2017-07-13T13:39:24-05:00 2016-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2016-01-01 590747276 UNIVERSITY CREDIT UNION UNIV 7864255000 13241 SW 136 ST MIAMI FL 331865822 BARBARA THOMAS EVP/COO 7864255024 2017-07-13 1 DOUGLAS J ORTH P01076394 3052328272 40.141.134.7 2017-07-13 14:17:44 ED P 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 1353DC092BF0A9AADCA388267C2932B6E10091D4 2016 2021-01-29 14:40:06Z MICHAEL J WELCH SR 13241 SW 136 STREET MIAMI FL 33186 7281343 0 2106 X WWW.MYUNICU.COOP X 1947 FL THE MISSION OF UNIVERSITY CREDIT UNION IS TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS. 9 9 70 14 56277 -45095 0 0 5920668 5598917 1362562 1682426 0 0 7283230 7281343 0 0 0 0 3461412 3313049 0 0 0 4778105 3859898 8239517 7172947 -956287 108396 189737024 196221716 171956510 179013933 17780514 17207783 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2605 0 1 70 1 1 1 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 X BARBARA THOMAS 7864255000 13241 SW 136 STREET MIAMI FL 33186 DR SCOTT INGOLD BOD CHAIR 10.00 X 0 0 0 MR NICHOLAS DICIACCO BOD VICE CHAIR 10.00 X 0 0 0 MR REMBERTO SANCHEZ BOD TREASURER 10.00 X 0 0 0 MR HUMBERTO SPEZIANI BOD SECRETARY 10.00 X 0 0 0 MR STEWART SERUYA DIRECTOR 5.00 X 0 0 0 MS MARY STEWART NATIELLO DIRECTOR 5.00 X 0 0 0 MR ROBERT J DUBORD DIRECTOR 5.00 X 0 0 0 MR SAMUEL SHUNK DIRECTOR 5.00 X 0 0 0 MR BOB BURNS DIRECTOR 5.00 X 0 0 0 MR VICTOR VALENCIA S/C CHAIR 5.00 X 0 0 0 MR COLIN BROWN S/C 5.00 X 0 0 0 MR M O THIRUNARAYANAN S/C 5.00 X 0 0 0 MS VIVIAN FERNANDEZ S/C 5.00 X 0 0 0 MS DENISE HANEY S/C 5.00 X 0 0 0 MICHAEL J WELCH SR PRESIDENT/CEO 60.00 X 1080138 0 30100 BARBARA THOMAS EVP/COO 60.00 X 153368 0 13128 ERIC HOSKINS SVP/CIO 60.00 X 104402 0 4370 1337908 0 47598 3 0 1 0 FISERV PO BOX 60000 SAN FRANCISCO CA 94160 DATA PROCESSING 496473 FISERV EFT PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT AND ATM PROCESSING 253686 PSCU 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 177111 AT&T PO BOX 536216 ATLANTA GA 30353 TELEPHONE/COMMUNICATIONS 125924 MIAMI DADE TAX COLLECTOR 140 SW FLAGLER ST MIAMI FL 33130 TANGIBLE PROPERTY/RE TAXES 119814 5 INCOME ON LOANS 522100 2979256 2979256 FEES AND CHARGES 522100 2563384 2563384 UNRELATED BUSINESS INC 900099 56277 56277 5598917 1682426 1682426 7281343 7225066 56277 0 1276734 1419299 72689 332365 211962 28950 50673 174405 85040 292361 537253 441565 18379 209921 471152 107980 PLASTIC CARD EXPENSE 629993 PROVISION FOR LOAN LOSS 267102 MAINTENANCE 227781 MISCELLANEOUS EXPENSE 170462 146881 7172947 1358794 1340203 38118446 33722061 844524 475947 55631556 57228786 261356 294911 17212173 6729323 10663163 10482850 30342254 44128145 46460042 42415113 2833 2333 6054056 6131367 189737024 196221716 2703552 2588449 169252958 176425484 171956510 179013933 X 0 0 0 0 17780514 17207783 17780514 17207783 189737024 196221716 108396 -681127 0 X X 0 1 X 1 0 3001502 3001502 8262188 1622328 6639860 775955 509344 266611 5172528 4597651 574877 10482850 FHLB STOCK 170900 C CERTIFICATES OF DEPOSIT - LONG TERM 42018177 C PCC CORPORATE ONE FCU 226036 C 42415113 SHARE DRAFTS 47046911 SHARES AND CLUBS 62436889 MONEY MARKET 41488850 IRA SHARES 4361797 SHARES AND IRA CERTIFICATES 21091037 176425484 X 7281343 0 7281343 0 7281343 7172947 0 7172947 0 7172947 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. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN 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. TAX POSITIONS. CURRENTLY, THE 2015, 2014, AND 2013 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. X X X 0 1 0 MICHAEL J WELCH SR PRESIDENT/CEO 246315 0 0 0 833823 0 9275 0 20825 0 1110238 0 0 0 BARBARA THOMAS EVP/COO 147812 0 0 0 5556 0 5326 0 7802 0 166496 0 0 0 PART I, LINE 4B THREE EMPLOYEES PARTICIPATE IN A 457(F) PLAN. THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO MICHAEL J. WELCH SR. AS OF 12/31/16 WAS $11,585; THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO BARBARA THOMAS AS OF 12/31/16 WAS $188,241; THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO ERIC HOSKIN'S AS OF 12/31/15 WAS $92,408. DURING 2016, MICHAEL J. WELCH SR. RECEIVED A CONTRACTUAL BENEFIT PAYOUT FROM HIS 457(F) PLAN IN THE AMOUNT OF $823,115. FORM 990, PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP - BOD MEMBER (TREASURER) REMBERTO SANCHEZ IS THE SON-IN-LAW OF BOD CHAIRMAN SCOTT INGOLD. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE EXECUTIVE VICE PRESIDENT. THE FINANCIAL DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS OF THE EXTERNAL AUDITORS. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. 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.