2025 Annual Meeting

SUPERVISORY COMMITTEE ANNUAL REPORT TO THE SHAREHOLDERS OF UECU

The Supervisory Committee is composed of UECU members and plays several critical roles at the credit union. We are an advocate for and representative of you, our members. The Supervisory Committee oversees a professional Internal Audit department, who performs assurance work over the course of the year. We also engage qualified external auditors and outside consultants to perform additional audits and assurance projects, to provide a level of assurance commensurate with the credit union’s size, complexity, and risk environment.

The Supervisory Committee has direct authority and supervision of the Internal Audit department. Internal Audit is an independent and objective assurance and consulting function designed to add value to the credit union and improve operations. In line with professional standards, Internal Audit uses a systematic and disciplined approach to evaluate the effectiveness of governance, risk management, and control processes. The Committee meets regularly with Internal Audit, receives reports quarterly from Compliance, Risk, and Executive Management, and provides quarterly reports to the Board of Directors.

One of the Committee’s most important tasks is engaging and overseeing an annual financial statement audit. We engaged RKL LLP to perform this “external” audit for the year ending December 31, 2024. The credit union received an “unmodified” opinion, meaning the annual financial statements fairly presented, in all material aspects, the financial position of the credit union, and conformed to generally accepted accounting principles. This opinion was based on testing of controls and transactions, in accordance with generally accepted auditing standards. An unmodified opinion is also known as a “clean” opinion and provides our members with comfort that the financial statements are free of material errors and omissions.

As a state-chartered, federally insured credit union, UECU is subject to regulatory examination. Examiners from both the Pennsylvania Department of Banking and Securities and the National Credit Union Administration examine the credit union annually. The Supervisory Committee reviews the results of their examination, as well as any applicable findings, recommendations, and action plans.

We believe, based on the cumulative results of assurance and consulting projects, that the credit union is well positioned financially and will remain competitive.

Respectfully submitted,

UECU Supervisory Committee

___________________________

Jamie P. Noon

Kristie Perrone

Tim B. Wimbish

March 28, 2024 Annual Meeting Minutes

                     11 Meridian Blvd., Wyomissing, PA

Present:

Members: Richard Benson, Rhonda, Battenfield, Melissa Blouch, Bob Bobst, Joy Brossman, Kristina Buono, Bob Burghardt, Judy Day,  Joseph Deane, Lisa DeLucia, Jess Ermold, Jen Ewing, Brenda Fulop, Erica Gates, Phillip Geiger, Tina Hogue, Michael Hotzman, Daniel Jablonski, Debbie Johnson, Kaitlin Keck, Andy Koehler, Bret Krevolin, Terry Larkin, Alan Metzler, Jaquana Miles, Keaton Moyer, Janene Naugle, Jamie Noon, Tom O’Brien, Dawn Pavlick, Courtney Perez, Kristine Pizzo, Susie Reinert, Gail Trexler and Julie Ward.

Attending Remote – Greg Cosgove, Ken Heydt, Kim Himmelreich, Carol Jenkins, Lynn Kuehn, Kelly Noll, Dianne Rothenberger, Sandy Shenk, Michaela Witherow, and David Okuwobi.

1. Call to Order
2. Board Chair Deane called the meeting to order and welcomed attendees to the 2024 annual meeting. He verified that a quorum was present.
3. Chairman’s Welcome and Introduction
   1. Introduce Directors and Officers

Board Chair Deane then proceeded to introduce the Board of Directors, Board Officers and Supervisory Committee members.

4. Minutes of Annual Meeting of Members held March 30, 2023

 Minutes -Annual Meeting March 30, 2023.docx

Chair Deane explained that the minutes of the last annual meeting held on March 30, 2023, are posted on the UECU website and were included in the document provided within the Webinar. He asked for a motion to be made to dispense with the reading of the minutes. Upon motion made by Richard Benson, seconded by Alan Metzler and unanimously carried, the reading of the minutes was dispensed. Mr. Deane asked if there was any further discussion on the minutes and hearing none, the minutes were approved as presented.

5. Reports
   1. Supervisory Committee Report

 Supervisory Committee Report.docx

Ms. Noon presented the Supervisory Committee’s report for 2023 outlining the audit process and duties of the Committee. Chair Deane asked if there were any questions relating to the Supervisory Committee Report. As there were none, upon motion made by Andy Koehler, seconded by Tom O’Brien and unanimously carried, the Supervisory Committee report was accepted.

5. President’s Report

Mr. Krevolin presented the President’s report, which included highlights of UECU’s accomplishments during 2023 and the 2023 financial results. He also presented initiates anticipated to be accomplished in 2024. Chair Deane asked if there were any questions relating to the President’s Report. As there were none, upon motion made by Richard Benson, seconded by Kristine Pizzo and unanimously carried, the President’s Report was accepted.

6. Unfinished Business

The Chair then called for any unfinished business. There being none, he proceeded with the order of business.

7. New Business
   1. Board Governance Committee Report

 2024 Board Governance Report.docx

Chair Deane stated that the first item of new business was the election of three directors. On behalf of the Board Governance Committee, Ms. Miles presented the following nominations:  Richard Benson, Bret Krevolin and Kristine Pizzo for a term of three years expiring March 2027.

7. Election of Directors

Chair Deane then stated that, as there were no additional nominations submitted by the February 17th deadline, the nominations were closed. A vote of members present and in-person and online were carried out. The vote was all FOR and none AGAINST. On motion made by Alan Metzler, seconded by Andy Koehler and unanimously carried, the Secretary was instructed to cast one ballot on behalf of the members present in favor of the election of the above-named persons as directors of the Credit Union. 

8. Adjournment

Chair Deane called for any further business. As there was no further business, upon motion made by Tom O’Brien, seconded by Kristine Pizzo and unanimously carried, the meeting adjourned at 9:16 a.m.

UTILITIES EMPLOYEES CREDIT UNION

BOARD GOVERNANCE REPORT

January 3, 2025

Our governance policies charge the Board Governance Committee with nomination of candidates for open Director seats. The Board Governance Committee nominates the following individuals as Directors of Utilities Employees Credit Union, commencing March 27, 2025:

For a 2-year term, expiring March 2027

• Lisa Kirschner

For a 3-year term, expiring March 2028

• Andrew Koehler
• Jaquana Miles
• Thomas O’Brien
• Todd Weitzmann

Each of these individuals are incumbents and have agreed to serve another term.

Respectfully submitted,

Utilities Employees Credit Union

Board Governance Committee