CORE FEDERAL CREDIT UNION

Minutes of the Annual Meeting of April 6, 2019 at The Doublctree.

Mike Vecellio, Master of Ceremonies, introduced President Kevin Conroy who welcomed

everyone to the 60th Annual Meeting, and gave the State of the Credit Union message. President Conroy highlighted how far the Credit Union has come in 60 years noting that CORE remains

financially stable in a challenging business environment. He also briely discussed the credit union's first robbery in January 2019 at our North Syracuse office, noting how proud he was of the staff, who all remained calm and followed their training and procedures to the letter, helping to ensure that no one was hurt.

Vice President Mike Vecellio, introduced distinguished guests, including Charter Members Charlie Combs, Rhoda Sikes, and John Berry.

J. Nichols, secretary for the Board of Directors, accepted a motion from the floor to waive thereading of the minutes of April 8, 2017. Karen Vecellio made the motion to waive the reading ofthe minutes in lieu of the typed copy on the tables. Second by member Doug Mohorter and carriedby a show of hands by the membership present.

John Berry, treasurer to the Board, submitted a written Treasurer's 2018 report showing an increase in assets of 3.9% to $103,181,532, and briefly reviewed the financial highlights as of 12/31/2018 for the credit union that were provided to all of the members present.

John Berry also submitted Security Officer's Report or 2018, noting that there were with no break­ins or significant cash overages or shorts. There was a robbery on January 24, 2019 at the North Syracuse Office.

Marilyn Hazard, the chairperson of the Supervisory Committee presented her report on behalf of the Supervisory Committee consisting of herself, Jackie Brennan and Nancy Fortin. The report, included audit results from CPA's Gail Schutte and Sciarrabba Walker, Inc., as well as a recap of the bi-annual member verification that was completed in June 2018. She noted that there were no material issues or findings on any of the audits over the past year, and that all of the branch cash counts performed by the committee showed no discrepancies.

Doug Mohorter, chairman of the scholarship committee, reported that scholarships were awarded in June 2018 for over $11,000.00 to CORE's student members from our various programs including six $1,000 Walt Bazydlo scholarships to Sydney Florczyk, Vanessa Luangaphay, and McKenna Lusnar from C-NS high school, Tyler Hodge and Stephanie Malson from ESM high school, and Owen Snyder from Morrisville-Eaton high school. In addition, the credit union awarded six $750 student branch scholarships to students involved in our high school branch programs: Gerald Dexter and Dylan Steigmeier from E-SMN, Sydney Florczyk, McKenna Lusnar, and Annina Marullo from C-NS, and Maccnzi Egelston from Morrisville-Eaton. Annina Marullo from C-NS was also recognized through CORE's affiliation with the New York State Credit Union Association's scholarship program with an additional $1,250 from both the local and state-wide level of this scholarship program_