| ✅ July 26, 2023 (9:50 AM) |
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Dear Rex Spivey, CFO SECU ,
Good
morning. Would you please send me complete SECU financial statements
for year-end Dec. 31, 2022 and the month-end financial statements for
Jan/Feb/Mar/Apr/May/June 2023.
You are required
by North Carolina law to provide monthly financial statements to the
SECU members. You may verify this requirement with the Administrator of the North Carolina Credit Union Division.
✔ 04 NCAC 06C .0306 DISPLAY OF FINANCIAL STATEMENTS Each credit union shall display at its main office and all branches, copies of its monthly financial statement. The statement shall be posted in a manner that is accessible for inspection by members.
As
a CPA you are familiar with the AICPA industry standard definition of
financial statements, so generally accepted accounting practices should
apply. These are the same financial statements which you and SECU have
been providing to the SECU membership for decades in accordance with
State law - until this year.
Given that prior requests, over several months, have not been honored in accordance with State law, I must ask that you email these statements to me prior to the end of the day - July 26, 2023. Or if easier, please provide confirmation you have sent them by overnight delivery to my home address of record with SECU.
You
indicated in prior correspondence that requests for financial
statements should be sent centrally to you, so here you go! Look
forward to your prompt response
Thank you,
Jim Blaine
✅ 7/26/2023 (4:33PM)
Dear Mr. Blaine,
I have attached the financial statements that you requested.Sincerely,
Rex Spivey
✅ 7/26/2023 (5:13 PM)
Dear Rex Spivey,
Thank you for the
requested financial statements. Assume that members may once again
obtain these statements through their local branch. Is that correct?
Sincerely,
Jim Blaine
... you would think with 3 lawyers on "this Board"... oh, never mind.
Well well. Interesting to see what happens here. He can't claim he needs time to get them together because all these items already exist. Wonder how this board with there 3 lawyers is going to direct Mr. Spivey to reply. Wonder if he will risk disobeying the law to disobey his masters.
ReplyDeleteWonder if they try to fob off the monthly summary again as the financial statement?
ReplyDeleteRex 40 years on the line for you. Do the right thing for all of us.
ReplyDeletewhere are these orders coming from to not give members the financials? The membership wants to know who is telling Rex Spivey to ignore NC credit union law.
ReplyDeletewell who would be his Manager? Ms Brady? That would be my guess ...
DeleteHe may report to her, but the board reports to the membership. Don't let them forget how thy have treated us! Vote em out - send a message else their uncaring actions will continue. It's just like disciplining your children, you have to teach them right from wrong on how you treat folks. You don't take from people what ain't yours to take. If you were voted in to be stewards of the Credit Union then start acting like it and not like selfish children. Grow Up and take accountability for your actions!
DeleteWhen will the administrator of NC credit unions step in? These are some arrogant folks running this credit union right into the ground.
ReplyDeleteWhat information are they so interested in hiding from their rightful owners? If you've got nothing to hide, why are you hiding?
ReplyDeletemaybe all those unrealized losses ....
Deleteout of control budget
DeleteWhy is this so hard? Why does this board make everything a tussle and a fight?
ReplyDeleteWhy do they make staff look like liars and fools?
DeleteAbsentee voting period begins September 1
ReplyDeleteAbsentee voting period ends October 3
** Annual meeting/Election October 10 **
https://www.ncsecu.org/PDF/AboutSECU/Election-Policies-and-Procedures.pdf
When and how is the slate finalized and published?
DeleteStop using 'this Board", try "worst Board".
ReplyDeletecall a branch tomorrow to see if the financials for the last 6 months are available!!
ReplyDeletePlease don’t terrorize branch employees.
DeleteSorry if you believe that request for something this board must make available to members is "terrorizing employees." think it through. The law says the monthly financials must be posted (available) in all branches.The branches could post it in a spot easy for the member to see. Employees in the branches should not have to ask for the financials.It is part of this board's job description. Seems to be circumventing their fiduciary duty, doesn't it. The more requests the branches get from the members, the more the employees can say, we had 25 requests, we had 50, etc etc. It will support the employees not hurt them. Time for the branch employees to stand up and be counted for the member and for doing the right thing, something this board has to be dragged to kicking and screaming!(if this board can get there at all.)
DeleteBranch employees should have and need the information in the financials, too. And should not have to ask for them. Law says the monthly financials will be in all the branches for members to inspect. Let's make sure this board fulfills their fiduciary duties. all this seems to call the the question on what this board is doing, and for whom.
DeleteThe members don't want to "terrorize" the branch employees. Make sure you're thinking about who is actually "terrorizing" them! Employees and CU members are collectively being terrorized by this board.
DeleteLeigh Brady tried to BS us yesterday at operations call..she acts like she wasn't around last 2 years. Thinks she can grin her way out of this.. her track record is on video snd tape. Worse than Haze, Brady knew better. Ego and ambition. commitment to cu skin deep.
ReplyDeleteNo branch experience= no personal contact with members. No understanding of lives of members she is SUPPOSED to serve
DeleteBrady supports RBL, she needs to be put on the road with her "joined at the hip" buddy Haze. Don't forget her piece of work at SEANC.
DeleteAll these folks are past the age of accountability ...
ReplyDeleteSomeone needs to provide all readers of the blog the information needed to ensure the 500 votes (and more) needed for members wishing to be included on the ballot for board members is available. Also, we should ensure all of our member friends have this information asap.
ReplyDelete