Conference 7.286::dcu

    Hi, Phil, I think it matters if the report has been made available
    prior to the annual meeting in past years. If it hasn't been, then
    DCU is not deviating from past practice this year. If it has been,
    then one has to wonder why they are not willing to make it available
    this year, until the day that election results will be announced.
    In that case, one must suspect that the report is not favorable, and
    DCU does not want it to be used to sway votes from the incumbent and
    nominated candidates.
    
    So, if this is nothing new, then DCU can say "why should this year be
    any different?" If it is unique to this year then the petition
    candidates might ask the same question.
    
    Jim

    I think that is an excellent point and one worth going to the current
    board to try and get an answer.  BoD members running on their past
    performance can not be properly evaluated without having access to the
    annual report.  If one is completed, it should be made available before
    the election, not after.  I think it all goes back to a note I read
    here earlier ... whether the current BoD is acting as if they work for
    us or like we work for them.                           

    
    RE: .1
    
    Jim, I'm not sure when they were *released* to the membership.  But the
    1985 annual report (auditor's copy) that I have is dated late January. 
    Given that there are certain time limits placed on when DCU must post
    the monthly statements, I don't think it unreasonable to expect the
    same of the very important year-end statements.
    
    I think back to my favorite annual report (1990), what it said,
    and the fact that it showed a 90% DROP in net income and mounting loan
    losses.  Was this report produced and known to the incumbents while the
    1991 election was in process?  By the time the membership gets this
    information (under the current system), the election is over and people
    have made decisions without vital information on the performance of
    people they may have chosen.  Do you think incumbents would have been 
    re-elected in 1991 had the membership known that DCU suffered heavy 
    losses on participation loans?
    
    I guess I'm much less concerned about what has been done in the past,
    but more concerned with making sure people have real information on the
    performance of incumbents.  Particularly when those incumbents have
    direct control over the release of this information.  I'm not so sure
    this is in the best interest of the membership or DCU.
    

>    I think back to my favorite annual report (1990), what it said,
>    and the fact that it showed a 90% DROP in net income and mounting loan
>    losses.

	Well, if that is the last Annual report we have available
	to judge incumbents on for this year's election, then I guess
	we'll just have to judge them on that performance, won't we.

				:-)

					Tom_K

We can't probably due much about it now, but the Annual
Report should definitely be presented in concert with
the election.  Whenever I receive a voting card to 
vote stock in public corporations, the proxy card always
comes with the report.  I get a message from the 
chairman, sometimes messages from other officers, the
numbers to look over, the INDEPENDENT AUDITOR'S STMT,
and a notice of annual meeting with agenda, ballot
questions, and board recommendations.

I support providing the same type of information to 
the shareholders in DCU.  If I were on the Board, I
would want shareholders to make decisions about me
based on the performance of the credit union, and on
the abilities of the directors to prudently manage
DCU funds.

./chris

Remember last April, when we all got the notice that the current Board
had voted unanimously to remove Mangone from the presidency?  They didn't
give a single clue as to why they did it -- and so far as I know, no 
ordinary members found out why until after the election was over.  

It doesn't look to me like there have been any real changes over the past
year in the way the current Board members operate.

But as always, I'd be happy to be proven wrong.  Could someone who has a
good working relationship with the current Board ask them to reconsider?

	Enjoy,
	Larry

    I would like also to see the annual report available well before
    election.
    
    Bharat

    This is Bizarre indeed  for credit union members begging to see the
    annual report of the credit union---which should be automatically and
    happily distributed to members. I am now convinced more than ever that
    DCU is not truly a credit union. It might be some private bank hiding
    its identity under the guise of a credit union. Folks lets find out
    first of all if DCU is a credit union or if the powers running dcu do
    infact understand what a credit union is to begin with.

    It would also be nice to see that 1991 Annual Report before the meeting
    too.  I wonder if they will be handing out the report or just reading
    from it?  It's funny that they won't release this important financial
    information one second before the meeting yet feel no compelling reason
    to hold candidate statements in the same regard.
    
    Has anybody tried calling Patty D. (223-6735, ex. 239) to see if its
    being handed out before the meeting?  Never know unless you ask.
    They seem to be making this up as they go along so this is about all we
    can do.

    I just phoned Patty and got her voicemail. I left her a message
    asking if there's a possibility that I could get a copy of the
    annual report. I left my name and number.
    
    Janet
    

What's the best way to get a copy of the Annual Report for 1992 if you weren't
at the Annual Meeting?  Can I just ask at the branch?

Elaine

    
    
      I think I saw a few in the rack at the TAY branch...
    
    
    						-al

    
    For those not near a branch, you can call the Info Center and ask 
    them to send one to you.