UNITED METHODIST OF MS FEDERAL CREDIT UNION

1. UNITED METHODIST OF MS FEDERAL CREDIT UNION OUR MISSION STATEMENT UMMFCU is dedicated to the financial service of United Methodist Clergy and their families of the Mississippi Conference

2. PURPOSE AND RESPONSIBILITY Purpose – To implement the mission statement of the Credit Union in planned and measured steps, while maintaining the financial integrity and strength of the Credit Union. Responsibility – The Board of Directors and Manager of the Credit Union are responsible for implementing and evaluating progress toward fulfillment of the Mission Statement.

3. BOARD OF DIRECTORS AND MANAGEMENT • Pat Ludlam, Chairperson, BOD • Dwight Prowell, Vicechairperson, BOD • Edward Woodall, Seretary, BOD • Marilyn Rowland, Treasurer/Manager, BOD • Tim Green, Member at Large. BOD • OFFICE HOURS: MONDAY – FRIDAY 8:00-12:00 • PHONE NUMBER: 662-324-1255

4. WHAT ARE CREDIT UNIONS? • A federal credit union is a cooperative financial institution chartered by the federal government and owned 100% by its members. • A federal credit union offers members a safe place to save and borrow at reasonable rates. • Surplus income is returned to members in the form of dividends on a quarterly basis.

5. WHEN DID CREDIT UNIONS START? • First Credit Union started in Germany in 1846 for the working class poor. • First US Chartered Credit Union April 15, 1909 in New Hampshire • Congress formed our Federal Credit Union System with the Federal CU Act of 1934 • Federal Credit Unions are chartered, supervised and insured by the National Credit Union Administration, an agency of the federal government.

6. WHEN DID UMMFCU START? • On March 23,1961, seven men met Sallis, MS to sign the charter for what was to become the NMMCU . They were in order of signature: R. T. “Tom” Woodard, H. Lavelle Woodrick, J. W. “Bill” Carroll, Duncan A. Clark, M. L. Prewitt, J. C. Hubbard, James McCafferty • On June 17, 2005, the NMMCU officially became UMMFCU and changed from a STATE chartered (regulated) to a totally FEDERAL regulated Credit Union.

7. MEMBERSHIP Eligibility for Membership – Ministers, Spouses, Children, Parents, Son-In-Law, Daughter-In-Law. ONLY FULL TIME EMPLOYEES OF LOCAL CHURCHES ARE ELIGIBLE. Each applicant much show two proofs of identification (birth certificate, driver’s license, social security card etc.) and have a letter of reference with their application.

8. BENEFITS Deposits in the Credit Union are called Shares. Your first deposit should be in the amount of $8.50, $5.00 for first share, $1.00 membership fee, and $2.50 for the first year’s maintenance fee. After that, deposits can be made in any amount you choose. Dividends are paid on your shares on a quarterly basis at the end of March, June, September, and December.

9. LIFE SAVINGS INSURANCE UMMFCU pays a life savings insurance policy on your account from the moment you join the Credit Union. This is a dollar for dollar insurance policy up to $3000.00 AND is based on your age at the time of your deposit. (BLUE handout explains how this insurance works for your benefit) REMEMBER We pay the insurance premium on you but you are also earning dividends on your account at the same time.

10. LOANS • The UMMFCU offers three (3) types of Loans to its members: • Shares Secured Loans • Signature Loans • Auto Loans

11. SHARES SECURED LOANS • Shares Secured Loans are the easiest loan to obtain: • 1. Call request a loan application for an amount not to exceed your shares balance • 2. We work out rate(between 3.9-4.9), depending on length of time for loan, loan papers are completed and mailed to you. • 3. I call a member of the Credit Committee for approval; You return the loan papers to me. • 4. I write you a check and send you a repayment schedule.

12. SIGNATURE LOANS • Signature loans are the most common loans granted by the Credit Union • Maximum Amount $3615.00 • Current Rate 12.5 APR • Maximum Period 36 Months • Payment at 36 months $121.85 • May be granted for school expenses, medical expenses, household needs, and any number of reasonable request. • Requires a proof of income, a credit report (Equifax) and references

13. NEW AND USED AUTO LOANS • Call for Application for loan. • Establish loan value of vehicle you want to buy • Establish your ability to repay loan by securing proof of income, credit report and any other outstanding debt. We set our debt /income ratio at 65%. • Call Credit Committee for Approval of Loan if above criteria are met.

14. ITEMS TO COMPLETE AUTO LOAN FILE • Signed Application for Loan • Signed All-in-One LOANLINER Form • Copy of BILL OF SALE showing amt paid for auto • TITLE OR COPY OF TITLE APPLICATION • PROOF OF INCOME (W-2, Check Stub, TAX RETURN) • PROOF OF INSURANCE

15. NEW CAR LOAN RATES • Financed up to 60 MONTHS 4.9 APR • Up to 72 Months 5.2 APR • USEDS CURRENT YEAR MODEL OR UNTITLED CAR LESS THAN TWELVE MONTHS OLD • Up to 48 Months 5.1 APR • Up to 60 Months 5.2 APR • Up to 72 Months 5.3 APR

16. USED CAR LOAN RATES 2010-2009 UP TO 60 MONTHS 5.20 APR • 2008-2007 UP TO 54 MONTHS 5.40 APR • 2006-2005 UP TO 48 MONTHS 5.50 APR • 2004-2003 UP TO 42 MONTHS 6.50 APR • 2002-BEFORE UP TO 36 MONTHS 9.00 APR • ALL RATES ARE NEGOTIABLE DEPENDENT ON APPLICANT’S CREDIT RATIO AND BOARD’S DISCRETION.

17. CREDIT COMMITTEE • Rev. James Price, Chairperson • Rev. Fred H. Brown • Rev. R. T. “Tom” Woodard

18. SUPERVISORY COMMITTEE • Carolyn Goldsmith, Chairperson • Martha Scarborough, CPA Rev. Robert McCoy This committee functions to insure that all internal controls established by NCUA, the Board of Directors and our external auditor are working as they should.

19. SUPERVISION • THE UMMFCU IS UNDER THE FULL SUPERVISION OF THE NATIONAL CREDIT UNION ADMINISTRATION. • EACH ACCOUNT IS FULLY INSURED UP TO $250,000.00 BY NCUA. • A NCUA EXAMINER PERFORMS A YEARLY EXAM AND REPORTS HIS/HER FINDINGS TO THE BOARD OF DIRECTORS. THESE REPORTS ARE PART OF THE CREDIT UNION’S PERMANENT RECORDS

20. TESTIMONIALS • A recent note: • Marilyn: I’m so glad I listened to you all those years ago and tucked back whatever amount I could when I was paying car loans or just when I had $10 extra. As you well know, we were able to use that money to buy the appliances and almost all of the other furniture for our retirement home. It is better than we dreamed!. Now put this in our account, we can get back to saving again. • Thanks to you----Sincerely,

21. KURT’S MONEY • Our grandson Kurt likes money. He likes to get one dollar .bills for his birthday or for work he does for us. He much prefers five $1’s to one $5. He just feels richer. He often does chores for me. His number one chore is official paper shredder for the Credit Union . I have tons of paper for him to shred. I pay him by putting money in his savings account with the Credit Union . • Frequently Kurt says, “Gran”, “I want to see MY MONEY.” I go to the computer, go to Kurt’s account, and he always gives me that big 7-year old toothless grin. He sees where Gran has made DEPOSITS TO HIS account but he likes his FREE MONEY best. That is what he calls the interest that gets posted to his account. • Danny and I opened this account for Kurt on the day that he was born. We also opened an account for our 11 year old granddaughter Katy on the day she was born. • We are trying to teach them the value of working, saving, sharing, and giving part of what you have to others.

22. UMMFCU If you need further information or would like to join the Credit Union contact me at: Marilyn D. Rowland, Manager P. O. Box 1797 Starkville, MS 39760-1797 662-324-1255 drowland217@bellsouth.net