2018-11-14T13:56:08-06:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2017-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL J KIRK SENIOR VICE PRESIDENT/CFO 6072578500 2018-10-29 1 TANYA MEDGAARDEN P01717240 5712279500 67.137.57.251 2018-10-29 08:53:57 CD P 3EEEC8B090C07D7EECF61F1A8A191FC1967D2E7A 42989437972E07AFCE779197E4DA68CA6AF31F45 2017 2019-02-21 02:37:17Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 55852109 0 X WWW.MYCFCU.COM X CU 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 & 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS. 8 7 226 10 148330 2126 0 0 37653334 41000157 3091210 4003771 0 0 40744544 45003928 0 0 3500265 3475671 13799606 16063050 0 0 0 17230557 17635574 34530428 37174295 6214116 7829633 1032698296 1056836312 900272201 917130234 132426095 139706078 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. 1 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO 70,048 MEMBERS AND OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS. THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST & 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 31,224 LOANS OUTSTANDING AS OF DECEMBER 31, 2017. 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 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 13275 0 1 226 1 1 1 0 0 0 0 0 X 8 7 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 X PAUL KIRK 6072578500 1030 CRAFT ROAD ITHACA NY 14850 BRIAN MITTEER CHAIR 2.00 X X 0 0 0 AMY WOOD GONZALEZ VICE-CHAIR 1.00 X X 0 0 0 JOSEPH H DURING JR TREASURER 1.00 X X 0 0 0 CLAUDE S HEWITT SECRETARY 1.00 X X 0 0 0 DANA DECKER DIRECTOR 1.00 X 0 0 0 KATIE FOLEY DIRECTOR 1.00 X 0 0 0 JAMES W PLACE DIRECTOR 1.00 X 0 0 0 LISA WHITAKER CEO 50.00 X X 685477 0 598437 PAUL J KIRK CFO 50.00 X 321598 0 63151 WILLIAM CRANE CAO 50.00 X 289646 0 64200 CATHERINE BENSON CLO 50.00 X 259337 0 56481 BETH PUTNAM CRO 50.00 X 249405 0 57480 GILBERT BOHENE CEO COPILOT LLC 50.00 X 274600 0 18590 RICHARD PAGE CEO CFCU COMMUNITY COVERAGE LLC 50.00 X 193623 0 32672 EILEEN COVEY VP OPERATIONS 50.00 X 194866 0 37611 PAUL COGNETTA VP HUMAN RESOURCES 50.00 X 203531 0 16282 JEFFREY DOBBIN VP BUSINESS LENDING 50.00 X 184842 0 32821 ELIZA MULHERN VICE PRESIDENT, ASSOCIATE GENERAL COUNSEL 50.00 X 176546 0 51194 SARAH TOMEI VICE PRESIDENT FINANCE, CONTROLLER 50.00 X 171982 0 56698 3205453 0 1085617 22 0 1 0 UNITED SOLUTIONS 1585 SUMMIT LAKE DRIVE TALLAHASSEE FL 32317 CORE PROCESSOR 2103073 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 EFT & BILL PAY 1888800 IMMEDIATE MAILING SERVICE 245 COMMERCE BLVD LIVERPOOL NY 13088 MAIL SERVICE PROVIDER 496400 COUGHLIN AND GERHART LLP PO BOX 2039 BINGHAMTON NY 13902 LEGAL SERVICES 304519 CLIFTONLARSONALLEN PO BOX 795027 SAN ANTONIO TX 78279 COLLECTION SERVICES 248015 12 LOAN INTEREST 522100 30426644 30426644 FEE INCOME 522100 9006645 8858315 148330 OTHER INCOME 900099 1566868 1566868 41000157 3945960 3945960 426595 10479397 409512 10438669 17083 40728 57811 57811 45003928 40851827 148330 4003771 3475671 3102160 10179880 186312 1785336 809362 1851709 6477358 899975 285808 1205041 PROVISION FOR LOAN LOSS 3757529 LOAN SERVICING EXPENSE 1768120 MISCELLANEOUS EXPENSES 710004 EDUCATIONAL AND PROMOTI 680030 37174295 195417041 168231348 250000 250000 1022285 1128440 679701207 732765733 541144 1281440 20143280 11232725 8914516 8910555 135462954 132336433 11389149 11932363 1032698296 1056836312 5027668 6709913 3220540 2287126 892023993 908133195 900272201 917130234 X 0 0 15582928 15582928 116843167 124123150 132426095 139706078 1032698296 1056836312 X 7829633 -532567 -17083 X X 0 1 X 1 0 0 1 X 2065702 2065702 10672972 6160174 4512798 1948997 1603574 345423 4794673 3468977 1325696 660936 660936 8910555 FHLB CAPITAL STOCK 2046300 C SECURITIES AFS 126553654 F OTHER INVESTMENTS 3323279 C SECURITIES HELD FOR SALE 413200 C 132336433 MEMBER SHARE ACCOUNTS 908133195 908133195 X PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROW ACCOUNTS FOR MORTGAGE LOANS ON THEIR BALANCE SHEET. THESE ACCOUNTS ARE PAID DIVIDENDS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTERST 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 POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION AND SUBSIDIARY EVALUATED THEIR TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2017 AND 2016. THE CREDIT UNION AND SUBSIDIARY'S 2014 AND SUBSEQUENT TAX YEARS' RETURNS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 0 0 X X 1 0 0 LISA WHITAKER CEO 498687 0 173918 0 12872 0 576572 0 21865 0 1283914 0 0 0 PAUL J KIRK CFO 249447 0 65449 0 6702 0 45000 0 18151 0 384749 0 0 0 WILLIAM CRANE CAO 215341 0 61062 0 13243 0 41835 0 22365 0 353846 0 0 0 CATHERINE BENSON CLO 197439 0 61898 0 0 0 37030 0 19451 0 315818 0 0 0 BETH PUTNAM CRO 189636 0 54090 0 5679 0 49108 0 8372 0 306885 0 0 0 GILBERT BOHENE CEO COPILOT LLC 199772 0 62713 0 12115 0 18173 0 417 0 293190 0 0 0 RICHARD PAGE CEO CFCU COMMUNITY COVERAGE LLC 188131 0 0 0 5492 0 32672 0 0 0 226295 0 0 0 EILEEN COVEY VP OPERATIONS 164396 0 29272 0 1198 0 30485 0 7126 0 232477 0 0 0 PAUL COGNETTA VP HUMAN RESOURCES 166100 0 28200 0 9231 0 16282 0 0 0 219813 0 0 0 JEFFREY DOBBIN VP BUSINESS LENDING 159192 0 25650 0 0 0 26123 0 6698 0 217663 0 0 0 ELIZA MULHERN VICE PRESIDENT, ASSOCIATE GENERAL CO 149789 0 26757 0 0 0 29330 0 21864 0 227740 0 0 0 SARAH TOMEI VICE PRESIDENT FINANCE, CONTROLLER 142618 0 24377 0 4987 0 35947 0 20751 0 228680 0 0 0 PART I, LINE 1A JEFFREY DOBBIN - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES OF $3,600 - INCLUDED IN TAXABLE INCOME PART I, LINE 1B 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 4A MICHAEL D'ANGELO - SEVERANCE PAYMENT OF $47,543 FORM 990, PART III, LINE 2 THE ORGANIZATON HAS STARTED FIVE NEW CUSO'S. 1. CFCU COMMUNITY HOLDINGS LLC WHICH IN A VEHICLE FOR HOLDING CUSO'S. 2. COPILOT LLC WHICH PROVIDES AUDIT SERVICES, 3. CFCU TECHNOLOGY PARTNERS WHICH DEVELOPES TECHNOLOGY STRATEGIES, 4. CFCU COMMUNITY COVERAGE LLC WHICH SELLS INSURANCE SERVICES AND 5. CFCU RESOURCES WHICH PROVIDES HUMAN CAPITAL TO THE CUSO'S. 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 AND CORTLAND 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 A 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 A 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 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 2017. 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 XI, LINE 9: RECLASS FOR GAINS ON SALES OF SECURITYIES-AFS INCLUDED IN NET INCOME -17,083. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESSES HAVE NOT CHANGED SINCE THE PRIOR YEAR. CFCU COMMUNITY HOLDINGS LLC 1030 CRAFT ROAD ITHACA NY 14850 814411068 VEHICLE FOR HOLDING CUSOS NY 5 5 CFCU COMMUNITY CREDIT UNION COPILOT LLC 1030 CRAFT ROAD ITHACA NY 14850 814438122 AUDIT SERVICES NY 492614 280481 CFCU COMMUNITY CREDIT UNION CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY 125492 3029360 CFCU COMMUNITY CREDIT UNION CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 1918 14390 CFCU COMMUNITY CREDIT UNION CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 27 50387 CFCU COMMUNITY CREDIT UNION