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Kearney Federal Credit Union
KEARNEY FEDERAL CREDIT UNION Master Plan Revised SEPTEMBER 2007 PLANK #1: THE STRATEGIC MISSION STATEMENT
KEARNEY FEDERAL CREDIT UNION WILL STRIVE TO BE THE "PRIMARY" FINANCIAL INSTITUTION FOR ITS OWNERS.
"Primary" owners have a savings account, a current checking account. What has changed in the "primary owner" definition? Nothing since the 2006 revision, which changed the definition of "Primary" owners, which stated: Our goals in the past have included the current definition plus a loan product. The change in definition will necessitate our tracking to change and not allow for past trending. To begin, the current number of primary owners will need to be reassessed and tracked for 90 days. From that point forward goal projections can be suggested. For the first 6 months of 2007 we will have monthly goal of additions to the current number of primary owners. PLANK #2: goals KFCU TO GROW TO 16.2 MILLION WITH NET CAP BETWEEN 8 AND 8.5 PERCENT BY THE END OF 2008. What needs to be done in the next 12 months on this plank? Enroll 24 people from Central Community College by end of 2008. Develop penetration in all SEG particularly Central Community College. Regular rate evaluation and reliable market forecasting, conservative rather than aggressive.
PLANK #3: THE rules for engagement THE MASTER PLAN WILL BE AVAILABLE FOR BOARD OWNERS, STAFF AND GENERAL OWNERSHIP. REVISIONS TO THIS DOCUMENT ARE NOT ONLY ALLOWED, BUT ENCOURAGED. HOWEVER, THEY MUST BE DONE AT THE PRESCRIBED TIMES AND BY THE RULES SET FORTH ON THIS PLANK. IT IS POSSIBLE THAT AT A REVISION DATE, NO REVISIONS WILL BE MADE.
How will we revise this Master Plan? Meeting for revisions will be a special board meeting and will need a quorum. Board, staff members or ownership may submit documentation for revision to the President of the Board of Directors at KFCU, 2915 2nd Ave, Kearney, NE no later than 30 days previous to the Master Plan revision meeting (Tentatively in August or September annually). What needs to be done in the next 12 months on this plank? Adequately recruit through a communication system for revision window notification for owner input. Plan meeting time and place for the Master Plan revision session for each August. PLANK #3: MARKETING
KFCU MARKETING WILL FOCUS ON OWNERS AND FIELDS OF OWNERSHIP (SEGÕs) WITHOUT PURSUING A COMMUNITY CHARTER IN 2008.
How will we market Kearney Federal Credit Union? We will use direct marketing applications like the newsletter, the web site, email communications and other one to one applications. We will use mass media. Radio and Billboards are the single approved mediums of mass media. No other mass media medium will be used without board approval. Each marketing tool will address the increase in primary owners as a goal either directly or indirectly.
Who will be responsible for the marketing effort? A voluntary marketing committee lead by a chairperson made up of 3 board and not less than 2 staff members, who meet once per quarter (monthly as needed) and report to the general board and credit union president. A Marketing Associate, a member of the staff, who will meet with and be responsible to the committee, the agency and the consulting firm. This person will also present to the members of the board the first five minutes of the monthly board meeting.
What other marketing efforts will be made? Special events marketing like "Blue and Gold Day". Proposed event marketing will come from the committee and the staff member. The committee, the staff member and the consulting firm will make selection of special events. Each special event will have a goal of number of primary owners added. Partnerships. They will be evaluated by supply and demand implementing only those that create true synergy. They will be based on seasonality and include the following categories TRAVEL AGENCIES, HOME REMODELING, HOME DECORATING (INCLUDING FURNITURE), OUTDOOR RECREATION (BOATING, FISHING, HUNTING) AND AUTOMOBILE DEALERSHIPS. The proposal, selection and goal setting process will be the same as in special events. Target tactics that pursue checking accounts. Investigate a video rate board. What needs to be done in the next 12 months on this plank? Update and maintain a comprehensive marketing/special events calendar plan for 2008. Focus on SEG penetration and acquisition. Engage in enrolling 24 people from CCC. Engage in acquiring 2 additional SEGS like CCC. PLANK #4: PRODUCTS & SERVICES
KFCU WILL OFFER, MAINTAIN AND MARKET PRODUCTS AND SERVICES CONDUCIVE WITH BEING A FULL SERVICE CREDIT UNION.
WhatÕs the most important thing to do? Engage in a relationship with a Financial Planner. Have every owner be aware of every service. Initiatives to inform owners through direct contact or marketing tactics will be put in place to achieve a high level of awareness of products and services What needs to be done in the next 12 months on this plank? Renew the effort to educate owners and potential owners about all Internet banking services. Rather than increase operating hours, implement Saturday morning seminars to educate owners on Internet banking services. Investigate options for a 24-hour loan center. Investigate options for acquiring Televox services. Investigate options for acquiring Pay By Phone services. Pursue acquisition of new server and software suite.
What are the products and services offered at KFCU? Money Orders Travelers Cheques CashierÕs Checks Free Notary Service Wire Transfers Payroll Deduction Direct Deposit Drive-thru window ATM Cards Debit Cards MasterCard Credit Cards IRA Accounts Christmas Club Accounts Certificates Shares Accounts (Savings Accounts) Share Draft Accounts (Checking Accounts) Buck a month Share Draft Account Share Draft Account Student Share Draft Account Money Market Accounts 24-hour loan center
PLANK #5: STAFF AND PERSONNEL
KFCU WILL RECRUIT QUALIFIED INDIVIDUALS FOR EMPLOYMENT THAT CAN VERBALLY COMMIT TO A MINIMUM OF 12 MONTHS ON THE JOB AND TARGET 24 MONTHS OF RETENTION FOR EMPLOYEES.
What will KFCU do about recruiting? KFCUÕs recruitment process will be on-going including active participation in select job fairs and "24-7" networking by management and board for potential candidates. Candidates for openings, immediate or future, will all be interviewed and evaluated with the same criteria by position. Each job at KFCU will have a posted description and that description will be used in any postings for openings.
What kind of staff training will KFCU implement? KFCU management will schedule training for both new staff owners and regular training for current staff owners. Each job at KFCU will have a posted description and that description will be used in any postings for openings. Training process will include minor bonus for training completion. Training process will include bonus for the level of productivity achieved with skill set learned in training. Each department will have a unique training plan and schedule.
Is there a KFCU human resources policy in place and current? Yes. It was revised in August of 2007. KFCU management, staff and board will have the option for review beginning October 2004 and then annually every summer. The window for revision will be the 31 days in each August and must pass a majority vote by the board at a regular meeting with a quorum. If no quorum exists, either a special meeting must be called within the revision window or no revisions may be made in that annual window. Any staff member, board member or general member may submit documentation for policy revision.
Who does what at Kearney Federal Credit Union? Job descriptions clearly indicate job responsibility and accountability. When new positions become necessary, they will be described and posted. The president, along with the board will determine when new positions are needed. The KFCU president and vice president will be accountable for positive employee environment and maximize work place production. Further, they will facilitate environment conducive for happy employees. President and V.P. will clearly indicate expectations KFCU has for employee.
When will KFCU be creating new jobs and responsibilities? The number of positions will stay the same for the next 6 months. Backup cross training will exist for the following positions: President (Dee) will be backed up by the Vice President (Jenny) Vice President (Jenny) will be backed up by the Marketing Associate (Leah) and President (Dee) Marketing Associate will be backed up by OSR (Amy) Loan clerk/collections officer (Amy) will be backed up by loan officer. What needs to be done in the next 12 months on this plank? Up-date cross training for backup (previous: once a month-WedÕs at 7am) Revise HR policy. Maintain a performance and review grid structure. Maintain job descriptions initially posted on Dec 1, Õ04. Maintain a performance pay grid or structure. Post revision and revision schedule for HR policy. PLANK #6: Supervisory committee
KFCU WILLS ENABLE AND SUPPORT A SUPERVISORY COMMITTEE..
How will the supervisory committee work? KFCU will recruit 3 people at the annual meeting. The term for each will be one year. This committee will meet once per quarter. This committee will have access to all board and committee meeting information. This committee will be responsible for periodic decision process audits. PLANK #7: Donations and charity support
KFCU WILL ACCEPT ALL PROPSALS FOR DONATIONS AND SOLICITATIONS FOR CHARITY SUPPORT IN THE 4TH QUARTER OF EACH CALENDER YEAR.
How will the proposal and solicitation process work? Proposals and solicitations may be submitted from Oct1st through December 15th. All proposals and solicitations must be submitted in writing. The marketing committee will review each request and make recommendations to the Board for approval for award in the following year. |