Summarize the Results

At a minimum, summarize the survey results using the format shown in Table 1. Include the responses for each survey question.

Table 1: Format for Summarizing Results

Prepare a narrative discussing the survey results. For example, Table 1 shows the survey results indicate 10 percent of the individuals surveyed responded (357/3,570). Of those responding, 30 percent were in favor of supporting the PFCU (107/357). Of those supporting the credit union, 85 percent pledged an initial share deposit (91/107) and 66 percent pledged systematic monthly share deposits (70/107). Based on the average initial and monthly pledged deposits, initial share deposits could total $338,247 ($3,717 x 91), with new deposits averaging $21,000 ($300 x 70) each month, thereafter.

When extrapolating these results into the share deposit projections on the pro forma balance sheet, you will need to apply an estimated retention rate for the deposits. For example, with $338,247 in initial deposits, and $21,000 in monthly deposits for the next five months, the total potential deposit base could be $443,247 ($338,247 + ($21,000 x 5)), but a 25 percent retention rate for the monthly deposits would produce only $364,497 ($338,247 + ($21,000 x 5 x 25 percent) in share balances at the end of the six-month period. The pro forma balance sheets should reflect these deposits. Similarly, the loan projections should consider both new loan originations and loan run-off due to payments, early payoff, and charge-offs.

Keep in mind the NCUA relies heavily on your written analysis of the survey results to obtain a better understanding of the basis and content of the business plan, projections, and assumptions.

Survey Documentation Required

• Include the following membership survey information. The NCUA recommends keeping survey forms available for review, if necessary:
  • Tally of the membership survey results (do not submit the completed individual survey forms to NCUA unless requested);
  • Written analysis of the membership survey results;
  • Blank copy of the membership survey form;
  • Written explanation of how the membership survey form was distributed; and
  • Written explanation of the random sample process used to select who received a survey form.