Misappropriation? ❇
❇ Any scheme that involves the misuse of an organization's assets. Or more simply, the inappropriate use of others’ money.
Well we've spent a couple of years looking at this and that at SECU, but time grows short and it's time to laser focus on the one real issue that every credit union member should consider, understand, and confront.
Every credit union member - including you - has a personal stake in what the future seems to hold in store for many credit unions of all stripes, in all states, and of all sizes.
The main challenge is to convince you, as a credit union member-owner, that you have a sizeable financial interest and a substantial ownership claim on the future direction of your credit union.
Up for a couple of lessons? It could be worth thousands of dollars to you.
Here are "the numbers" for you to consider (using SECU as an example):
Assets Liabilities
1) Cash/Inv $16 billion 4) Member Deposits $50 billion
2) Loans $36 billion
3) Bld/equp $ 4 billion 5) Member Equity $ 6 billion
TOTAL $56 billion TOTAL $56 billion
✅ Pretty simple business really. The credit union takes in your deposits (#4 checking, MMSA,
CDs, IRAs) and lends those funds as loans (#2) to other members. Member deposits not out in loans are held as cash or investments (#1) and of course there are the costs of branches, equipment and other operating stuff (#3).
😎 Why a "simple business"? Do you know anyone who has ever complained of having too much money? (No, me neither.) Money is like air and water... not really a "hard sell" to most folks!
But of course we're missing something, that $6 billion bucks in "Member Equity" (#5)! What is that, who does that belong to...
What if someone said that $6 billion belonged to you!
make a nice down payment on a bank ....
ReplyDeleteDictatorship in democracy's clothing is the way to go for the new/ new wave of the future ...
ReplyDeleteIf all members actually owned that “equity”, then it would be paid out to their estate upon their death or mailed to them upon the end of their membership.
ReplyDeleteSo you want to sell buildings and equipment?
ReplyDeleteWell--The Gym Haze Board certainly did want to sell buildings and assets. North Hills and what's going on on Wade Avenue?! That's the new/new take. Not the legacy position. all those assets do is increase in value for the member. Why cash in?
DeleteHow are members realizing the benefit from the appreciation of SECU’s real estate holdings if they are never sold?
DeleteYep sell them to boost the bottom line! "profitable" year for SECU! Woohoo!
DeleteCicero warned ...
ReplyDelete“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself".”