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The IRS has begun issuing tax rebates to individuals and couples who qualify and have filed tax returns. This has resulted in telephone and email scams designed to coerce individuals into revealing their personal banking information. If someone calls asking you to give them your personal information in order to facilitate the deposit of your rebate check into your account, Don't Do It!
The IRS has issued the following video warning:
UFirst FCU Board Secretary Liz Woodard and I met this week in her office on the eighth floor of the Kehoe Administration building on the campus of Plattsburgh State University. Liz has made Plattsburgh her home for almost 30 years and has worked at Plattsburgh State since 1987. In 1990 she transfered to the Academic Affairs division of the college and now works as the Administrative Assistant to the Academic Provost.
Liz mentioned that the products, services and benefits of credit unions have been a part of her life for many years. Her mother worked for a credit union when she was a child and Liz has been a credit union member from an early age. Becoming a member of SUNY Plattsburgh FCU was one of the first things she did when she began her career at the college. Liz recalled getting her first loan from the credit union when it was located in a small office in Kehoe. She has been a member of the board of directors for 11 years and served as board secretary for almost as long.
Liz has witnessed many changes at UFirst throughout the years. She has seen the credit union evolve over the years watching it grow from a one person operation housed on campus to a membership of over 3000 with a new operations center and a branch in the college bookstore. Liz is enthusiastic about the fact that UFirst now operates under a Community Charter. She believes that we need to balance our growth so that we maintain the personal, member-centered interactions that have distinguished us in the community.
Liz had an interesting perspective on the issues that will affect UFirst in the future. Listen while she reflects on these challenges:
Happy 50th Anniversary to the credit union movement in Ireland. In honor of the occasion a special commemorative stamp was issued.
Listing Health Risk Factors Are Routine
Look at any of the major, reputable medical sites on the internet and you're bound to find a list of risk factors which, if corrected or avoided, could improve your health and perhaps save your life. The American Heart Association gives both a list of factors as well as an assessment designed to measure a person's risk for heart attack. The National Heart Lung and Blood Institute provides website visitors with "Six Key Steps To Reduce Heart Attack Risk". Web MD provides an interactive tool designed to measure heart attack risk. All of these assessments include risk factors that have been arrived at through studies such as the now famous Framingham Study which is one of the most important public health studies launched in order
...to learn why people get cardiovascular disease, and how it evolves and results in death in the general population.
These risk factors have become so well known that most people can name many of them and a large percentage of the population can give examples of how they are, personally, making lifestyle changes to decrease their risk and increase their health.
What About Financial Health Risk Factors
It appears that discovering and acknowledging health risk factors has improved both our awareness and our health. I wonder what effect identifying, listing and publicizing the risk factors for financial trouble could have in improving our fiscal health. The current nationwide financial crisis may give us a hint as to what these risk factors might be. One or two unhealthy financial habits may not spell ruin but with each factor added to the others, the chances of a personal crisis would increase.
A Possible List
Look at articles about the economy that appear daily and it wouldn't be hard to formulate a list of factors and behaviors that might predict individual and family financial crises:
This list is not exhaustive. I'm sure readers of the Boardcast could come up with additional factors.
Using The List
Assessments designed to measure health risks provide a starting point for treatment and lifestyle changes. It would be interesting to use the financial risk check list in a similar way. In this case, three or more checks might indicate the need for a voluntary, personalized assessment conducted by a financial counselor. This adviser would make specific recommendations and give assistance designed to make necessary life style changes that would work toward restoring financial health. Focusing on risk factors and changes in behavior to improve health have helped in the case of cancer and heart disease. Using the same approach might improve the financial health of individuals who find themselves at risk for financial crisis.
CEO Linda Bourgeois and Marketing Director Jody Carpenter attended the Community Service Donor-Scholar Breakfast on March 26, 2008. UFirst, in cooperation with the Plattsburgh College Foundation, awarded Kimberly Lashmet a Community Service Scholarship which assists her with tuition, room and board in exchange for a service commitment. Ms Lashmet volunteered at the Traumatic Brain Injury Center. Her supervisor at the TBI center was Melissa Mose. The Community Service Scholarship Program has three goals:
To nurture the scholars' existing commitment to service and to build their lifelong commitment to service
To help the local community by providing volunteer leadership
To help Plattsburgh State University recruit students who will become leaders for their peers
The UFirst Board of Directors met for our regular monthly meeting at 4:15 on Tuesday afternoon. CEO Linda Bourgeois reported on our membership growth in March. Linda reported that our Campus Branch has been remodeled and will be open to members as of Wednesday, April 16th. The repairs to our drive-through are expected to be completed by the end of April. The board and management appreciate how understanding the members have been with this inconvenience. We also appreciate the flexiblility of the staff in changing lobby hours in order to compensate for the drive-through closure.
CEO Bourgeois, Ginny Brady and supervisory committee member, Jaimie Trautman, will be attending the New York State Credit Union League Governmental Affairs Conference in Albany in May. Credit Union staff and members will be in Albany to speak with legislators about the benefits that credit unions provide to members as well as the contributions we make to the state and national economy.
The UFirst Board voted to become a charter participant in the North Country Scholarship program. This is a new scholarship program which matches local business leaders with local student leaders. The North Country Scholarship program will support the North Country economy by retaining high achieving young people in the region for their higher education. It is hoped that this will increase the likelihood that they will be North Country leaders in the future. UFirst's participation in this initiate furthers our goal of being the premier education credit union in the North Country. In addition to our elementary and high school educational programs we also contribute to the Community Service Scholarship, the UFirst Endowment at SUNY Plattsburgh as well as our own UFirst FCU scholarship given to deserving member scholars each year.
Members are encouraged to post comments to the Boardcast. This is your chance to have a dialog with the UFirst Board of Directors about your credit union.
Members who would like to propose items for board discussion are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast at ufirstbod@gmail.com.
Thank you to Peggy Powell, the Executive Director of America's Credit Union Museum, for a wonderful tour of an inspiring facility.
A Brief Tour of America's Credit Union Museum - Part One
A Brief Tour of America's Credit Union Museum - Part Two
A Brief Tour of America's Credit Union Museum - Part Three
I visited one of the best kept secrets in the credit union world on Saturday, April 5. I was there to attend a group-directed conference called BarCampBankNewEngland organized by a talented credit union professional, Morriss Partee the CEO of EverythingCU. America's Credit Union Museum is located on the west side of the Merrimack River in Manchester, NH. It shares a city block with the Catholic Cathedral and faces Lafayette Park. Museum Executive Director Peggy Powell, in the spirit of credit union helpfulness, opened the museum to the group on a Saturday and conducted an inspiring tour. The first two floors of America's Credit Union Museum house mementos and artifacts from the beginning of the credit union movement in the United States. We heard how in 1908 Monsignor Pierre Hevey responded to the needs of the French Canadians who settled in Manchester to work in the mills. He wrote to Alphonse Desjardins (the founder of the credit union movement in Canada, Caisse Populaire) requesting his help to establish a credit union in Manchester to meet the financial needs of his immigrant parishioners. Msgr. Hevey recruited Joseph Boivin to become the first president of La Caisse Populaire Ste.-Maire and house the newly formed credit union at his home at 418-420 Notre Dame Ave. America's Credit Union Museum is administered by a foundation made up of credit unions throughout the United States. The museum includes exhibits detailing some of the highlights of credit union history. The old building is beautiful and it was thrilling to walk through the rooms where new US citizens, who were turned away by established financial institutions, made deposits and received the means to secure a future in their new land.
What's a BarCampBank?
This venue celebrating the past was a perfect location for a gathering focused on the future. BarCampBankNewEngland gave participants a chance to spontaneously share information about using technology and social web tools with customers and members. In addition, we discussed critical credit union issues like mergers and their effect on the reputation of credit unions. All participants were able to post discussion topics which were placed on a timeline on the wall of our meeting room. Participants settled on the topics and schedule and the individual or group making the suggestion led the discussion. This format worked very well and Morriss Partee, our moderator, moved us along. BarCamps like this have increased in popularity because they allow the participants to formulate the content and they encourage participation by all.
The Group
Our BCBNE group was diverse, lively, interesting and interested. It included credit union employees, a board member, a senior analyst as well as a group of credit union and financial institution service providers. Each participant brought a high degree of expertise which they shared generously throughout the day. It was delightful to get a glimpse of young, enthusiastic credit union advocates like Mark Vautour, Andy LaFlamme, David Inverarity and Adam Lueb who, I predict, are the CEOs of the future. Christian Mullins, Joe Mello, Jeanine Perrone, Charlie Kroll and Dave DelVecchio represented entrepreneurs with skills at the cutting edge of technology as it is used by credit unions and other financial institutions. Debra Trautman, who is with the Maine Credit Union League, brought the freshness and enthusiasm of someone who is not afraid to bring new ideas to credit unions in her area and Morriss Partee, Gene Blishen and Ron Shevlin shared the knowledge and insights gained from their extensive experience in credit union and financial services. BarCampBankNewEngland 2008 combined the best of an educational gathering - a wonderful opportunity to network with an enthusiastic group, terrfic content and an inspiring location.
Congress designated April as National Financial Literacy month in 2006. Most Americans will move through the month without it's making a difference. However, this may be the perfect time in our country's history to take notice of this designation and put it to work in our lives and in the lives of our children.
Ufirst Makes Financial Education a Priority
UFirst has taken an active role in supporting and participating in financial education initiatives in a number of area schools. The heart of these activities has been NEFE's (National Endowment for Financial Education) High School Financial Education Program. This program consists in study units and activities designed to expose teens to practical information about earning, saving, spending and borrowing money. Marketing Director Jody Carpenter has worked with other credit unions and teachers from Plattsburgh High School and Saranac Central School to provide students with the knowledge, skills and insights to become fiscally responsible adults. Jody has commented that she has spoken with parents who have benefited from this instruction just as much as their children have. Financial education needs to start much earlier than high school. UFirst has also joined with Peru Central School Federal Credit Union to introduce programs like Cash Kit and Caboodle to elementary school children.This program includes a moneybox, an activity book and a letter to parents emphasizing the importance of saving and responsible spending. Schools have required curriculum which places demands on teacher's time and attention. It is becoming more evident that effective instruction in the responsible use of money and credit is a crucial area that is important to weave into our educational system. How is your school district providing opportunities for improving financial literacy?
Teachable Moments
Our educational institutions cannot be expected to answer all the learning needs of children. Children benefit most from the teachable moments which occur daily in a family's life. The opportunity to teach financial skills and fiscal responsibility surface many times during the day. All children can have their own savings accounts. UFirst sponsors an awards program to encourage opening and making deposits in share accounts to develop lifelong savings habits among youth from preschool to college. Children who are expected, at an early age, to save portions of their cash gifts and allowance learn the value of saving. As savings grow, youth can move savings to investing by opening CDs which give parents an opportunity to teach children the concept of interest and the variety and differences in investment vehicles. Using debit and credit cards also provide teaching opportunities for children who may not understand that the plastic that is being used needs to have money behind it. Teachable moments can be an integral part of a well rounded approach to financial literacy instruction. Celebrate National Financial Literacy Month by looking for these teachable moments.
Head Teller, Eric Arlt and Board Member, Ginny Brady attended a round table discussion and breakfast sponsored by the Adirondack Young Professionals (ADKYP) and underwritten by Whiteman, Osterman & Hanna LLP on Wednesday, March 26. ADKYP invited Michael Tucker the President of the Center for Economic Growth which according to their website
...is a private, not-for-profit, membership based economic and business development organization committed to visionary, regional economic expansion throughout New York State’s Capital Region and Tech Valley, a region of more than 1.1 million residents.
Many residents of the Champlain Valley do not realize that Tech Valley, which consists of numerous high tech companies, extends from Westchester County north to the Canadian Border. Mr.Tucker pointed out that this regional view of Eastern NYS is shared by many of the companies that have located in the area. He noted that some parts of Tech Valley are thriving while others are struggling. Integration and cooperation among the various political subdivisions is an important factor providing opportunities for training as well as attracting trained workers from other locations.
Mr. Tucker praised the work of organizations like ADKYP which is encouraging the retention and relocation of young workers to areas of growth in NYS. In Albany, ADKYP has a counterpart in GenNext a group of Capitol Region residents who are interested in supporting this effort in the Albany/Troy/Saratoga Springs area. Prior to the governorship change, Silda Spitzer had been spearheading the Brain Drain initiative called I Live NY, designed to examine the issues and circumstances that cause young New Yorkers to move from our state. Mr. Tucker expressed a hope that this effort would continue in Governor Paterson's administration. ADKYP has been formed to take up this cause in the North Country. Watch the Boardcast for more updates on ADKYP and an announcement about the launch of their new website.
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