2022-11-13T13:25:25-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 590860768 COMMUNITY CREDIT UNION OF FLORIDA COMM 3216373120 1030 US HIGHWAY 1 ROCKLEDGE FL 32955 MARGARET HASENBECK CHIEF FINANCIAL OFFICER 3216373120 2022-11-12 1 MARGARET HASENBECK 999009999 JENIFER L CHASE P01306883 5638884000 2022-11-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z LAURIE CAPPELLI 1030 US HIGHWAY 1 ROCKLEDGE FL 32955 43061724 0 X WWW.CCUFLORIDA.ORG X 1953 FL IMPROVE MEMBERS' FINANCIAL WELL-BEING AND MAKE A POSITIVE DIFFERENCE IN OUR COMMUNITY. 5 5 158 6 19756 3916 551500 638878 40060447 40575655 1387261 1791908 0 0 41999208 43006441 0 0 6229011 3015422 10794565 12070887 0 0 0 19524782 14632361 36548358 29718670 5450850 13287771 920888310 1021969331 819104599 907345069 101783711 114624262 X COMMUNITY CREDIT UNION OF FLORIDA IS A MEMBER-OWNED, NOT-FOR-PROFIT, FINANCIAL CO-OPERATIVE FORMED IN 1953 BY LOCAL EDUCATORS. CCU OF FLORIDA HAS GROWN TO MORE THAN 51,000 MEMBERS. CCU'S MISSION IS TO "ALWAYS IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBERS AND MAKE A POSITIVE DIFFERENCE IN OUR COMMUNITY." 0 0 COMMUNITY CREDIT UNION OF FLORIDA PROVIDED FINANCIAL SERVICES TO 51,200 MEMBERS AS OF 12/31/2021 AND SERVICED APPROXIMATELY 28,375 LOANS. CCU OFFERS FINANCIAL SERVICES TO 51,222 MEMBERS IN THE FORM OF DEPOSIT ACCOUNTS, DEBIT CARDS, MONEY ORDERS, SAFE DEPOSIT BOXES, WIRE TRANSFERS AND MANY OTHER SERVICES THAT ARE PROVIDED TO MEMBERS. INVESTMENTS ARE USED AS A MEANS OF EXTRA EARNINGS ON DEPOSITED FUNDS THAT HAVE NOT BEEN UTILIZED FOR ANY LENDING PROGRAMS. 0 1 1 0 0 0 0 1 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 0 0 0 1 19576 0 1 158 1 1 1 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 0 1 1 0 0 1 1 1 0 1 1 1 0 0 X LAURIE CAPPELLI 3216373120 1030 US HIGHWAY 1 ROCKLEDGE FL 32955 BETTY DUNN CHAIR 1.00 X X 0 0 0 JAMES PLATMAN VICE CHAIR 1.00 X X 0 0 0 LINDA DALE SECRETARY/ TREASURER 1.00 X X 0 0 0 JOHNETTE GINDLING DIRECTOR 1.00 X 0 0 0 MOSES HARVIN DIRECTOR 1.00 X 0 0 0 LAURIE CAPPELLI CHIEF EXECUTIVE OFFICER 50.00 X 409404 0 28652 LESLI DOOLEY CHIEF OPERATING OFFICER 50.00 X 212387 0 19990 DANIEL KELLEY CHIEF EXPERIENCE OFFICER 50.00 X 199295 0 9354 MARGARET HASENBECK CHIEF FINANCIAL OFFICER 50.00 X 162270 0 11961 DAVID HILL CHIEF INFORMATION OFFICER 50.00 X 159886 0 17255 MARY TRIMBOLI VP OF MORTGAGE SERVICES 50.00 X 150124 0 7540 LESLIE TIBBETTS VP COMMERCIAL SERVICES 50.00 X 147906 0 6708 BARBARA GUNTER VP OF HR 50.00 X 138112 0 12967 KIMBERLY SEEFELD VP OF MEMBER EXPERIENCE 50.00 X 130018 0 6085 AMANDA BANKS VP OF OPERATIONS 50.00 X 130985 0 11288 1840387 0 131800 14 0 1 0 FIS PO BOX 30495 TAMPA FL 33630 CARD PROCESSING 825782 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SYSTEM 766829 NCR CORPORATION 14181 COLLECTION CENTER DRIVE CHICAGO IL 60693 ONLINE BANKING 557226 AT&T PO BOX 105503 ATLANTA GA 30348 PHONE SERVICES 428185 FLORIDA TODAY PO BOX 677592 DALLAS TX 75267 DIGITAL ADS 270467 14 638878 638878 MEMBER LOAN INTEREST 522100 31850637 31850637 SERVICE CHARGES AND FEES 522100 3982408 3962652 19756 INTERCHANGE INCOME 522100 3478531 3478531 OTHER NONOPERATING INCOME 522100 1264079 1264079 40575655 1708255 1708255 138936 55283 83653 83653 83653 43006441 40555899 19756 1791908 3015422 1230455 7356692 1362824 1509371 611545 37776 111485 4347 803081 1738699 2217293 3009778 1148032 60081 14270 395479 1172189 197110 LOAN SERVICING 1857757 PROVISION FOR LOAN LOSS 1260000 MISCELLANEOUS 509128 LEAGUE DUES 95856 29718670 4718427 5057331 104679139 125648542 1876140 1876140 648357658 685475977 29296361 27820480 26443084 9513972 17524042 16929112 104308434 148278888 10128109 10882861 920888310 1021969331 7490476 9749643 1167768 1603815 810446355 895991611 819104599 907345069 X 0 0 0 0 101783711 114624262 101783711 114624262 920888310 1021969331 X 13287771 -447220 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4347 16 4347 4347 1 FLCU PAC 2831 NW 43RD STREET GAINESVILLE FL 32606 943458406 4347 0 PART I-A, LINE 1: THE CREDIT UNION CONTRIBUTED TO THE FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 0 1 X 5077516 5077516 13509606 4737756 8771850 196626 196626 0 7659336 4579590 3079746 16929112 AGENCY NOTES AND BONDS 92237367 C MORTGAGE BACKED SECURITIES 42048908 C OTHER INVESTMENTS 13992613 C 148278888 MEMBERS' SHARES 882241611 FEDERAL HOME LOAN BANK ADVANCES 13750000 895991611 X 43006441 0 43006441 0 43006441 29718670 0 29718670 0 29718670 PART IV, LINE 2B: COMMUNITY CREDIT UNION OF FLORIDA HOLDS FUNDS IN ESCROW TO PAY TAX AND INSURANCE ON BEHALF OF MORTGAGE HOLDERS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE INTERNAL REVENUE SERVICE (IRS) AND CERTAIN STATE TAXING AUTHORITIES ARE CURRENTLY REVISITING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY STATE-CHARTERED CREDIT UNIONS OR THEIR CREDIT UNION SERVICE ORGANIZATIONS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THERE IS CURRENTLY VERY LITTLE GUIDANCE IN THE INTERNAL REVENUE CODE ON WHAT ACTIVITIES SHOULD BE SUBJECT TO UBIT. THE IRS HAS RECENTLY ISSUED CERTAIN TECHNICAL ADVICE MEMORANDUMS IDENTIFYING CERTAIN ACTIVITIES AS BEING SUBJECT TO UBIT. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER STATE-CHARTERED CREDIT UNIONS 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 CREDIT UNIONS WERE GRANTED NONTAXABLE STATUS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON FINANCIAL POSITION OR RESULTS OF OPERATIONS. A TAX POSITION, INCLUDING THE POSITION THAT THE CREDIT UNION IS NOT SUBJECT TO INCOME TAXES, IS RECOGNIZED AS A BENEFIT ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. CURRENTLY, THE 2020, 2019 AND 2018 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X 1 1 0 1 0 LAURIE CAPPELLI CHIEF EXECUTIVE OFFICER 307915 0 77545 0 23944 0 10767 0 17885 0 438056 0 0 0 LESLI DOOLEY CHIEF OPERATING OFFICER 192620 0 17900 0 1867 0 6742 0 13248 0 232377 0 0 0 DANIEL KELLEY CHIEF EXPERIENCE OFFICER 180937 0 16125 0 2233 0 3163 0 6191 0 208649 0 0 0 DAVID HILL CHIEF INFORMATION OFFICER 150590 0 10154 0 -858 0 5271 0 11984 0 177141 0 0 0 MARGARET HASENBECK CHIEF FINANCIAL OFFICER 152505 0 10287 0 -522 0 2288 0 9673 0 174231 0 0 0 MARY TRIMBOLI VP OF MORTGAGE SERVICES 143031 0 6600 0 493 0 5006 0 2534 0 157664 0 0 0 LESLIE TIBBETTS VP COMMERCIAL SERVICES 138488 0 8179 0 1239 0 4847 0 1861 0 154614 0 0 0 BARBARA GUNTER VP OF HR 130218 0 7325 0 569 0 4558 0 8409 0 151079 0 0 0 PART I, LINE 1A THE CREDIT UNION VOLUNTEERS HAVE THE OPTION TO TRAVEL WITH A COMPANION, WITH ALL QUALIFYING EXPENSES PAID. IF THE EXPENSES ARE OVER THE IRS LIMIT, A 1099-NEC FORM IS FILED. PART I, LINE 4B LAURIE CAPPELLI PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2021 SPONSORED BY COMMUNITY CREDIT UNION OF FLORIDA. IN 2021, THE CREDIT UNION DID NOT MAKE CONTRIBUTIONS TO THE PLAN, NOR WAS THERE ANY DISTRIBUTIONS FROM THE PLAN. DAVID BROCK FORMER CEO SERP PLAN LOAN X 750546 1876140 0 1 1 1876140 SHEDULE L, PART II DURING 2008, THE CREDIT UNION ENTERED INTO A SERP AGREEMENT WITH AN EXECUTIVE OFFICER OF THE CREDIT UNION. THE PLAN PROVIDES ASSISTANCE TO THE EXECUTIVE TO ACQUIRE A LIFE INSURANCE POLICY. THE LIFE INSURANCE POLICY IS 100% OWNED AND CONTROLLED BY THE EXECUTIVE. THE AGREEMENT STIPULATES THAT THE CREDIT UNION WILL MAKE THE REQUIRED POLICY PAYMENTS OVER A PERIOD OF 10 YEARS AND, AT THE SAME TIME, THE CREDIT UNION WILL MAKE A LOAN TO THE EXECUTIVE IN THE SAME AMOUNT AS THE POLICY PAYMENTS. THIS LOAN IS DUE ON DEMAND, BEARS INTEREST AT 1.90%, AND IS SECURED BY THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICY. AS OF DECEMBER 31, 2021 AND 2020, THE OUTSTANDING BALANCE ON THE LOAN WAS $1,876,140. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CREDIT UNION HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP PARTICIPATES IN THE ELECTION OF THE BOARD OF DIRECTORS AT THE ANNUAL MEETING HELD DURING THE FIRST QUARTER OF EACH YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE 990 FORM AND SCHEDULES ARE PRESENTED TO THE BOARD FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 THE BOARD OF DIRECTORS OF COMMUNITY CREDIT UNION OF FLORIDA (CCU) RECOGNIZES THAT FROM TIME TO TIME SITUATIONS ARISE THAT CAN LEAD TO CONFLICTS OF INTEREST BY THE VOLUNTEERS OF THE CREDIT UNION IN THEIR DEALINGS WITH VENDORS OR OTHERS DOING BUSINESS WITH THE CREDIT UNION. THE VOLUNTEERS OF THIS CREDIT UNION ARE NOT PERMITTED TO TAKE ADVANTAGE OF THEIR POSITION, DIRECTLY OR INDIRECTLY, FOR PRIVATE GAIN, TO ADVANCE PERSONAL INTERESTS, OR TO OBTAIN FAVORS OR BENEFITS FOR THEMSELVES, THEIR FAMILY MEMBERS, OR ANY OTHER INDIVIDUAL. DIRECTORS AND OFFICERS OWE LOYALTY TO THE CREDIT UNION. THERE CAN BE NO SELF-DEALING OR SELF-INTEREST IN ANY TRANSACTION. GENERAL POLICY STATEMENT MEMBERS OF THE BOARD OF DIRECTORS AND VOLUNTEERS OF THIS CREDIT UNION ARE EXPECTED TO: O CONDUCT THE BUSINESS OF THE CREDIT UNION IN FULL COMPLIANCE WITH BOTH THE LETTER AND THE SPIRIT OF THE LAW AND THE GUIDELINES ESTABLISHED BY THIS POLICY. O USE CONFIDENTIAL INFORMATION PROPERLY. O RECOGNIZE, DISCLOSE, AND AVOID CONFLICTS OF INTEREST. O PROTECT CREDIT UNION PROPERTY, INCLUDING INFORMATION, PRODUCTS, SERVICES, AND ASSETS. O PROPERLY MANAGE PERSONAL FINANCES. O TREAT FAIRLY AND WITH RESPECT ALL WITH WHOM THEY HAVE DEALINGS. O DISCLOSE CONFLICTS OF INTEREST IN ADVANCE PURPOSE AND OBJECTIVE THE PURPOSE OF THIS POLICY IS TO ENUMERATE THE HIGH STANDARDS OF CONDUCT ASSOCIATED WITH ETHICAL BUSINESS STANDARDS AND PRACTICES, AND TO SUBSEQUENTLY IDENTIFY AREAS AND SITUATIONS IN WHICH PUBLIC TRUST AND CONFIDENCE COULD BE COMPROMISED OR A LAW VIOLATED. THE POLICY SETS FORTH GUIDELINES GOVERNING SUCH SITUATIONS TO HELP EACH VOLUNTEER SELF-MONITOR HIS OR HER PERSONAL CONDUCT SO AS NOT TO BRING DISCREDIT TO THE CREDIT UNION OR TO ONESELF. THE GENERAL OBJECTIVE OF THE POLICY IS TO SPELL OUT THE STANDARDS OF CONDUCT EXPECTED OF THE VOLUNTEERS. THE INTENT OF THE POLICY IS TO PROVIDE GUIDANCE TO THOSE PERFORMING CREDIT UNION BUSINESS TO ENSURE THAT SUCH ACTIVITIES ARE PERFORMED IN COMPLIANCE WITH THE LETTER AND THE SPIRIT OF THE LAW. AUTHORIZED ACTIVITY THE ACCEPTANCE OF FEES (INCLUDING SPECIAL DISCOUNTS OR ANY DIRECT OR INDIRECT PAYMENT OF MONEY OR PROPERTY) AND OTHER ITEMS OF VALUE IN RETURN FOR SERVICES THE CREDIT UNION RENDERS IS GENERALLY PROHIBITED. THE FOLLOWING EXCEPTIONS MAY BE ALLOWABLE: ACCEPTANCE OF GIFTS, GRATUITIES, OR FAVORS BASED ON OBVIOUS FAMILY OR PERSONAL RELATIONSHIPS (WITH PARENTS, CHILDREN, OR SPOUSES OR DOMESTIC PARTNER OF CREDIT UNION VOLUNTEERS) WHERE CIRCUMSTANCES ARE CLEAR THAT THE RELATIONSHIP RATHER THAN CREDIT UNION BUSINESS IS THE MOTIVATING FACTOR ACCEPTANCE OF MEALS, REFRESHMENTS, OR ENTERTAINMENT OF REASONABLE VALUE (NOT TO EXCEED $50 PER INDIVIDUAL) IN THE COURSE OF A MEETING OR OCCASION WHILE HOLDING A BONA FIDE BUSINESS DISCUSSION, PROVIDED THESE EXPENSES ARE OTHERWISE REIMBURSABLE BY THE CREDIT UNION AS A JUSTIFIABLE BUSINESS EXPENSE EXCEPT WHERE PROHIBITED BY LAW, THE ACCEPTANCE OF LOANS FROM BANKS OR OTHER FINANCIAL INSTITUTIONS, PROVIDED SUCH TRANSACTIONS ARE MADE WITH THE CUSTOMARY TERMS AND ARE USED TO FINANCE LEGITIMATE AND USUAL ACTIVITIES BY CREDIT UNION VOLUNTEERS, SUCH AS FOR A HOME MORTGAGE ACCEPTANCE OF UNSOLICITED PROMOTIONAL MATERIALS OF NOMINAL VALUE (LIMITED TO $50 PER ITEM, PER PERSON) ACCEPTANCE OF DISCOUNTS OR REBATES ON MERCHANDISE OR SERVICES, PROVIDED THEY DO NOT EXCEED THOSE THAT ARE AVAILABLE TO OTHER CREDIT UNION MEMBERS OR THE GENERAL PUBLIC ACCEPTANCE OF GIFTS OF REASONABLE VALUE (LIMITED TO $50 PER ITEM, PER PERSON) ON THE OCCASION OF RECOGNIZED EVENTS SUCH AS JOB PROMOTIONS, NEW JOBS, WEDDINGS, RETIREMENTS, OR RELIGIOUS CELEBRATIONS ACCEPTANCE OF CIVIC, CHARITABLE, EDUCATIONAL, OR RELIGIOUS AWARDS IN RECOGNITION OF A SERVICE PERFORMED OR AN ACCOMPLISHMENT OTHER ACTIVITIES NOT IDENTIFIED IN THIS POLICY MAY BE ACCEPTABLE ON A CASE-BY-CASE BASIS WITH PRIOR WRITTEN APPROVAL FROM THE BOARD OF DIRECTORS. IF YOU ARE UNSURE, ASK. FULL WRITTEN DISCLOSURES MUST BE MADE AND ALL RELEVANT FACTS MUST BE CONSISTENT WITH THE ACTIVITIES ALLOWED UNDER THE BANK BRIBERY ACT. PROHIBITED ACTIVITY THE BANK BRIBERY ACT AS STIPULATED IN THIS ACT, CCU'S EMPLOYEES, OFFICERS, VOLUNTEERS, AGENTS, AND ATTORNEYS ARE PROHIBITED FROM SOLICITING, OFFERING, PROMISING, OR ACCEPTING ANYTHING OF VALUE IN CONNECTION WITH ANY TRANSACTION OR BUSINESS CONDUCTED BY THE CREDIT UNION IF THAT INDIVIDUAL EXPECTS TO BE REWARDED FOR PERFORMING THE TRANSACTION. NCUA RULES AND REGULATIONS REGARDLESS OF WHETHER A CONFLICT OF INTEREST CONSTITUTES A VIOLATION OF THE BANK BRIBERY ACT, CERTAIN ACTIVITIES COULD BE IN VIOLATION UNDER THE NCUA RULES AND REGULATIONS (DISCUSSED BELOW) AND THEREFORE ARE NOT PERMITTED BY CCU. LOANS AND LINES OF CREDIT TO VOLUNTEERS UNDER SECTION 701.21(D)(5), A LOAN OR LINE OF CREDIT MADE TO OR ENDORSED OR GUARANTEED BY ANY OF THE FOLLOWING CANNOT CONTAIN PREFERENTIAL RATES, TERMS, AND/OR CONDITIONS: A VOLUNTEER OF THE CREDIT UNION AN IMMEDIATE FAMILY MEMBER OF A VOLUNTEER AN INDIVIDUAL WHO HAS A COMMON OWNERSHIP, INVESTMENT, OR OTHER FINANCIAL INTEREST IN A BUSINESS ENTERPRISE WITH AN OFFICIAL OR IMMEDIATE FAMILY MEMBER OF AN VOLUNTEER "IMMEDIATE FAMILY MEMBER" IS DEFINED HERE AS A SPOUSE, DOMESTIC PARTNER, OR OTHER FAMILY MEMBER LIVING IN THE SAME HOUSEHOLD. GROUP PURCHASING ACTIVITIES THE CREDIT UNION PROHIBITS VOLUNTEERS, EMPLOYEES, AND ANY OF THEIR IMMEDIATE FAMILY MEMBERS FROM RECEIVING ANY COMPENSATION OR BENEFIT, EITHER DIRECTLY OR INDIRECTLY, IN CONJUNCTION WITH ANY GROUP PURCHASING ACTIVITY MADE AVAILABLE TO THE MEMBERSHIP OF THE CREDIT UNION. SECTION 721.1(C) EXPANDS ON THE SECTION 701.21(D)(5) DEFINITION OF "IMMEDIATE FAMILY MEMBER" TO INCLUDE SPOUSE OR DOMESTIC PARTNER, CHILD, PARENT, GRANDCHILD, GRANDPARENT, BROTHER, SISTER, OR SPOUSE OF ANY OF THESE INDIVIDUALS. MANAGEMENT VOLUNTEER INTERLOCKS SECTION 711 PROHIBITS AN EMPLOYEE OR OFFICER WITH MANAGEMENT FUNCTIONS, INCLUDING A BRANCH MANAGER, A VOLUNTEER, OR ANY PERSON SERVING IN SUCH CAPACITY FROM SERVING AS A MANAGEMENT OFFICIAL OF ANOTHER DEPOSITORY INSTITUTION OR A DEPOSITORY HOLDING COMPANY, IF THE TWO ORGANIZATIONS HAVE NO AFFILIATION, ARE VERY LARGE, OR ARE LOCATED IN THE SAME LOCAL AREA. THIS RULE APPLIES TO MANAGEMENT OFFICIALS OF FEDERALLY INSURED CREDIT UNIONS. CCU REQUIRES THE APPROVAL OF THE BOARD OF DIRECTORS WHEN A LOAN IS MADE TO A DIRECTOR OR MEMBER OF ANY BOARD COMMITTEE OF THE CREDIT UNION FOR ANY LOAN MADE. ALL LOANS TO BOARD OR COMMITTEE MEMBERS ARE NOTED IN THE BOARD MINUTES. TO AVOID CONFLICT, CCU REQUIRES APPROVAL BY THE BOARD OF DIRECTORS WHEN A LOAN TO A MEMBER IS GUARANTEED OR ENDORSED BY A DIRECTOR OR MEMBER OF ANY BOARD COMMITTEE OF THE CREDIT UNION. IN ADDITION TO THE PROHIBITIONS STIPULATED BY REGULATION, THE FOLLOWING ACTIVITIES ARE NOT ACCEPTABLE: NO VOLUNTEER OF CCU WILL SOLICIT OR ACCEPT ANYTHING OF VALUE, INCLUDING, BUT NOT LIMITED TO, GIFTS, GRATUITIES, FEES, AMENITIES, LEGACIES, OR TRAVEL OR RELATED EXPENSES IN CONNECTION WITH ANY TRANSACTION OR BUSINESS OF THE CREDIT UNION. VOLUNTEERS ARE PROHIBITED FROM ACCEPTING EXPENSES PAID FOR TRIPS OR OTHER EXTENSIVE ENTERTAINMENT BY MEMBERS OR SUPPLIERS. NO VOLUNTEER MAY ACCEPT A PERSONAL FEE FOR ARRANGING A LOAN FROM THE CREDIT UNION OR FROM ANY OTHER PERSON OR LENDING INSTITUTION. VOLUNTEERS AND MEMBERS OF THEIR IMMEDIATE FAMILIES ARE PROHIBITED FROM ACCEPTING DIRECTLY OR INDIRECTLY ANY BEQUEST OR LEGACY FROM A MEMBER OF THE CREDIT UNION. IF THE VOLUNTEER LEARNS OF SUCH A LEGACY IN A MEMBER'S WILL, THE VOLUNTEER MUST IMMEDIATELY REPORT ALL PERTINENT FACTS TO THE AUDIT COMMITTEE AND THE BOARD OF DIRECTORS. IN ANY EVENT, UNLESS THE BEQUEST OR LEGACY IS FROM A CLOSE RELATIVE, THE VOLUNTEER IS NOT PERMITTED TO ACCEPT. CONFIDENTIAL INFORMATION REGARDING ANY MEMBER OBTAINED IN THE COURSE OF BUSINESS MUST NOT BE USED FOR PERSONAL GAIN; NOR SHOULD IT BE REVEALED TO ANY PERSON OUTSIDE THE CREDIT UNION WITHOUT THE CONSENT OF THE MEMBER OR AS OTHERWISE PERMITTED BY LAW. REVIEW AND REPORTING THIS POLICY IS TO BE REVIEWED REGULARLY BY THE BOARD OF DIRECTORS. ADDITIONALLY, EACH VOLUNTEERS OF THE CREDIT UNION WILL EXECUTE A CODE OF CONDUCT AFFIRMATION FORM, WHICH WILL BE KEPT ON FILE. THE AUDIT COMMITTEE IS RESPONSIBLE FOR FOLLOW-UP ON ANY SUSPICIOUS ACTIVITY EVIDENCED FROM ITS REVIEW OF THE AFFIRMATION FORM. THE COMMITTEE WILL REPORT TO THE BOARD OF DIRECTORS ANY FINDINGS THAT MIGHT COMPROMISE THE INTEGRITY OF THE CREDIT UNION OR BE IN VIOLATION OF THE CODE OF CONDUCT REQUIREMENTS OF THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER IS DETERMINED BY THE BOARD OF DIRECTORS ANNUALLY. THE BOARD HAS ENGAGED A THIRD PARTY TO DEVELOP A COMPENSATION PLAN AND PERFORMANCE APPRAISAL FOR THE CEO. THE BOARD ASSESSES THE CEO'S PERFORMANCE AND BASED ON THE OVERALL PERFORMANCE RATING, THE SALARY INCREASE IS AWARDED BASED ON A PREDETERMINED PERCENTAGE. THE BOARD CHAIR DELIVERS THE PERFORMANCE REVIEW TO THE CEO AND APPROVES THE SALARY INCREASE. COMMUNITY CREDIT UNION OF FLORIDA UTILIZES THE SAME THIRD PARTY TO DETERMINE SALARY RANGES FOR ALL POSITIONS. THE THIRD-PARTY COMPILES DATA FROM NUMEROUS SOURCES TO BENCHMARK THE SALARY RANGES FOR EACH POSITION AT CCU, INCLUDING KEY EMPLOYEES. SEVEN COMPENSABLE FACTORS ARE USED TO DETERMINE THE SALARY GRADE, WHICH DETERMINES THE SALARY RANGE. THE CEO HAS THE AUTHORITY TO DETERMINE THE SALARY OF KEY EMPLOYEES. THE CREDIT UNION MAINTAINS CONTEMPORANEOUS DOCUMENTATION RELATED TO THE COMPENSATION SETTING PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, AND FINANCIAL STATEMENTS ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 6104. THE ORGANIZATION POSTS THE MONTHLY FINANCIAL STATEMENTS IN THE LOBBY OF EACH BRANCH. FORM 990, PART XI, LINE 9: CHANGES IN PENSION PLAN FUNDING -447,220.