2025-11-05T14:57:03-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL KIRK CFO 6072578500 2025-11-05 1 0 AUBREY CLEGG P01076395 3052328272 2025-11-05 2024 2025-03-06 01:10:19Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 72880426 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 6 300 11 84555 0 0 0 60301361 62221141 7461280 10659285 0 0 67762641 72880426 45135 50900 0 0 25561046 29345843 0 0 0 38167875 40455851 63774056 69852594 3988585 3027832 1453307859 1435561618 1279714848 1253987982 173593011 181573636 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 APPROXIMATELY 77,000 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 33,000 LOANS OUTSTANDING AS OF DECEMBER 31, 2024. 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 31395 0 1 300 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 PRESIDENT/CEO, BOARD MEMBE 40.00 X X 11380370 0 49569 ROBERT CREE BOARD TREASURER 1.50 X 0 0 0 KATIE G FOLEY BOARD CHAIRPERSON 2.00 X 0 0 0 BLIXY TAETZSCH BOARD VICE CHAIRPERSON 1.00 X 0 0 0 AMY L WOOD GONZALEZ BOARD MEMBER 1.00 X 0 0 0 MICHELLE MINER BOARD SECRETARY 1.00 X 0 0 0 DANA DECKER BOARD MEMBER 1.00 X 0 0 0 DEBBIE JORDAN SUPERVISORY COMMITTEE- SECRETARY 1.00 X 0 0 0 SUSAN SCHATTSCHNEIDER SUPERVISORY COMMITTEE- CHAIRPERSON 1.00 X 0 0 0 GREG MEZEY SUPERVISORY COMMITTEE- MEMBER 1.00 X 0 0 0 DOUGLAS NORTH SUPERVISORY COMMITTEE- MEMBER 1.00 X 0 0 0 PAUL KIRK COO/CFO 40.00 X 553825 0 578323 WILLIAM CRANE CHIEF PRODUCTION OFFICER 40.00 X 432852 0 58879 CATHERINE ALOI CHIEF LENDING OFFICER 40.00 X 389795 0 50534 ELIZA MULHERN CHIEF RISK OFFICER 40.00 X 370122 0 64098 MALLORIE DAVID CHIEF PEOPLE OFFICER 40.00 X 300218 0 39352 SARAH TOMEI VP FINANCE/CONTROLLER 40.00 X 298099 0 53655 MATTHEW DUSO VP INFORMATION TECHNOLOGY 40.00 X 257327 0 36432 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 40.00 X 261713 0 37742 CHRISTINE WERNER VP MORTGAGE OPERATIONS 40.00 X 266679 0 36398 FRANK TORELLI WEALTH ADVISOR 40.00 X 252241 0 37610 14763241 0 1042592 35 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE PROCESSOR EFT 4253091 ADRENALINE 195 NEW HAMPSHIRE STE 115 PORTSMOUTH NH 03801 DESIGN & DEVELOPMENT 592625 CONSTELLATION DIGITAL PARTNERS LLC 5565 CENTERVIEW RALEIGH NC 27606 DIGITAL BANKING SERVICES 542812 IMMEDIATE MAILING SERVICES INC 24 COMMERCE BLVD LIVERPOOL NY 13088 MAILING 511186 FIRSTLIGHT PO BOX 1301 WILLSON VT 05495 DATA LINE 424829 23 LOANS TO MEMBERS 522100 50298620 50298620 FEES/CHARGES/OTHER 522100 11837966 11837966 FINANCE AND INSURANCE 520000 84555 84555 62221141 10659285 10659285 72880426 72795871 84555 0 X 50900 6713108 12800073 4386257 1773957 3672448 174789 298532 1578199 1679215 1925300 3388526 1185433 35912 12777589 58282 2092485 270604 PROVISION FOR LOAN LOSS 4760815 DEBIT/CREDIT EXPENSES 3854120 LOAN SERVICING 2433306 MISCELLANEOUS 1758147 2184597 69852594 7981265 7844986 130162991 181534522 6582303 2430921 1039735863 1000503933 1915251 3464363 31552111 20477900 12250607 11074211 218321723 193523679 2409495 2408695 1334476 1084262 32613885 31692046 1453307859 1435561618 31621138 24139200 10896877 11613771 1237196833 1218235011 1279714848 1253987982 X 0 0 0 0 173593011 181573636 173593011 181573636 1453307859 1435561618 3027832 4952793 0 X X 0 1 X 1 0 0 1 X 1856063 1856063 10043965 7873353 2170612 8526208 4280600 4245608 10198706 7630849 2567857 927169 693098 234071 11074211 REGULAR SHARES 430685659 SHARE DRAFTS 341475402 MONEY MARKET 112533707 IRA SHARES 15967196 SHARE AND IRA CERTIFICATES 317573047 1218235011 X 75442390 2561964 2561964 72880426 0 72880426 69852594 0 69852594 0 69852594 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/COMMUNITY SERVICE AWARDS 36 50900 PART I, LINE 2: CFCU COMMUNITY CREDIT UNION HAS AN EDUCATION COMMITTEE COMPRISED OF CREDIT UNION EMPLOYEES WHO OVERSEE THE ANNUAL SCHOLARSHIP AND AWARD PROGRAM. CFCU COMMUNITY CREDIT UNION HAS ANNUAL, 2-YR AND 4YR SCHOLARSHIPS ALONG WITH COMMUNITY SERVICE AWARDS. THE COMMITTEE ADMINISTERS THE APPLICATION PROCESS, REVIEWS ALL APPLICATIONS RECEIVED AND UTILIZES A SCORING MATRIX TO DECIDE WHICH RECIPIENTS RECEIVE AN AWARD. THE COMMITTE ALSO COMMUNICATES WITH THE AWARDED APPLICANTS AND PLANS THE AWARD RECEPTION. 1 X X X X 0 1 0 LISA WHITAKER PRESIDENT/CEO, BOARD MEMBE 910000 0 458150 0 10012220 0 34500 0 15069 0 11429939 0 7554829 0 PAUL KIRK COO/CFO 399122 0 146345 0 8358 0 577324 0 999 0 1132148 0 0 0 WILLIAM CRANE CHIEF PRODUCTION OFFICER 327839 0 98351 0 6662 0 34500 0 24379 0 491731 0 0 0 CATHERINE ALOI CHIEF LENDING OFFICER 299319 0 90476 0 0 0 29491 0 21043 0 440329 0 0 0 ELIZA MULHERN CHIEF RISK OFFICER 283202 0 86920 0 0 0 34436 0 29662 0 434220 0 0 0 SARAH TOMEI VP FINANCE/CONTROLLER 254700 0 42450 0 949 0 29408 0 24247 0 351754 0 0 0 MALLORIE DAVID CHIEF PEOPLE OFFICER 227115 0 68135 0 4968 0 27985 0 11367 0 339570 0 0 0 CHRISTINE WERNER VP MORTGAGE OPERATIONS 222688 0 37114 0 6877 0 24330 0 12068 0 303077 0 0 0 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 224106 0 37607 0 0 0 26375 0 11367 0 299455 0 0 0 MATTHEW DUSO VP INFORMATION TECHNOLOGY 224352 0 30555 0 2420 0 25065 0 11367 0 293759 0 0 0 FRANK TORELLI WEALTH ADVISOR 62953 0 189256 0 32 0 25458 0 12152 0 289851 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED AND FUNDED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR THE PRESIDENT/CEO, LISA WHITAKER AND FOR THE CFO/COO, PAUL KIRK. THE COMPENSATION UNDER THIS PLAN IS BEING ACCRUED AS SERVICE IS RENDERED BY THE PARTICIPANTS. DURING 2024, THE CREDIT UNION ACRRUED APPROXIMATELY $2,385,000 AND $543,000 TOWARD THE DEFERRED BENEFITS FOR LISA WHITAKER AND PAUL KIRK, RESPECTIVELY. DURING 2024, LISA WHITAKER RECEIVED A BENEFIT PAYOUT IN THE AMOUNT OF $9,940,328. 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 CAYUGA, CORTLAND, MADISON, ONONDAGA, ONTARIO, SENECA, OR TOMPKINS 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/COO 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 PRESIDENT/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 PRESIDENT/CEO'S COMPENSATION PACKAGE. THE COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE PRESIDENT/CEO AS PART OF THE ANNUAL REVIEW PROCESS. THE PRESIDENT/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 PACKAGES. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2024. 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, BYLAWS, AND CONFLICT OF INTEREST POLICY 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 1,298,624. ATM EXPENSES 467,527. TRAINING/DEVELOPMENT/EDUCATION 418,446. 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 7180798 CFCU COMMUNITY CREDIT UNION CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY -156213 2268810 CFCU COMMUNITY HOLDINGS LLC CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 24800 7544 CFCU COMMUNITY HOLDINGS LLC CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 5942 50070 CFCU COMMUNITY HOLDINGS LLC