Thursday, April 28, 2016

Human Chemistry....


DOOK !
Couple of comments on the blog recently have referenced one of my alma maters ( had a rather "multi-faceted and checkered" academic experience!) - Duke University.

Duke is of course famous for basketball, but also enjoys a national reputation for academics and medicine.  Duke considers the university to be one of the "Southern Ivys" - as in league not poison - and hosts a highly distinguished faculty.   

Duke lost one of those highly regarded faculty members recently.  Dr. James Bonk taught chemistry at Duke for over 43 years, to over 30,000 students. He was definitely in the "legendary" category - tough, effective, fair, loved his students.

Let's just say the "chemistry" was right...
Perhaps the most famous and frequently told story abut Dr. Bonk dealt with four students, a critical final exam, and an all-weekend road trip of "spirited revelry" gone awry.  A tale of an 8:00 am Monday morning exam and four students, returning Sunday - "midnight plus some" - thoroughly devastated by hangovers and youthful exuberance contracted at a distinguished "ladies only" college in nearby Virginia. 

Well, it was like this ....
The solution? Bright idea, let's call Doc Bonk and tell him we had a flat tire and ask to reschedule the final exam ! They called Dr. Bonk; he listened to their story and agreed to the delay.  The students rejoiced at their salvation ! 

The following Friday the four students arrived for the rescheduled final and were given the test paper and placed in four separate classrooms.
The first question representing 5% of the grade was a relatively easy, straight-forward chemical equation and all the students relaxed They had survived; they had "dodged the bullet" of their weekend madness !

They turned to the second page of the exam which had the second question which represented 95 % of the exam score.  The question from Dr. Bonk was...

Tutu Go....



Wednesday, April 27, 2016

The Free Market Alternative...



* There can never be a "free market" unless there is a "fair market".

* There can never be a "fair market" unless there is a "free market".


Most folks don't seem to truly believe in the possibility and potential of a free and fair marketplace.  Many credit union leaders seem to think that when considering free and fair, you can't actually do both -  that in reality it generally becomes an "either/or" choice. 

Credit union cooperatives are the free and fair market leaders in consumer finance .... and there actually isn't another "honest horse" in the race!  (Like those odds, don't you?) 

But, we shouldn't overlook the need for credit unions to strongly and forcefully advocate for that free and fair marketplace - to visibly fight for and on behalf of the consumer - and to then consistently practice, in our operations, that which we preach!

Three To Two...



Tuesday, April 26, 2016

Funny Money.... The NCUSIF and The "OTR"



"The calculations NCUA annually performs to determine the Overhead Transfer Rate (OTR) and the Operating Fee are purely mathematical, free of subjective and political judgments, said Matz."

- NCUA Action Bulletin (January 21, 2016) [link]


If you believe this, I've got a little bridge 
in which you might like to invest...



The Overhead Transfer Rate (OTR)
represents the percentage of the total NCUA operating budget which is paid from the earnings of our cooperative, credit union-owned deposit insurance fund (NCUSIF).  

Since the NCUSIF belongs to credit unions, the responsible use of the earnings are also your responsibility. The NCUSIF is made up of your members' deposits; your credit union is responsible for maintaining the NCUSIF at required statutory levels - your credit union is subject to "additional assessments" when things go wrong. (The most recent additional assessments you paid were because the collapse of the Corporates bankrupted the NCUSIF.) Your credit union is also entitled to a dividend, if earnings aren't wasted.  Misspent NCUSIF funds come out of your members' pockets! 


Sure it's an asset!  Are you sure?
As management, you keep reporting the 1% NCUSIF deposit as an asset on your credit union balance sheet - as required by generally accepted accounting procedures (GAAP) and the Financial Accounting Standards Board (FASB). You and your Board "sign off" on your balance sheet each year as accurate... it's your fiduciary responsibility....

Monday, April 25, 2016

From The Field...


Creating a new tax deduction....

"Vita tax prep season for 2016 is finally over; the new "drop off" vs appointment system is working out pretty well.  Allows everybody to better schedule their work flow."

We had one couple tell us how much they enjoyed the new service.  They dropped off their tax info and went off and had a baby before coming back to pick up the return.

 
They said: "The timing was perfect, its a great service !"



Well ok, guess everyone's got to do something
while they wait, or does this actually mean...

Sunday, April 24, 2016

Hit 'Em Up....


Just In Case You Didn't Bite
Last Time
(8-18-2013 post)

Try Another Kiss...
(especially after the 3:25 mark...)

Saturday, April 23, 2016

Purple Rain....



There are Magical Moments in life!

Weep for those who have yet to discover that.... 


Experienced one recently in North Carolina on an extraordinary Spring day .... Purple Rain!



Wisteria is one of our most exotic Southern treasures. A native climber in the pea family, wisteria breaks forth at this time of year in extravagant displays of purple cascades. The flowers are actually small clusters of pods which are strung together much like a bunch of grapes.


Was out and about in those proverbial woods when a strong wind came up. Started hearing the sound of rain in the grass and began getting pelted by several large drops, which seemed unusual given the bright sunlight and almost cloudless sky... 

Amazingly "the shower" was of wisteria blossoms... a purple rain... and a most magical of moments! Felt like a...