2017-09-19T11:18:19-05:00 2016-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2016-01-01 580147128 GEORGIA'S OWN CREDIT UNION GEOR 4048741166 PO BOX 105205 ATLANTA GA 30348 GREGORY L GIBSON CHIEF FINANCIAL OFFICER 4048741166 2017-07-17 1 SHERRI WESSELS P00888088 5074347000 2017-07-10 67.137.57.251 2017-07-17 08:20:39 CD P 933F582777370C362BD245B56BCDF9464AD2C4B4 5C592A38642564D958275A63599AC7915113978F 2016 2018-03-14 21:41:22Z DAVID A PRETER PO BOX 105205 ATLANTA GA 30348 130166504 0 X WWW.GEORGIASOWN.ORG X CU 1943 GA TO PROVIDE THRIFT SAVING/BORROWING TO MEMBER-OWNED COOPERATIVE. 12 10 520 1 1260512 -674080 0 0 85530749 95717639 4653368 5379390 0 0 90184117 101097029 75140 189607 5148254 4455411 34870287 37297069 0 0 0 42797981 51089720 82891662 93031807 7292455 8065222 2047209136 2139644896 1848292789 1917070067 198916347 222574829 TO PROVIDE THRIFT SAVING/BORROWING TO MEMBER-OWNED COOPERATIVE. 0 0 PROVIDED THRIFT SAVINGS/BORROWINGS TO 186,028 MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 1 0 0 0 0 0 1 1 1 0 1 27447 0 1 520 1 1 1 0 0 0 0 0 X 12 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TERESA MARTIN 4045751817 PO BOX 105205 ATLANTA GA 30348 DAVID PRETER PRESIDENT/CEO 40.00 X X 642972 0 522374 JOSEPH M MAURIELLO CHAIRMAN 1.00 X X 12262 0 0 MICHAEL W BAUMGARTNER VICE CHAIRMAN 1.00 X X 10829 0 0 RICHARD E BURNS DIRECTOR 1.00 X 14066 0 0 PATRICK H CASEY TREASURER 1.00 X X 10829 0 0 WILLIAM E CONINE DIRECTOR 1.00 X 11129 0 0 DAVID DICKEY DIRECTOR 1.00 X 10829 0 0 JAMES L FOWLER DIRECTOR 1.00 X 10829 0 0 GARY M LUDGOOD DIRECTOR 1.00 X 10829 0 0 JOAN K SIMS SECRETARY 1.00 X X 10829 0 0 ERVIN M WALKER DIRECTOR 1.00 X 10829 0 0 MOLLIE BELL DIRECTOR 1.00 X 4899 0 0 JOHN CAREW III SVP STRATEGY 40.00 X 330871 0 182402 KELLY M GARMON CMO 40.00 X 327170 0 192527 CINDY BOYLES SVP ORGANIZATIONAL DEVELOP 40.00 X 248014 0 161798 ERIC BROOME SVP ERM/GENERAL COUNSEL 40.00 X 254384 0 145995 BONNIE J KIMMEY SVP LENDING 40.00 X 277601 0 53510 GREGORY GIBSON CFO 40.00 X 265178 0 29688 TERESA L MARTIN PRINCIPAL - ACCOUNTING 41.00 X 172867 0 31525 KENNETH D BREHM VP - CONSUMER LENDING 40.00 X 163482 0 27948 ANTHONY STRIPLING VP - MORTGAGE OPERATIONS 40.00 X 162365 0 23755 DAVID A MARLOW PRINCIPAL - MEMBER IMPACT 40.00 X 184649 0 17110 LEE D NORRIS VP - FACILITIES & REAL EST 40.00 X 160281 0 17122 GREG COOK PRINCIPAL - CONSUMER LENDI 41.00 X 181051 0 16928 JANET F LAMBERT MORTGAGE LOAN ORIGINATOR 40.00 X 143776 0 12320 MICHAEL STONE AVP SYNDICATION LENDING 40.00 X 150274 0 16771 TODD LAMBRIGHT MORTGAGE SALES MANAGER 40.00 X 196669 0 6184 MATTHEW HAVICE ASST GENERAL COUNSEL 40.00 X 151330 0 16639 BARBARA BURKETT VP - DEPOSITS & PAYMENTS 41.00 X 141624 0 21661 4272717 0 1496257 32 0 1 0 BERMAN FINK VAN HORN PC 3475 PIEDMONT RD NE STE 1100 ATLANTA GA 30305 LEGAL 547235 PALMETTO COOPERATIVE SERVICES LLC PO BOX 1787 COLUMBIA SC 29202 STATEMENT & NOTICE PROCESSING 433047 MARKET VALUATION SERVICES 2450 ATLANTA HWY SUITE 701 CUMMING GA 30040 APPRAISALS 391665 SPECTRA CORPORATE PARTNERSHIPS 3601 S BROAD STREET PHILADELPHIA PA 19148 SPONSORHSIP - BIKE SHARE 350000 ACCENTURE LLP PO BOX 70629 CHICAGO IL 606730639 CONSULTING 339545 11 INTEREST ON LOANS 900099 62656154 62656154 OTHER INCOME 524298 20315095 20315095 FEE INCOME 522100 12746390 11485878 1260512 95717639 5436400 5436400 27310800 1701665 27189113 1880362 121687 -178697 -57010 -57010 101097029 94457127 1260512 5379390 170607 19000 4455411 4911726 23129333 3944925 3410148 1900937 1329482 198985 4563951 13038555 5445084 520077 442770 1857774 PROVISION FOR LOAN LOSS 11050000 LOAN SERVICING EXPENSE 6447625 PROFESSIONAL AND OUTSID 4705802 MISCELLANEOUS OPERATING 1309474 180141 93031807 18218233 29216250 120448071 63126489 14033069 14885983 9346997 9234018 1576808196 1665166697 2616326 2916562 37013998 12965636 19795569 24048362 219009072 256799980 11010292 11679552 55923311 62571003 2047209136 2139644896 33391504 27188663 123191001 129039000 1691710284 1760842404 1848292789 1917070067 X 0 0 0 0 198916347 222574829 198916347 222574829 2047209136 2139644896 X 8065222 -3572892 19166152 X X 0 1 X 1 0 0 0 6461058 6461058 13673855 2080359 11593496 2399412 2041312 358100 14479673 8843965 5635708 24048362 SHARE DRAFTS 334803574 REGULAR SHARES 695797987 MONEY MARKET SHARES 348552006 SHARE CERTIFICATES 205239236 IRA/KEOGH ACCOUNTS 174297480 OTHER SHARES 2152121 1760842404 X 101275726 0 101275726 -178697 -178697 101097029 93210505 178698 178698 93031807 0 93031807 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2015 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST 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 FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2016 AND 2015. THE CREDIT UNION'S 2014 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED IN REVENUE SECTION ON 990 -178,697. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED IN REVENUE SECTION OF 990 178,697. ROUNDING 1. 1 CYSTIC FIBROSIS FOUNDATION 6931 ARLINGTON RD SUITE 200 BETHESDA MD 20814 131930701 501(C)(3) 20000 CHARITABLE DONATION RIGHT TO HIKE INC PO BOX 1210 DULUTH GA 30096 262516336 501(C)(3) 10000 CHARITABLE DONATION ATLANTA UNION MISSION CORP PO BOX 1807 ATLANTA GA 30318 580572430 501(C)(3) 12050 CHARITABLE DONATION GEORGIA CREDIT UNION FOUNDATION 6705 SUGARLOAF PKWY STE 200 DULUTH GA 30097 581799727 501(C)(3) 5790 CHARITABLE DONATION GEORGIA'S OWN FOUNDATION INC 1155 PEACHTREE ST SUITE 100 ATLANTA GA 30309 474818845 501(C)(3) 71000 31259 FMV AUCTION/RAFFLE ITEMS/DONATED SERVICES CHARITABLE DONATION KING'S RIDGE CHRISTIAN SCHOOL 2765 BETHANY BEND RD APLHARETTA GA 30004 582600863 501(C)(3) 8000 CHARITABLE DONATION GEORGIA STATE UNIVERSITY ALUMNI ASSOCIATION PO BOX 3999 ATLANTA GA 303023999 586045564 501(C)(3) 6808 CHARITABLE DONATION FREE BIKS 4 KIDZ OF ATLANTA CO 1372 DEKALB AVE NE ATLANTA GA 30307 812018295 501(C)(3) 5700 CHARITABLE DONATION 8 0 SCHOLARSHIPS 5 19000 PART I, LINE 2: ALL ASSISTANCE IS CURRENTLY COMPRISED OF DONATIONS TO 501(C)(3) CHARITABLE ORGANIZATIONS. X X 0 1 X X X X X 1 1 0 DAVID PRETER PRESIDENT/CEO 499373 0 133360 0 10239 0 489166 0 33208 0 1165346 0 0 0 JOHN CAREW III SVP STRATEGY 281977 0 46572 0 2322 0 149011 0 33391 0 513273 0 0 0 KELLY M GARMON CMO 274775 0 45085 0 7310 0 162052 0 30475 0 519697 0 0 0 CINDY BOYLES SVP ORGANIZATIONAL DEVELOP 212769 0 34435 0 810 0 127637 0 34161 0 409812 0 0 0 ERIC BROOME SVP ERM/GENERAL COUNSEL 217984 0 35914 0 486 0 119473 0 26522 0 400379 0 0 0 BONNIE J KIMMEY SVP LENDING 241923 0 33356 0 2322 0 19580 0 33930 0 331111 0 0 0 GREGORY GIBSON CFO 245262 0 17594 0 2322 0 11826 0 17862 0 294866 0 0 0 TERESA L MARTIN PRINCIPAL - ACCOUNTING 147309 0 24790 0 768 0 8189 0 23336 0 204392 0 0 0 KENNETH D BREHM VP - CONSUMER LENDING 138673 0 23724 0 1085 0 7275 0 20673 0 191430 0 0 0 ANTHONY STRIPLING VP - MORTGAGE OPERATIONS 136255 0 25040 0 1070 0 2574 0 21181 0 186120 0 0 0 DAVID A MARLOW PRINCIPAL - MEMBER IMPACT 157898 0 26343 0 408 0 6370 0 10740 0 201759 0 0 0 LEE D NORRIS VP - FACILITIES & REAL EST 137745 0 20649 0 1887 0 4828 0 12294 0 177403 0 0 0 GREG COOK PRINCIPAL - CONSUMER LENDI 160470 0 19364 0 1217 0 6158 0 10770 0 197979 0 0 0 JANET F LAMBERT MORTGAGE LOAN ORIGINATOR 36000 0 107317 0 459 0 5816 0 6504 0 156096 0 0 0 MICHAEL STONE AVP SYNDICATION LENDING 135603 0 14243 0 428 0 6745 0 10026 0 167045 0 0 0 TODD LAMBRIGHT MORTGAGE SALES MANAGER 50000 0 143995 0 2674 0 5554 0 630 0 202853 0 0 0 MATTHEW HAVICE ASST GENERAL COUNSEL 135000 0 15947 0 383 0 6791 0 9848 0 167969 0 0 0 BARBARA BURKETT VP - DEPOSITS & PAYMENTS 119871 0 20096 0 1657 0 6466 0 15195 0 163285 0 0 0 PART I, LINE 1B THERE IS NO WRITTEN, BOARD APPROVED, POLICY COVERING HEALTH/SOCIAL CLUB DUES PAID FOR CEO/PRESIDENT. HOWEVER, IT IS ADDRESSED IN HIS EMPLOYMENT CONTRACT WHICH WAS SIGNED BY THE BOARD. THERE IS NO WRITTEN, BOARD APPROVED, POLICY COVERING THE PAYMENT OF DIRECTOR SPOUSE TRAVEL. WHEN SUCH PAYMENTS OCCUR THEY ARE INCLUDED IN TAXABLE COMPENSATION. PART I, LINES 4A-B DAVID PRETER - PARTICIPATED IN 457F PLAN - 2016 ACCRUAL $449,166 KELLY GARMON - PARTICIPATED IN 457F PLAN - 2016 ACCRUAL $139,750 JOHN CAREW III - PARTICIPATED IN 457F PLAN - 2016 ACCRUAL $128,335 ERIC BROOME - PARTICIPATED IN 457F PLAN - 2016 ACCRUAL $99,945 CINDY BOYLES - PARTICIPATED IN 457F PLAN - 2016 ACCRUAL $115,472 GREG COOK - SEVERANCE PAYMENT $39,816 FORM 990, SCHEDULE J, PART II JOHN CAREW, SVP STRATEGY, IS PAID BY THE CU, HOWEVER OF JOHN'S TOTAL COMPENSATION AND BENEFITS FOR THE YEAR, $162,729.32 WAS RELATED TO SERVICES PROVIDED TO AFFINITY CREDIT UNION, AN UNRELATED PARTY, WHICH WAS REIMBURSED BY THEM. DAVID PRETER PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 7801230 5796557 0 1 1 WILLIAM LUSK COO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 1461154 1378104 0 1 1 KELLY GARMON CMO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2194815 2059357 0 1 1 9234018 DAVID DICKEY BOARD MEMBER 737500 CU BOARD MEMBER, DAVID DICKEY, IS RELATED TO DICKEY BROADCASTING (BOARD MEMBER). THE CU CONDUCTS MARKETING, ADVERSTISING AND BRANDING BUSINESS WITH THIS ENTITY. 0 DAVID DICKEY BOARD MEMBER 451583 CU BOARD MEMBER, DAVID DICKEY, IS RELATED TO CUMULUS MEDIA (STOCKHOLDER). THE CU CONDUCTS MARKETING, ADVERSTISING AND BRANDING BUSINESS WITH THIS ENTITY. 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 186,028 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7A CURRENT MEMBERS MAY ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL OF MEMBERS. THESE DECISIONS MAY ALSO BE SUBJECT TO SCRUTINY BY VARIOUS GOVERNMENTAL AGENCIES. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY BOTH THE CREDIT UNION'S CFO AND THE PRINCIPAL ACCOUNTING OFFICER AFTER BEING PREPARED BY THE CPA FIRM. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS REGULARLY AND CONSISTENTLY MONITORED AND ENFORCED BY THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES MCLAGAN, AN AON HEWITT COMPANY, TO CONSULT REGARDING COMPENSATION PRACTICES. THE CREDIT UNION PARTICIPATES IN AND PURCHASES SEVERAL COMPENSATION STUDIES, AND MCLAGAN ANALYZES THE DATA AND PROVIDES A WRITTEN REPORT TO THE COMPENSATION COMMITTEE OF THE BOARD. THIS INFORMATION IS PROVIDED ANNUALLY RELATED TO THE CEO, MOST RECENTLY IN 2016, AND BI-ENNIALLY RELATED TO OTHER OFFICERS, MOST RECENTLY IN 2015. THE COMPENSATION COMMITTEE RECOMMENDS AND APPROVES SALARY CHANGES FOR THE CEO, AND REVIEWS THE CEO'S DECISIONS FOR OTHER OFFICERS ANNUALLY. COMPENSATION OF KEY EMPLOYEES IS SUBJECT TO REVIEW AND APPROVAL OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME 19,166,152. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. GEORGIA'S OWN FOUNDATION INC 1155 PEACHTREE ST ATLANTA GA 30309 474818845 FOUNDATION TO AWARD GRANTS GA 501(C)(3) LINE 7 GEORGIA'S OWN CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 GEORGIA'S OWN FOUNDATION INC B 102259 FMV