2015-11-16T10:43:40-06:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2014-01-01 580800932 GEORGIA UNITED CREDIT UNION GEOR 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 TODD GUSTAFSON CFO 7704766487 2015-11-13 1 SHERRI WESSELS P00888088 5074347000 2015-11-13 2014 2016-04-25 22:37:26Z DEBBIE SMITH 6705 SUGARLOAF PKWY DULUTH GA 30097 105419905 0 X WWW.GEORGIAUNITEDCU.ORG X CU 1958 GA GEORGIA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTENANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS. 9 9 317 9 248851 -81685 0 0 38588968 41354187 3912741 5325251 0 55978 42501709 46735416 0 0 3589997 3074322 14983268 16645383 0 0 0 16775530 18324648 35348795 38044353 7152914 8691063 957149295 997219525 855052796 880473528 102096499 116745997 X GA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTNANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS. 0 0 INCOME FROM INTEREST ON LOANS TO CREDIT UNION MEMBERS IS ONE OF THE PRIMARY MISSIONS OF THE ORGANIZATION. INTEREST IS CHARGED ON THE LOANS TO MEMBERS AT MARKET RATES. REVENUE FROM ADMIN FEES IS DERIVED FROM CHARGES TO MEMBERS TO MAINTAIN ACCOUNTS, PROCESS LOANS, AND PROVIDE MANY EXTRA SERVICES TO ITS MEMBERS. INVESTMENTS ARE A VITAL PORTION OF SERVICES PROVIDED TO MEMBERS BY THE CREDIT UNION. THESE INVESTMENTS ALLOW MEMBERS TO SAVE AND INVEST MONEY AND INTEREST AND DIVIDENDS ON THESE DEPOSITS ARE PAID AT MARKET RATES. 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 0 0 0 1 17625 0 1 317 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JAY JONES 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 DOROTHY DUSENBERRY SECRETARY 5.00 X X 0 0 0 THOMAS DICKSON CHAIRMAN 5.00 X X 0 0 0 DR JAMES WILLIAMS VICE CHAIRMAN 5.00 X X 0 0 0 RANDY DENNIS TREASURER 5.00 X X 0 0 0 MONSIGNOR STEPHEN CHURCHWELL DIRECTOR 5.00 X 0 0 0 TOM COCHRAN DIRECTOR/SC CHAIR 5.00 X 0 0 0 DR STEVEN WHALLEY DIRECTOR 5.00 X 0 0 0 FRANK THACH DIRECTOR 5.00 X 0 0 0 GERALDINE TILSON DIRECTOR 5.00 X 0 0 0 DEBBIE SMITH CEO 45.00 X 479101 0 220023 TODD GUSTAFSON EVP/CFO 45.00 X 341007 0 118025 THOMAS BARTHOLOMEW CHIEF INFORMAITON OFFICER 45.00 X 262303 0 118596 MICHELLE SHELTON CHIEF DEVELOPMENT OFFICER 45.00 X 210710 0 106060 SHAWN TURPIN SVP BRANCH DEVELOPMENT 45.00 X 213334 0 77133 MICHAEL LONDON VP LENDING 45.00 X 151455 0 73023 ERIC JENKINS VP OPERATIONS 45.00 X 144291 0 72110 TONYA HARRIS VP STAFF DEVELOPMENT 45.00 X 125278 0 62849 JAY JONES DIRECTOR OF FINANCE 45.00 X 132175 0 27877 PAMELA MARLOWE OPERATIONS MANAGER 45.00 X 152802 0 10891 DOUG FOOTE FORMER CEO 45.00 X 408827 0 6218 2621283 0 892805 12 1 1 0 WEBER MARKETING GROUP 225 TERRY AVE NORTH SEATTLE WA 98109 MARKETING/CONSULTING 772876 JACK HENRY & ASSOCIATES INC PO BOX 609 MANETT MO 65708 DATA PROCESSING SUPPORT 383644 KING COMPUTER CORP 2200 NORCROSS PKWY NORCROSS GA 30070 HARDWARE MAINT 261282 PRESIDIO NETWORKED SOLUTIONS PO BOX 822169 PHILADELPHIA PA 191822169 NETWORK INFRASTRUCTURE SUPPORT 228274 LINCOLN FINANCIAL MEDIA CO OF GA 210 INTERSTATE NORTH CIRCLE ATLANTA GA 30339 MEDIA/ADVERTISING 223798 26 LOAN INTEREST 522100 24536519 24536519 FEE INCOME 522100 8602502 8353651 248851 OTHER OPERATING INCOME 522100 8215166 8215166 41354187 5017383 5017383 58992357 58684489 307868 307868 307868 NON-OPERATING INCOME 522100 55978 55978 55978 46735416 41161314 248851 5325251 3074322 2146292 12033836 217774 1406440 841041 139617 75000 663936 1730568 7117821 2677102 261 1892539 PROVISION FOR LOAN LOSS 1850000 LOAN SERVICING 1849459 LOSS ON WRITE DOWNS 328345 38044353 11858206 33930565 63296640 37963074 4021829 7518000 471154200 534462328 1061462 42399584 16300480 26707483 26099104 319516015 311908333 2039563 2126549 58555359 42150110 957149295 997219525 10581186 13347308 844471610 867126220 855052796 880473528 X 0 0 0 0 102096499 116745997 102096499 116745997 957149295 997219525 X 8691063 5900451 57984 X X 0 1 X 1 0 9504314 9504314 19054744 5074639 13980105 866126 581653 284473 12089385 10309464 1779921 885015 334724 550291 26099104 FED GOV'T AVAILABLE FOR SALE 309723067 F OTHER INVESTMENTS AVAILABLE FOR SALE 1323766 F OTHER INVESTMENTS 861500 C 311908333 MEMBER SHARE ACCOUNTS 866886229 ACCRUED INTEREST ON SHARES 239991 867126220 X 46735416 0 46735416 0 46735416 38044353 0 38044353 0 38044353 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND GEORGIA STATE INCOME TAXES. THE INTERNAL REVENUE SERVICE (IRS) HAS ISSUED A CLARIFICATION IN THE FORM OF A TECHNICAL ADVICE MEMORANDUM (TAM) ON THE ISSUE OF UNRELATED BUSINESS INCOME TAX (UBIT). THE IRS HAS INDICATED THIS TAM WILL CLARIFY ITS POSITION ON WHAT TYPES OF REVENUE ARE SUBJECT TO UBIT. HOWEVER, INTERNAL REVENUE CODE (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 990-T IN THE US FEDERAL JURISDICTION AND HAS A DECEMBER 31 TAX YEAR END. X X X X 1 1 0 DEBBIE SMITH CEO 355000 0 70507 0 53594 0 207883 0 12140 0 699124 0 0 0 TODD GUSTAFSON EVP/CFO 240000 0 79893 0 21114 0 107054 0 10971 0 459032 0 0 0 THOMAS BARTHOLOMEW CHIEF INFORMAITON OFFICER 165000 0 62773 0 34530 0 99655 0 18941 0 380899 0 0 0 MICHELLE SHELTON CHIEF DEVELOPMENT OFFICER 160000 0 31387 0 19323 0 100535 0 5525 0 316770 0 0 0 SHAWN TURPIN SVP BRANCH DEVELOPMENT 145000 0 49458 0 18876 0 69469 0 7664 0 290467 0 0 0 MICHAEL LONDON VP LENDING 125000 0 0 0 26455 0 58207 0 14816 0 224478 0 0 0 ERIC JENKINS VP OPERATIONS 144291 0 0 0 0 0 57125 0 14985 0 216401 0 0 0 TONYA HARRIS VP STAFF DEVELOPMENT 110000 0 10326 0 4952 0 57043 0 5806 0 188127 0 0 0 JAY JONES DIRECTOR OF FINANCE 112000 0 12174 0 8001 0 12941 0 14936 0 160052 0 0 0 PAMELA MARLOWE OPERATIONS MANAGER 7754 0 0 0 145048 0 481 0 10410 0 163693 0 0 0 DOUG FOOTE FORMER CEO 0 0 0 0 408827 0 1592 0 4626 0 415045 0 0 0 PART I, LINES 4A-B DOUG FOOTE - SEVERANCE - $86,250 PAMELA MARLOWE - SEVERANCE - $141,346 DEBBIE SMITH - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS TODD GUSTAFSON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS THOMAS BARTHOLOMEW - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS MICHELLE SHELTON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS SHAWN TURPIN - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS MICHAEL LONDON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS ERIC JENKINS - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS TONYA HARRIS - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS DOUG FOOTE FORMER CEO SPLIT DOLLAR X 4000000 4018000 0 1 1 DEBBIE SMITH CEO SPLIT DOLLAR X 3500000 3500000 0 1 1 7518000 SCHEDULE L, PART V - ADDITIONAL INFORMATION PART II, LINE 1, THESE LOANS ARE DEPOSITS TO SPLIT DOLLAR LIFE INSURANCE ARRANGEMENTS THAT ARE TREATED AS LOANS FOR TAX PURPOSES. COMPOUND INTEREST AT THE IRS SPECIFIED RATE ACCRUES DURING THE INDIVIDUAL'S LIFETIME. THE ORGANIZATION WILL BE REPAID THE PRINCIPAL AND INTEREST AT THE INDIVIDUAL'S DEATH. REPAYMENT IS SECURED BY COLLATERAL ASSIGNMENT OF THE POLICY. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS WHICH ARE REQUIRED TO FIT THE CREDIT UNION'S FIELD OF MEMBERSHIP PROFILE, AND CHOOSE TO JOIN. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. 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 11 THE COMPLETED FORM WILL BE REVIEWED BY THE CREDIT UNION CFO. THE FORM WILL BE SIGNED BY THE CFO, OR THEIR REPRESENTATIVE, BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE MONITORED BY THE HUMAN RESOURCES DEPARTMENT AS WELL AS THE INTERNAL AUDIT FUNCTION OF THE CREDIT UNION. ENFORCEMENT IS ALSO DONE BY REVIEW OF POSSIBLE CONFLICTS OF INTEREST BEFORE ANY NEW CONTRACTS ARE ENTERED INTO. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION REVIEWED BY BOARD OF DIRECTORS COMPENSATION COMMITTEE, WHICH IS APPROVED BY THE FULL BOARD OF DIRECTORS. A SURVEY OF COMPARABLE COMPENSATION IS USED TO SET COMPENSATION. A WRITTEN EMPLOYEMENT AGREEMENT IS USED. COMPENSATION OF OTHER OFFICERS IS REVIEWED BY CEO, AND APPROPRIATE MANAGEMENT. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2014. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLISHED ON THE CREDIT UNION WEB-SITE, AND ALSO AVAILABLE TO GENERAL PUBLIC AT NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN ENTRANCE FEES 57,983. ROUNDING 1. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.