2019-11-08T13:02:42-06:00 2018-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2018-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL KIRK CFO 6072578500 2019-11-08 1 ROBERT PARKS CPA P00740435 2482443000 64.95.240.2 2019-11-08 12:37:40 ES P A7DB26C3BB201601930FCFA0C4651552B54C26A2 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2018 2020-04-17 16:48:07Z PAUL KIRK 1030 CRAFT ROAD ITHACA NY 14850 51598730 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 6 234 10 139423 38728 0 0 41000157 46293889 4003771 4788764 0 0 45003928 51082653 0 36375 3475671 0 16063050 17971278 0 0 0 17635574 21662358 37174295 39670011 7829633 11412642 1056836310 1061547893 917130233 911540207 139706077 150007686 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 76,864 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 33,796 LOANS OUTSTANDING AS OF DECEMBER 31, 2018. THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATM'S 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 20751 0 1 234 1 1 1 0 0 0 0 0 0 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 815839 0 1045236 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 371079 0 28704 WILLIAM CRANE CAO/GENERAL COUNSEL 40.00 X 336325 0 49527 CATHERINE BENSON CHIEF LENDING OFFICER 40.00 X 293248 0 44543 BETH PUTNAM CHIEF RETAIL OFFICER 40.00 X 277183 0 35740 PAUL COGNETTA VP HUMAN RESOUCES 40.00 X 231185 0 24467 ELIZA MULHERN VP ASSOCIATE 40.00 X 209913 0 29280 JEFFREY DOBBIN VP BUSINESS LENDING 40.00 X 212468 0 27240 SARAH TOMEI VP FINANCE 40.00 X 203720 0 40891 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 40.00 X 201284 0 23349 3152244 0 1348977 25 0 1 0 UNITES SOLUTIONS 1585 SUMMIT LAKE DRIVE TALLAHASSEE FL 32317 CORE PROCESSOR 1974613 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 EFT & BILL PAY 1007858 MCPHERSON BUILDERS INC 129 WEST FALLS STREET ITHACA NY 14850 CONSTRUCTION 575194 IMMEDIATE MAILING SERVICE 245 COMMERCE BLVD LIVERPOOL NY 13088 MAIL SERVICE PROVIDER 534436 HOLT ARCHITECTS 619 WEST STATE STREET ITHACA NY 14850 ARCHITECTS 389894 11 LOANS TO MEMBERS 522100 34066598 34066598 FEES/CHARGES/OTHER 522100 12087868 12087868 NON MEMBER ATMS 900099 139423 139423 46293889 4756844 4756844 547997 516077 31920 31920 31920 51082653 46186386 139423 4756844 X 36375 3297424 9509286 2087168 2198553 878847 34845 442012 818169 693487 1454967 1865648 943295 65959 3172373 72077 1137119 165547 PROVISION FOR LOAN LOSS 4387417 DEBIT/CREDIT EXPENSES 1787530 LOAN SERVICING 1520198 MAINTENANCE 1261580 1840135 39670011 5190741 5855513 162911412 150976749 1220636 2350784 732765736 783808316 1257134 1041309 20852844 11684524 8249616 9168320 126932850 89600897 2253695 2405495 24306 22639 16030184 16317871 1056836310 1061547893 6709909 9701858 2287126 8803505 908133198 893034844 917130233 911540207 X 0 0 0 0 139706077 150007686 139706077 150007686 1056836310 1061547893 X 11412642 -951210 -159823 X X 0 1 X 1 0 0 1 X 2065702 2065702 9776569 5955087 3821482 1948996 1682023 266973 6092809 3378027 2714782 968768 669387 299381 9168320 REGULAR SHARES 372465457 SHARE DRAFTS 262841081 MONEY MARKET 37185602 IRA SHARES 16013569 SHARE AND IRA CERTIFICATES 204529135 893034844 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, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)(14)), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE "MORE LIKELY THAN NOT" STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2017, 2016, AND 2015 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. 1 SCHOLARSHIPS 21 33375 BOOK SCHOLARSHIPS COMMUNITY SERVICE AWARD WINNER 2 3000 BOOK COMMUNITY SERVICE AWARD WINNERS 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 $1500 COMMUNITY SERVICE AWARDS DURING 2018. 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 0 0 X X 0 1 0 LISA WHITAKER CEO 539136 0 259958 0 16745 0 1023500 0 21736 0 1861075 0 0 0 PAUL KIRK CFO 255500 0 84934 0 30645 0 27500 0 1204 0 399783 0 0 0 WILLIAM CRANE CAO/GENERAL COUNSEL 242000 0 80175 0 14150 0 27500 0 22027 0 385852 0 0 0 CATHERINE BENSON CHIEF LENDING OFFICER 219500 0 73037 0 711 0 25618 0 18925 0 337791 0 0 0 BETH PUTNAM CHIEF RETAIL OFFICER 200000 0 67522 0 9661 0 27500 0 8240 0 312923 0 0 0 PAUL COGNETTA VP HUMAN RESOUCES 181000 0 37433 0 12752 0 16148 0 8319 0 255652 0 0 0 ELIZA MULHERN VP ASSOCIATE 172212 0 35303 0 2398 0 20961 0 8319 0 239193 0 0 0 JEFFREY DOBBIN VP BUSINESS LENDING 168000 0 35020 0 9448 0 18921 0 8319 0 239708 0 0 0 SARAH TOMEI VP FINANCE 165000 0 33825 0 4895 0 20356 0 20535 0 244611 0 0 0 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 159177 0 32632 0 9475 0 20113 0 3236 0 224633 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 LISA WHITAKER, THE CEO. THE COMPENSATION UNDER THIS PLAN IS BEING ACCRUED AS SERVICE IS RENDERED BY THE EMPLOYEE. THE ACCRUED EXPENSE RELATED TO THIS BENEFIT APPROXIMATED $1,619,000 AS OF DECEMBER 31, 2018. 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 CHAIR OF THE BOARD OF DIRECTORS SIGNS OFF ON THE CEO'S COMPENSATION DECISION, WHICH IS STORED IN A LOCKED CABINET IN THE HR OFFICE. 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. THE CEO SIGNS OFF ON THESE COMPENSATION DECISIONS, WHICH ARE STORED IN A LOCKED CABINET IN THE HR OFFICE. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2018. 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 MISCELLANEOUS 941,431. ATM EXPENSES 497,659. TRAINING/DEVELOPMENT/EDUCATION 401,045. FORM 990, PART XI, LINE 9: RECLASSFICATION ADJUSTMENT FOR NET INVESTMENT LOSSES INCLUDED IN NET INCOME -159,823. 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 5 CFCU COMMUNITY CREDIT UNION COPILOT LLC 1030 CRAFT ROAD ITHACA NY 14850 814438122 AUDIT SERVICES NY 628280 232894 CFCU COMMUNITY HOLDINGS LLC CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY 400000 3029737 CFCU COMMUNITY HOLDINGS LLC CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 383822 131188 CFCU COMMUNITY HOLDINGS LLC CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 8784 50670 CFCU COMMUNITY HOLDINGS LLC