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Update January/February 2010 • Vol 45 • No. 1

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•• Volunteer Profiles •• Smart Giving: How To Make The Most Of Your Charitable Donation

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•• Upcoming FREE Seminars •• 10 Ways To Save MORE For Retirement

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•• Borrow Smart. Drive Smarter. •• B.A. Candler Scholarship Applications Now Available

Published bi-monthly by ORNL Federal Credit Union

62nd Annual Meeting, March 11, 2010, 6 P.M.


Online Voting and Paper Ballots Available Beginning February 23rd

RNL Federal Credit Union’s Annual Meeting of the Membership will be held on Thursday, March 11th, at 6:00 p.m. at the Doubletree Hotel in Oak Ridge. The main agenda of the meeting will be to announce the results from the online election and will include a brief audio-visual of the credit union’s highlights during a successful 2009, despite troubling times in the economy. The online election will begin at 12:01 a.m.

Tuesday, February 23, 2010, and will be available until 11:59 p.m. on Thursday, March 4, 2010. Members will vote for three of the four candidates seeking election. Paper ballots will be available at all branches; however, paper ballots must be received by the voting processor before midnight on March 4th to be counted. All voters must be 18 years or older to participate. A random drawing will be held from those who participate in the voting. Fifteen $100 prizes will be awarded by an

Marcella C. Catron*

2010 Candidates

Retired auditor from UT Battelle. Currently employed as an auditor under contract by the Department of Energy. Bachelor of Science in Accounting and Master of Accountancy from the University of Tennessee. Currently completing sixth term on ORNL Federal Credit Union’s Board of Directors. Served nine years as Treasurer. Credit Union experience includes current member of Executive Committee and Scholarship Committee and past member of Policy, Pension Planning, Training, and Internal Policy Committees. Member of ORNL Federal Credit Union for 20 years.

James E. Payne*

Instrumentation Manager at U.T. Battelle. Former manager of Metrology Lab at ORNL. Bachelor of Science in Organizational Management from Tusculum College and an Associate of Science in Industrial Technology from Greenville Technical College. Completed the Credit Union Executive Society Director Education Center Series. ORNL FCU Legislative Committee Chair. Currently serving on the advisory board of the Tennessee Labor Management Committee. Member of ORNL Federal Credit Union for 36 years.

automatic deposit to the members’ account on March 5th. A list of winners will be available at the Annual Meeting and online at Below are brief biographies including some background information on each of this year’s four candidates running for ORNL Federal Credit Union’s Board of Directors. The names appear in random order.

Thomas Berg

Director of Operations and Partnerships at B&W Y-12 which includes financial management, technology transfer and business outreach responsibilities. Bachelor of Science in Biochemistry/Biochemical Engineering and Masters of Business Administration with a concentration in new business development at the University of Wisconsin. Graduate of Leadership Anderson County 2008 and Leadership East Tennessee 2009. Completed training at Wharton School of Business and MIT Sloan School of Business. Started several area small businesses. Currently a PhD candidate in Engineering Economics at UT. Member of ORNL Federal Credit Union for 13 years.

Samuel P. McKenzie*

Chestnut Ridge Site Operations Manager. Bachelor of Science from Fisk University and Master of Science in Physics from the University of Memphis. Currently sits on the Knox County Commission and the Board of Directors for the Wee Course Youth Golf. Member of ORNL Federal Credit Union for 20 years.


2010 Dogwood Arts Festival House and Garden Show


ark your calendar for the 2010 Dogwood Arts Festival House and Garden Show at the Knoxville Convention Center! As the primary fundraiser for the Dogwood Arts Festival, the House and Garden Show is an excellent resource for the home improvement or gardening connoisseur. A variety of local vendors, hands-on workshops,

award winning garden experts, and much more will be available for your enjoyment. The show will run Friday, February 19th, and Saturday, February 20th, from 10:00 a.m. until 8:00 p.m. and on Sunday, February 21st, 11:00 a.m. until 5:00 p.m. Adult and senior passes will be discounted $2 when purchased in advance at ORNL Federal Credit Union branches beginning January 25th.

All offices of ORNL Federal Credit Union will be closed Monday, January 18th, in observance of Martin Luther King, Jr’s Birthday & Monday, February 15th, in observance of President’s Day.

If you would like more information on the Dogwood Arts Festival House and Garden Show, visit the Dogwood Arts Web site at

Volunteer Profiles


s a member-owned financial cooperative, your credit union’s Board of Directors and committees consist of unpaid volunteers who work for the betterment of the entire membership. Unlike a bank, whose board of directors is composed of paid individuals with

a vested interest in business decisions, ORNL Federal Credit Union has a Board of Directors composed of unpaid volunteers committed to members’ best interests – and it’s been this way for over 60 years! Beginning with this edition of UPDATE and continuing in future publications,

ORNL Federal Credit Union will proudly highlight two members of the Board of Directors and/or Supervisory Committee. These volunteers are the heart of ORNL Federal Credit Union and devote hours each month for the betterment of the credit union and its members.

Featured Volunteers

Wanda McCrosky

Serves as the Board Chair for ORNL Federal Credit Union’s Board of Directors

David Watkins

Serves as Chair of ORNL Federal Credit Union’s Supervisory Committee

Wanda was the first female nominated to the

The Supervisory Committee monitors board

role in the 61-year history of the credit union.

activities, oversees compliance and regulation

Currently employed as a finance officer at

issues, and ensures that audit activities are

Oak Ridge National Laboratory, Wanda dually

conducted and reported to members. While

serves as a member of the Anderson County

he is retired from full-time employment

Board of Education where she recently was

as the Facilities Manager of what is now

presented the Level V Master School Board

AMETEK, David is now a partner in Salon

Member by the Tennessee School Boards

Biyoshi, a family business, and is active in the

Association. In addition, she received the

community. Both of these activities embody

Director’s Award for Community Service

the credit union philosophy of “people helping

presented by Oak Ridge National Laboratory. As a former ORNL Federal

people”. He has served the credit union as a board or committee

Credit Union employee, Wanda believes in the credit union movement.

member since 1970. Honors include a Certified Credit Union Executive

She has served in many capacities on the Board of Directors and

designation and election to a six-year term on the Tennessee Credit

continues to work towards maintaining members’ best interests as her

Union League Board where he served one year as chairman. A native

focus. Wanda is a 2002 graduate of Leadership Oak Ridge and a 2003

of Indiana, David and his wife, Nancy, live in West Knoxville.

graduate of East Tennessee Regional Leadership. She and her husband, David, live in Oak Ridge.

I Smart Giving: How to Make the Most of Your Charitable Donation Update

f a cause or charity is inspiring you to give, know how to make the most of your generosity first. The federal government rewards those who make charitable contributions with significant tax breaks, as long as a few rules are met. To be sure you are donating to a worthy and above-board organization, request a copy of its financial report. It summarizes the organization’s tax status, programs, and how the funds are used. With the exception of places of worship, all charities must file such a report with the IRS. You may also contact your state’s attorney general’s office or the Better Business Bureau for further investigation. Sadly, whenever money is involved, fraud is also prevalent. Be particularly cautious when solicited by a charity. A wonderful benefit of giving is the ability to deduct at least some of your donation from your income taxes. In order for the contribution to be tax deductible, it must be made to a qualified

organization that meets IRS guidelines. To know if it does, you may ask the organization, check the IRS’s “Publication 78” online at www.irs. gov for the most up-to-date list of qualified charities, or call the IRS at 1-800-829-1040.

Warning Signs Of Scams Include: • High-pressure sales pitches • Requiring you to make an immediate donation • Only being able to offer a “tax ID number,” which is no more than an employer identification number and does not guarantee non-profit status

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The smart financial tools and resources you need are available through ORNL Federal Credit Union and you’re invited to reap the benefits! Sign up today!

January 28th

March 4th

Basics of Checking Account Management

Plastic Surgery: Getting Out of Debt

6 p.m. • ORNL Federal Credit Union Main Office

6 p.m. • ORNL Federal Credit Union Main Office

Hosted by Mary Browne, Assistant Branch Manager Is your New Year’s resolution to better manage your checking account? Learn the basics of how to monitor your account to avoid overdrafts, NSF fees, or to simply take control of your money. Start 2010 off right by taking ownership of your ORNL FCU checking account! RSVP to Leslie Daugherty at 865-425-2710 or email

Hosted by Karen Schwall, Director of BALANCE Partner Relations Most consumers use credit regularly – in some cases, perhaps too regularly. While credit can be a great financial tool, if it is used unwisely, it can be disastrous. This seminar examines the wise use of credit, warning signs of credit trouble, and the options available for getting out of debt and reconstructing existing credit to its greatest advantage. RSVP to Leslie Daugherty at 865-425-2710 or email

February 11th Understanding Your Credit Report 6 p.m. • ORNL Federal Credit Union Main Office Hosted by Zain Hashmi, Consumer Loan Quality Control Officer Have you ever wondered how a single number can impact so many things? Find out what a credit report truly consists of, the attributes of your credit score, and even some tips on how to improve your score or keep it from dropping! You won’t want to miss this informative session! RSVP to Leslie Daugherty at 865-425-2710 or email

10 Ways To Save


For Retirement A Message from ORNL Investment Services Feel you need to do a little extra to make sure your retirement savings plans are on track? Here are some simple, straightforward tips to help you save more for your retirement years. 1.  Put more dollars into your company’s 401(k) or other savings plan. Remember, you can elect to save up to $16,500 in 2009 (or $22,000 if age 50 or over). Even if you can’t contribute the maximum, at the very least contribute up to your company match. Don’t give away free money. 2.  Contribute to an IRA. If you qualify, the maximum you can contribute is $5,000 per year ($6,000 if age 50 or over). In many cases, a Roth IRA may be preferable over a traditional IRA, so look into both options. 3.  Pay yourself first. Each month, automatically deduct a set amount from your checking/share draft account and invest it for your retirement (possibly to fund an


IRA). After a while, you won’t even miss it. Do this in addition to your company-sponsored retirement plan. 4.  Avoid dipping into your retirement savings—even if it’s for a good purpose like a home purchase or education. Remember…it’s for your RETIREMENT. That’s why it’s called retirement savings. 5.  Spend less now. If you’re not putting enough away for your retirement and don’t know where to find the extra cash flow, you may have to reset your priorities. For example, say you’ve got a $450 payment on your car or truck. You may want to consider a less expensive vehicle to allow for $200 more each month into your retirement savings. 6.  See a financial advisor and develop a retirement savings plan. According to the 2006 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI), only 42% of workers have calculated their retirement savings needs. This study also shows that those who have done this calculation have more realistic goals and are saving more. 7.  Invest your savings appropriately. A big mistake is taking on too much risk or not taking enough. For example, a 35-yearold probably shouldn’t be investing all their

retirement savings in fixed rate, guaranteed investments. Make sure your retirement portfolio is diversified to get the best balance of risk and return for your situation. 8.  Commit to saving more. Try to calculate the most you think you can put away for retirement…then add 10% to this amount. Now you’re getting committed. And you’ll never regret saving this much. 9.  Avoid “cashing in” your retirement dollars when you switch jobs. Instead, look at “rolling” your savings to another plan or IRA to avoid unnecessary taxes and penalties. 10.  Start today. The earlier you start, the better the results. Even if you’re 22 years old and in your first job, you won’t regret any of these moves. Ready, set….GO! For help with your retirement dollars, contact Amy Dickenson, ORNL Investment Services Registered Senior Assistant at 865-425-2730 to schedule a no-cost, no-obligation Retirement Planning Consultation. Today is the best time to get started! Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.

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3 7849




P.O. Box 365 Oak Ridge, TN 37831






Borrow Smart. Drive Smarter.


ooking for some new wheels for the new year? Borrow smart with a low rate auto loan from ORNL Federal Credit Union and drive smarter knowing you’ve got the best deal around! With some of the lowest rates in the area, you can have peace of mind with a loan from your credit union. Whether you find your dream car while browsing the lots or if you’ve been eyeing a certain model, relax – as a member of ORNL Federal Credit Union, you have access to the one of the area’s largest lending networks! It’s never been easier to finance your new vehicle through ORNL Federal Credit Union – or even refinance your auto from another institution! You can apply in person at any of our convenient 32 branch locations, by phone at 865-6889555 or 1-800-676-5328, or online at the new Our On-the-Spot program can even provide financing at one of our many network dealers! Borrow smart today!


B.A. Candler Scholarship Applications Now Available


pplications are now available for the B.A. Candler/ORNL Federal Credit Union Scholarship to the University of Tennessee in Knoxville. The recipient of the scholarship will receive a minimum of $1,000 to be used toward tuition, books, and other school related expenses. The University of Tennessee General Scholarship Committee will select one individual based on academic achievement and financial need. In 1993, the ORNL Federal Credit Union Board of Directors established an endowment at the University of Tennessee in Knoxville to honor former credit union president Bob A. Candler. Bob Candler was president of ORNL Federal Credit Union for 31 years until his retirement in 1993. Applications are available online at under the Applications link and must be returned to the credit union by March 1st. The applicants must complete the Free Application for Federal Student Aid (FAFSA) and must have it coded for the University of Tennessee.

Anderson County Oak Ridge Main Office 221 S. Rutgers Avenue



Wanda McCrosky, Chair Mason Oakes, Vice-Chair Marcella C. Catron, Treasurer Jama Hill, Secretary Herb Debban Leigha Edwards Randy Gorman Samuel P. McKenzie James E. Payne

Oak Ridge Wal-Mart 373 S. Illinois Avenue Clinton 1117 N. Charles Seivers Blvd. Clinton Food City 507 S. Charles Seivers Blvd.

Knox County North Knoxville 808 Victor Drive

West Knoxville 8721 Kingston Pike Middlebrook Pike Food City 9565 Middlebrook Pike East Knoxville 3634 East Magnolia

Bearden 5505 Kingston Pike

Roane County

Kingston 1204 N. Kentucky Street Oak Ridge National Lab P.O. Box 365 Rockwood Wal-Mart 1102 N. Gateway Avenue

Loudon County

Lenoir City 895 Highway 321 North Lenoir City Food City 300 Market Drive Loudon 2859 Highway 72

Campbell County LaFollette 2229 Jacksboro Pike 423-562-8948

Mary Helen Rose, Recording Secretary

South Knoxville 7325 Chapman Highway

Supervisory Committee

Farragut 11405 Municipal Center Drive

Alcoa 103 Hamilton Crossing Drive

Blount County

David A. Watkins, Chair Harvey Gray, Vice-Chair Vickie Caughron, Secretary Joel E. Pearman Cindy Spence

Fountain City 5208 N. Broadway

Maryville Wal-Mart 2410 U.S. Hwy. 411 South

Karns 7228 Oak Ridge Highway

Monroe County


Farragut Kroger 189 Brooklawn Street

Halls 4510 Emory Road

John D. McKittrick

Powell Kroger 6702 Clinton Highway

TELEPHONE: 865-688-9555* Or toll-free: 1-800-676-5328

Millertown Pike 5409 Millertown Pike

*All locations except Madisonville, Morristown, and LaFollette


Morrell Road Food City 284 Morrell Road Northshore Drive Kroger 9501 Northshore Drive

Madisonville 4201 Hwy. 411 423-442-6061

Hamblen County

Morristown 1730 W. Andrew Johnson Hwy. 423-581-9800

Sevier County

Sevierville 502 Dolly Parton Parkway

Union County

Maynardville Food City 4344 Maynardville Hwy.

UPDATE is published bi-monthly by ORNL Federal Credit Union as an information service to its members. Questions, comments, and suggestions should be sent to ORNL Federal Credit Union UPDATE, P.O. Box 365, Oak Ridge, TN 37831.

Ornl update 2010 vol 45 no 1