2023-10-16T09:27:19-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL KIRK CFO 6072578500 2023-10-16 1 PAUL KIRK XXX-XX-XXXX 0 ROBERT PARKS CPA P00740435 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 58009922 0 X WWW.MYCFCU.COM X CREDIT UNION 1953 NY WE ARE A FULL SERVICE FINANCIAL INSTITUTION PROVIDING FINANCIAL AND BANKING SERVICES TO OUR MEMBERS. THE CREDIT UNION OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS AS WELL AS 1ST AND 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS. 7 6 282 11 116076 0 0 0 44854097 49933926 3308902 6906182 0 0 48162999 56840108 30750 49750 0 0 20997611 22670834 0 0 0 20749586 26825680 41777947 49546264 6385052 7293844 1377118677 1485148651 1201603069 1319155573 175515608 165993078 AT CFCU COMMUNITY CREDIT UNION, WE ARE PASSIONATELY GUIDED BY OUR MEMBER-OWNERS TO PROVIDE MEANINGFUL AND PERSONALIZED EXPERIENCES. AS A RELIABLE PARTNER AND FRIEND IN OUR COMMUNITIES, WE STRIVE TO MAKE A MEMORABLE AND LASTING DIFFERENCE. 0 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO 82,413 MEMBERS AND OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS. THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST AND 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 45,736 LOANS OUTSTANDING AS OF DECEMBER 31, 2022. THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATMS, VTMS AND PHONE SYSTEM. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 18976 0 1 282 1 1 1 0 0 0 0 0 1 0 X 7 6 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PAUL KIRK 6072578500 1030 CRAFT ROAD ITHACA NY 14850 BLIXY TAETZSCH BOARD TREASURER 1.00 X 0 0 0 KATIE G FOLEY BOARD VICE CHAIRPERSON 1.00 X 0 0 0 AMY L WOOD GONZALEZ BOARD CHAIRPERSON 1.00 X 0 0 0 CLAUDE S HEWITT BOARD MEMBER 1.00 X 0 0 0 ROBERT CREE BOARD SECRETARY 1.00 X 0 0 0 MICHELLE MINER BOARD MEMBER 1.00 X 0 0 0 LISA WHITAKER PRESIDENT/ CEO 40.00 X 1168463 0 1979454 PAUL KIRK COO/CFO 40.00 X 513922 0 572285 WILLIAM CRANE CAO/ GENERAL COUNSEL 40.00 X 401515 0 46560 CATHERINE ALOI CHIEF LENDING OFFICER 40.00 X 361132 0 49369 ELIZA MULHERN CRO/GENERAL COUNSEL 40.00 X 339023 0 48440 SARAH TOMEI VP FINANCE/CONTROLLER 40.00 X 270392 0 49509 BETH PUTNAM SVP MARKETING & SALES 40.00 X 246853 0 30656 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 40.00 X 245314 0 27759 MATTHEW DUSO VP INFORMATION TECHNOLOGY 40.00 X 231042 0 28914 CHRISTINE WERNER VP MORTGAGE OPERATIONS 40.00 X 223667 0 36136 4001323 0 2869082 26 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE PROCESSOR EFT 4323707 RIGER 53 CHENANGO STREET BINGHAMTON NY 13902 MARKETING 809703 IMMEDIATE MAILING SERVICES INC 24 COMMERCE BLVD LIVERPOOL NY 13088 MAILING 542356 ADRENALINE 195 NEW HAMPSHIRE STE 115 PORTSMOUTH NH 03801 DESIGN & DEVELOPMENT 540654 FIRSTLIGHT PO BOX 1301 WILLSON VT 05495 DATA LINE 311991 19 LOANS TO MEMBERS 522100 38106566 38106566 FEES/CHARGES/OTHER 522100 11711284 11711284 FINANCE AND INSURANCE 520000 116076 116076 49933926 5828607 5828607 2247389 1169814 1077575 1077575 1077575 56840108 56724032 116076 0 X 49750 5480163 11031857 3650603 1484608 1023603 260347 182642 1345783 1238900 1919656 2524368 1403810 25772 2684571 59107 1873286 228757 PROVISION FOR LOAN LOSS 4098144 DEBIT/CREDIT EXPENSES 2871284 LOAN SERVICING 2182586 MISCELLANEOUS 2062173 1864494 49546264 5702419 5867842 243390351 79177772 2893498 2961964 869855413 1076589705 995533 1453647 30436658 17322077 12864265 13114581 221252782 262922094 3790579 6383913 1584690 16373837 35092443 1377118677 1485148651 17093587 29466938 10306127 10509103 48000000 1174203355 1231179532 1201603069 1319155573 X 0 0 0 0 175515608 165993078 175515608 165993078 1377118677 1485148651 X 7293844 -27054041 10237667 X X 0 1 X 1 0 0 1 X 1856063 1856063 10023750 7192927 2830823 8510655 3225486 5285169 8897058 6066355 2830703 1149132 837309 311823 13114581 REGULAR SHARES 543594823 SHARE DRAFTS 375280619 MONEY MARKET 132291682 IRA SHARES 17037097 SHARE AND IRA CERTIFICATES 162975311 1231179532 X 50597948 -6242160 -6242160 56840108 0 56840108 49546264 0 49546264 0 49546264 PART IV, LINE 2B: ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 SCHOLARSHIPS 43 48750 PART I, LINE 2: CFCU COMMUNITY CREDIT UNION GRANTED 43 SCHOLARSHIPS AGGREGATING $48,750 DURING 2022. CFCU COMMUNITY CREDIT UNION'S EDUCATION COMMITTEE SCORES EACH APPLICANT BASED ON CATEGORIES THAT INCLUDE HIGH SCHOOL ACTIVITIES/LEADERSHIP, RECOMMENDATIONS, ACADEMIC PERFORMANCE, RESPONSES TO SHORT ANSWER AND ESSAY QUESTIONS, VOLUNTEER WORK AND LENGTH OF CREDIT UNION MEMBERSHIP. EACH APPLICANT'S FINANCIAL NEED IS ALSO FACTORED INTO THE DECISION. DISBURSEMENTS ARE MADE EITHER DIRECTLY TO EACH RECIPIENT'S SCHOOL OF CHOICE OR DIRECTLY TO THE RECIPIENT'S CFCU COMMUNITY CREDIT UNION'S DEPOSIT ACCOUNT UPON PROOF OF COMPLETION OF EACH SEMESTER. SUBSEQUENT TO DISBURSEMENT, CFCU COMMUNITY CREDIT UNION'S EDUCATION COMMITTEE MONITOR'S EACH RECIPIENT'S FULL-TIME STATUS AND GRADE POINT AVERAGE. STUDENTS NOT MEETING THE SCHOLARSHIP PROGRAM'S ELIGIBILITY CRITERIA RISK FORFEITURE OF ANY UNPAID PORTION OF THEIR SCHOLARSHIP. 1 X X X 0 1 0 LISA WHITAKER PRESIDENT/ CEO 710670 0 414539 0 43254 0 1957051 0 22403 0 3147917 0 0 0 PAUL KIRK COO/CFO 351105 0 152141 0 10676 0 571208 0 1077 0 1086207 0 0 0 WILLIAM CRANE CAO/ GENERAL COUNSEL 283403 0 105168 0 12944 0 30500 0 16060 0 448075 0 0 0 CATHERINE ALOI CHIEF LENDING OFFICER 258857 0 96747 0 5528 0 26209 0 23160 0 410501 0 0 0 ELIZA MULHERN CRO/GENERAL COUNSEL 247754 0 90366 0 903 0 30500 0 17940 0 387463 0 0 0 SARAH TOMEI VP FINANCE/CONTROLLER 218125 0 44964 0 7303 0 27109 0 22400 0 319901 0 0 0 BETH PUTNAM SVP MARKETING & SALES 197661 0 42500 0 6692 0 23173 0 7483 0 277509 0 0 0 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 195712 0 40834 0 8768 0 24708 0 3051 0 273073 0 0 0 MATTHEW DUSO VP INFORMATION TECHNOLOGY 195228 0 31840 0 3974 0 21431 0 7483 0 259956 0 0 0 CHRISTINE WERNER VP MORTGAGE OPERATIONS 178439 0 37134 0 8094 0 20848 0 15288 0 259803 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED AND FUNDED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR THE CEO, LISA WHITAKER AND FOR THE CFO, PAUL KIRK. THE COMPENSATION UNDER THIS PLAN IS BEING ACCRUED AS SERVICE IS RENDERED BY THE PARTICIPANTS. DURING 2022, THE CREDIT UNION ACRRUED APPROXIMATELY $1,927,000 AND $541,000 TOWARD THE DEFERRED BENEFITS FOR LISA WHITAKER AND PAUL KIRK, RESPECTIVELY. FORM 990, PART VI, SECTION A, LINE 4 EFFECTIVE MAY 1, 2022, CFCU COMMUNITY CREDIT UNION ACQUIRED CORE FEDERAL CREDIT UNION THROUGH A BUSINESS COMBINATION. AS A RESULT, CFCU COMMUNITY CREDIT UNION'S BYLAWS WERE AMENDED TO ADDRESS THE UPDATED FIELD OF MEMBERSHIP THAT RESULTED FROM THE BUSINESS COMBINATION. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. MEMBERSHIP IN THE CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF ALL RESIDENTS LIVING, WORKING OR ATTENDING SCHOOL IN TOMPKINS, CORTLAND, CAYUGA, SENECA, AND ONTARIO COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. MEMBERS ARE ENTITLED TO VOTE ON DISSOLVING THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ANNUAL DISCLOSURES ARE REVIEWED BY LEGAL COUNSEL AND ANY CONFLICTS ARE DISCUSSED AND ADDRESSED AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET ANNUALLY BY THE BOARD OF DIRECTORS. THEY UTILIZE A COMPENSATION SURVEY AND A SALARY RANGE PROVIDED BY A THIRD PARTY VENDOR AS TOOLS TO DETERMINE THE SALARY. IN ADDITION, THE CREDIT UNION HAS BEEN WORKING WITH A THIRD PARTY CONSULTANT FOR THE LAST SEVERAL YEARS TO HELP DETERMINE THE CEO COMPENSATION PACKAGE. THE COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE CEO AS PART OF THE ANNUAL REVIEW PROCESS. THE CEO USES SALARY RANGES PROVIDED BY A THIRD PARTY TO DETERMINE THESE SALARIES. THE SALARIES ARE APPROVED BY THE BOARD AS PART OF THE ANNUAL BUDGETING PROCESS. IN ADDITION, THE CREDIT UNION HAS BEEN WORKING WITH A THIRD PARTY CONSULTANT FOR THE LAST SEVERAL YEARS TO HELP DETERMINE THE EXECUTIVE AND VP TEAMS' COMPENSATION PACKAGE. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BALANCE SHEET IS POSTED MONTHLY IN THE LOBBY OF EACH BRANCH LOCATION. THE MINUTES TO OUR BOARD OF DIRECTORS MEETINGS AND BYLAWS ARE AVAILABLE FOR REVIEW UPON REQUEST IN OUR MAIN OFFICE (THE DOCUMENTS MUST BE REVIEWED ON-SITE). WE ALSO FILE A QUARTERLY CALL REPORT WITH NCUA WITH DETAILED FINANCIAL AND MISCELLANEOUS INFORMATION WHICH IS AVAILABLE TO THE GENERAL PUBLIC AT WWW.NCUA.GOV. FORM 990, PART IX, LINE 24E MAINTENANCE 952,176. ATM EXPENSES 623,481. TRAINING/DEVELOPMENT/EDUCATION 288,837. FORM 990, PART XI, LINE 9: EQUITY AQUIRED IN MERGER 10,237,667. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. CFCU COMMUNITY HOLDINGS LLC 1030 CRAFT ROAD ITHACA NY 14850 814411068 VEHICLE FOR HOLDING CUSOS NY 0 5180798 CFCU COMMUNITY CREDIT UNION CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY -1050803 1469623 CFCU COMMUNITY HOLDINGS LLC CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 17910 1696 CFCU COMMUNITY HOLDINGS LLC CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 1494 50225 CFCU COMMUNITY HOLDINGS LLC