2015-11-13T08:34:07-00:00 2014-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2014-01-01 561295697 FIRST CAROLINA CORPORATE CREDIT UNION FIRS 3362174992 7900 TRIAD CENTER DRIVE Room 410 GREENSBORO NC 27409 DAVID BREHMER PRESIDENTCEO 2015-11-13 true DOUGLAS ORTH 3052328272 2015-11-13 2014 2016-03-07 17:11:31Z DAVID BREHMER 7900 TRIAD CENTER DRIVE STE 410 GREENSBORO NC 27409 175972241 false 2032 X WWW.FIRSTCAROLINA.ORG X CREDIT UNION 1980 NC FIRST CAROLINA IS THE CREDIT UNIONS CREDIT UNION OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS. 9 9 28 16 0 0 3253625 3171503 9748264 9929373 569653 363049 13571542 13463925 0 0 2596709 2716880 0 0 7116958 6964882 9713667 9681762 3857875 3782163 1376975643 1092759285 1295138179 1006448554 81837464 86310731 MAXIMIZE THE VALUE OF MEMBER OWNERSHIP THROUGH SUPERIOR SERVICE AND PERSONALIZED PRODUCTS. false false SETTLEMENT AND PAYMENT SERVICES MANAGEMENT OF SHORT TERM FUNDS LIQUIDITY SERVICES ASSET-LIABILITY MANAGEMENT MODELING CONSULTING SERVICES. INCOME DERIVED FROM THE MANAGEMENT OF MEMBER SHORT TERM FUNDS AND FEE-BASED PAYMENT AND CONSULTING SERVICES PROVIDE THE FOUNDATION FOR THE ORGANIZATIONS OPERATION AND FINANCIAL STABILITY. THIS FINANCIAL STABILITY ALLOWS THE ORGANIZATION THE ABILITY TO PROVIDE LOW-COST, VALUE ADDED FINANCIAL RISK MANAGEMENT, AND EDUCATIONAL SERVICES TO OUR RESTRICTED MEMBERSHIP. false false false false false false false false false true false false false true true true false false false false false false false false false false false false true false true false false false false false false false false false false false false false true 0 0 true 28 true false false false false false false X 9 9 false false false false true true true true true false false false true true true true true true true false X DAVID BREHMER 3362174992 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 SCOTT WOODS DIRECTOR 002.00 002.00 X 0 0 0 ROBERT BRUNS CHAIRMAN 003.00 003.00 X 0 0 0 RANDY CRAWFORD SECRETARY 002.00 002.00 X 0 0 0 LORI THOMPSON DIRECTOR 002.00 002.00 X 0 0 0 JACK BRASWELL DIRECTOR 002.00 002.00 X 0 0 0 LUCILE BECKWITH DIRECTOR 002.00 002.00 X 0 0 0 STEVEN SMITH TREASURER 002.00 002.00 X 0 0 0 SCOTT WEAVER DIRECTOR 002.00 002.00 X 0 0 0 DAVID BREHMER PRESIDENT/CEO 040.00 040.00 X 385678 0 43748 MARK BROWN SVP/CFO 040.00 040.00 X 179819 0 31036 FRED EISEL SVP/CIO 040.00 040.00 X 169193 0 29269 LISA BOYLEN VP/ALM 040.00 040.00 X 104367 0 21061 839057 125114 4 false true false LENDING TOOLS 200 N BROADWAY SUITE 700 WICHITA KS 67202 ACH SOFTWARE SERVICES 198417 FEDERAL RESERVE BANK 701 E BYRD ST RICHMOND VA 23219 SETTLEMENT AND WIRES 259337 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 250331 VARROW PO BOX 602499 CHARLOTTE NC 28260 IT SUPPORT SERVICES 141466 ZM FINANCIAL SYSTEMS 501 EASTOWNE DR STE 130 CHAPEL HILL NC 27514 ALM SERVICES 239222 5 INCOME ON LOANS 522100 161517 161517 FEES/CHARGES/OTHER 522100 3009986 3009986 3171503 8792493 8792493 163645196 162508316 1136880 1136880 1136880 FRB EBA PROGRAM INCOME 522100 363049 363049 363049 13463925 13463925 0 0 0 0 838743 838743 0 1381180 1381180 161764 161764 196946 196946 138247 138247 0 12000 12000 111996 111996 0 0 289230 289230 46366 46366 1717137 1717137 748215 748215 0 116303 116303 138461 138461 0 35432 35432 2869199 2869199 40807 40807 187316 187316 84617 84617 SEE ATTACHED SCHEDULE 567803 567803 0 9681762 9681762 -18484 2694 525080440 229732492 7557871 5564942 128812 3106551 4283375 13806515 270742 207550 1049156 581740 438633 467416 810483827 813315391 28347146 21125879 403281 5429855 1376975643 1092759285 715931 689370 119385450 17053555 1175036798 988705629 1295138179 1006448554 X 81837464 86310731 81837464 86310731 1376975643 1092759285 X 3782163 1557765 -866661 X false true X true false false 82642 41936 40706 704091 395328 308763 262423 144476 117947 467416 Financial derivatives and other financial products Closely-held equity interests Federal income taxes NON-MS DAILY SHARE ACCOUNTS 533224 DAILY SHARE ACCOUNTS 716966691 PSA-30 SHARE ACCOUNTS 7874248 PSA-90 SHARE ACCOUNTS 232738204 HOLIDAY ACCUMULATION ACCOUNT 10325000 UNCOLLECTED DEPOSITS-CASH LETTER 28262 CIF CERTIFICATES 1248000 CERTIFICATES 18992000 MEMBERSHIP CAPITAL SHARES 988705629 X 12940290 -523635 -523635 13463925 13463925 9158127 9158127 523635 523635 9681762 X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. 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 501C14. 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. MANAGEMENT HAS ASSESSED THE CREDIT UNIONS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO INCOME DERIVED FROM NON-EXEMPT SOURCES. THEREFORE, NO LIABILITY EXISTS FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE. AS SUCH, THE CREDIT UNION HAS NOT FILED TAX RETURNS FOR REPORTING UBIT-RELATED INCOME FOR TAX YEARS PRIOR TO DECEMBER 31, 2014. XI 2D FRB EBA PROGRAM FEE IS NETTED AGAINST FRB EBA INCOME FOR PURPOSES OF THE AUDITED FINANCIAL STATEMENTS. HOWEVER, ON THE FORM 990, BECAUSE EBA PROGRAM FEES ARE EXPENSES, THEY ARE CLASSIFIED AS SUCH AND REPORTED ON PART IX. INCLUDED IN THIS LINE ARE LOSSES NOT ASSOCIATED WITH THE SALE OF INVESTMENTS REPORTED ON PART VIII LINE 7. XII 4B FRB EBA PROGRAM FEE IS NETTED AGAINST FRB EBA INCOME FOR PURPOSES OF THE AUDITED FINANCIAL STATEMENTS. HOWEVER, ON THE FORM 990, BECAUSE EBA PROGRAM FEES ARE EXPENSES, THEY ARE CLASSIFIED AS SUCH AND REPORTED ON PART IX. INCLUDED IN THIS LINE ARE LOSSES NOT ASSOCIATED WITH THE SALE OF INVESTMENTS REPORTED ON PART VIII LINE 7. X X X false true false DAVID BREHMER PRESIDENT/CEO 284429 61386 39863 23400 20348 429426 MARK BROWN SVP/CFO 150500 18954 10365 15391 15645 210855 FRED EISEL SVP/CIO 136000 28255 4938 13690 15579 198462 Part I Line 4B MARK BROWN AND FRED EISEL PARTICIPATE IN A 457F PLAN. THE LIABILITY RECORDED AS OF DECEMBER 31, 2014 FOR EACH OF THE PARTICIPANTS WAS 10,715. DAVID BREHMER CEO TO FUND LIFE INSURANCE PURCHASE X 3000000 2961736 false true true DAVID BREHMER CEO TO FUND LIFE INSURANCE PURCHASE X 91760 false true true MARK BROWN SVP/CFO TO FUND LIFE INSURANCE PURCHASE X 28923 false true true FRED EISEL SVP/CIO TO FUND LIFE INSURANCE PURCHASE X 24132 false true true 3106551 Part II Line 1-4 THESE LOANS ARE FULLY COLLATERALIZED BY THE SURENDER VALUES OF THE UNDERLYING POLICIES. Form 990, Part VI, Section A, Line 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. 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 BODYS 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 11 THE SVP/CFO IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. THE RETURN IS REVIEWED BY THE CREDIT UNIONS PRESIDENT/CEO. ONCE THIS REVIEW IS COMPLETED AND ANY NECESSARY CORRECTIONS ARE MADE, THE RETURN IS FILED. Form 990, Part VI, Section B, Line 12C AT EACH BOARD OF DIRECTORS MEETING THEY ARE ASKED IF ANY CONFLICTS EXIST AND RECUSALS NECESSARY TO TRANSACT BUSINESS. Form 990, Part VI, Section B, Line 15B OUTSIDE CONSULTANT REVIEWS POSITIONS BI-ANNUALLY AND PARTICIPATE IN CORPORATE CREDIT UNION SALARY SURVEY ANNUALLY. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 RECLASSIFICATION ADJUSTMENT FOR NET GAINS INCLUDED IN NET INCOME OF 658,366 PERPETUAL CONTRIBUTED CAPITAL RECEIVED APPROXIMATELY 143,000 DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL OF APPROXIMATELY 352,000.