tag:blogger.com,1999:blog-7093967394710757386.post3854929454019106616..comments2023-10-09T07:37:45.231-07:00Comments on What Happened to Priority One Credit Union?: Priority One Financial Statement for Period Ending 1/31/09John Rodartehttp://www.blogger.com/profile/17859747586374406241noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-7093967394710757386.post-43928953757181125782022-05-31T11:47:02.295-07:002022-05-31T11:47:02.295-07:00Niice blog postNiice blog postKarlahttps://www.karlagarrison.com/noreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-879661735435288772009-03-03T20:24:00.000-08:002009-03-03T20:24:00.000-08:00Anonymous you nailed it - Wiggington is trying to ...Anonymous you nailed it - Wiggington is trying to hide travel and junket data from the members. If I was a member I would demand to know how much was spent at each Vegas and Hawaii conference by the CEO and each attending Board member. The info is especially key when you're posting red ink.<BR/><BR/>As far as an independent CPA annual audit. I will say that it's almost 100% certain a CPA conducts the audit. I wonder which CPA firm it is?Anonymoushttps://www.blogger.com/profile/02433858413593563194noreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-57315429481302288442009-03-03T17:45:00.000-08:002009-03-03T17:45:00.000-08:00Priority One claims to have placed the junket cost...Priority One claims to have placed the junket costs in their Education Expense account.<BR/><BR/>What an intriguing choice of accounts.<BR/><BR/>Most credit unions have buried ugly expenses like this in the Marketing Expense accounts.<BR/><BR/>I think the old NCUA Accounting Manual used to call it Member Education and Promotion. It was a forerunner of what we now call Marketing.<BR/><BR/>Even allowing the creative use of Education, then the obvious and natural conclusions to draw from are either really sloppy and lazy accounting records or a string desire to hide the real information from who should know; people like the members.<BR/><BR/>Here is a question for John since he seems to know a great deal about Priority One. Does Priority One use an outisde independent certified public accounting firm to conduct the annual audit and issue assurance letters?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-42723844299474189552009-03-03T15:05:00.000-08:002009-03-03T15:05:00.000-08:00But what about where he's reporting expenses? If h...But what about where he's reporting expenses? If he's not reporting them accurately, for whatever purpose, isn't he then violating state and possibly federal law?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-11462135953608188472009-03-03T11:12:00.000-08:002009-03-03T11:12:00.000-08:00I understand your point about the NCUA assessment ...I understand your point about the NCUA assessment - it's true earnings will be affected by the NCUSIF writedown and Special Premium. But all credit unions will be in the same bucket here. I understand the DFI Examiners are directed to take into account the adverse impact of the assessment when doing exams. In fact, I suspect Sir Charles will use the one-time writedown to his advantage to help explain their negative earnings to the members at the Annual Meeting.CU Prezzhttps://www.blogger.com/profile/11256098295416669982noreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-4032244743693877912009-03-03T08:21:00.000-08:002009-03-03T08:21:00.000-08:00Here's a thought...what will happen to Priority wh...Here's a thought...what will happen to Priority when they have to account for the 51% NCUA write down due to the US Central Corporate bailout? Even without the approximate $650k they will have to pony up for that. it looks like their losses could raise the eyebrows of the DFI and Feds sooner than later. The NCUA assessment/premium could be their final breath.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-10219286759005472292009-03-03T00:07:00.000-08:002009-03-03T00:07:00.000-08:00Wow a loss of $118k for just January!! If Priorit...Wow a loss of $118k for just January!! If Priority One can keep up those monthly losses for 12-months the overall loss for all of 2009 will top $1.4 million. <BR/><BR/>Is it possible Priority One budgeted for red-ink for 2009? Most credit union's produce a budget which shows a positive bottom line. I suspect Sir Charles will attempt to cut staff, overtime, branch hours and salaries to reverse the red-ink trend. Of course, you can be sure there will be no cutbacks in the CEO's and Board of Director's junket-laden travel and conference budget.CU Prezzhttps://www.blogger.com/profile/11256098295416669982noreply@blogger.comtag:blogger.com,1999:blog-7093967394710757386.post-42592220438482344302009-03-02T23:52:00.000-08:002009-03-02T23:52:00.000-08:00I will vouch for Charles Wiggington. He really car...I will vouch for Charles Wiggington. He really cares. He cares only for himself. He cares for First Class Travel on airlines for himself. He cares that the Board of Directors Chairperson is kept happy by attending Junkets in Vegas and Hawaii. He cares for top-shelf liquor and gourmet meals. He cares for an unlimited expense account. The man is all about caring.Anonymousnoreply@blogger.com