay back loans.”
Carol Zippert, President of the credit union reported that the credit union began in 1975 with 25 members and less than $10,000 in assets and has grown to 848 members and $1.4 million in assets. “This is a great achievement for a Black owned financial institution in one of the smallest and poorest counties in Alabama, “ she said.
The FOGCE – FCU is open to all people who live, work and worship in Greene County There is a ten dollar membership fee to join and a minimum share deposit of $25.00 then all other money you put in goes to your saving shares. FOGCE-FCU is regulated by the National Credit Union Administration (NCUA), which reviews the credit union annually and guarantees member’s savings to a maximum of $250,000 per account.
Members of the credit union are the owners and have one vote towards electing the Board of Directors and Credit Committee of the FOGCE Federal Credit Union. The organization is a financial and economic development organization democratically controlled by its members. At the annual meeting, Willie Carpenter, Earnest Edmond and Carol P. Zippert were re-elected to the Board of Directors and Mary Dunn, Rodney Pham and Vonda Richardson were elected to the Credit Committee.
The FOGCE-FCU has direct deposit of payroll for some Greene County employers and payroll deduction with most others. Members can save systematically and automatically through the payroll mechanism. Loan payments may also be made by payroll deduction.
Darleen Robinson, Chair of the Supervisory Committee conducts annual reviews and internal audits of the credit union to insure that all funds are used properly and are accounted for correctly. “ We welcome members suggestions and questions so we can improve the work and performance of the credit union,” she said.
John Zippert and Pamela Madzima of the staff of the Federation of Southern Cooperatives of which FOGCE-FCU is a member also attended the meeting and made supportive remarks.
Carol Zippert said that FOGCE-FCU must increase its membership and attract more young adults and millennials to our membership. “We need to set a goal for 2017, to have $1 million dollars in membership savings. This will require new members and old members depositing at least $ 75,000 in new savings into the credit union. I believe we can do this if we work together,” said Zippert.