THIRD QUARTER 2019
AUT LOANO As lo w as S
2.75%
for 6 AP 90 d 0 month R* ays n s o pay/
BOATS N LOAsA low as % 5 . 3
APR*
s month for 60
All auto loans $20,000 and more will receive this fun package!
Federally Insured by NCUA
APR = annual percentage rate. Auto loan rates are valid for new auto loans for new or used vehicles. Loans must be of new money. All loans and rates are subject to credit approval and product participation. 90 days, no pay is only applicable for auto loans of $20,000 or more. Interest will accrue on your loan during the 90-day deferral period. Rates are subject to change. Please see credit union for details. Special conditions may apply. Insured by NCUA.
PLANNING FOR A DISASTER......................................2 POST-INCORPORATION AND COMPLIANCE REQ ........4 HELPING HANDS UPDATE .........................................5 SCHOLARSHIPS..........................................................5
SANTA IS COMING....................................................6 COMPLAINT NOTICE ...............................................6 ACCESS TO CREDIT UNION DOCUMENTS ...............6
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Planning for a
In order to help keep things efficient and running in a timely manner during natural disasters, we have invested in opportunities and equipment to help us continually serve you. In the event of a mandatory evacuation, we will operate from our offsite disaster recovery center. You will be able to reach us at this location by dialing 800.448.5328. Once we are allowed back into our local area, and conditions are deemed safe, we will be able to operate from our Groves office with our state-of-the-art generator. Gulf Credit Union encourages you to utilize your Gulf Credit Union Debit Cards with Rewards, as well as to keep an eye out for the weather conditions, to heed all warnings, advisories and reminders issued by the Emergency Management Coordinators, weather teams and governing authorities. And, for Gulf Credit Union updates, please remember to check our website at www.gecu.org and our Facebook page. As a reminder for precautionary measures, we have created a chart of suggestions of important documents and steps to take in the event of an evacuation or natural disaster. Remember to always have a plan of your own and take the appropriate precautionary measures necessary to protect yourself, your property, your pets and your family. We also offer many products and services that can assist you in your daily life, as well as when you are away from home. Some of these include: • Shared Branching (visit our website at www.gecu.org for the locator) • Gulf CU App for iPhone and Android devices • Online Banking (www.gecu.org ) • Direct Deposit • Online Bill Pay • CAT Phone System • Credit Cards • Debit Cards (with a Remote Control feature allowing you to turn your card on/off) • Mobile Deposit • E-Alerts
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Secure Important Documents Check Your Supplies
Secure Your Home Shared Branching and Co-op Network Check Local News, Weather, Road Closures and Business Sources Have a Plan
Make sure they are in a dry, safe and easily accessible location. These documents include: Insurance Documents / Policies, Insurance Agent’s Contact Information, Health and Medical Documents, Financial Information, Legal Documents, Photos of Contents and Property, Home Inventory List, Etc.
These Include: Cash, Checks, Debit and Credit Cards; Water, Non-Perishable Food Items, Medication, Fuel, First Aid Kit, Bug Spray, Sunscreen, Batteries, Flashlights, Portable Radio, Toiletries, Chargers for Electronic Devices, Etc. Make sure your vehicle is running properly and able to sit in traffic for long periods at a time. Be sure your drains, ditches and yards are clear of any debris before the storm arrives. Secure all windows and entry points to your home and outside buildings. Board up windows, place sandbags around your home and outside building structures. Take the appropriate measures for your swimming pool. Secure any loose patio furniture or other items that may blow away or wash away in a storm. If flooding begins, turn off your electricity at the main breaker. Take any other precautionary measures that you feel are appropriate.
Visit our website at www.gecu.org or our mobile app to locate an ATM and/or Shared Branching Location nearest you.
Visit us at www.gecu.org or our Facebook Page for opening/closing updates. For highway closures: drivetexas.org. Weather Updates: noaa.gov, wunderground.com, local news media stations’ websites and social media pages. Local Conditions: Local Fire and Police Departments’ Facebook Pages and other social media outlets.
Watch and Listen for Weather Advisories and any Evacuation Declarations. Have a destination in mind. Notify a trusted friend/family member of your destination plans, as well as of your arrival.
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Post-Incorporation and Compliance Requirements 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. In previous newsletters, we have looked at the various types of business structures and the requirements for each. Today we will talk about the post-incorporation external compliance requirements. After incorporating a business or forming an LLC, prepare yourself for ongoing compliance requirements. Any requirements imposed on corporations and LLCs do not end when incorporation documents are approved by the state--they are ongoing. Failing to regularly meet ongoing requirements in a timely manner can have big consequences for small businesses, including the potential loss of the limited liability protection provided to the owners. Business compliance requirements fall into two categories: internal and external. In our last issue, we covered the internal requirements. In this issue, we will review the external compliance requirements for corporations and LLCs after incorporation.
Understanding External Requirements
External requirements are imposed by the states on corporations and LLCs. They often include an annual or biennial state filing and payment of a corresponding state fee. Nearly all corporations and LLCs must file periodic reports with the Secretary of State’s office or its equivalent department. Annual statements are the norm, but some states have relaxed their rules and require only a biennial statement. In either case, states typically impose a fee along with the filing. The fees vary widely by state and by entity type, ranging from $1 to more than $500. Some states also impose a franchise tax—levied for the privilege of existing as a corporation or LLC that is incorporated or registered to transact business in that
state. A franchise tax may be based upon income, assets, outstanding shares or a combination. It might also be a flat fee. Put another way, a franchise tax is a tax one pays for “just being there.” The due dates for annual statements and franchise taxes vary by state. Some states connect these dates to the anniversary of the company’s incorporation (or date it registered to transact business in the state, if applicable). Others set a particular due date for all corporation annual statements and another for all LLCs. Because the periodic filing requirement and annual franchise tax can represent a significant burden and expense, business owners should research these requirements prior to incorporating.
Additional External Requirements
Here are some other potential state and federally imposed requirements that may apply to your company: • Filing a federal income tax return and paying necessary taxes • Filing a state income tax return and paying necessary taxes • Paying state franchise taxes • Filing state annual statements • Payroll tax obligations (such as Social Security, Medicare and unemployment)
• Property tax obligations • State sales and use tax obligations • County, city or municipality tax obligations • Obtaining and renewing any necessary state and/or local business permits and/or licenses
It is imperative to keep the “corporate veil” intact by meeting all ongoing external and internal compliance requirements. Next time, we will take a look at the consequences of non-compliance. For more information or to apply for a business loan, please stop by our Groves office and speak to our Commercial Lending Team: Todd Gaudin, Chief Lending Officer, or Tracy Chesser, Commercial Loan Specialist; or you may call them to set up an appointment at 409.984.7436 or 409.984.7477, respectively.
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Helping Hands Update Our Helping Hands Are Busy in the Community
Proudly Participating in Red Nose Day
We enjoy volunteering and helping others. In March, we volunteered in the Nederland Chamber of Commerce booth by helping to make and sell funnel cakes and other food items at this year’s Nederland Heritage Festival.
On Thursday, May 23, our Beaumont location participated in Red Nose Day, a campaign that was organized by companies such as Walgreens and other national organizations. Its mission is to end child poverty by funding programs that keep children safe, healthy and educated. Proceeds from the Red Nose sales are contributed to the campaign.
In April, we partnered with students of PN-G High School in collecting items for students who are in the Jefferson County Foster Program who graduated high school this year and are transitioning to college. We’ve also partnered with the Arc of Greater Beaumont by hosting some of their monthly activities, such as a dance and a game of Bingo. We partnered with other local organizations and helped with the packaging of food boxes for the “Rise Against Hunger” campaign. This campaign helped thousands of individuals worldwide. We also helped with registration and water stations during the River Fest 5k Fun Run in May.
Brennah Berwick, Brianna Holden, Rose McCain, Traci Jannise, Linda Sory, Debbie Patterson, Deborah Bell, Terri Huff
Valero Retiree Picnic
On Saturday, June 11th, we participated in the Valero Retiree Picnic at the Carl Parker Multipurpose Center in Port Arthur. We hosted a table and gave ice cream to the retirees who were in attendance.
Be on the lookout for us in the community; watch for collection opportunities to participate in, too! During July, we are partnering with the Tri-City Corvette Club and Southeast Food Bank to collect non-perishable food items. The collected items will be distributed among Southeast Texans who utilize the food bank’s services. If you would like to make a donation, please drop off your non-perishable food items at the Gulf Credit Union location nearest you!
Nena Flood, Teresa Bacon, Susan Beadle, Suzanne Landry and Lisa Stephson
Scholarship Recipients
Tori Bertrand Bridge City High School
Kendal Bradley
Port Neches Groves High School
Katelyn Miller Bridge City High School
Sarina Shipman
Port Neches Groves High School
Jason Withers Bridge City High School
Natalie Nelson
Port Neches Groves High School
Shelly Carroll
Hamshire Fannett High School
Katie Rutty
Port Neches Groves High School
We are excited to announce the recipients of our 2019 scholarships. Each of these deserving students received a $1,000 scholarship. Not pictured: Kathryn Gilbreath, Vidor High School. Congratulations!
Anthony Nguyen Port Neches Groves High School
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COMPLAINT NOTICE If you have a problem with the services provided by this credit union, please contact us at: Gulf Credit Union PO Box 848 • Groves TX, 77619 Telephone Number 409.963.1191 or email address info@gecu.org The credit union is incorporated under the laws of the State of Texas and under state law is subject to regulatory oversight by the Texas Credit Union Department. If any dispute is not resolved to your satisfaction, you may also file a complaint against the credit union by contacting the Texas Credit Union Department through one of the means indicated below: in Person or U.S. Mail: 914 East Anderson Lane Austin, Texas 78752-1699 Telephone: 512.837.9236 Fax: 512.832.0278 Website: www.cud.texas.gov Email: complaints@cud.texas.gov
Santa Claus is Coming to Town!
Access to Credit Union Documents
He and Mrs. Claus will stop at all Gulf Credit Union locations from 3 p.m. until 5 p.m. on the following days:
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, 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. 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
Bridge City: Thursday, December 5 Groves: Friday, December 6 Beaumont: Thursday, December 12 Mid County: Friday, December 13 Each child who visits with Santa and Mrs. Claus will receive a small gift. As you can imagine, Santa and Mrs. Claus are very busy during this time of year; to be fair to each child and family in attendance and to ensure there is ample time to visit, there is a limit of one photo per family. Merry Christmas!
$2 spent = 1 point on all signature transactions. Earn even more with ShopSPOT In-Store card-linked 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 points from national, regional and local merchants at our online network and be rewarded even more. Earn bonus points on all purchases using your Gulf Credit Union Mastercard® Debit Card. 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 Gulf Credit Union Mastercard® Debit Card.
Redeem 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 Gulf Credit Union Mastercard® Debit Card? Open an account today!
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Be in Control with Remote Control Cards at Gulf Credit Union! Go to the Gulf Credit Union App on your phone or log into Home Banking and simply go to the menu and select Remote Control Cards to turn your debit card off when you are not using it and turn it back on when you are ready to use it.
You turn your lights off to save money. You lock your car to keep it safe. You lock your home when you leave, and when you go to sleep. Now, you have an additional tool to safeguard your Gulf Credit Union Debit Card from potential fraud and online thieves.
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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.
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.
GROVES
BEAUMONT
MID COUNTY
BRIDGE CITY
5140 West Parkway • 409.963.1191 2779 Aero Drive • 409.729.8280 LOBBY HOURS
DRIVE-THRU HOURS
info@gecu.org • TOLL
GULF CREDIT UNION BOARD OF DIRECTORS: NAME
2360 Dowlen Road • 409.860.3600 4721 Hwy. 87 South • 409.735.5156
MONDAY – THURSDAY MONDAY – FRIDAY • 8:30 am – 5:00 pm • 8:00 am – 6:00 pm FRIDAY SATURDAY • 8:30 am – 5:30 pm • 9:00 am – Noon
TERM ENDS
Barry Gorman, Chairman 2020 Johnny Lewallen, Vice-Chairman 2022 Karen Brown, Secretary 2020 Robert Adams, Treasurer 2022 Libby Arnold 2021 Carl Duplantis 2021 Camille Jones 2022 Like us on Facebook
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From generation to generation, Gulf Credit Union is your partner in fulfilling your financial dreams.
LOBBY HOURS
DRIVE-THRU HOURS
MONDAY – THURSDAY MONDAY – THURSDAY • 8:30 am – 5:00 pm • 8:00 am – 5:00 pm FRIDAY FRIDAY • 8:30 am – 5:30 pm • 8:00 am – 5:30 pm SATURDAY • CLOSED FREE: 800.448.5328
2019 HOLIDAYS SEPTEMBER: Labor Day
Monday, September 2nd
NOVEMBER: Thanksgiving
Thursday, November 28th Friday, November 29th Saturday, November 30th
DECEMBER: Christmas
Tuesday, December 24th Wednesday, December 25th