Annual Report
Messages to Our Members
ROB STUART President, CEO, Board of Directors Treasurer, Executive Committee
KATHERINE DURHAM Chair / Board of Directors
SHERYL MANNING Chair, Supervisory
Committee
2023 CEO/Board Chair Letter
Being part of a member-owned cooperative means demonstrating our commitment to our community. We were proud to welcome more than 43,000 new members in 2023 and donate $2.5 million to our community. – ROB STUART AND KATHERINE DURHAM
As we reflect on last year’s financial performance, we are thankful to the more than 546,000 members who continue to choose OnPoint as their financial institution. We recognize and deeply appreciate the trust you have placed in us as your financial services partner.
Members like you allow us to help our community become financially stronger, one person at a time. As a member-owned, community-based cooperative, we continue demonstrating our commitment to the community. We are proud to share some of those achievements with you:
- Welcomed more than 43,000 new members, including opening branches in Newberg and Corvallis, Oregon.
- Donated $2.5 million to 305 community organizations to help them achieve their missions focused on education, homelessness, environmental protection, increased equity, and more.
- Helped more than 1,600 members find their dream home with almost $667 million in home loans.
- Deepened our commitment to our financial education partners, including a $100,000 donation to Financial Beginnings of Oregon to help build a new facility.
In addition, we are also pleased to share two significant initiatives that will enhance our community for generations to come. First, we have established the OnPoint Community Credit Union Foundation to fund grants that build upon our legacy of education. Second, we have finalized our Impact Plan, a set of initiatives demonstrating our continued commitment to the communities and people we serve.
We recognize that you have many options when it comes to financial services. On behalf of our employees who serve you each and every day, we are thankful for the trust you have placed in OnPoint and are grateful for your membership. We look forward to serving you for years to come.
2023 Supervisory Committee Report
OnPoint received an “unqualified opinion” from Crowe on its 2023 financial statements. This means that OnPoint Community Credit Union’s 2023 financial statements are fairly presented, in compliance with generally accepted accounting principles (GAAP). – SHERYL MANNING
I have the pleasure of chairing OnPoint Community Credit Union’s Supervisory Committee. We are a three-member committee and we meet quarterly during the year.
Our responsibilities are to:
- Review OnPoint Board-level policies, receive updates on management strategies, monitor financial results, and explore and discuss current credit union industry and accounting issues
- Review the Credit Union’s established practices and procedures to ensure they safeguard members’ assets
- Review audited financial results and ensure they are complete and timely
- Ensure member accounts are verified to credit union records periodically
- Oversee the Internal Audit Function
The Supervisory Committee arranges a comprehensive annual audit of OnPoint Community Credit Union’s financial statements. The 2023 audit was performed by Crowe, LLP. Crowe supports the Supervisory Committee, Board and staff with both their accounting expertise and their thorough understanding of the credit union industry.
Upon completion of the 2023 audit, the Supervisory Committee reviewed the details of the audited financial statements and asked the auditors and staff questions. All questions were answered candidly and completely. You’ll find a summary of the financial results included in OnPoint’s 2023 Annual Report.
OnPoint received an “unqualified opinion” from Crowe on its 2023 financial statements. This means that OnPoint Community Credit Union’s 2023 financial statements are fairly presented, in compliance with generally accepted accounting principles (GAAP).
The results of this audit, combined with the periodic verification of members’ accounts, has provided the Supervisory Committee with assurance that the financial statements prepared by Credit Union management fairly reflect the financial condition of our Credit Union.