2016-11-07T14:44:11-06:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2015-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL J KIRK SENIOR VICE PRESIDENT/CFO 6072578500 2016-10-28 1 KENNETH WELCH P01329104 5712279500 2015 2017-02-10 21:41:12Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 44144572 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. 9 8 223 11 158012 13548 0 0 32581759 36259020 2362948 2390507 0 0 34944707 38649527 0 0 3399615 3322528 11036638 12879924 0 0 0 12086171 15130409 26522424 31332861 8422283 7316666 909050024 974371247 789882518 848283130 119167506 126088117 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 66,295 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 28,478 LOANS OUTSTANDING AS OF DECEMBER 31, 2015. 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 1 0 0 0 0 0 1 1 0 0 1 12105 0 1 223 1 1 1 0 0 0 0 0 X 9 8 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 ROBERT CREE BOARD 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 AMY WOOD GONZALEZ DIRECTOR 1.00 X 0 0 0 KATIE FOLEY DIRECTOR 1.00 X 0 0 0 SUSAN T SCHATTSCHNEIDER DIRECTOR 1.00 X 0 0 0 JAMES W PLACE DIRECTOR 1.00 X 0 0 0 LISA WHITAKER CEO 50.00 X X 603509 0 97917 PAUL J KIRK CFO 50.00 X 267483 0 58368 WILLIAM CRANE CAO 50.00 X 254247 0 64933 CATHERINE BENSON CLO 50.00 X 227982 0 49739 BETH PUTNAM CRO 50.00 X 226495 0 52521 EILEEN COVEY VP OPERATIONS 50.00 X 196625 0 50572 MARTHA PRESTON MORTGAGE LOAN SALES ASSOCI 50.00 X 133994 0 43499 ELIZA MULHERN VP & ASSOC GENERAL COUNSEL 50.00 X 144593 0 48946 CHRISTINE WERNER VP OF MORTGAGE OPERATIONS 50.00 X 133945 0 41014 JENNIFER CARLTON-COOPER VP OF TECHNOLOGY 50.00 X 139393 0 19405 2328266 0 526914 15 0 1 0 UNITED SOLUTIONS 1585 SUMMIT LAKE DRIVE TALLAHASSEE FL 32317 CORE PROCESSOR 2028910 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 EFT & BILL PAY 1583707 IMMEDIATE MAILING SERVICE 245 COMMERCE BLVD LIVERPOOL NY 13088 MAIL SERVICE PROVIDER 378838 COUGHLIN AND GERHART LLP PO BOX 2039 BINGHAMTON NY 13902 LEGAL SERVICES 293583 CLIFTONLARSONALLEN 1966 GREENSPRING DRIVE SUITE 300 TIMONIUM MD 21093 EXTERNAL AUDITING SERVICE 244547 11 LOAN INTEREST 522100 27067198 27067198 FEE INCOME 522100 8060111 7902099 158012 OTHER INCOME 900099 1131711 1131711 36259020 2113188 2113188 371773 5400591 221024 5274021 150749 126570 277319 277319 38649527 36101008 158012 2390507 3322528 1903194 7066589 607735 2577925 724481 156527 1797411 5838830 912081 42038 903993 PROVISION FOR LOAN LOSS 2673094 LOAN SERVICING EXPENSE 1215297 EDUCATIONAL AND PROMOTI 811132 MICELLANEOUS EXPENSES 780006 31332861 138808787 182699034 250000 393898 795080 597650246 658765891 606162 591267 19191767 9703441 8289859 9488326 153020087 111162580 10280985 10619069 909050024 974371247 3387833 4462726 6068726 74128 780425959 843746276 789882518 848283130 X 0 0 15582928 15582928 103584578 110505189 119167506 126088117 909050024 974371247 X 7316666 -245306 -150749 X X 0 1 X 1 0 0 1 X 2916796 2916796 9613827 9613827 1877909 1877909 4783235 4783235 9703441 -9703441 9488326 FHLB CAPITAL STOCK 1983500 C SECURITIES AFS 107553659 F OTHER INVESTMENTS 367396 C SECURITIES HELD FOR SALE 1258025 C 111162580 MEMBER SHARE ACCOUNTS 843746276 843746276 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. 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 CREDIT UNION'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. 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 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, 2015 AND 2014. THE CREDIT UNION AND SUBSIDIARY'S 2012 AND SUBSEQUENT TAX YEARS RETURNS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 LISA WHITAKER CEO 429048 0 140719 0 33742 0 79984 0 17933 0 701426 0 0 0 PAUL J KIRK CFO 207459 0 60024 0 0 0 43346 0 15022 0 325851 0 0 0 WILLIAM CRANE CAO 187854 0 56608 0 9785 0 36735 0 28198 0 319180 0 0 0 CATHERINE BENSON CLO 171828 0 51381 0 4773 0 32687 0 17052 0 277721 0 0 0 BETH PUTNAM CRO 171778 0 50074 0 4643 0 44775 0 7746 0 279016 0 0 0 EILEEN COVEY VP OPERATIONS 153688 0 38837 0 4100 0 42615 0 7957 0 247197 0 0 0 MARTHA PRESTON MORTGAGE LOAN SALES ASSOCI 131302 0 0 0 2692 0 35753 0 7746 0 177493 0 0 0 ELIZA MULHERN VP & ASSOC GENERAL COUNSEL 117635 0 20349 0 6609 0 22691 0 26255 0 193539 0 0 0 CHRISTINE WERNER VP OF MORTGAGE OPERATIONS 112935 0 18810 0 2200 0 30117 0 10897 0 174959 0 0 0 JENNIFER CARLTON-COOPER VP OF TECHNOLOGY 114491 0 18810 0 6092 0 18182 0 1223 0 158798 0 0 0 LISA WHITAKER LISA WHITAKER IS CEO/PRESIDENT/DIRECTOR OF CFCU COMMUNITY CREDIT UNION 2028910 PRESIDENT/CEO/DIRECTOR LISA WHITAKER IS ON THE BOARD OF UNITED SOLUTIONS WHICH IS THE CREDIT UNION'S CORE PROCESSOR 0 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 11 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 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. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2015. 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 -150,749. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESSES HAVE NOT CHANGED SINCE THE PRIOR YEAR. CFCU FINANCIAL SERVICES INC 1030 CRAFT ROAD ITHACA NY 14850 161485702 AUTO LEASING NY CFCU COMMUNITY CREDIT UNION C 2262 307249 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0