A Message from Last Years Scholarship Winner

Taylor Reeves

Thank you, NASA FCU, for the scholarship! The money will help me out a lot as I pursue my undergraduate degree in marketing and advertising. I hope to keep in touch and update you on my progress this fall.

— Taylor Reeves
Mitchell-Beall-Rosen Memorial Scholarship Recipient

To Our Members and Friends


At NASA Federal Credit Union, knowing our members and being there for them is the key to our success.

That’s because, unlike other financial service organizations, NASA Federal is a financial cooperative owned and operated entirely by its members. We’re pleased to report that 2013 was an exceptional year for NASA Federal, supported by a growing membership nationwide, strong financials and the continued loyalty of members like you.

Our exceptional year was due in large part to the confidence our members have in us to keep their best interests at the center of all our business decisions. Members trust us to offer best-in-class products and services that deliver real value and to provide them with a personal and positive member experience—whenever, however, and wherever they choose.

The Credit Union National Association’s most recent report estimates that NASA Federal, when compared to other financial institutions, provided over $8.8 million in direct financial benefits to its members in 2013. These benefits are the result of our lower interest rates on loan products and low-fee or fee-free products and services.

Whether you’re a college graduate in Texas applying for an auto loan, newlyweds searching for a starter home in Colorado, a middle-aged couple saving for retirement in Florida, or someone who just thinks their financial institution should treat them like an owner, your Credit Union is here to serve you.

Strong Financial Performance

NASA Federal remains competitive and has improved its financial strength while building reserves, keeping expenses in line, and gaining efficiency.

We are pleased to let you know that in 2013, your Credit Union achieved solid financial performance, ending the year with $1.27 billion in assets. We welcomed 12,000 new members, increasing our nationwide membership total to 90,785.

As always, your Board of Directors and management team maintained prudent financial management across all aspects of the business. These practices strengthened the Credit Union’s already strong capital position, enabling us to make investments to help the membership, while ensuring that we are well positioned for whatever lies ahead. As of December 31, 2013, the net worth to asset ratio was 11.32%, which equates to $144,047,009, well above the 7 percent minimum capital level for “well capitalized credit unions” established by the National Credit Union Administration, underscoring our financial strength.

Enhancing Products and Services

NASA Federal’s unique blend of products and services is leading the way for overall credit union success. In 2013, we introduced image-enabled ATMs to make depositing checks and cash even easier—no envelopes needed. These state-of-the-art ATMs reduce fraud and increase member convenience. We enhanced mobile banking by introducing Mobile Bill Payments, allowing our members to pay bills from a mobile device quickly and easily. To further enhance the member’s mobile experience, NASA Federal updated its mobile banking app to allow members to view their VISA credit card history and pending credit and debit card transactions. To help members open accounts with greater ease, both online and in person, we introduced a new account origination system. NASA Federal launched its social media communities on Facebook and Twitter, making it easier for members to communicate with us and to share stories or learn about ways to manage money, prepare for the future and protect finances.

…2013 was an exceptional year for NASA Federal, supported by a growing membership nationwide, strong financials and the continued loyalty of members like you.

NASA Federal is constantly looking for new ways to meet the current and future financial needs of its members. Our mortgage programs, nationally recognized by news outlets, make homes affordable for our members. Not surprisingly, in 2013 we funded over $170 million in mortgage loans. Attracted by our excellent rewards programs and aided by specials such as our popular 6.9% balance transfer for life offer, NASA Federal opened nearly 3,700 Platinum Advantage Rewards Credit Card accounts. We are proud so many members chose NASA Federal to meet their real estate and borrowing needs. Our commitment to lending through innovative loan products resulted in over $375 million in newly originated loans throughout the year.

Together in Our Communities

Being part of the communities where our members live and work is a fundamental part of NASA Federal’s mission. Together, our members and employees contributed nearly $50,000 to Children’s Miracle Network Hospitals, the Leukemia and Lymphoma Society, Special Olympics, and they donated over two tons of food to area food pantries.

In addition, NASA Federal remained committed to education throughout 2013, by offering comprehensive outreach and educational workshops at the partner companies we serve. NASA Federal employees facilitated financial education classes on identity theft, budgeting, credit and home buying.

In addition, through the annual Mitchell-Beall-Rosen Memorial Scholarship, the Credit Union awarded thousands of dollars in scholarships to outstanding student members to help cover tuition and fees at the colleges of their choice.

Integrity and Advocacy

The way most Americans look at money—whether saving, borrowing or investing—has changed with the new economic environment. Through it all, NASA Federal has remained focused on being there for its members, and has done so with integrity.

Our commitment to the membership is most evident in moments of need: helping members who needed financial assistance due to the 16-day government shutdown or who experienced major financial setbacks in their lives.

We take the trust you have placed in us very seriously—it is the essence of membership.

Looking Forward

NASA Federal remains committed to enhancing the financial service experience by providing products and services that meet our members’ financial and lifestyle needs. NASA Federal continues to lead the way in 2014. We’re leveraging modern technologies and developing new products that will make our members’ lives simpler.

On the horizon, NASA Federal has plans to enhance your online banking experience with new functionality and a new look to our eBranch product. We will expand device compatibility of our mobile Remote Deposit app to Windows based smartphones. We will also introduce a new, integrated online and in-branch account opening and lending system, to deliver a simple, expedited process from application to funding. To better serve existing and future members, NASA Federal will expand its point-of-sale auto program with dealerships across the nation. In addition, members will be able to take advantage of AutoSMART, an online and mobile auto research and buying tool that allows our members to shop and research new vehicles, view dealer used car inventories, request vehicle quotes and get an instant credit union loan preapproval.

These are just a few of the new products and services NASA Federal members can look forward to in 2014. We never lose sight of the fact we are partners with you, our member-owners. With you and for you, we stand ready to help you meet your financial goals by providing innovative products and services of the highest quality and value, all delivered with an exceptional level of service.

All of us at NASA FCU—your volunteer Board of Directors, management and every employee— thank you for your membership and the continued participation and success you brought us in 2013. Most importantly, we thank you for the continued opportunity to serve you.

John Sissala

Robert Lively

Doug Allman

Exceptional Member Value


December 31, 2013
Interest and Fees on Loans 43,102,805
Interest on Investments 3,623,132
Net Interest Income 40,568,253
   Provision for Loan Losses 3,403,173
Net Interest Income after
   Provision for Loan Losses 37,165,080
   Other Operating Income 20,883,691
Before Operating Expenses 58,048,771
Employee Expense 22,465,457
Operating Expense 20,313,847
Net Income (Loss) Before
   Non-Controlling Interest 15,269,467
Less: Non-Controlling Interest
   Earnings 213,301
NET INCOME 15,056,166


December 31, 2013
Cash and Cash Equivalents 69,390,992
   Less: Allowance for Loan
   Losses of $7,625,059 891,992,517
INVESTMENTS 229,027,202
OTHER ASSETS 82,227,946
TOTAL ASSETS 1,272,638,657
   Members’ Share Accounts 1,082,073,151
   Payables and Other Liabilities 48,581,717
Non-Controlling Interest 780,334

Supervisory Committee Report

Capture2The Supervisory Committee is responsible for ensuring that the Credit Union’s Board of Directors and management establish practices and procedures to properly safeguard members’ assets. The Committee is also responsible for obtaining the annual financial statement audit from a licensed, independent auditor to ensure that the Credit Union’s financial statements comply with generally accepted accounting principles and fairly represent the financial condition of NASA Federal Credit Union. In fulfilling these responsibilities, the Committee appointed the independent certified public accounting firm of CliftonLarsonAllen LLP, which directly reports to the Committee.

In addition, we held quarterly meetings to, among other things, review internal audit services, internal controls and risk management processes and examinations by regulatory agencies.

We are pleased to report that the annual audit conducted by CliftonLarsonAllen LLP for 2013 was completed successfully, and NASA Federal Credit Union’s financial statements were certified as fairly and appropriately presented, and in accordance with Generally Accepted Accounting Principles, on March 25, 2014. The Supervisory Committee concurs with this assessment.

Karen White
Chairman, Supervisory Committee