2007Annual

Report

Chairman and Managing Director’s Report

The Northwest Federal Credit Union Foundation continues tohonor our commitment to the communities we serve through avariety of "people-helping-people" activities. In 2007, weexpanded and enhanced existing programs and initiated newones that reflect the interests of our membership and theneeds of our communities. We continue to promote andimplement our core programs of scholarship, financial educa-tion and community involvement and look for new ways toaccomplish our mission.

Our ability to deliver effective programs depends upon the con-tributions we receive and in 2007 our members were generouswith their support, contributing $30,455 and supporting ourfundraising through product sales for an additional $4,000.Northwest Financial LLC, a wholly-owned subsidiary ofNorthwest Federal Credit Union offering a broad range of finan-cial services to help our members, announced a $10,000 cor-porate partnership commitment beginning in 2008.

As part of our commitment to help our members meet the risingcost of higher education we increased both the number and theaward amount of our scholarship programs and presented ten$3,500 Ben DeFelice scholarships and administered anotherfour $2,500 scholarships in partnership with other organiza-tions.

In 2007, the Foundation’s Partners in Education program wasextended from one to three schools. Each school received a$5,000 contribution to be used for teacher professional devel-opment, which would otherwise not be funded elsewhere. Weexpanded our financial education reading programs to incorpo-rate puppet programs, school assemblies and class instruction.We continued our annual school visits by children’s bookauthor Sam X Renick and his featured book character SammyRabbit to reinforce reading, writing and saving. Through ourelementary school programs we taught over 2,800 studentshow to save, spend and share wisely.

Continuing to reach out to High School students through ourReality Store program, the Foundation sponsored a lively simu-lated budgeting exercise for 500 students and partnered withthe Virginia Cooperative Extension to teach important budget-ing skills to an additional 800 students. Working with localchambers of commerce, the Foundation sponsored and partici-pated in local High School Ethics Days for 800 students. Thisprogram features eye-opening discussions about various ethi-cal dilemmas to help students learn to make good decisions asresponsible citizens.

During 2007, the Foundation initiated a new seminar series forrising and current college students-particularly popular with par-ents-covering necessary life skills to ensure financial success.

Our philanthropic efforts kept pace in 2007 as well. We multi-plied the effect of these efforts by sponsoring and contributingto the Credit Union Cherry Blossom 10 Mile Run which sup-ports Children’s Hospitals, the Special Olympics to help withtheir inspirational work and the World Council of Credit Unionscampaign to develop credit unions across the globe, especiallyin developing nations. The Foundation also responded to theApril 2007 tragedy at Virginia Tech with a $2,500 contribution tothe Virginia Tech Memorial Fund and donated children’s finan-cial education books to the Fairfax Library Foundation for itsnewest library.

Working in tandem with corporate neighbors in our NorthernVirginia communities and relying on the generosity of our mem-bers, we have sponsored food and toy drives, on-site blooddrives, back-to-school backpack drives and a holiday party forchildren living in shelters.

In today’s economic environment it is even more urgent, thatwe fulfill the Foundation’s missions and continue to focus onprograms that best exemplify our pledge to promote the creditunion philosophy of “people-helping-people.”

Foundation Board of Directors (left to right): Juri Valdov, Thomas Benjamin,Linda Rogus, Gerrianne Burks, Mary DeFelice, Belinda Burke

Juri Valdov, Chairman Linda Rogus, Managing Director

Northwest Federal Credit Union FoundationStatement of Financial PositionDecember 31, 2007

ASSETSCash and cash equivalents $ 103,829Accounts Receivable 14,254

Total Assets $ 118,083

LIABILITIES AND NET ASSETS

Liabilites:

Total Liabilities $ 0

Net Assets:Unrestricted 118,083

Total Net Assets 118,083

Total Liabilities and Net Assets $ 118,083

Treasurer’s Report

Northwest Federal Credit Union FoundationStatement of Activities and Change in Net AssetsFor the Twelve Months Ending December 31, 2007

RevenuesContributions $103,581Interest Income 520

Total Revenues 104,101

ExpensesScholarships 35,000Charitable Contributions 38,470Financial Literacy 5,186Miscellaneous Expenses 1,363

Total Expenses 80,019

Change in Net Assets 24,082Unrestricted Net Assets at Beginning of Year 94,001

Unrestricted Net Assets at December 31, 2007 $118,083

2007 scholarship recipients

Sam X Renick and Sammy Rabbit at Oakton Elementary

15th Annual Plane Pull at DullesInternational Airport

Belinda Burke, Treasurer

2007 Partners - $500 to $999AnonymousCharles J. BeckmanGary and Sandy ChaseBob Flack, In Memory of Bruce FlackMr. and Mrs. Thomas A. RyanPatrick J. SpannTim and Lauren Twinam

2007 Sponsors - $250 to $499Anonymous (4)Thomas and Susan BenjaminBelinda BurkeWilliam J. CookIsabelle CummingsLaura and Mark Dawson, In Tribute to Ethan Davis

BartlettChuck GriffithKathryn D. Halpern, In Memory of Samuel HalpernRussell S. HibbsRoberta L. HughesDarlene MattsonChuck and Denise MolinaRandy NeesMr. and Mrs. Thomas A. Ruth IIMr. and Mrs. Bob G. ShippJoel TicknorDavid E. Yager

2007 Friends- $100 to $249Anonymous, In Memory of Helen Novacek and

Marcella TeleckyAnonymous, In Memory of William Katsirubas Anonymous (12)Claudette Avrakotos, In Memory of William Katsirubas

200 Spring Street, HerndonVirginia 20170703-709-8900 • 800-336-3384www.nwfcufoundation.org

Donald E. BartonJohn BissingerBill and Jackie BlandfordCarl and Iola BurkDianne BurkettRobert B. CantwellBarbara I. CarrWilliam R. CarterWilliam R. Caulfield, Jr., In Memory of William

KatsirubasDavid S. Cunningham, In Memory of Carol "Lynn"

CunninghamPatricia and Bill DuryeeRobert C. EatonKevin D. FisherGeneivieve Giuffrida, In Memory of Rita MerthanElizabeth Grasty, In Tribute to Jean D. MillerEileen GrayShirley and Herbert GreenhausPaul F. HaefnerMarjorie S. HalpernMary D. HarrisDave and Donna HartmannNancy HaskinEric D. HendersonRae and Joan HuffstutlerMr. and Mrs. Constan G. KanellosJames W. KeslerKermit and Janet KidwellSonya KostanMarie KrotzerNorma G. LaGueux-HamiltonBob LaytonTerence McGurn, In Memory of Sarah McGurnMary C. Miller, In Memory of Margaret M. SlusserShirley A. MillerKonrad C. MuellerJulian C. NallBob NolanGeorge and Pamela O'KeefeLester F. PenneyAnthony Pontari, In Memory of Ben DeFeliceBetsy Qualls, In Memory of Frealin M. QuallsWilliam J. RandolphFrank W. Read, In Memory of Dr. and Mrs. William T.

ReadWillis J. ReilleyWilliam RodierRobert SchramDave ShieldsTeresa K. SilvaWinifred B. SilversonDotty Olson SnyderDaryl StoughtonWilliam G. Warnell III, In Memory of Katherine S.

WarnellEd WatanabeCarolyn D. Whipple, In Memory of David D. WhippleRoy F. Wiese

Other 2007 ContributorsAnonymous, In Memory of Robert C. ArnesAnonymous, In Memory of Julia MaguireAnonymous, In Tribute to Mildred Saxton and Marian

Baskerville

Anonymous, In Memory of Bill NickersonAnonymous (3), In Memory of William KasirubasAnonymous (18)Fran Aanstoos, In Memory of Matt AanstoosGlenn R. AdamsMr. and Mrs. Walter H. Alpaugh, In Memory of Ben

DeFelicePamela M. BeyerAngelo and Kathleen Bianco, In Memory of William

KatsirubasRichard and Francie BodkinDonald W. Brown, Jr.Robert BrownMr. and Mrs. Ross BurgessMichael F. DeFazioWilliam F. DelaneyEllen B. DickersonMary A. EaganBruce EbnerLewis R. FirthMary A. Gormley, In Memory of William KatsirubasCharlotte Greene, In Memory of William KatsirubasWilliam P. Haggerty, In Memory of Francine Barna

HaggertyMargaret Heyn, In Memory of John G. HeynKathleen A. HoganBob Jaster, In Memory of Ben DeFeliceBetty A. KilgoreJack and Pat KromerDale R. Lapka, In Memory of Alice PittengerPaul A. MarineMichael S. MasakowskiMerrill F. McLaneAudrey J. MillsCatherine NelsonBrian and Moon O'ConnorRobert L. Padgett, In Memory of Ben DeFeliceDorothy R. PetersTed Poling, In Memory of William KatsirubasEdward RavitskyJean T. Reavey, In Memory of Henry F. ReaveyVanile Risser, In Memory of William KatsirubasMerritt A. RobertsonBarrie J. RobinsonBob SawyerFrederick K. SchillingAbraham SchwartzJoan C. SlauerLee D. StoneJoeseph R. Vaccaro, In Memory of Dorwin WilsonRobert and Joyce Van Benthuysen, In Memory of

Robert N. Van Benthuysen III

Foundation Donors

Leader- $1,000 and aboveAnonymous (2006)Anonymous (2) (2007)William Bell (2006)Joseph B. and Jeanne A. Borzomati (2006)Gerrianne D. Burks (2007)Eric J. Carpenter (2007)Russ A. Cesari (2007)Gary Coene (2006), (2007), In Tribute to

Annemarie CoeneBarbara d'Andrade (2006), (2007)Mary A. DeFelice (2006), (2007), In Memory of

Alma and Ben DeFeliceMary G. Dodson (2006)Dave and Donna Hartmann (2006)Mary Kourembis (2006)Robert H. Larson (2007)N. Bradford May (2006)John and Nancy McMahon (2006)Linda and David Rogus (2007)Mr. and Mrs. Thomas A. Ryan (2006)Dean W. Scott (2006), (2007)Charles R. “Bob” Scott (2006)The James Stroud Family (2006)Juri Valdov (2006), (2007)Josephine Weber (2006)Robert McKay White (2006)