Annual Report

President/CEO Report

It has been my privilege to serve as your President/CEO during this past year. In 2006, it is with great pride that I again have the opportunity to state that Miami Firefighters Federal Credit Union received a5 Star rating from Bauer Financial, a nation wide company that rates all financial institutions as to the return to their members/customers. This will be the 15th year in a row that the credit union has accomplished this. We have also been rated as the Number One Credit Union in South Florida as far as the return of savings to members, member service usage and total return to all the members.

     The environment in which credit unions provide services is always changing. When I first started as CEO back in 1998 there were, 11,260 credit unions nationwide, with 268 in Florida. This number today is 8,410 nationwide (down 25%) and 198 (down 26%) in Florida. The number of credit union members has not decreased but increased over the years, so what is happening? Smaller credit unions with closed fields of membership have found it very hard to compete in providing the financial services necessary to maintain their membership loyalty. The cost of doing business as to meeting government regulations compliant data processing software and staying on the cutting edge as far offering new and competitive products has become too much for them. Most all of the credit unions that are no longer here have merged into larger credit unions as an economy of scale and to be sure their members are offered the best in financial services so as to keep them from migrating to other banking institutions. Those that are surviving have had boards that saw the writing on the wall and moved their credit unions in the direction of either opening their membership to the community or selected closed defined employee based groups.

     Your credit union through the direction of the board continues to embark on many strategic initiatives to enhance our product line and services available to our membership. Decisions continue to be made to expand our operations, to increase our efficiency and to position our credit union to succeed in the challenges of the future. These decisions should allow us with the economies of scale, to continue to be the relatively minimal or fee free financial institution that you are accustomed to.

     I am grateful for the support I have received from your Board of Directors, Supervisory, and Loan Review Committees as well as the credit unions employees and staff but most of all, I am grateful to you, our members, for your loyalty, support and confidence, (for we know you have many choices in lending institutions), you have placed in Miami Firefighters Federal Credit Union. Since our credit union is owned by you, each of our successes is important to you and to your financial future. Profits are returned to you in the form of low-cost loans, high yields on dividends, and a wide array of products and services with minimal or no fees. As an example, dividends paid as of 9/31/07 were $1,259,405 verses $472,149 as of 9/30/06, which equates to a 167% increase over last year. The more each member participates and utilizes the products and services of the credit union, the more our entire membership will benefit and the stronger the overall credit union will become.

Chairmans Message
        Your elected Board of Directors takes great pride in the completion of another successful year as a safe and sound financial institution. We are committed to providing innovative products and services utilizing state of the art technology to meet your financial needs. We take an active role in the establishment of policies and procedures to set the future direction of your Credit Union.

         Please visit our Web Site @ MFFCU.org, to view all of our products, services, financial information, educational materials and to see how easy it is to do your financial transactions from any computer.

         Thanks to our Management team and employees as they continue to keep our Members informed and educated financially through E-mails, newsletters and special mailings.

          The growth and survival of our Credit Union depends on Members loyalty and support.

Supervisory Committee Report
        The Supervisory Committee ensures the safety of our members funds and the integrity of the credit unions operations and internal controls. As a separate entity from the Board of Directors and the credit unions management team, the Supervisory Committee makes sure that proper checks and balances are in place by appraising policies, reviewing operational procedures, monitoring loans to officials, performing cash and loan audits, and keeping abreast of the credit unions state of operations.

         The Supervisory Committee would like to thank the credit unions Internal Auditor as well as all of the credit unions employees for their cooperation and assistance throughout the year. The credit union devoted a significant amount of time to ensure compliance with The Bank Secrecy Act, The Patriot Act and the credit unions Privacy Statement, all to protect our memberships accounts and personal information.

          The Supervisory Committee also contracts the certified accounting firm of Nearman & Associates CPAs, to perform an audit of the credit unions financial statements in conformity with generally accepted auditing standards.

           The Supervisory Committee finds that the management and staff of the credit union are handling the operations of the credit union professionally and accurately. I take great pleasure on behalf of my entire committee in reporting to our membership that our credit union is financially sound, secure and to be in excellent financial condition.

Treasurers Report
          Miami Firefighters Federal Credit Union concludes 2006 in a very strong financial condition and offering many new products and services to reward the commitment and participation of its members.

           Our assets at year end totaled just over 63 million dollars and we continue to grow. We are all fortunate to have the direction and guidance of the Board of Directors in setting goals and objectives for our continued success. We thank the professional management team and staff for their excellent accomplishments. The primary reason for our success is the trust and use of our Credit Union as the members primary financial institution.

           We are audited twice each year by outside firms (see financial report) and internally by our Supervisory committee in accordance with all generally accepted accounting principles and the National Credit Union Administration requirements.

           Deposits in each qualifying account are insured up to $100,000, by the National Credit Union Share Insurance Fund (NCUSIF).

           The Board, Management Team and Employees are focused and committed to providing the best financial products and services to each member and to insure the continued growth and success of our Credit Union.