Report of Independent Certified Public Accountants

To the Supervisory Committee and Members of United Nations
Federal Credit Union and Subsidiary

We have audited the accompanying consolidated financial statements of United Nations Federal Credit Union and Subsidiary, which comprise the consolidated statements of financial condition as of 31 December 2012 and 2011, and the related consolidated statements of income, comprehensive income, changes in members’ equity, and cash flows for the years then ended, and the related notes to the financial statements.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of United Nations Federal Credit Union and Subsidiary as of 31 December 2012 and 2011, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Thornton's signature

New York, New York
30 April 2013

Consolidated Statements of Financial Condition

31 December 2012 and 2011
  2012 2011
Cash and cash equivalents $129,270,696 $95,849,358
Investments Note 2    
Available-for-sale 812,717,776 769,419,438
Held-to-maturity 1,176,727,455 1,029,585,684
Other 3,671,000 3,705,000
Loans to members, net Note 3 1,468,839,370 1,439,270,888
Accrued interest receivable 10,937,095 11,751,501
Property and equipment, net Note 5 123,198,549 131,075,254
National Credit Union Share Insurance Fund deposit 29,904,328 28,310,493
Goodwill and other intangible assets 8,495,047 -
Other assets 26,835,204 20,838,000
Total assets $3,790,596,520 $3,529,805,616
Members’ shares Note 7 $3,393,482,834 $3,171,137,933
Dividends payable 84 1,089,438
Accrued expenses and other liabilities 37,015,974 25,276,607
Total liabilities 3,430,498,892 3,197,503,978
Members’ equity    
Retained earnings 363,717,069 334,577,261
Accumulated other comprehensive loss (3,619,441) (2,275,623)
Total members’ equity 360,097,628 332,301,638
Total liabilities and members’ equity $3,790,596,520 $3,529,805,616
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Income

Years ended 31 December 2012 and 2011
  2012 2011
Interest on loans to members $83,136,601 $82,257,004
Interest on investments and cash equivalents 36,508,500 42,088,993
Total interest income 119,645,101 124,345,997
Dividends on members’ shares 18,429,969 24,174,482
Interest on borrowed funds 23 31
Total interest expense 18,429,992 24,174,513
Net interest income 101,215,109 100,171,484
PROVISION FOR LOAN LOSSES 6,700,000 8,850,000
Service charges and other fees 20,440,098 17,722,791
Loan servicing fees 650,657 851,482
Other non-interest income 4,365,702 3,718,240
Total non-interest income 25,456,457 22,292,513
119,971,566 113,613,997
Salaries and benefits 42,923,541 40,028,799
Operations 42,289,811 44,212,428
Occupancy 5,618,406 5,501,155
Total non-interest expense 90,831,758 89,742,382
Net income $29,139,808 $23,871,615
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Years ended 31 December 2012 and 2011
  2012 2011
NET INCOME $29,139,808 $23,871,615
Change in pension 104,694 (3,491,772)
Change in unrealized holding gains/(losses) on available-for-sale investments (1,448,512) 10,292,329
Comprehensive income $27,795,990 $30,672,172
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Members’ Equity

Years ended 31 December 2012 and 2011
Retained Earnings
Accumulated Other Comprehensive Loss
Balance, 31 December 2010 $310,705,646 $(9,076,180)
Net income 23,871,615 -
Change in pension - (3,491,772)
Change in unrealized gains on available-for-sale investments - 10,292,329
Balance, 31 December 2011 334,577,261 (2,275,623)
Net income 29,139,808 -
Change in pension - 104,694
Change in unrealized losses on available-for-sale investments - (1,448,512)
Balance, 31 December 2012 $363,717,069 $(3,619,441)
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flows

Years ended 31 December 2012 and 2011
  2012 2011
Net income $29,139,808 $23,871,615
Adjustments to reconcile net income to net cash provided by operating activities
Net amortization of premiums and accretion of discounts 2,645,468 1,240,421
Provision for loan losses 6,700,000 8,850,000
Depreciation and amortization 10,713,320 10,449,336
Net change in:
Accrued interest receivable 814,406 903,899
Other assets (5,997,204) 3,420,727
Dividend payable (1,089,354) 18,761
Accrued expenses and other liabilities 10,236,345 (2,242,013)
Net cash provided by operating activities 53,162,789 46,512,746
Purchases of available-for-sale investments (901,590,004) (849,493,784)
Proceeds from maturities of available-for-sale investments 857,661,000 827,691,200
Purchases of held-to-maturity investments (393,144,371) (381,777,490)
Proceeds from maturities of held-to-maturity investments 239,155,946 200,537,777
Proceeds from sales of investments 3,383,340 -
Net change in other investments 34,000 898,000
Net change in loans to members (36,268,482) (74,262,384)
Increase in the National Credit Union Share Insurance Fund deposit (1,593,834) (1,998,182)
Net cash paid-acquired business (6,900,000) -
Purchases of property and equipment (2,823,947) (5,062,206)
Net cash used in investing activities (242,086,352) (283,467,069)
Net increase in members’ shares 222,344,901 215,349,193
Net cash provided by financing activity 222,344,901 215,349,193
Cash and cash equivalents at end of year $129,270,696 $95,849,358
Interest paid $19,519,346 $24,155,751
Payable related to acquired business $1,607,716 $-
The accompanying notes are an integral part of these consolidated financial statements.
Animation of Mission Statement Animation of Mission Statement Animation of Mission Statement Animation of Mission Statement Animation of Mission Statement Animation of Mission Statement Animation of Mission Statement - The United Nations Federal Credit Union is dedicated to serving the people who serve the world by enriching the lives of its members.

Mission Statement

In 2012, growth, profitability and an adherence to core values best defined UNFCU on the occasion of its 65th year in the service of the UN community. With new financial regulatory requirements impacting all U.S. financial institutions, we remained focused on addressing immediate member needs, but we also carefully prepared for the long haul—that is to say the next chapter in our history.

Michael J. Connery, Jr., President/CEO of UNFCU, retired on 31 December 2012. During the 24 years he led our financial cooperative, UNFCU increased its membership from 16,200 to 99,200 and total assets grew from USD 233 million to USD 3.8 billion, which today ranks UNFCU 29th out of a total of 7,000 credit unions chartered in the United States. During that time, members experienced the introduction of Telephone, Internet and Mobile Banking and the opening of representative offices in Geneva, Vienna, Nairobi and Rome, as well as expanded lending, investment and insurance services. With this successful implementation of the Board’s vision, it is little wonder that we received Credit Union of the Year and scores of other honors.

Working closely with Mike during my 10 years on UNFCU’s Board, I observed that he carried out the Board’s vision best by instilling in his team the need to do what is right for members. Indeed, the strength of our business model is in meeting needs, whether listening to a member outline his dream for a child’s education, or a new home or the desire for a solid nest egg in retirement.

The appointment of William Predmore to President/CEO, effective on 2 January 2013, may be viewed as a continuation of leadership excellence that sets UNFCU on a continued path to further its legacy of financial safety, innovation and service. As a 23-year veteran of UNFCU responsible for the operation of its many departments, business development and sponsor relations, he brings extensive knowledge of the United Nations system to his new position. In addition, UNFCU is well-prepared to adapt to comprehensive changes in regulatory reform, new technologies and evolving member preferences for communications based on his extensive experience. According to a 2012 McKinsey Report on Cooperatives, cooperatives are on the cusp of a new era precisely because of their strong member focus and time-tested business model, which is providing a safeguard against roiling markets and a banking industry slowdown. Indeed, core values ingrained in our management practices enabled UNFCU in 2012 to accomplish numerous goals indicative of its cooperative structure.

We lent to qualified borrowers and demonstrated a keen ability to constantly adapt in order to introduce new products and services, such as mobile banking and a French-language website, while continuing to emphasize safety and soundness. Accordingly, we realized a 4.7% increase in new members. Whether completing an in-house service training program or mentoring smaller credit unions, UNFCU also demonstrated the breadth and scope of its educational mission. Through cost-effective webinars and broadcasts, as well as a “Financially Savvy Game” for schools, we underlined our commitment to financial literacy.

The United Nations-declared 2012 International Year of Cooperatives gave UNFCU new opportunities to demonstrate not only its pertinent insight on financial planning and knowledge of the economic environment, but also its efforts on the sustainable development front, which engaged our members as well. Through participation at international events as an active member of the UN Global Compact, we shared ideas and ranging practical application on topics ranging from women’s financial empowerment to innovative international lending initiatives.

As for its long-held Board mandate, UNFCU continued to partner with many different organizations in the United States and abroad to encourage sustainable development in support of the UN Millennium Development Goals. Contributions were made on behalf of the members to SEKOLO Projects, Inc., where its funds supported community leader training and the development of effective HIV/AIDS programs for orphaned and vulnerable children in Namibia; PLAY SOCCER Nonprofit International to organize the Global Peace Games for children in 45 countries; and the National Credit Union Foundation where UNFCU funds furthered U.S. programs on financial literacy.

We also formed a tighter bond with our Long Island City neighbors and contributed to The Floating Hospital, where we attended the opening of a new clinic at the Queensbridge Housing Projects, the largest public housing complex in the United States. In backing the Young Men’s Christian Association, YMCA, we enabled more children to participate in its Long Island City 2012 Strong Kids Campaign. By mentoring and volunteering, we increased funding to the East River Development Alliance, which through its community programs, notably its own credit union, is giving residents of public housing the tools and resources for self-sufficiency and economic mobility. We also continued to support Snack & Friends, a center for activities and learning for children with special needs in New York City.

While we can point to a variety of accomplishments, many in our product and service delivery, the tumultuous economic climate in the wake of the worldwide financial crisis will regrettably prevent UNFCU from proceeding with plans to introduce full multicurrency products and services, a goal we have tirelessly pursued, exhausting every available option. We have explored myriad paths to bring our multicurrency initiative to fruition and have held regular dialogues with various regulatory authorities, but the regulatory environment does not allow UNFCU to move forward with its plans. Our previous work has engendered greater resolve in providing service excellence to members, and as a result, will allow us to realize new goals in a constantly evolving global marketplace. Above and elsewhere in this report, you can read of UNFCU’s many accomplishments in 2012. In closing, I am confident that we are well positioned to continue going from strength to strength as we introduce new products and services in the future while maintaining our focus on member service.
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65 Years Serving the UN community
2012 International Year of Cooperatives
Commitment to Community
Micheal N.Clark, Chairman

I begin my tenure as president/CEO with appreciation and tremendous insight. Since 1989, I have worked alongside Michael J. Connery, Jr., one of the most respected leaders in the industry. I was privileged to have him as a mentor. I welcome the opportunity to build upon Mike’s good work and continue to address members’ evolving needs and in this way, take UNFCU forward. Results this past year demonstrated that we are already on course, as UNFCU once again achieved solid fiscal results through prudent and responsible lending and investment policies.

A 2012 Member Satisfaction Survey underlined greater approval of UNFCU as a whole since our last comprehensive assessment in 2010. Member satisfaction improved across a wide range of business sectors—from investment services and insurance, to branch and representative office staff. Additionally, UNFCU won the Credit Union National Association (CUNA) Mutual Group’s 2012 Excellence in Lending Award in the Consumer Lending category for large credit unions based on the development, communication and oversight of our unique lending programs.

Throughout 2012, we continued to add many operational service improvements. Last June, our annual report became an interactive eAnnual Report, and to expand our linguistic capabilities, we introduced a French version of our website to meet members’ needs. We also added mobile banking to our suite of remote access capabilities, affording greater convenience to our members when managing their UNFCU accounts. As the year drew to a close, United Nations Financial Services LLC, our wholly owned subsidiary, acquired Industrial Coverage Corp (ICC) a full-service insurance agency. The purchase of ICC, a well-established 55-year-old New York-based agency, will soon provide members in the United States with a wider array of competitively priced personal insurance as well as business insurance, an ICC specialty area.

UNFCU also set out to provide access to comprehensive life insurance to more members worldwide. We succeeded with the expansion of the first card-based term life insurance to debit cardholders with broad global coverage and affordable premiums. At the end of the year, we were providing over USD 500 million in coverage for nearly 2,700 members.

We stepped up the pace of member outreach in 2012. We made a first-time visit to the UN in Nepal and returned to Malaysia and Thailand. We conducted follow-up member service visits to Ethiopia, Chile, Panama, Germany, Denmark and the Netherlands. Using video technology, we reached out to retired staff in Bolivia and more than 250 staff members at 15 different UN locations across Africa, including Congo-Brazzaville, Sudan, Zimbabwe, Zambia, Burkina Faso, Lesotho, Chad, Swaziland and Ivory Coast. Closer to our headquarters in New York, our “Realtor Days,” webcasts and in-branch educational seminars on the mortgage market and other offerings were attended by over 500 UN staff members. In Vienna, more than 600 attendees took part in a Financial Expo and seminar series, both conducted by UNFCU Advisors, GmbH. Additionally, when the General Assembly kicked off in New York last fall, our Women’s Financial Empowerment forum also attracted members’ attention at the UN Secretariat Building. Furthermore, young people from Bolivia, Ghana, Algeria, India and Pakistan were able to participate in the UN Department of Public Information’s 2012 Model UN Workshop in New York, thanks to our support.

Beyond our educational and fiduciary role, we increased our corporate social responsibility (CSR) efforts. We worked with numerous UN agencies from the Philippines to Vienna and NGOs from the Fistula Foundation in Nigeria to the Earth Child Institute stateside to further the United Nations Millennium Development Goals. Our support of NGO Kilimanjaro Initiative (KI) on a historic pan-African (34 countries) climb to advance the United Nations Secretary-General’s Africa UNiTE Global Campaign to “End Violence Against Women and Girls” capped the year. As a sign of solidarity, UNFCU staff collectively conducted a 45,260-step stairwell climb to the rooftop of its headquarters.

The United Nations declared 2012 the International Year of Cooperatives. This designation gave us impetus to address cooperative values and management practices at the International Summit of Cooperatives, in Quebec City, Quebec, attended by 2,800 leaders from 91 countries. Together with the UN Department of Economic and Social Affairs in New York, we also led a forum on the power of New York cooperatives, which encompassed human rights and labor themes. Our 35-member UNFCU staff Green Team offered green tips and strategies during eco-friendly days at our branches and representative offices, and we supplied green bags to the UN Commissary in Nairobi to sell, with proceeds to fund a local nature trail. We added a second Energy Star certification from the U.S. Environmental Protection Agency for ongoing energy and waste efficiency and merited “Active Status” in our second year as a member of the UN Global Compact, a private-public sector partnership, based on the breadth and scope of our CSR efforts.

Our commitment to delivering the highest level of service throughout the world is of paramount importance. Following the 2008 global financial crisis, which UNFCU and many other credit unions came through resiliently, the regulatory environment changed as governing bodies grew unwilling to take on incremental risk. We pursued all paths toward our objective to offer multicurrency services to the membership. However, I regret that these economic times have precluded UNFCU from moving forward with the implementation of these plans in the foreseeable future. While we, like many of you, are understandably disappointed, our staff members, management and Board remain committed to concentrating on new areas of technology, product offerings and service enhancements.

As an institution founded on cooperative principles of democracy, equality, solidarity and transparency, we will always remain focused on our mission: “serving the people who serve the world.” Ours is a future dedicated to our members.
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Introduced a French version website
Added a second energy star certivication
Climbing Camaraderie
William Predmore, President/CEO

Extensive reform in the United States in 2012 aimed to reduce the risks of financial institutions, many of them larger yet less financially sound than UNFCU. Fortunately, your Credit Union remained well-capitalized and positioned for continued growth despite an extremely low interest rate environment and a difficult housing market. Despite the instability in the Middle East and a continuing eurozone crisis, UNFCU provided the safety of insured deposits and affordable loans to our members.

UNFCU gained almost 4,500 new members, an annual increase of 4.7%, bringing our total membership to over 99,200 members by 31 December 2012. Total assets reached USD 3.8 billion at year-end, an increase of USD 261 million or 7.4% over 2011. In comparison, our peers, U.S. credit unions over USD 1 billion in assets, saw an increase of 6.5%. Our share deposits increased by USD 222 million to USD 3.39 billion, up 7.0% compared to last year. UNFCU’s total loans grew 2.2% to USD 1.48 billion in 2012. Our loan delinquency rate of 1.31% and charge-off rate of 0.35% of total loans decreased from 1.43% and 0.52% respectively in 2011. These results were in line with those of our peers, which averaged 1.09% for delinquencies and 0.74% for charge-offs in 2012.

UNFCU continued to control costs, lowering the net operating expense ratio from 2.26% in 2011 to 2.08% in 2012. The reduction was made possible by maintaining efficient operations and by a decrease in government share insurance assessments.

Our year-end capital ratio (percentage of net worth to total assets) grew to 9.60%, an increase of 12 basis points over the prior year’s 9.48%. This is well above regulatory requirements and is a good indicator of UNFCU’s safety and soundness. The Board of Directors decided not to distribute a special bonus dividend and interest rebate for 2012. This action was taken in view of the historic, continuing low level of interest rates in the U.S. financial markets, which puts downward pressure on dividends we can offer members. UNFCU remains a well-capitalized financial institution, according to our regulator, the National Credit Union Administration (NCUA).

Commitment to our core values enabled UNFCU to grow its business, improve efficiencies and offer new products and services to its unique community. Through the hard work, strong leadership and dedication of UNFCU management and staff, UNFCU has created a culture of safety and soundness. Thank you for your trust, confidence and ideas, which continue to shape our dynamic institution.

The audited financial statements that accompany this report provide further details and a comparison of data for the periods ended on 31 December 2012 and 2011.
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Growing together
3.8 billion total assets
Joyce A. BArbarich, Treasurer

Minutes of the Annual Meeting of the United Nations Federal Credit Union held on 21 June 2012

Alan M. Potter, Chairman of the Board of Directors, called the meeting to order at 13:15. In his welcoming remarks, Mr. Potter acknowledged the 2012 International Year of Cooperatives declared by the United Nations. He also announced that for the first time, the annual report was available in an interactive format on

Mr. Potter began with a corporate overview, including performance highlights. He then formally introduced his fellow Board Members, Executive Team, and the Supervisory, Loan Review and Nominating Committees.

Mr. Potter thanked the 368 dedicated UNFCU staff members in New York and at its representative offices. He then sought and received approval of the agenda and the 2011 Annual General Meeting (AGM) minutes. Mr. Potter described the 2011 global marketplace as tumultuous, and remarked that despite dramatic world events, UNFCU’s financial condition remained resilient.

Underscoring UNFCU’s successful year, Mr. Potter spotlighted its ranking as the 28th largest federal credit union in the United States out of more than 7,200 nationwide, and the welcome addition of more than 6,600 new members, which had brought total membership to 94,700 by year-end 2011. He also referenced exceeding a milestone—one billion dollars in the mortgage-lending portfolio—calling this a testament to sound lending policies over the past 10 years. He recalled that, according to the NCUA, and as disclosed in audited financial statements, UNFCU was a well-capitalized financial institution, and that it had consistently achieved this designation.

Mr. Potter then recounted his visit to the representative offices in Geneva, Vienna, Rome and Nairobi, and commented on the productive feedback he received from members. He also spoke about his meeting with youth and staff at the Kilimanjaro Initiative (KI) office, a non-Governmental Organization, whose projects UNFCU supported in Kibera, Kenya. Mr. Potter concluded by recognizing the outstanding career of President and Chief Executive Officer Michael J. Connery, Jr. He announced Mr. Connery’s retirement effective on 1 January 2013 after having led the institution for nearly 24 years.

Mr. Connery then highlighted the year’s strong financial performance, indicated by the returns of its Investment Portfolio, its net capital position and its highly competitive rates versus other financial institutions. He also mentioned several notable accomplishments achieved in 2011, such as improvements in member service, technology and communications channels. He also praised the growing impact of UNFCU’s corporate social responsibility program.

Mr. Connery concluded his 2012 Annual General Meeting remarks by thanking all UNFCU members worldwide for their support, loyalty and trust. Mr. Potter followed by acknowledging the work of Regional Advisors Nabil Michel Sahab and Martha Scherer in Vienna, Austria; Vibeke Glavind in Nairobi, Kenya; Alexandre Petrachkov in Geneva, Switzerland and Constant-Serge Bounda in Addis Ababa, Ethiopia. He also announced that all regional advisors had been re-appointed for a one-year term.

Ms. Laura Rockwood, secretary of Board of Directors, read questions that had been submitted via email by members in advance of the AGM, to which Mr. Potter and Mr. Connery responded. Mr. Connery concluded with the announcement of the results of the Annual Election to the Board of Directors. Both Michael N. Clark and Kumiko Matsuura-Mueller were re-elected, and Julie Anne Mejia was elected as a new member. Mr. Connery then congratulated the winners of the sweepstake prizes. The meeting was adjourned at 14:30.

Laura Rockeood's Signature

Laura Rockwood
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In compliance with Article V, Section 1 of the Bylaws, the Chairman of the Board of Directors called for the appointment of a Nominating Committee. In November 2012, Deborah Landey, Marc Harris, Wai-Sing (Eddie) Lee and Joseph E. Toochin were accordingly appointed by the Chairman of the Board of Directors and instructed as to the necessary qualifications for nomination.

The purpose of the Nominating Committee is to nominate at least one candidate for each vacancy on the Board and file its nomination with the Secretary of the Board of Directors at least 90 days prior to the Annual Meeting.

In accordance with the Bylaws, a notification of nomination by petition was mailed to the entire membership and posted in the branches/representative offices and on the UNFCU website. The notification communicated that nominations made by petition must be signed by a minimum of 500 members and must be filed with the Secretary no later than 1 April 2013.

Deborah Landey's Signature

Deborah Landey

Report of the Nominating Committee

The Supervisory Committee (the “Committee”) is primarily responsible for assisting the UNFCU Board of Directors in fulfilling its oversight responsibility of providing an independent appraisal of the safety and soundness of the operations and activities of the Credit Union.

In carrying out this responsibility, the Committee: i) oversees the Internal Audit Department, which reports functionally to the Committee and administratively to the President and CEO of UNFCU, ii) monitors the policies established by the Board of Directors and ensures compliance with them, iii) evaluates the adequacy and effectiveness of the system of internal controls established by UNFCU management and iv) investigates and responds to written member inquiries referred to the Committee.

The Committee also has the responsibility for appointing the independent certified public accounting firm and reviewing the services performed by this firm. The Committee does not itself prepare financial statements or perform audits, and its members are not the certifiers or auditors of UNFCU financial statements.

The Committee engaged the independent certified public accounting firm of Grant Thornton LLP to render an opinion as to whether the UNFCU financial statements are fairly presented in all material aspects. The Committee reviews the policies and procedures for the audit engagement, including its scope, fees and auditor independence matters. Grant Thornton LLP confirmed that it did not perform any non-audit services.

As noted in this annual report, Grant Thornton LLP issued an unqualified opinion on the UNFCU financials statements for the year ended 31 December 2012.

Darcy Mitchell's Signature

Darcy Mitchell, CGA
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Report of the Supervisory Committee

The Loan Review Committee members are volunteers who are committed to the goals and objectives of UNFCU. Our overall accountability is to review a sample of declined loan applications presented to us in order to ensure a final due diligence on behalf of UNFCU members, while assuring that our lending standards are adhered to.

For the year 2012, there were 12,992 approved loans with a total value of USD 383,044,943, bringing the total amount of loans outstanding to USD 1,480,998,382. The Committee reviewed a random sample of 4,452 loans that had been declined with an approximate value of USD 192,755,589. Despite the challenging economic environment, UNFCU’s lending portfolio grew at a rate of 2.15%.

The Loan Review Committee supports the work of the UNFCU’s Lending Department and shares the common goal of the Board of Directors, other volunteers, management and staff of providing members with solutions to a wide array of lending products and services.

Theresa Panuccio's Signature

Theresa Panuccio

Report of the Loan Review Committee


Board of Directors

Michael N.Clark

Michael N.Clark


A. Julie Griffith

A. Julie Griffith

Vice Chairman

Joyce A. Barbarich

Joyce A. Barbarich


Michael Zilberg

Michael Zilberg

Assistant Treasurer

Laura Rockwood

Laura Rockwood


Thomas A. Bieler

Thomas A. Bieler


Julie Anne Mejia

Julie Anne Mejia


Alan M. Potter

Alan M. Potter


Kumiko Matsuura-Mueller

Kumiko Matsuura-Mueller


CUSO Board

Leon Hosang


Thomas A. Bieler

Vice Chairman

William Predmore


Loan Review Committee

Theresa Panuccio


Ajay Lakhanpal


Dominik Jaksekovic


Gabriel Wanga


Ahsan Nabi


Nominating Committee

Deborah Landey


Marc Harris


Wai-Sing (Eddie) Lee


Joseph Toochin


Regional Advisors

Alexandre Petrachkov


Martha Scherer


Nabil Michel Sahab


Vibeke Glavind


Constant-Serge Bounda

Addis Ababa

Supervisory Committee

Darcy Mitchell


Advit Nath


Dino Cataldo Dell’Accio


Hazelien Featherstone


Helen Hall



William Predmore


Pamela K. Agnone

Senior Vice President

Retail Services

James W. Fenimore

Senior Vice President


John Lewis, Esq.

Senior Vice President

Corporate Affairs
& General Counsel

Donald Roe

Senior Vice President


Christopher J. Sullivan, CFA

Chief Investment Officer

Corporate Investments

Prasad Surapaneni

Chief Information Officer

Information Technology

Richard Colavecchio, CFA

Vice President

Investments Management

Debra I. Da Costa

Vice President


Anita Donnelly

Vice President

Human Resources

Daniel Ptacek

Vice President

Retail Administration

Stephen Ryerson

Vice President

Financial Services

William Thomas

Vice President

Member Operations

Theresa Williams-Barrett

Vice President


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Names and Titles
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Animation of Grow Animation of Grow Animation of Grow Animation of Grow Animation of Grow Animation of Grow Animation of Grow Animation of Grow Animation of Grow
Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive Animation of Thrive