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!
