USSFCU Spotlight | Fall 2019 Newsletter

USSFCU

s

p

o

t

l

i

g

s

h

p

o

t

l

i

g

h

t

t

ussfcu focus:

Lending A Helping Hand Pg. 12

+ Financial Planning | Holiday Budgeting F A L L

2 0 1 9

| USSFCU Corner

N E W S L E T T E R

ussfcu.org | 1

USSFCU

s

p

o

t

l

i

g

h

t

4th Quarter Financial Planning Pg. 4

LENDING A HELPING HAND Pg. 12

8 Ways to Prep Now for Your Holiday Budget Pg. 8

Serving Our Members Since 1935

USSFCU Executive Management Timothy L. Anderson President & CEO

USSFCU Board Members Ileana Garcia, CPA Chairman

Christopher D. Shunk

Chairman Emeritus

Kathy Dalfrey

Senior VP/Chief Financial Officer

Tom Wacker Vice Chair

Christopher C. Dey

Secretary/Treasurer

Douglas Haines

Senior VP of Information Technology

Margaret P. Rushing Director

Bertie Bowman Director

Judy Rainey Director

Kickoff Giveaway Winners Supporting Our Furry Friends USSFCU Celebrates 84 Years! & More Starting on Pg. 20 2 | ussfcu.org

Anthony J. Zagami Director

Jay Moore Director

USSFCU

s

p

o

t

l

i

g

h

Letter from Leadership USSFCU Members, As the 2019 Chairman of the Board of Directors for the United States Senate Federal Union, I am honored and humbled to have this opportunity to serve you. I have been a member of the Credit Union since 1997 and am very proud of our legacy and what we have accomplished in over 80 years of existence. I was the Financial Clerk of the United States Senate and use this experience along with my fellow Board of Directors experience to help guide us into the future.

Our strong 2019 financial results as of September 30, 2019 includes a 23.17% growth in Total Assets to $986 million (a new record for USSFCU), Return on Assets of 1.33%, and a Net Worth Ratio of 10.08%, which is significantly greater than the “well capitalized� regulatory threshold of 7.00%.

I am grateful for the opportunity to serve the United States Senate Federal Credit Union membership and excited about future initiatives we are focused on to enhance member service and convenience for you! We strive to serve you, and give you the best financial solutions.

Thank you for your membership and continued support of USSFCU. Respectfully,

Ileana Garcia USSFCU Board Chair

ussfcu.org | 3

t

USSFCU

s

p

o

t

l

i

g

h

t

4 Quarter Financial Planning th

As the calendar and individual tax years come to a close, it’s sound practice to review several year-end strategies which may improve your tax planning or general financial planning.

If you don’t start your annual tax planning until you begin receiving tax documentation for the prior year—and schedule to meet with your tax advisor or preparer, you may miss out on opportunities that may help to reduce your current liability.

Maximize qualified retirement plan salary deferral contributions.

While you can elect to contribute to an Individual Retirement Account or Health Savings Account (HSA) up until the tax filing deadline, your contributions to your employersponsored retirement plan (e.g., 401(k), 403(b), Thrift Savings Plan, etc.) must be deducted from your compensation in the calendar year for which they are to apply. »» While direct contributions to an HSA can be made until April 15, salary reduction contributions must be made by Dec. 31.

While both forms of contributions are deductible for income tax purposes, salary reduction contributions also avoid Social Security and Medicare taxes.

4 | ussfcu.org

»» You can review your contributions to-date for the current tax year by reviewing your most recent pay stub or by contacting the plan administrator and/or your HR department. If you can afford to save more and are not on pace to reach the annual maximum contribution limit, requesting that your salary deferral rate be increased may be a sound decision.

If you expect to help fund education expenses in the future, consider using 529 Plan accounts as a savings vehicle.

Federally, 529 Plans don’t receive a current deduction, but growth is tax-deferred—and distributions for qualified expenses are tax free.

USSFCU

A plan offered by your state of residence may offer state income tax deductions for contributions made by year-end. Maryland, Virginia and the District of Columbia all offer state deductions to residents. Recent legislation has expanded “qualified expenses” to include up to $10,000 annually for private K–12 tuition expenses.

If you have business or selfemployment income, you may be able to accelerate or defer expenses or income across tax years.

You will first want to determine whether you expect your marginal income tax rate to be higher or lower from year to year. If 2019 has been an exceptional year, and you have business expenses which you can pay prior to year-end, that may result in a lower average effective tax rate. It is important that you understand whether your business is subject to cash or accrual accounting and, in either case, that simply not cashing a check received does not delay the constructive receipt of that income for tax purposes.

Take required minimum distributions from qualified retirement accounts.

If you turned 70½ in 2019, you’re required to begin taking distributions from Traditional IRAs and certain other retirement accounts by the filing deadline of next year. Going forward, your Required Minimum Distribution (RMD) must be made by December 31. Therefore, while you can defer the income tax inclusion of your first RMD, that would also require that your first and second RMDs are received and included in your taxable income in the same year, which may result in an increase in your effective tax rate, and could

s

p

o

t

l

i

g

h

potentially increase the Income Related Monthly Adjustment Amount (IRMAA) that may be added to Medicare premiums in the future (although there is an appeal process for income which is not expected to continue).

While income tax rates are marginal, and having one dollar of income in the next higher tax rate threshold only subjects that one dollar to a higher rate, the IRMAA thresholds for Medicare additional premiums are fixed.

If you are close to the next IRMAA threshold, it’s very important to get a solid understanding of your expected taxable income, and methods you may have to utilize in order to reduce your Medicare costs by maximizing deductions. The income used for calculating IRMAA is two years prior (e.g. 2020 costs are based on 2018 income); however, if you’ve had a significant reduction in income, you may appeal your IRMAA calculation to use your more recent income.

Medical expense planning.

Gather substantiation for expense reimbursement from Flexible Spending Accounts or potential tax deduction, and you may choose to schedule appointments for needed care before the end of the year, especially if you have reached your deductible or out-of-pocket maximum for the year.

ussfcu.org | 5

t

USSFCU

s

p

o

t

l

i

g

h

t

Medicare Open Enrollment runs from October 15 to December 7, and is the time of year when you will want to review available options and determine if making a change to your current plan is prudent. If you obtained individual medical insurance through an Affordable Care Act exchange, Open Enrollment is from November 1 through December 15.

Many private employers use the calendar year for their plan years, so you may have open enrollment approaching as well. An understanding of your out-of-pocket costs incurred for the current year as well as the benefits you received, will help you to determine the most appropriate plan moving forward.

Determine whether you expect to itemize or use the Standard Deduction.

If you expect that you’ll be electing the Standard Deduction in lieu of itemizing, several strategies that require itemizing (like personal charitable contributions and medical expense deductions) will not provide any tax savings.

Qualified Charitable Distributions (QCDs) from IRAs (covered below), can be processed in conjunction with the Standard Deduction.

If you expect that you will benefit from itemizing, donations made to qualified charitable entities may provide additional deductions for income tax purposes. If you expect to take the Standard Deduction and are age 70½ or older, you may still benefit by donating via a Qualified Charitable Distribution for an IRA. A QCD must be made directly to the qualified charity by your IRA custodian, and can satisfy part or all of your RMD, up to a maximum of $100,000 annually per individual. You cannot 6 | ussfcu.org

take a deduction for a QCD, but the distribution is not included in income, which is generally more favorable.

Consider tax-loss (or gain) harvesting in non-qualified investment accounts. »» Review any losses carried forward from your 2018 return. »» Selling investments prior to year-end will include the realized gain or loss on your 2019 return. While any net gain would be taxable, a net loss can be used to offset up to $3,000 of ordinary income, with any excess loss carried forward indefinitely. »» If you have carried forward losses from prior years, it may be an opportunity to sell appreciated assets without generating a net gain for the year. »» Given the exceptional performance in equity markets over the past decade, many assets have appreciated considerably. When a mutual fund realizes a net gain by selling from its holdings, the gain is distributed out to all of the shareholders of the fund as of the record date of the distribution, regardless of how long they have held their shares. If you own mutual funds in taxable accounts, you’ll want to be aware of any capital gain distributions, and to determine whether you may want to sell your shares prior.

Evaluate potential Roth IRA Conversions.

Converting Traditional IRA balances to Roth IRA accounts can be beneficial for a number of reasons, but requires that any pre-tax balances in your Traditional

USSFCU

IRAs are included pro rata as taxable income upon conversion.

As such, this strategy tends to be more attractive when income is relatively low. Growth in Roth IRAs can generally be distributed income tax free, to you or your heirs, and Required Minimum Distributions from Roth IRAs are not required.

Distributions prior to age 59½ in Roth IRAs can also be accessed with greater flexibility, but it’s generally required that you’ve been a participant in a Roth IRA for at least five tax years, and that it’s been five years since a conversion has been processed.

Review beneficiary designations.

While this will not have an impact on tax planning, it is prudent to periodically review all aspects of your financial planning, and generally your estate planning every three to five years.

Beneficiary designations are far easier to review and update if necessary, so we recommend reviewing annually. You’ll want

Oakmont Wealth Advisory Team

Justin Roudiez Client Advisor, Director of Financial Planning

s

p

o

t

l

i

g

to review primary and contingent beneficiary designations for all life insurance policies, employersponsored plans, IRAs as well as Payable on Death or Transfer on Death agreements for nonqualified banking or investment accounts. It is often prudent to consider the financial implications of inheritance as some assets may be more efficient than others depending on the beneficiary. For example: if a beneficiary is in a higher income tax bracket, leaving them a pre-tax retirement account will create an ongoing income tax liability if they’re required to take distributions.

Finally, while it’s nice to receive a tax refund, all that means is that you’ve overpaid your tax liability, and are simply getting your own money returned to you (with no interest). If you expect a significant refund, or worse, expect to owe, you’ll want to consider completing a new W-4 to minimize overpayments and ensure you avoid underpayment penalties.

David Berger Co-Founder & Client Advisor

James Sexton, CFP Director of Investments

Douglas Birnie, CDFA Co-Founder & Managing Director

Jennifer Haddad Director of Client Experience (Virginia Office)

Book your free consultation today! ussfcu.org/wealth

h

t

8

Ways to Prep Now for Your

Holiday Budget Last holiday season, Americans gave themselves a gift:

More than $1,000 in debt. On average, that’s how much we overspend on gifts, meals, decoration and all other holiday items. As the new holiday season approaches, some of us are still paying off last season’s spending.

Even worse, Debt.com has previously reported that only half of Americans budget their holiday spending—and two-thirds of those overspend it, anyway.

8 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Here’s how to plan now and avoid another holiday debt hangover...

Take Inventory The easiest way to save money? Don’t spend it. You might have what you need in forgotten recesses in your home. Look through the garage, attic and closets for dusty decorations and unopened items from years past. You might find a blender your in-laws sent you that you never bothered to use.

Dare we say re-gift?

Make a List & Start Early Look back on what you’ve spent historically.

Consider every family member, coworker, friend, neighbor and kid’s teacher worthy of your holiday spending. Jot down their names and how much you plan to spend on each. Then consider expenses aside from presents. Budget all your holiday spending from dining out to travel costs.

Download a Holiday Budgeting App Santa’s Bag for iOS and Christmas Gift List for Android make holiday budgeting easier. You’re able to set and track your spending. These apps will update your budget every time you check a gift off your list and input how much you’ve spent.

Research the Best Deals Price out what you plan to purchase over the next few months. You may have a brick and mortar discount store close to home. But it’s worth checking online to see if there’s another that can beat its prices. You have time to search now. Bargain hunting will be a lot more competitive in a few months.

ussfcu.org | 9

t

Check Your Math on Holiday Sales Debt.com has previously reported that 56 percent of Americans struggle to calculate the true cost of a holiday sale. They end up losing money because they can’t properly calculate the price of an item after a discount percentage is applied. Don’t make impulsive decisions during the hustle and bustle. Stop and breathe. Retailers and marketers plan for you to fall into their traps.

Set Up a Holiday Savings Account You don’t need to go into debt if you have cash set aside. If you don’t have the money to simply move over to a separate account, start socking away money now and don’t combine with your usual savings account. Catch-all savings accounts with both holiday and emergency funds get confusing.

Plan it right and meet your goal.

Use Email to Your Advantage A Google account is free to set up, and you’re able to have more than one email. Create one specifically for your holiday shopping. Use it to subscribe to email lists at the stores you plan to shop at. Those pesky notifications might get annoying—but, buried in their promotional spam may be coupons, discounts and free delivery services.

Cut Wasteful Spending Do you habitually throw that celebrity magazine and Snickers bar in your cart at the grocery store? Take note of that kind of wasteful spending and stop. You can free up more cash for the holidays that way. Those little, unnecessary expenses add up to a lot. Every candy bar you don’t buy now can prevent you from swiping your credit card later.

This article was originally published on Debt.com.

10 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Use Mobile Pay Over the Holidays for

2X CHANCES

TO WIN

$500

1

November 1 – December 31, 2019

Each purchase made with your USSFCU Visa® card through Apple Pay, Google Pay or Samsung Pay is a chance to win!2

Learn how to set your USSFCU Visa® card as your default payment option. ussfcu.org/mobilewallet •

services@ussfcu.org

One Winner Per Month There will be one (1) Grand Prize winner selected in a random drawing for November and December, on the first business day of the following month. Grand Prize winners will be notified by telephone and email two (2) to three (3) business days after the drawings.

1 USSFCU members 18 years or older who complete a purchase with mobile pay using a USSFCU debit or credit card between November 1 to December 31, 2019 will be automatically entered. Each transaction completed with mobile pay using a USSFCU debit or credit card will count as one entry. Winning odds are based on number of entries. One winner per drawing. Entries from the month of November not picked to receive the grand prize are eligible for December’s drawing. Mobile Pay for the Holidays promotion begins at 12:00:00am eastern time (EST) on November 1, 2019 and ends 11:59:59pm EST on December 31, 2019. There will be one Grand Prize winner selected in a random drawing for November and December, on the first business day of the following month. Selected winners will receive the Grand Prize in the form of a $500 gift card. Gift cards will be issued in person at a branch location or by mail at the convenience of the member. Once the Grand Prize has been awarded, USSFCU is not responsible for the gift card if it is damaged, destroyed, lost or stolen. Grand Prize winners will be notified by telephone and email two to three business days after drawing. If USSFCU contacting party does not receive a response from the selected winner within 5 business days after the initial attempt to contact, the prize will be forfeited and a new winner will be selected. Notify USSFCU by November 30, 2019 if you would not like to be enrolled in this promotion by emailing communications@ussfcu.org. No purchase necessary to enter or win. Non-purchase and purchase entries have an equal chance of winning. Must be a USSFCU member in good standing to win. USSFCU employees, Board members and their immediate family members are not eligible for this offer. Registration or participation from any corporation or other entity shall not be accepted or considered valid. Open to legal residents of the 50 United States & D.C, 18 or older as of 11/1/19. Void in Puerto Rico and where prohibited. All federal, state, and local tax liabilities are the sole responsibility of the winner. No transfer or substitution of the prize by USSFCU. This offer cannot be combined with any other offer and USSFCU reserves the right to discontinue the promotion without notice at any time for any reason. Anyone the age of 18 and over who does not qualify for the drawing by completing a purchase with mobile pay in the specified time period can enter as often as they wish; however each mail entry must be hand written with complete name, birth date, street address, city, state, zip code, daytime and evening telephone numbers (including area code) and a valid email address, on a 3” x 5” note card, enclosed in an envelope and mailed to: United States Senate Federal Credit Union- Mobile Pay for the Holidays Promotion - 2750 Eisenhower Ave., Alexandria, VA 22314, and must be postmarked between November 1 to December 31, 2019 to qualify. Entries that are mechanically reproduced, copied, illegible, incomplete, or inaccurate and entries by any means which subvert the entry process are void. Entries become the property of the Sponsor and will not be acknowledged or returned. Incomplete entries or entries not complying with these official rules are subject to disqualification, at the Sponsor’s sole discretion. Proof of mailing does not constitute proof of delivery. USSFCU reserves the right to add, delete or revise these official rules as necessary without notice. Limited time offer. 2 Data carrier rates may apply. Cardholder must activate each payment service before paying with their mobile device. Visit ussfcu.org/mobilewallet for more information on activations, device requirements, terms and conditions or call (800.374.2756). Merchant participation required. USSFCU is not the provider of the mobile wallet and is not responsible for providing the mobile wallet service to you. Contact Apple Pay, Google Pay and/or Samsung Pay for minimum hardware and software requirements; or for questions, disputes or complaints about the mobile wallet. Apple Pay is a registered trademark of Apple Inc., Android and Google Pay are trademarks of Google Inc., and Samsung Pay is a trademark of Samsung Electronics Co., Ltd., registered in the U.S and other countries.

Membership eligibility required. Federally insured by NCUA.

ussfcu.org | 11

t

USSFCU

s

p

o

t

l

i

g

h

t

USSFCU FOCUS:

LENDING A

HELPING HAND How financing a local church turned into a $1 million community blessing.

12 | ussfcu.org

T

USSFCU

s

p

o

t

l

i

g

h

winbrook Baptist Church has stood as a pillar in the Rockville, MD community for the past 63 years. However, with a significant decline in attendance over the past few years, Twinbrook’s leader, Rev. Jill McCrory, and the church leadership were faced with some difficult choices. They could either close and re-emerge as a completely new church, hand the keys over to the national governing organization or simply close their doors all together.

This decision didn’t just affect the Twinbrook congregation. For the past 14 years, Twinbrook shared the space with Centro Cristiano Peniel, a Spanishspeaking Pentecostal congregation. If the doors were to close, Centro would be left without a church home.

Centro had been outgrowing the shared space and was already looking for a place to call their own prior to this Twinbrook news—but now they had the added pressure of finding a new home. The church’s pastor, Angel Chavez, and the leadership team found the process to be tedious and discouraging at times. They felt the bank they were working with didn’t seem to have their best interest in mind, and they were offering rates that were simply not manageable. Despite these challenges, the church and its leaders held on to hope.

Rev. Jill and her team also remained hopeful even with the decision they had come to with great difficulty. They felt the appropriate thing to do was to close and sell the building. Preserving Twinbrook’s legacy, though, was a topic of much discussion. After much deliberation, they decided there was only one buyer that stood head and shoulders above the rest: Centro Cristiano Peniel.

Front row (left to right): Bishop Ricardo Cachedon, Pastor Angel Chavez, Denis ODonovan (USSFCU), James Ruley (USSFCU) Back row (left to right): Sr. Pastor Lucia M. Polanco, Timothy L. Anderson (USSFCU), Twinbrook Pastor Jill McCrory

Interior of Twinbrook Baptist Church’s santuary.

ussfcu.org | 13

t

USSFCU

s

p

o

t

l

i

g

h

t

“Centro Cristiano Peniel was growing, and we wanted to make it possible for them to have the building. They were already looking for a building, because they don’t get enough time or space in this building.

So, the first decision we made was to sell the building to them at less than its value so that they could afford it,” said Rev. Jill.

Sr. Pastor Lucia M. Polanco (left) and Rev. Jill McCrory (right) holding the key to the church.

Even though the property was valued at $4.5 million, Twinbrook decided to sell the church to Centro for only $1.5 million. Pastor Angel and the Centro’s leadership’s faithfulness had been rewarded and now they would have a permanent church home.

“This made it possible for that church to stay here and establish roots,” Rev. McCrory said.

The only hurdle left for Pastor Angel and the Centro family was to find a way to finance the property. Community leader and pastor of The Shepherd’s House Church of God in Fort Washington, MD, Dr. Ricardo Cachedon, knew about Centro’s situation and had a member of his congregation (who also happens to be a USSFCU member) suggest the Credit Union. Dr. Cachedon made a connection with Tim Anderson, USSFCU’s President and CEO, who immediately saw the potential for USSFCU to help.

USSFCU representatives sit with the Board members of Twinbrook Baptist Church and Centro Christiano Peniel as they sign financial documents.

14 | ussfcu.org

“Here at USSFCU, we live the credit union motto of people helping people.

Providing affordable financial services to the church and its members is what credit unions are all about. It was a pleasure to work

USSFCU

s

p

o

t

l

i

g

h

with Pastor Angel and the Centro church. We appreciate the partnership and look forward to a long lasting, and mutually rewarding relationship,” said Tim Anderson, USSFCU’s President and CEO. Tim connected USSFCU’s Business Services and Business Development departments with Pastor Angel to move the process forward. In a matter of months, the deal was done and Centro, Twinbrook and USSFCU leadership all met at the church to fully execute the documents. Centro now had their building and Twinbrook fulfilled the first part of their legacy plan.

The second part of the legacy plan would be even more bold and audacious than the first. Rev Jill, the Twinbrook leadership and the entire congregation agreed that they would not profit from the sale of the church. They decided to share the proceeds of the building sale with other organizations by donating more than $1 million in proceeds to a number of initiatives such as medical clinics, school lunch programs, hospice care, emergency housing funds, Habitat for Humanity builds, youth programs and other community support services.

“This decision allowed them to close the church with dignity and grace,” McCrory said of the congregation. “Rather than spending down their assets to pay for a building and Sunday worship for just a few people over several years, they decided to be bold, be a blessing and leave a legacy.”

Sunday, August 18, 2019 marked the last worship service at Twinbrook. The memory of this church, however, will live on in its longtime members and the amazing legacy it is leaving behind.

Rev. Jill and Board members signing official documents.

“Although we are closing, we have so much to be grateful for,” said Regina Gaither, a longtime church member, who chairs the church council.

“We rejoice that through the legacy gifts, Twinbrook’s commitment to ministry will continue.”

Centro will also carry on Twinbrook’s legacy and will build a legacy of its own. While this place of worship has a different name and congregation, it still continues to be a pillar in the community. USSFCU is proud for the role we played in supporting the church and the community it serves.

Some of the content, info and quotes in this article were originally published by Adele M. Banks for RNS and Bob Allen for Baptist News Global. ussfcu.org | 15

t

USSFCU

s

p

o

t

l

i

g

h

t

MEMB

MEMBERS’ VOICE YOU SPEAK. WE LISTEN. Member comments from our member satisfaction surveys.

“I’ve been a member for about 31 years now and I’ve always been able to count on the USSFCU when I’ve really needed them.” —Russel • Baltimore, MD “Excellent customer service. Staff are knowledgeable, responsive and able to provide individualized help. I live in another state and am still amazed how easy it is to use USSFCU for all my financial needs. It has always been this way and with technology solutions, it is easier than ever. But it is the personal assistance that really makes the difference. Whether I call or email, I always get quick and reliable answers. Also, the financial products and services offered are great!”

—Joanne • Brooklyn, NY “Been a member for a very long time. I have always been treated with kindness and expertise. Keep up the good work!” —Sara • Washington, DC “Love the phone calls regarding possible suspicious activity with my account. It’s reassuring to know that everything is safe.” —Kathryn • Columbia, MO “I would recommend the USSFCU based on the excellent customer service I have received from the Credit Unions [locations] I have visited (Eisenhower and GAO).”

—Avis • Bowie, MD “Accessibility and customer service have been exceptional. I have been a member for almost 40 years and have always been satisfied with the service and professionalism of the staff.” —Charles • Rapid City, SD “USSFCU cares about those who bank with it and that caring is not lip service but translates into action.” —Akua • Washington, DC 16 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

“I have been with the Credit Union for almost 15 years and all in all am extremely pleased with the service I have gotten. Definitely better than any bank.”

—Adrian • Fredericksburg, VA “Very personable, solution based and takes an interest in your situation.”

—Reno • Temecula, CA “Unfailing service by dedicated staff. I feel that USSFCU has my back. Staff have gone to bat for me whenever needed. I’m not aware on any mistake or inconvenience in my 30 years of membership. Excellent long term leadership, continuity and service by the Board.” —Lawrence • Darnestown, MD “Easy to become a member and superb customer support. I dealt with two different USSFCU representatives and they were fantastic. I was able to reach them immediately or if they were tied up they contacted me as soon as they became available. They helped me open an IRA and answered any and all questions with great attitudes and professionalism. They were so kind and polite and worked hard to speed along the process. They left me feeling great confidence in the Credit Union and I believe my accidental discovery of USSFCU was great fortune. I extend my thanks to all.” —Adrienne • Wethersfield, CT “The Credit Union provides relatively good services and the security updates to the system are noticeable.” —Ophelia • Alexandria, VA “It took a matter of minutes to open the account and purchase a CD. The credit union that I have done business with for about 40 years took more than a week to close a joint account and transfer the funds to a new account when my husband died.” —Linda • Powder Springs, GA “Outstanding online and mobile banking services. Professional, courteous, knowledgeable [and] responsive staff!” —Michael • Crofton, MD

ussfcu.org | 17

t

USSFCU

USSFCU s

p

o

t

l

i

g

h

s

p

o

t

l

i

g

h

t

t

U S S F C U

SEG Spotlight In addition to the United States Senate, USSFCU extends membership to more than 100 other Select Employee Groups (SEGs) and esteemed organizations.

Shining the SEG Spotlight on

Guest Services, Inc. Providing Legendary Hospitality Since 1917

Guest Services supplies hospitality management services across a wide variety of client sites including dining facilities, museums, hotels, resorts, conference centers, luxury condominiums, senior living centers, health care systems, state and national parks, school and university dining facilities, specialty retail stores and full-service restaurants.

Since 1917, Guest Services has worked tirelessly to earn a reputation as a premier private hospitality management company. They provide a wide range of customized hospitality management solutions for clients involved in dining services, resorts and hotels, recreational opportunities, unique retail outlets, special events, condominium management and fresh produce distribution.

From a humble start feeding government employees in Washington, DC—via pushcarts during WWI, their growth has hinged on a single premise: to provide guests with the very best they have to offer, nothing less.

Today, they stand at the forefront of the hospitality management industry, providing clients with the highest quality food, lodging and leisure services. Guest Services proudly serves more than 35 million guests annually at approximately 250 facilities across the nation.

Employees of Guest Services, Inc., who work in, or are paid or supervised from Fairfax, VA, are eligible to apply for credit union membership at USSFCU. Learn more about Guest Services by visiting their website at www.guestservices.com.

18 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Get your USSFCU Smart Rate Visa® TODAY and prepare to take on the

NOVEMBER 28–DECEMBER 2 THANKSGIVING • BLACK FRIDAY • SMALL BUSINESS SATURDAY SOFA SUNDAY • CYBER MONDAY 1

on your first

using your USSFCU SMART RATE CREDIT CARD from Thanksgiving to Cyber Monday on HOLIDAY SHOPPING & TRAVEL1

GET YOUR CARD TODAY! USSFCU.ORG/SMARTRATE 1. Terms and conditions apply. Promotional period begins on Thursday, November 28, 2019 (12:00am EST) and ends on Monday, December 2, 2019 (11:59pm EST). Participants must have an activated and un-expired USSFCU Smart Rate Visa® Credit Card account in good standing and a valid email address to participate. To earn the $25.00 eGift card reward, participants must use their qualifying USSFCU Smart Rate Visa® Credit Card on purchases accumulating a net total of $500.00 or more during the promotional period.

Transactions cannot be combined with any other accounts to reach the $500.00 qualifying total. Qualifying transactions are only earned on signature-based transactions; PIN-based transactions, cash advances and balance transfers do not qualify. Void where prohibited. USSFCU reserves the right to modify, update or discontinue this promotion at any time and without advanced notice. Certain merchant categories will be excluded and transactions made within these categories will not qualify. Limit one reward per individual Smart Rate account. In the event that we determine that your account does not meet the eligibility criteria, we will not be obligated to provide the reward. Visit USSFCU.org/smartrate for complete terms and conditions.

Membership eligibility required. This credit union is federally insured by the National Credit Union Administration.

All loans subject to credit approval. ussfcu.org | 19

t

USSFCU

s

p

o

t

l

i

g

h

t

WASHINGTON

KICKOFF Giveaway

DALLAS

Kickoff Giveaway Winners Congratulations to the Kickoff Giveaway Promotion winners!

Andrew A.—Millersville, MD LaKesha J.—Washington, DC Sergio L.—Laramie, WY

The Guards vs. The Mean Machine As the proud financial service provider to the U.S. Capitol Police officers, employees and their family members, USSFCU was honored to sponsor the 10th Annual Congressional Football Game.

Tuesday, September 24, the U.S. Capitol Police (The Guards) squaredoff against Members of Congress and former NFL® players (The Mean Machine) in the 2019 Congressional Football Game for Charity.

Started in 2004, the Congressional Football Game was first organized to honor and support the men and women of the U.S. Capitol Police and the families of fallen officers. The game is a family-friendly event that includes entertainment and spirited competition on the field, while bringing together Congressional and law enforcement communities in support of the U.S. Capitol Police Memorial Fund, Our Military Kids and A Advantage 4 Kids.

20 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

Supporting Our Furry Friends USSFCU employees spent a hot Saturday on the Wharf supporting the Humane Rescue Alliance’s DC Walk for the Animals fundraising event, September 21, 2019.

Together, with other DC-area pet support partners, over $57,000 was raised for the HRA. These funds will benefit the thousands of animals the HRA provides comfort and care to annually, including an average of 30 new animals entering their adoption centers every day.

DC’s Walk for the Animals brings local animal lovers together in effort to end pet homelessness in our nation’s capital. This annual event includes a fundraising walk around the District Wharf, local food and beer, music, community partners, dogfriendly activities, adoptable pets and the popular Wiener 500.

As a sponsor of the event and an HRA Partner for Pets, USSFCU employees worked together to encourage colleagues, friends, family and neighbors to join in reaching HRA’s 2019 fundraising goal. In addition to fundraising together for the event, Team USSFCU walked the event and could even be found on the Pier handing out toys and other goods to participating pets and their proud owners!

ussfcu.org | 21

t

USSFCU

s

p

o

t

l

i

g

h

t

USSFCU Celebrates 84 Years!

The Credit Union celebrated 84 years of tremendous service on Tuesday, October 8. Members were invited to join USSFCU staff at each of our branches in commemorating this special occasion. Members were welcomed with party decorations galore, sweet treats and a prize wheel to win giveaways!

On October 8, 1935, nine United States Senate employees pooled their resources and chartered the United States Senate Employees Federal Credit Union with $45.00. Their mission was to provide quality financial services to workers throughout the Senate. Initially operating out of an office in the Russell Senate Office Building, the United States Senate Employees Federal Credit Union enjoyed decades of continuous membership and revenue growth.

Today, now known as the United States Senate Federal Credit Union, we have grown to over 40,000 members and are quickly approaching becoming a $1 billion organization.

Thank you to our members and staff for celebrating with us and for an amazing 84 years!

22 | ussfcu.org

USSFCU

s

p

o

t

l

i

g

h

USSFCU Celebrates International Credit Union Day® Across the globe, credit union members and staff celebrated International Credit Union Day on Thursday, October 17! USSFCU’s staff showed their support by wearing International Credit Union Day t-shirts, handing out special giveaways and raffling off $50 Visa® gift cards to six lucky members.

International Credit Union Day celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement’s history, promote its achievements, recognize the hard work and share member experiences. International Credit Union Day has been celebrated on the third Thursday of October since 1948.

The ultimate goal is to raise awareness about the tremendous work that credit unions and other financial cooperatives are doing around the world and give members the opportunity to get more engaged. This is a day of festivities for credit unions and financial cooperatives globally, including fundraisers, open houses, contests, picnics, volunteering and parades.

This year’s theme, “Local Service. Global Reach.,” embodies the industry’s core mission of people helping people. Everything credit unions do serves the needs of members on a local scale. Credit unions impact local communities across the globe by bringing financial empowerment to their community, which inspires other credit unions to enhance their service. Credit unions strive to serve as an extension of their communities, promoting financial literacy, hosting community events and providing lower rates on loans, while giving higher rates on savings products.

On behalf of everyone at USSFCU, thank you for being a part of the credit union movement!

ussfcu.org | 23

t

»» Set up both single and recurring transfers

»» Transfer payments up to $5,000 per day

»» Easily move money from an account they own at another financial institution to pay their USSFCU loan(s) (A one-time set-up of the institution is required)

With Bank-to-Bank Transfers to Loans, members can:

ussfcu.org/bank2bank

Visit our website to learn how to set up your account TODAY!

Banking.

via Online

for our members

available option

is now a fully

Transfers to Loans

Bank-to-Bank

Bank-to-Bank Transfers

P.O. Box 77920 Washington, DC 20013