2014-03-26T22:20:36-05:00 2011-12-31 SCHWARTZ COLE AND ASSOCIATES LLC 11776 W SAMPLE RD STE 106 CORAL SPRINGS FL 330653180 990 2011-01-01 580800932 GEORGIA UNITED CREDIT UNION GEOR 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 DEBBIE SMITH 7704766487 2014-03-01 true DANIEL J COLE 9547551760 2014-03-26 2011 2016-03-07 17:11:31Z X DEBBIE SMITH 6705 SUGARLOAF PKWY DULUTH GA 30097 38035044 false X X 1958 GA 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 MAINTENANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED AND OPERATED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS AND OTHER VOLUNTEER COMMITTEES ARE CHOSEN AND STAFFED BY OUR MEMBERS. OUR GOAL IS SIMPLE -- NOT JUST TO MEET, BUT TO EXCEED OUR MEMBERS' EXPECTATIONS IN SERVICING ALL THEIR FINANCIAL NEEDS. 11 11 230 112323 -105234 0 1895221 35543643 -184353 2217966 0 1710868 37761609 0 358738 5818625 425704 12770264 0 0 540401 14840926 1324843 33429815 386025 4331794 636541836 893021040 562710588 796026620 73831248 96994420 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 MAINTENANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED AND OPERATED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS AND OTHER VOLUNTEER COMMITTEES ARE CHOSEN AND STAFFED BY OUR MEMBERS. OUR GOAL IS SIMPLE -- NOT JUST TO MEET, BUT TO EXCEED OUR MEMBERS' EXPECTATIONS IN SERVICING ALL THEIR FINANCIAL NEEDS. false false 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 SECURITIES ARE PAID AT MARKET RATES. 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 false false false false false false false false false false false false false false true 85900 0 true 230 true true true false false false false false X 11 11 false false true false true true true true true false true true false true true true false true true true true true X JAY JONES 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 ROBERT SMITH 3.00 X 0 0 0 DOROTHY DUSENBERRY 3.00 X 0 0 0 THOMAS DICKSON 3.00 X 0 0 0 DR JAMES WILLIAMS 3.00 X 0 0 0 JACK LAVENDER 3.00 X 0 0 0 RANDY DENNIS 3.00 X 0 0 0 MONSIGNOR STEPHEN CHURCHWELL 3.00 X 0 0 0 TOM COCHRAN 3.00 X 0 0 0 DR STEVEN WHATLEY 3.00 X 0 0 0 FRANK THACH 3.00 X 0 0 0 GERALDINE TILSON 3.00 X 0 0 0 WARREN BUTLER 50.00 X 615613 0 55886 KENNETH MERRITT 50.00 X 319102 0 23124 DOUG FOOTE 50.00 X 312530 0 37352 KEVIN DURRANCE 50.00 X 266729 0 8367 DEBBIE SMITH 50.00 X 230362 0 29773 THOMAS BARTHOLOMEW 50.00 X 199095 0 23122 JASON HALPERIN 50.00 X 174482 0 22511 KIM WALL 50.00 X 131532 0 17100 JAY JONES 50.00 X 117580 0 8314 RENE MCDANIEL 50.00 X 114447 0 14999 2481472 240548 10 false true false WEBER MARKETING 225 TERRY AVE NORTH 400 SEATTLE WA 98109 CONSULTING 995608 JACK HENRY & ASSOC 663 W HWY 60 MONETTE MO 65708 DATA PROCESSING 687312 AT&T PO BOX 105320 ATLANTA GA 30348 COMMUNICATIONS 438714 HOWE CONSTRUCTION 11285 ELKINS RD G-1 ROSWELL GA 30076 CONSTRUCTION 429422 DSI PO BOX 102413 ATLANTA GA 30368 SUPPLIES/PRINT 273360 5 INTEREST ON LOANS 26022529 26022529 FEE INCOME 4762074 4762074 OTHER OPERATING INCOME 4200733 4200733 OTHER NON OPERATING INCOME 445984 445984 NON-MEMBER ATM 525990 112323 112323 35543643 2491401 2491401 273435 -273435 -273435 -273435 37761609 37649286 112323 5818625 2481472 9267171 1021621 228690 1357977 4600298 1840550 251685 8353 PROVISION FOR LOAN LOSSES 2859000 NCUSIF STABILIZATION EXP 1895673 LOAN SERVICING 1306357 OTHER OPERATING EXP 407683 84660 33429815 0 0 0 7568113 13431047 102045646 63911215 339572355 433799653 39292184 11675528 23095029 27616656 143297043 287925350 26240000 20963650 40097119 636541836 893021040 6489147 12843785 556221441 783182835 562710588 796026620 X 73831248 96994420 73831248 96994420 636541836 893021040 X 4331794 18831378 X false true true X false false false false false false false false false false false 9752581 9752581 18351682 3087442 15264240 11187921 8588086 2599835 27616656 MEMBER SHARE ACCOUNTS 782701466 ACCRUED INTEREST ON SHARES 481369 783182835 37761609 33429815 4331794 4331794 38035044 273435 273435 37761609 37761609 33703250 273435 273435 33429815 33429815 LIABILITY UNDER FIN 48 FOOTNOTE SCHEDULE D, PAGE 3, PART X THE FOLLOWING IS THE FOOTNOTE CONTAINED IN THE FINANCIAL STATEMENT AUDIT PREPARED BY THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS FOR THE YEAR ENDING 12/31/11. 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. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 LOSS ON SALE SALE OF ASSETS AS EXPENSE ON AUDIT 273,435 LOSS ON SALE SALE OF ASSETS AS EXPENSE ON AUDIT -273,435 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D LOSS ON SALE SALE OF ASSETS AS EXPENSE ON AUDIT 273,435 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D LOSS ON SALE SALE OF ASSETS AS EXPENSE ON AUDIT 273,435 X X X X false false false WARREN BUTLER 615613 38550 17336 671499 KENNETH MERRITT 319102 21198 1926 342226 DOUG FOOTE 312530 34819 2533 349882 KEVIN DURRANCE 266729 7370 997 275096 DEBBIE SMITH 230362 29773 260135 THOMAS BARTHOLOMEW 199095 23122 222217 JASON HALPERIN 174482 22511 196993 AMENDED RETURN EXPLANATION FORM 990, PAGE 1, ITEM B ORIGINAL RETURN WAS FILED WITH A 1/1/11 START DATE (CONVERSION FROM FEDERAL TO STATE OF GA CHARTER. SUBSEQUENT TO THIS, IT WAS DETERMINED THAT THE GA DEPT. OF BANKING MADE THE ACTUAL CONVERSION DATE 12/10/10, NOT 1/1/11 AS HAD BEEN REQUESTED. THIS RETURN IS CHANGED TO NO LONGER REFLECT "INITIAL YEAR" (A 2010 RETURN IS ALSO GOING TO BE FILED). THIS CHANGED ALSO CAUSED VARIOUS CHANGES ON THE FORM 990. ORGANIZATION'S MISSION FORM 990 - ORGANIZATION'S MISSION 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 MAINTENANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED AND OPERATED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS AND OTHER VOLUNTEER COMMITTEES ARE CHOSEN AND STAFFED BY OUR MEMBERS. OUR GOAL IS SIMPLE -- NOT JUST TO MEET, BUT TO EXCEED OUR MEMBERS' EXPECTATIONS IN SERVICING ALL THEIR FINANCIAL NEEDS. SIGNIFICANT CHANGES TO ORGANIZATIONAL DOCUMENTS FORM 990, PAGE 6, PART VI, LINE 4 CREDIT UNION CONVERTED FROM FEDERAL CHARTER TO STATE CHARTER, EXEMPT UNDER IRC CODE 501 (C) 14. CLASSES OF MEMBERS OR STOCKHOLDERS FORM 990, PAGE 6, PART VI, LINE 6 MEMBERS OF CREDIT UNION ARE THOSE WHO FIT THE MEMBERSHIP REQUIREMENTS OF THE CREDIT UNION, AND THEN CHOOSE TO JOIN THE CREDIT UNION. ELECTION OF MEMBERS AND THEIR RIGHTS FORM 990, PAGE 6, PART VI, 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. DECISIONS SUBJECT TO APPROVAL OF MEMBERS FORM 990, PAGE 6, PART VI, 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B THE COMPLETED FORM WILL BE REVIEWED BY THE CREDIT UNION CFO AND CEO. THE FORM WILL BE SIGNED BY THE CFO, OR THEIR REPRESENTATIVE BEFORE FILING. THE BOARD OF DIRECTORS WILL ALSO RECEIVE A COPY AT THEIR MONTHLY MEETING. ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C CONFLICT OF INTEREST ARE ENFORCED BY REVIEW OF POSSIBLE CONFLICTS OF INTEREST BEFORE ANY NEW CONTRACTS ARE ENTERED INTO. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A CEO COMPENSATION REVIEWED BY BOARD OF DIRECTORS COMPESATION COMMITTEE, WHICH IS APPROVED BY THE FULL BOARD OF DIRECTORS. A SURVEY OF COMPARIBLE COMPENSATION IS USED TO SET COMPENSATION. A WRITTEN EMPLOYMENT AGREEMENT IS USED. COMPENSATION PROCESS FOR OFFICERS FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION OF OTHER OFFICERS IS REVIEWED BY CEO, AND APPROPRIATE MANAGEMENT. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, 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. OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 5 DURING 2011 THE CREDIT UNION AQUIRED (THROUGH MERGER) THE NET ASSETS OF STATE EMPLOYEES CREDIT UNION. THOSE NET ASSETS TOTALED 18,167,315.