2016-10-17T00:00:00-05:00 2015-12-31 580692043 Mauldin & Jenkins LLC 200 Galleria Pkwy SE Ste 1700 Atlanta GA 303395946 990 2015-01-01 580240950 Associated Credit Union ASSO 7704488200 6251 Crooked Creek Road Norcross GA 300923107 Tim Bridges EVP/CFO 7704488200 2016-10-10 1 Mary Jo Alexander P00002534 7709558600 2016-10-10 2015 2017-02-10 21:41:12Z C Lin Hodges 6251 Crooked Creek Road Norcross GA 300923107 61055388 0 X www.acuonline.org X Credit Union 1930 GA State-Chartered Credit Union that offers members financial products that fulfill their needs, services that exceed their expectations, and relationships that inspire their trust. 13 12 378 17 556140 -181467 0 0 52591781 56725136 5510903 4330252 0 0 58102684 61055388 0 0 0 0 21193307 22300195 0 0 0 28915771 30443820 50109078 52744015 7993606 8311373 1338282125 1381767098 1181423648 1216780108 156858477 164986990 Associated Credit Union offers members financial products that fulfill their needs, service that exceeds their expectations, and relationships that inspire their trust. 0 0 Associated Credit Union is a full-service financial institution offering a wide variety of products and services to over 150,000 members in the state of Georgia. 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 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 28666 0 1 378 1 1 1 0 0 0 0 0 X 13 12 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 GA X Beth R Tynan 7703682117 6251 Crooked Creek Road Norcross GA 300923107 James C Barbre Director 1.00 1.00 X 9000 0 0 Mike Collins Director 1.00 1.00 X 9000 0 0 Chuck Gehrmann Director 1.00 1.00 X 9000 0 0 Harvey Campbell Director 1.00 1.00 X 8250 0 0 Keith Gettmann Director 1.00 1.00 X 7500 0 0 Tim F Kercheval Director 1.00 1.00 X 9000 0 0 Margaret Pittman Director 1.00 1.00 X 9000 0 0 Doyle Spears Director 1.00 1.00 X 9000 0 0 John Petros Director 1.00 1.00 X 9000 0 0 Ron Ford Director 1.00 1.00 X 9000 0 0 Allen Bryan Director 1.00 1.00 X 9000 0 0 George Clarke Director 1.00 1.00 X 9000 0 0 Lin Hodges President/CEO 40.00 X X 2252970 0 105465 Greg Connor Executive VP 40.00 X 353667 0 73642 Tim Bridges Executive VP/CFO 40.00 X 286777 0 19188 Mark Waller EVP/COO 40.00 X 250815 0 87932 Karl Mann VP/CIO 40.00 X 208233 0 8462 Deborah Tuttle VP/Operations 40.00 X 193008 0 108349 Pamela Mott VP/Training 40.00 X 760906 0 26596 William Baum VP/Loans 40.00 X 158342 0 75426 Tom Maiellaro VP/Marketing 40.00 X 155245 0 38522 Jeffrey Bergum AVP/Operations 40.00 X 145648 0 11290 Todd Chandler AVP/Information Technology 40.00 X 137605 0 14925 5008966 0 569797 18 0 1 0 Digital Insight Corporation PO Box 515306 Los Angeles CA 90051 Home Banking Vendor 2055255 Jack Henry & Associates Inc 11395 Old Roswell Road Alpharetta GA 30009 Bank Automation Solutions 880508 Thompson O'Brien Kemp & Nasuti PC 40 Technology Parkway Norcross GA 30092 Legal Services 426829 Prosys 28545 Network Place Chicago IL 60673 IT Equipment and Supplies 354475 AT&T PO Box 5019 Carol Stream IL 30197 Communication Services 350510 24 Interest on Loans 522100 31350904 31350904 Fee Income 522100 15853298 15297158 556140 Other Operating Income 522100 8853046 8853046 Gain on Sale of Mtge Loans 522100 667888 667888 56725136 4276100 4276100 54152 0 54152 54152 54152 61055388 56168996 556140 4330252 3817663 13383407 883188 3054707 1161230 8574 94800 2012860 1597501 4990281 238803 1320896 213894 360690 4006797 1547925 285885 Loan Servicing Expense 5026904 Provision for Loan Loss 4970000 ATM Expenses 2633807 ATM,Credit Cd, etc Loss 631299 502904 52744015 11140871 10768590 50587542 77710375 2797000 2850000 808289344 907167175 26159653 14068968 12255267 12090685 429670361 330652908 2678900 4415500 20862840 36111865 1338282125 1381767098 16124650 14848914 1165298998 1201931194 1181423648 1216780108 X 0 0 0 0 156858477 164986990 156858477 164986990 1338282125 1381767098 8311373 -182860 0 X X 0 1 X 1 0 3208981 3208981 12364160 6338620 6025540 1111131 270973 840158 9475381 7459375 2016006 12090685 Available for Sale Securities 325697528 F Other Investments 4955380 F 330652908 Member Shares and Deposits 1201931194 1201931194 X 61055388 0 61055388 0 61055388 52798115 54100 54100 52744015 0 52744015 Part X, Line 2: The Credit Union is exempt, by statute, from federal income taxes. The Internal Revenue Service (IRS) has issued a clarification in the form of a Technical Advice Memorandum(TAMs) on the issue of Unrelated Business Income Tax (UBIT). The IRS has indicated this memorandum will clarify its position on what types of revenue are subject to UBIT. However, IRC Section 511 imposes a tax on the unrelated business income derived by state-chartered credit unions. Many states have similar laws related to various activities conducted by state-chartered credit unions. At this time, there is uncertainty regarding whether the Credit Union should pay income tax on certain types of net taxable income from activities that may be considered by taxing authorities as unrelated to the purpose for which the Credit Union was granted nontaxable status. The taxing authorities have the ability to assess taxes, penalties, and interest for any years for which no tax return was filed. Management has evaluated the Credit Union's tax positions and concluded that the Credit Union has taken no uncertain tax positions that require adjustments to the financial statements. In the opinion of Management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities deemed to be unrelated to the Credit Union's nontaxable status is not expected to have a material effect on the Credit Union's financial position or results of operations. While it seems likely that certain income streams of state chartered credit unions will be subject to UBIT, the issue remains open. The Credit Union files IRS forms 990 and 990T in the U.S. federal jurisdiction and has a December 31 tax year end. Part XII, Line 2d - Other Adjustments: Exchange Fees 54,100. X X X 1 1 X X X X 0 1 0 Lin Hodges President/CEO 521805 0 147000 0 1584165 0 96783 0 8682 0 2358435 0 1515198 0 Greg Connor Executive VP 293667 0 60000 0 0 0 70522 0 3120 0 427309 0 0 0 Tim Bridges Executive VP/CFO 241777 0 45000 0 0 0 15548 0 3640 0 305965 0 0 0 Mark Waller EVP/COO 195815 0 55000 0 0 0 78790 0 9142 0 338747 0 0 0 Karl Mann VP/CIO 181718 0 26515 0 0 0 3342 0 5120 0 216695 0 0 0 Deborah Tuttle VP/Operations 172734 0 20274 0 0 0 106269 0 2080 0 301357 0 0 0 Pamela Mott VP/Training 136802 0 14486 0 609618 0 22016 0 4580 0 787502 0 582284 0 William Baum VP/Loans 140592 0 17750 0 0 0 74529 0 897 0 233768 0 0 0 Tom Maiellaro VP/Marketing 136940 0 18305 0 0 0 31182 0 7340 0 193767 0 0 0 Jeffrey Bergum AVP/Operations 126830 0 18818 0 0 0 8346 0 2944 0 156938 0 0 0 Todd Chandler AVP/Information Technology 122304 0 15301 0 0 0 9555 0 5370 0 152530 0 0 0 Part I, Line 4b Deferred Compensation 457(f) Plan The Credit Union maintains non-qualified pension plans for a select group of Management. The terms of the plan require the participants to remain employed by the Credit Union until an agreed upon retirement date. The plan constitutes an unsecured promise by the Credit Union to pay benefits in the future to the participant and the participant shall have status of a general unsecured creditor of the Credit Union. The deferred compensation accounts are shown as both assets and liabilities on the Credit Union's financial statements and are available to creditors in the event of the Credit Union's liquidation. Any interest earned by, or return on such investments shall be credited to the participant's plan account at least annually. The plan benefits shall be paid as a lump sum as soonas administratively practicable following the earlier of the participant's normal retirement date, the participant's involuntary termination of employment without cause, or the termination of the plan pursuant to the appointed committee's discretion. Participants are eligible based on approval by the Credit Union's Board of Directors. Under this plan, participants are given access to employer funds to be invested in certain investment vehicles. The participant's benefit is the earnings of those investments above the initial investment balance. The asset and liability related to this plan approximated $3,744,000 at December 31, 2015. Actuarial Increase and Current Year Employer Contributions in Non-Qualified Defined Benefit Deferred Compensation 457f Plan and Non-Qualified 457f Plan: C. Lin Hodges Tim Bridges T. Greg Connor Mark Waller Thomas Maiellaro William D. Baum Karl Mann Pamela M. Mott Deborah S. Tuttle Split Dollar Life Insurance The Credit Union has split-dollar life insurance plans for a select group of Management. The Credit Union has secured interest in these plans to the extent of premiums advanced on the behalf of these key employees. The vested interest in these split-dollar plans totaled approximately $4,195,000 as of December 31, 2015. Of the individuals listed on Sch J, the following participated in this plan: C. Lin Hodges Tim Bridges Mark Waller Karl Mann Jeffrey Bergum C Lin Hodges President CEO Split Dollar Life Insurance X 1125000 1350000 0 1 1 Tim Bridges Executive VP/CFO Split Dollar Life Insurance X 500000 600000 0 1 1 Mark Waller EVP/COO Split Dollar Life Insurance X 500000 500000 0 1 1 Karl Mann VP/Information Technology Split Dollar Life Insurance X 400000 400000 0 1 1 2850000 Form 990, Part VI, Section A, line 6 Associated Credit Union is a state-chartered credit union with 159,697 voting members. Form 990, Part VI, Section A, line 7a Associated Credit Union has members who elect one or more members of the governing body. Form 990, Part VI, Section B, line 11 The Board will receive a pdf of Form 990. This will give them time to review and comment on the return. Recommended changes will be incorporated into the return. Form 990, Part VI, Section B, line 12c On an annual basis directors and key employees are required to sign an oath and fill out an application for the Georgia Department of Banking declaring no conflict of interest with Associated Credit Union. Also, through external third party audits and examinations by the Department of Banking and Finance of Georgia and the National Credit Union Administration. Form 990, Part VI, Section B, line 15 The Chairman of the Board or the Personnel Chairman approve the President/CEO compensation and benefits. The CEO approves top management compensation. Data is used from CUES Executive Review and CUNA. Form 990, Part VI, Section C, line 19 The organization's annual tax returns are available upon request. Financial Statements are posted in the lobby of the main office and branches for review. Form 990 Part XII, Line 2c The process for selection of auditors and review of financial statements has not changed from the prior year. The Associated Credit Union Foundation Inc 6251 Crooked Creek Road Norcross GA 30092 262834337 Charitable Giving GA 501(c)(3) Line 7 Associated Credit Union Inc 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0