CURRENT INTEREST FIRST QUARTER 2017
Stretch Your Tax Refund! PERSONAL LOAN as low as
As low as
3.85%
6.75%
for a APR* HOME EQUITY LOAN
APR*
AUTO LOAN as low as
1.75%
APR*
plus 90 days no pay! APR*
If you’re wishing your tax refund would stretch a little further, our low rates will help make your dreams come true! You can get away on a fabulous vacation, turn a few heads driving a new car, or upgrade to a gourmet kitchen, plus get a $200 refund, thanks to Gulf Credit Union. Dream
PAID
BEAUMONT, TX PERMIT NO 10
Federally Insured by NCUA
APPLY NOW FOR A GULF CREDIT UNION SCHOLARSHIP!
IT PERM
PAID
TX BEAUMONT, 10 PERMIT NO PRESORTED STANDARD U S POSTAGE
*APR = Annual Percentage Rate. Refinancing does not apply to existing Gulf Credit Union loans. $200 refund on personal, auto and home equity loans $15,000 and over. 90 days no pay offered on auto loans only. All loans and rates are subject to credit approval and product participation. All rates are subject to change. See credit union for details.
Big!
P.O. Box 848 9 7761 848 Box P.O.TX Groves, x 848 Groves, 619 TX 77619 P.O. Bo TX 77 es, Gr rgov gecu.o
We believe in investing in our future. This spring, Gulf Credit Union will award up to ten $1,000 scholarships to high school seniors! Applications are available at each GCU location, as well as at area high school campuses (for your student to pick up from their school). Each applicant must turn in his/her completed application, along with the requested material, by March 3, 2017.
rg gecu.o
gecu.org
Completed applications may be dropped off to any GCU location or they can be mailed to Gulf Credit Union, PO Box 848, Groves, TX 77619. Attention: Marketing Department. Please see the scholarship application brochure for more details.
Helping Hands …………………………………… 2 Business Loan Structures ………………… 4 IRA Rollovers …………………………………… 3 Visa® Gift Cards ………………………………… 5 WWW.GECU.ORG
PUTTING OUR VISION INTO ACTION Our employee volunteer group, Helping Hands, continues to carry out our vision of “people helping people” by giving their time and talents to projects throughout our local communities. Since its inception in 2016, Helping Hands has consisted of 63 GCU employees who have volunteered for a total of 19 events and 365 hours. We have hosted collection drives to assist those in our communities with basic needs. During one of our events, a coat drive, we collected 189 coats to distribute among members of our local communities.
BEST WISHES TO JAN VERDINE
We continue to partner with local organizations, such as The Greater Arc of Beaumont, The Humane Society of Southeast Texas, Buckner Children and Family Services, Community Care Prayer Outreach, Groves Police Department, CASA of Southeast Texas, the Gift of Life Foundation, and Relay for Life for the American Cancer Society. We’re proud to work alongside these local organizations to make our communities better. Thanks to all of the Helping Hands volunteers, we’re making a difference!
Jan Verdine, our VP of Lending, retired on February 1, 2017. Jan was employed at the credit union for 17.5 years, from July, 1999, until February, 2017. She has held numerous positions within the credit union and has been an intricate jewel to the credit union with her knowledge and work ethic. Although we will miss Jan, we are elated for her and wish her the best as she embarks on her new journey in life.
THE START OF A NEW ERA
With Jan’s retirement being the close of one chapter, a new chapter is beginning. We are excited to announce our new AVP of Lending, Kristy Byers. Kristy began her Gulf Credit Union career in June, 1998, and has held various positions in our Groves location. Her last position was as a loan officer in our loan department. If you’re in the Groves office, please stop by to congratulate her.
2 WWW.GECU.ORG
JOHN PAT WHITE II, CRPC Vice President, Wealth Management Gulf Investment Group
THE “HOW” AND “WHY” OF THE IRA ROLLOVER
john.white@cunamutual.com 409.984.7452
A WAY TO REINVEST THE LUMP SUM YOU’VE SAVED FOR RETIREMENT. As retirement approaches, money decisions become increasingly major. One big decision concerns what to do with the money in your company retirement plan.
If you want to leave work before age 59½ or you own shares of company stock, you should consider the tax implications created by those circumstances before attempting any kind of rollover.
Consider a direct rollover. For many people, the most attractive option is an IRA rollover. In other words, you transfer the money from your 401(k), 403(b) or 457 plan into an IRA. It is not hard to accomplish, provided you have the guidance of a qualified financial advisor.
What you can and can’t do. You can make unlimited direct rollovers of your retirement account assets, and you can add the money in your retirement plan to an IRA you already have, if you don’t intend to go back to work and put those assets into a new employer plan. Once your retirement plan assets are in an IRA, you can invest them in practically any way you choose: in mutual funds, CDs, stocks, money market funds, annuities, and even more possibilities. You can also set up your IRA to make systematic payments to you.
Basic steps. When you leave a company, you usually have three options with your retirement plan: you can leave the money in the plan, roll it over into a new plan (if you elect to keep working for a new employer), or do a direct rollover into an IRA. A direct rollover is not the same thing as a direct payment to you. Yes, your employer can actually write you a check for the full amount of your 401(k) account, but 20% of that money will be withheld for taxes. Do you want to avoid that 20% withholding? A direct rollover is the solution. It is a “trustee to trustee” rollover, which works like this: your employer writes a lump sum check not to you, but in the name of the trustee or custodian of the IRA that you are creating to hold the funds. You then let your company’s retirement plan administrator know that you’ll be doing a direct rollover. (There is almost always a form to be filled out, on which you can state the specific instructions for the distribution check.) Your company sends you the check payable to the IRA trustee, with no withholding, and you have 60 days to deposit it in the IRA; day 1 is the day after you get the check. (Sometimes a wire transfer of assets occurs instead, between one investment custodian and another.) If you don’t complete the direct rollover in 60 days, you will pay tax on the entire amount. (There’s no grace period for weekends or holidays.)
You can’t roll over the assets from your retirement plan directly into a Roth IRA. You have to put them in a Traditional IRA first, and then convert to a Roth IRA by paying tax on the assets you want to convert before you can realize that tax-free growth. Is it time to roll over your retirement money? If that time is here or getting close, you need to be very careful with what could possibly be the largest lump sum you ever receive. Be sure to ask a qualified financial advisor about your IRA rollover options today. Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. These are the views of Peter Montoya, Inc., not the named Representative or Broker/Dealer, and should not be construed as investment advice. Neither the named Representative or Broker/Dealer give tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.
3 WWW.GECU.ORG
WHAT IS THE BEST BUSINESS LOAN STRUCTURE FOR ME?
Before starting any business, one of the first questions you will need to ask yourself is, “What is the best business structure for me?” You may operate your business under any one of several business structures. Each type of business structure has certain advantages and disadvantages that should be considered. Typically, businesses are created and operated under one of the following types: Sole Proprietorship (DBA) General Partnership (GP) Corporation (C or S)
Limited Liability Partnership (LLP) Limited Partnership (LP) Limited Liability Company (LLC)
While these aren’t all of the business entities available, these are some of the most common business structures that we see in use in Texas. Previously, we looked at the Limited Liability Company. Today, we will take a look at the Limited Liability Partnership (LLP) business structure. A limited liability partnership (LLP) is a hybrid, sharing attributes of partnerships and limited liability companies (LLCs). LLP partners participate in the management of the business, as in general partnerships, and the personal assets of the partners typically cannot be used to satisfy business debts and liabilities, as in an LLC. LLP partners may also enjoy personal liability protection from the acts of other partners (but each partner remains liable for his or her own actions). State laws generally require LLPs to maintain generous insurance policies or cash reserves to pay claims brought against the LLP. The LLP is appealing to licensed professionals, such as accountants, attorneys and architects, when they are prohibited from operating as an LLC or corporation. In fact, in many states, only licensed professionals can form LLPs. An LLP also allows for pass-through taxation, as its income is not taxed at the entity level. An informational tax return is filed, but profits or losses are reported on the partners’ personal tax returns and any tax due is paid at the individual level. Texas requires you to form a partnership, THEN register it at the state as an LLP (Limited Liability Partnership). Some advantages of LLPs are: 1. LLPs enjoy pass-through taxation. 2. All partners are not held personally responsible for business debts and liabilities. 3. Partners have more flexibility in how they manage the company with fewer formal requirements and annual paperwork. 4. The LLP form may be the only choice for a professional services business that wishes to have pass-through taxation in states that do not allow professional limited liability companies (PLLCs). Some disadvantages of LLPs are: 1. Owners receive less liability coverage than with an LLC. 2. Many states impose mandatory insurance requirements. 3. LLPs have been eclipsed by PLLC statutes in some states. 4. Most states limit LLP status to professionals. More information on selecting a business structure can be found on the Secretary of State website at www.sos.state.tx.us or on the SBA website at www.sba.gov. Gulf Credit Union is here to help you with your business banking needs. Please contact Todd Gaudin at 409.984.7436 or his assistant, Tracy Chesser, at 409.984.7477 to learn more about how GCU can help you!
4 WWW.GECU.ORG
MEMBER’S ACCESS TO CREDIT UNION DOCUMENTS
Just get them a card. (A gift card that is.)
According to Section 91.315 of the Texas Administrative Code, upon request, members of Gulf Credit Union are entitled to review or receive a copy of the most recent version of the following credit union documents: balance sheet and income statement, a summary of the most recent annual audit, written board policy regarding access to the articles of incorporation, bylaws, rules, guidelines, board policies and copies thereof, and Internal Revenue Service Form 990.
Ask about gift cards for any celebration.
Stop by any Gulf Credit Union location today!
Please make requests by writing to Gulf Credit Union, ATTN: Office of the President/CEO, P.O. Box 848, Groves, TX 77619; or by phone, 409.963.1191.
MORE POINTS, MORE REWARDS! Take advantage of Gulf Debit Rewards and the many ways to earn! Earn points for all your everyday purchases as well as through the exclusive ShopSPOT network each time you use your MasterCard® Gulf Debit Card. $2 spent = 1 point on all signature transactions. Earn even more with ShopSPOT In-Store cardlinked offers. Bonus point offers are already linked directly to your card. Simply use your rewards card at participating merchants, both in-store and online. You will earn bonus points from national, regional and local merchants. Shop over 3,000 merchants at our online network and be rewarded even more. Earn bonus points on all purchases using your rewards card. Redeem your points for event tickets, merchandise, travel, gift cards, experiences and charitable donations. View current offers and rewards at home or on the go! Visit gecu.org or call 800.787.0958, 24/7. Don’t have a MasterCard® Gulf Debit Card? Open an account today!
5 WWW.GECU.ORG
GULF CREDIT UNION
P.O. BOX 848 GROVES, TX 77619
GULF CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. *APR = Annual Percentage Rate. All loans and rates are subject to credit approval. Rates are subject to change without notice.
Hours of Operation LOBBY - Monday - Thursday: 8:30 a.m. - 5 p.m. • Friday: 8:30 a.m. - 5:30 p.m. DRIVE-THRU - Monday - Wednesday: 7 a.m. - 6 p.m. • Thursday - Friday: 7 a.m. - 7 p.m. • Saturday: 9 a.m. - 12 p.m.
VISION STATEMENT
MISSION STATEMENT
Gulf Credit Union’s vision is to “create a relationship” with members. Our vision is met by matching our member’s need with the right product.
From generation to generation, Gulf Credit Union is your partner in fulfilling your financial dreams.
GROVES
BRIDGE CITY
BEAUMONT
MID COUNTY
5140 West Parkway • 409.963.1191
4721 Hwy. 87 South • 409.735.5156
2360 Dowlen Road • 409.860.3600
2779 Aero Drive • 409.729.8280
TOLL FREE 800.448.5328
GULF CREDIT UNION BOARD OF DIRECTORS: TERM ENDS
Barry Gorman, Chairman 2017 Libby Arnold, Vice Chairman 2018 Karen Brown, Secretary 2017 Robert Adams, Treasurer 2019 Carl Duplantis 2017 Camille Jones 2019 Johnny Lewallen 2019
ADVISORY BOARD MEMBER: Harold Guilbeau 2018 6
2017 HOLIDAYS PRESIDENT’S DAY
LABOR DAY
GOOD FRIDAY
THANKSGIVING
Monday, February 20 Friday, April 14 Saturday, April 15
MEMORIAL DAY Monday, May 29
INDEPENDENCE DAY Tuesday, July 4
Monday, September 4 Thursday, November 23 Friday, November 24 Saturday, November 25
CHRISTMAS
Friday, December 22 Saturday, December 23 Monday, December 25