27 THE NAFCU JOURNAL March–April 2023 “One important way we fulfill our non-profit mission is by returning to our members a generous portion of the surplus proceeds earned by running our credit union efficiently and effectively. The distribution is our way of proving our loyalty to members who have trusted us with their hard-earned money, and who use the variety of products and services we offer.” 3. Distributions instill better fiscal discipline Rewarding members with an annual return requires fiscal discipline. Our management team painstakingly determines how much capital is required—and the necessary return on investment—to fund key strategic growth initiatives, such as branch expansions, digital experience improvements and offering competitive rates on all products. When we hit our goals, it becomes a win-win for our members: they have access to superior products and services and receive a year-end member return bonus. The member return has become an important differentiator for our credit union. It is a vital tool to help ensure that our company is aligned with the needs of our members. Our return is never guaranteed, but thanks to increased use of our credit union’s products and services and prudent management, our members have received a return every year for the last 18 years—and our membership has grown from 117,000 to more than 254,000. Now that is what I call a win-win. Matt Jernigan serves as executive vice president of Ascend Federal Credit Union where he oversees the lending, operations and information technology departments.
RkJQdWJsaXNoZXIy Nzc3ODM=