2021-11-12T10:16:41-06:00 2020-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL KIRK CFO 6072578500 2021-11-10 1 PAUL KIRK XXX-XX-XXXX ROBERT PARKS CPA P00740435 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z PAUL KIRK 1030 CRAFT ROAD ITHACA NY 14850 48155483 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 6 236 9 130824 0 0 0 48355698 45399179 5185715 2756304 2357937 0 55899350 48155483 39875 44250 0 0 20165521 20916261 0 0 0 24532953 22775825 44738349 43736336 11161001 4419147 1092445230 1233869792 930025114 1063727287 162420116 170142505 X TO PROVIDE THE HIGHEST LEVEL OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE THRIFT, SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCIAL WELL-BEING; TO PROVIDE SOUND FINANCIAL MANAGEMENT IN ORDER TO MAINTAIN EARNINGS FOR OUR CONTINUED GROWTH AND TO PROVIDE OUR EMPLOYEES WITH A CHALLENGING AND REWARDING CAREER. 0 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO 71,920 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 29,836 LOANS OUTSTANDING AS OF DECEMBER 31, 2020. 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 18800 0 1 236 1 1 1 0 0 0 0 0 1 0 X 7 6 0 0 0 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 LISA WHITAKER CEO 40.00 X X 1087727 0 1843987 JOSEPH H DURING BOARD TREASURER 1.00 X 0 0 0 KATIE G FOLEY BOARD MEMBER 1.00 X 0 0 0 AMY L GONZALEZ VICE CHAIRPERSON 1.00 X 0 0 0 BRIAN MITTEER CHAIRPERSON 1.00 X 0 0 0 CLAUDE S HEWITT SECRETARY 1.00 X 0 0 0 DANA DECKER BOARD MEMBER 1.00 X 0 0 0 PAUL KIRK CFO 40.00 X 440220 0 631063 WILLIAM CRANE CAO/GENERAL COUNSEL 40.00 X 376203 0 46062 CATHERINE BENSON CHIEF LENDING OFFICER 40.00 X 341059 0 49972 BETH PUTNAM CHIEF RETAIL OFFICER 40.00 X 290359 0 35335 ELIZA MULHERN VP ASSOCIATE GENERAL COUNS 40.00 X 275396 0 42237 JEFFREY DOBBIN VP BUSINESS LENDING 40.00 X 219097 0 28132 SARAH TOMEI VP FINANCE/CONTROLLER 40.00 X 246470 0 44643 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 40.00 X 229373 0 28849 3505904 0 2750280 21 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE PROCESSOR EFT 3634329 RIGER 53 CHENANGO STREET BINGHAMTON NY 13902 MARKETING 693475 IMMEDIATE MAILING SERVICES INC 24 COMMERCE BLVD LIVERPOOL NY 13088 MAILING 399898 COUGHLIN & GERHART LLP PO BOX 2039 BINGHAMTON NY 13902 ATTORNEY 281088 FIRSTLIGHT PO BOX 1301 WILLSON VT 05495 DATA LINE 280807 9 LOANS TO MEMBERS 522100 34092191 34092191 FEES/CHARGES/OTHER 522100 11176164 11176164 FINANCE AND INSURANCE 520000 130824 130824 45399179 2756304 2756304 48155483 45268355 130824 2756304 X 44250 4816293 9523598 3571071 2081588 923711 108690 490900 786139 1017958 1853743 1889829 1151289 30347 3737138 64185 1657083 220730 PROVISION FOR LOAN LOSS 3061572 DEBIT/CREDIT EXPENSES 1978119 LOAN SERVICING 1540580 MISCELLANEOUS 1105379 2082144 43736336 6747415 5710941 170691606 201746288 1247237 1077968 798238053 825528506 1019431 1228671 29198985 15031297 15701686 14167688 78776103 159314135 3078252 9099574 20972 19306 16924475 15976715 1092445230 1233869792 14426694 15381748 9170595 9767483 906427825 1038578056 930025114 1063727287 X 0 0 0 0 162420116 170142505 162420116 170142505 1092445230 1233869792 4419147 3303242 0 X X 0 1 X 1 0 0 1 X 2065702 2065702 9986677 6776282 3210395 7969451 2356983 5612468 8203506 5143959 3059547 973649 754073 219576 14167688 REGULAR SHARES 440448111 SHARE DRAFTS 323341468 MONEY MARKET 58296257 IRA SHARES 15108903 SHARE AND IRA CERTIFICATES 201383317 1038578056 X 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 22 41250 BOOK COMMUNITY SERVICE AWARD WINNER 2 3000 BOOK PART I, LINE 2: CFCU COMMUNITY CREDIT UNION GRANTS SCHOLARSHIPS IN AMOUNTS THAT RANGE FROM $1,500 TO $3,000. 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. CFCU COMMUNITY CREDIT UNION GRANTED TWO COMMUNITY SERVICE AWARDS AGGREGATING $3,000 DURING 2020. APPLICANTS MUST BE MEMBERS OF CFCU COMMUNITY CREDIT UNION FOR A SET MINIMUM TIME PERIOD. APPLICANT MUST HAVE DEMONSTRATED EVIDENCE OF SERVICE TO THE COMMUNITY BY COMPLETING AT LEAST 75 UNPAID VOLUNTEER HOURS FROM THE SUMMER AFTER HIS/HER SOPHOMORE YEAR THROUGH HIS/HER SENIOR YEAR. COMMUNITY SERVICE HOURS COULD INCLUDE, BUT ARE NOT LIMITED TO, VOLUNTEERING WITH NON-PROFITS (E.G. UNITED WAY, SPCA, CATHOLIC CHARITIES, FOOD PANTRIES, ETC.), DEVELOPING A PROJECT THAT BETTERS THE COMMUNITY (E.G. EAGLE SCOUTS), OR OTHER VOLUNTEERISM THAT GIVES BACK TO MEMBERS OF THE COMMUNITY. AWARDS ARE FOR ONE YEAR ONLY AND ARE NOT RENEWABLE. AWARD MONIES MAY BE USED AT THE RECIPIENTS' DISCRETION. DISBURSEMENTS WILL BE PAID DIRECTLY TO THE RECIPIENT'S CFCU ACCOUNT. THERE IS NO SUBSEQUENT MONITORING BY CFCU COMMUNITY CREDIT UNION SUBSEQUENT TO DISBURSEMENT. X 1 1 X X 0 1 0 LISA WHITAKER CEO 628075 0 392049 0 67603 0 1822963 0 21024 0 2931714 0 0 0 PAUL KIRK CFO 309588 0 113190 0 17442 0 630003 0 1060 0 1071283 0 0 0 WILLIAM CRANE CAO/GENERAL COUNSEL 264370 0 104857 0 6976 0 28500 0 17562 0 422265 0 0 0 CATHERINE BENSON CHIEF LENDING OFFICER 236997 0 96810 0 7252 0 28500 0 21472 0 391031 0 0 0 BETH PUTNAM CHIEF RETAIL OFFICER 205358 0 81810 0 3191 0 28500 0 6835 0 325694 0 0 0 ELIZA MULHERN VP ASSOCIATE GENERAL COUNS 221184 0 44790 0 9422 0 27867 0 14370 0 317633 0 0 0 SARAH TOMEI VP FINANCE/CONTROLLER 199074 0 44928 0 2468 0 23301 0 21342 0 291113 0 0 0 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 176054 0 40950 0 12369 0 23498 0 5351 0 258222 0 0 0 JEFFREY DOBBIN VP BUSINESS LENDING 173984 0 37185 0 7928 0 21297 0 6835 0 247229 0 0 0 PART I, LINE 1A THE HEALTH AND SOCIAL CLUB DUES WERE NEGOTIATED AS PART OF JEFFREY DOBBIN'S COMPENSATION PACKAGE AND IS OUTLINED IN HIS EMPLOYMENT OFFER LETTER. THE MEMBERSHIP PROVIDES HIM WITH A FORUM FOR BUSINESS NETWORKING. THIS IS CURRENTLY NOT TYPICAL FOR THE CREDIT UNION. THE DECISION WAS APPROVED BY THE CEO, CFO, CLO, CAO, AND VP OF HR. 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 2020, THE CREDIT UNION ACRRUED APPROXIMATELY $1,794,000 AND $602,000 TOWARD THE DEFERRED BENEFITS FOR LISA WHITAKER AND PAUL KIRK, RESPECTIVELY. 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 TEAM AND THE VP TEAMS COMPENSATION PACKAGE. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2020. 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 11G PROFESSIONAL FEES 786,139. 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 3350005 CFCU COMMUNITY CREDIT UNION COPILOT LLC 1030 CRAFT ROAD ITHACA NY 14850 814438122 AUDIT SERVICES NY 763404 169668 CFCU COMMUNITY HOLDINGS LLC CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY 117625 1747409 CFCU COMMUNITY HOLDINGS LLC CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 120470 26570 CFCU COMMUNITY HOLDINGS LLC CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 7464 50481 CFCU COMMUNITY HOLDINGS LLC