2023-11-15T15:09:58-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 580800932 GEORGIA UNITED CREDIT UNION GEOR 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 ROBERT BOGART EVP/CFO 7704766487 2023-11-15 1 ROBERT BOGART 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ROBERT BOGART 6705 SUGARLOAF PKWY DULUTH GA 30097 199535389 0 X WWW.GUCU.ORG X CU 1958 GA GA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTNANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS. 9 9 433 11 682786 0 0 0 77833951 87443226 3428045 5469499 -426315 0 80835681 92912725 0 0 4336064 3212685 31813105 33719728 0 0 0 33983734 31435693 70132903 68368106 10702778 24544619 1880574240 2035662864 1724718518 1883478921 155855722 152183943 GA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS. 0 0 INCOME FROM INTEREST ON LOANS TO CREDIT UNION MEMBERS IS ONE OF THE PRIMARY MISSIONS OF THE ORGANIZATION. INTEREST IS CHARGED ON THE LOANS TO MEMBERS AT MARKET RATES. REVENUE FROM ADMIN FEES IS DERIVED FROM CHARGES TO MEMBERS TO MAINTAIN ACCOUNTS, PROCESS LOANS, AND PROVIDE MANY EXTRA SERVICES TO ITS MEMBERS. INVESTMENTS ARE A VITAL PORTION OF SERVICES PROVIDED TO MEMBERS BY THE CREDIT UNION. THESE INVESTMENTS ALLOW MEMBERS TO SAVE AND INVEST MONEY AND INTEREST AND DIVIDENDS ON THESE SECURITIES ARE PAID AT MARKETRATES. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 33919 0 1 433 1 1 1 0 0 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X ANDREW NORTON 7704766400 6705 SUGARLOAF PKWY DULUTH GA 30097 THOMAS DICKSON CHAIRMAN 5.00 X X 0 0 0 FRANK THACH VICE-CHAIRMAN 5.00 X X 0 0 0 EDWIN BELL SECRETARY 5.00 X X 0 0 0 DAVID ARNER DIRECTOR 5.00 X 0 0 0 REV MARK STARR TREASURER 5.00 X X 0 0 0 JASON BRANCH DIRECTOR 5.00 X 0 0 0 SANDY BURNEY DIRECTOR 5.00 X 0 0 0 CINDY SALLOUM DIRECTOR 5.00 X 0 0 0 STEVE GEDDES DIRECTOR 5.00 X 0 0 0 DEBBIE SMITH PRESIDENT/CEO 45.00 X 1276733 0 37044 ROBERT BOGART CFO 45.00 X 424277 0 158036 LAURA KING PRESIDENT/CEO 45.00 X 533311 0 47669 SHAWN TURPIN EVP 45.00 X 477255 0 1922 THOMAS BARTHOLOMEW CIO 45.00 X 708046 0 169862 AARON CHESTNUT CMO 45.00 X 698116 0 37683 MICHAEL LONDON CSO 45.00 X 396232 0 125468 STEPHANIE WALKER CLO 45.00 X 360366 0 117879 CAROLINA KING CPO 45.00 X 287282 0 119173 AMANDA WHITSON SVP CONSUMER LENDING AND COLLECTIONS 45.00 X 210053 0 63048 ANDREW WOODMAN SVP MORTGAGE LENDING AND LOAN TRADING 45.00 X 227688 0 38154 ROBERT HUTCHINSON VP APPLICATION DEVELOPMENT 45.00 X 220578 0 44894 SOPHIA ROLLINS VP COMPLIANCE AND RISK MGT 45.00 X 212838 0 50357 JAMES JONES VP ACCOUNTING 45.00 X 214640 0 42737 6247415 0 1053926 46 0 1 0 QUALITY DATA SYSTEMS INC 8655 CROWN CRESCENT COURT CHARLOTTE GA 28227 EQUIP PURCH/INSTALL/SUPPORT/MAINTENANCE 2864818 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 60675 NETWORK EQUIP/SOFTWARE SERVICES 1076794 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE DATA PROCESSING 897822 1ST MECHANICAL SERVICES 303 CURIE DRIVE ALPHARETTA GA 30005 FACILITIES MAINTENANCE/SERVICES 600694 STSGROUP 26700 SUCCESS DRIVE MADISON AL 35756 EQUIP PURCH/INSTALL/SUPPORT/MAINTENANCE 596180 47 LOAN INTEREST 522100 57033334 57033334 OTHER OPERATING INCOME 522100 17760152 17760152 FEE INCOME 522100 12649740 11966954 682786 87443226 5146649 5146649 104525539 2419975 104616786 2005878 -91247 414097 322850 322850 92912725 86760440 682786 5469499 3212685 5976354 22295753 954771 2834173 1658677 172008 409841 1602667 2288934 12264471 2672592 726335 1638497 2932780 LOAN SERVICING 4688500 MISC OPERATING EXPENSES 1875793 OPERATING FEES 163275 68368106 13338564 18583232 134246985 99531461 3768898 4003857 1288821738 1580906049 3199355 2687930 72559797 35717700 34540228 36842097 326423352 243690706 2436865 2436865 73798255 46980667 1880574240 2035662864 28888916 34654146 25047750 153000000 1670781852 1695824775 1724718518 1883478921 X 0 0 0 0 155855722 152183943 155855722 152183943 1880574240 2035662864 X 24544619 -28274471 58073 X X 0 1 X 1 0 9118400 9118400 20592024 6118127 14473897 1453291 1500345 -47054 28369473 24708161 3661312 13026609 3391067 9635542 36842097 FED GOV'T AVAILABLE FOR SALE 233323742 F OTHER INVESTMENTS 7102800 C EQUITY SECURITIES 3264164 F 243690706 MEMBER SHARE ACCOUNTS 1695475369 ACCRUED INTEREST ON SHARES 349406 1695824775 X 91517000 -1395725 -1395725 92912725 0 92912725 66972000 -1396106 -1396106 68368106 0 68368106 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND GEORGIA STATE INCOME TAXES. THE INTERNAL REVENUE SERVICE (IRS) HAS ISSUED A CLARIFICATION IN THE FORM OF A TECHNICAL ADVICE MEMORANDUM (TAM) ON THE ISSUE OF UNRELATED BUSINESS INCOME TAX (UBIT). THE IRS HAS INDICATED THIS TAM WILL CLARIFY ITS POSITION ON WHAT TYPES OF REVENUE ARE SUBJECT TO UBIT. HOWEVER, INTERNAL REVENUE CODE (IRC) SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS RELATED TO VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS. AT THIS TIME, THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. WHILE IT SEEMS LIKELY THAT CERTAIN INCOME STREAMS OF STATE CHARTERED CREDIT UNIONS WILL BE SUBJECT TO UBIT, THE ISSUE REMAINS OPEN. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITION AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. THE CREDIT UNION FILES IRS FORMS 990 AND 990-T IN THE US FEDERAL JURISDICTION AND HAS A DECEMBER 31 TAX YEAR END. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECORDED AS REVENUE ON 990 -1,396,000. ROUNDING 275. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECORDED AS REVENUE ON 990 -1,396,000. ROUNDING -106. X X X X 1 1 0 DEBBIE SMITH PRESIDENT/CEO 461920 0 248875 0 565938 0 30500 0 6544 0 1313777 0 0 0 THOMAS BARTHOLOMEW CIO 279826 0 106634 0 321586 0 149894 0 19968 0 877908 0 0 0 AARON CHESTNUT CMO 197429 0 90880 0 409807 0 25395 0 12288 0 735799 0 0 0 ROBERT BOGART CFO 286587 0 108518 0 29172 0 150070 0 7966 0 582313 0 0 0 LAURA KING PRESIDENT/CEO 335695 0 89067 0 108549 0 30500 0 17169 0 580980 0 0 0 MICHAEL LONDON CSO 264476 0 96745 0 35011 0 105500 0 19968 0 521700 0 0 0 SHAWN TURPIN EVP 58859 0 105000 0 313396 0 1154 0 768 0 479177 0 0 0 STEPHANIE WALKER CLO 250324 0 92343 0 17699 0 105500 0 12379 0 478245 0 0 0 CAROLINA KING CPO 205311 0 52650 0 29321 0 106683 0 12490 0 406455 0 0 0 AMANDA WHITSON SVP CONSUMER LENDING AND COLLECTIONS 165050 0 37270 0 7733 0 42913 0 20135 0 273101 0 0 0 ANDREW WOODMAN SVP MORTGAGE LENDING AND LOAN TRADIN 171842 0 37600 0 18246 0 38154 0 0 0 265842 0 0 0 ROBERT HUTCHINSON VP APPLICATION DEVELOPMENT 164232 0 52593 0 3753 0 38350 0 6544 0 265472 0 0 0 SOPHIA ROLLINS VP COMPLIANCE AND RISK MGT 164060 0 36329 0 12449 0 41324 0 9033 0 263195 0 0 0 JAMES JONES VP ACCOUNTING 158916 0 38136 0 17588 0 36193 0 6544 0 257377 0 0 0 PART I, LINE 3 CEO COMPENSATION IS REVIEWED BY THE BOARD OF DIRECTORS COMPENSATION COMMITTEE, WHICH IS APPROVED BY THE FULL BOARD OF DIRECTORS. A SURVEY OF COMPARABLE COMPENSATION IS USED TO SET COMPENSATION. A WRITTEN EMPLOYEMENT AGREEMENT IS USED. PART I, LINES 4A-B SHAWN TURPIN - SEVERANCE PAY - $100,000 AARON CHESTNUT - SEVERANCE PAY - $ 87,500 DEBBIE SMITH CEO SPLIT DOLLAR X 3500000 4003857 0 1 1 4003857 SCHEDULE L, PART V - ADDITIONAL INFORMATION PART II, LINE 1, THESE LOANS ARE DEPOSITS TO SPLIT DOLLAR LIFE INSURANCE ARRANGEMENTS THAT ARE TREATED AS LOANS FOR TAX PURPOSES. COMPOUND INTEREST AT THE IRS SPECIFIED RATE ACCRUES DURING THE INDIVIDUAL'S LIFETIME. THE ORGANIZATION WILL BE REPAID THE PRINCIPAL AND INTEREST AT THE INDIVIDUAL'S DEATH. REPAYMENT IS SECURED BY COLLATERAL ASSIGNMENT OF THE POLICY. SCHEDULE L, PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:DEBBIE SMITH - $4,346,235 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS THAT ARE REQUIRED TO FIT THE CREDIT UNION'S FIELD OF MEMBERSHIP PROFILE, AND CHOOSE TO JOIN. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM WILL BE REVIEWED BY THE CREDIT UNION CFO. THE FORM WILL BE SIGNED BY THE CFO, OR THEIR REPRESENTATIVE, BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE MONITORED BY THE HUMAN RESOURCES DEPARTMENT AS WELL AS THE INTERNAL AUDIT FUNCTION OF THE CREDIT UNION. ENFORCEMENT IS ALSO DONE BY REVIEW OF POSSIBLE CONFLICTS OF INTEREST BEFORE ANY NEW CONTRACTS ARE ENTERED INTO. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS REVIEWED BY THE BOARD OF DIRECTORS COMPENSATION COMMITTEE, WHICH IS APPROVED BY THE FULL BOARD OF DIRECTORS. A SURVEY OF COMPARABLE COMPENSATION IS USED TO SET COMPENSATION. A WRITTEN EMPLOYEMENT AGREEMENT IS USED. COMPENSATION OF OTHER OFFICERS IS REVIEWED BY CEO, AND APPROPRIATE MANAGEMENT USING MARKET INFORMATION OBTAINED AS A GUIDE FOR COMPARABLE POSITIONS. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLISHED ON THE CREDIT UNION WEB-SITE, AND ARE ALSO AVAILABLE TO THE GENERAL PUBLIC AT NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN ENTRANCE FEES 58,073. FORM 990, PART XII,LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. GEORGIA UNITED CREDIT UNION FOUNDATION INC 6705 SUGARLOAF PKWY DULUTH GA 30097 813414590 COMMUNITY SUPPORT GA 501(C)(3) LINE 7 GEORGIA UNIITED CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 GEORGIA UNITED CREDIT UNION FOUNDATION INC B 565000 FMV