2014-09-02T04:11:55-00:00 2013-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2013-01-01 561295697 FIRST CAROLINA CORPORATE CREDIT UNION FIRS 3362174992 7900 TRIAD CENTER DRIVE Room 410 GREENSBORO NC 27409 DAVID BREHMER PRESIDENTCEO 2014-08-30 true DOUGLAS ORTH 3052328272 2014-08-30 2013 2015-11-30 17:44:51Z DAVID BREHMER 7900 TRIAD CENTER DRIVE STE 410 GREENSBORO NC 27409 155584738 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 17 0 0 3296899 3253625 10352454 9748264 589399 569653 14238752 13571542 0 0 2316549 2596709 0 0 7320465 7116958 9637014 9713667 4601738 3857875 1382776073 1376975643 1303605599 1295138179 79170474 81837464 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 false false false false false false false false false false false false false true 0 0 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 CHAIRMAN 003.00 003.00 X 0 0 0 ROBERT BRUNS DIRECTOR 002.00 002.00 X 0 0 0 RANDY CRAWFORD SECRETARY 002.00 002.00 X 0 0 0 STEVE HARKINS DIRECTOR 002.00 002.00 X 0 0 0 JACK BRASWELL TREASURER 002.00 002.00 X 0 0 0 LUCILE BECKWITH DIRECTOR 002.00 002.00 X 0 0 0 STEVEN SMITH DIRECTOR 002.00 002.00 X 0 0 0 SCOTT WEAVER V. CHAIRMAN 002.00 002.00 X 0 0 0 JIM MCDANIEL DIRECTOR 002.00 002.00 X 0 0 0 DAVID BREHMER CEO 040.00 040.00 X 368940 0 33907 MARK BROWN SVP/CFO 040.00 040.00 X 175670 0 24373 FRED EISEL SVP/CIO 040.00 040.00 X 175897 0 23527 LISA BOYLEN VP/ALM 040.00 040.00 X 100866 0 18634 821373 100441 4 false true false NORTH CAROLINA CREDIT UNION LEAGUE 323 W JONES STREET RALEIGH NC 27609 PAYROLL SERVICES 2786063 FEDERAL RESERVE BANK 701 E BYRD ST RICHMOND VA 23219 SETTLEMENT AND WIRES 298124 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 292180 LENDING TOOLSCOM INC 200 N BROADWAY STE 700 WICHITA KS 67202 ACH SERVICES 203613 ZM FINANCIAL SYSTEMS 501 EASTOWNE DR STE 130 CHAPEL HILL NC 27514 BUILDING RENT 231053 6 INCOME ON LOANS 522100 140814 140814 FEES/CHARGES/OTHER 522100 3112811 3112811 3253625 9475597 9475597 142285863 142013196 272667 272667 272667 FRB EBA PROGRAM INCOME 522100 569653 569653 569653 13571542 13571542 0 0 0 0 802314 802314 0 1361376 1361376 104712 104712 172431 172431 155876 155876 0 -5000 -5000 95000 95000 0 3567 3567 183016 183016 57442 57442 1726078 1726078 692705 692705 0 109920 109920 104739 104739 0 44360 44360 3170407 3170407 49499 49499 149088 149088 80600 80600 SEE ATTACHED SCHEDULE 655537 655537 0 9713667 9713667 X 858475 -18484 521310084 525080440 4929682 7557871 4327583 4412187 262442 270742 1021499 582866 470067 438633 821006185 810483827 29187596 28347146 423959 403281 1382776073 1376975643 990892 715931 42929420 119385450 1259685287 1175036798 1303605599 1295138179 X 79170474 81837464 79170474 81837464 1382776073 1376975643 X 3857875 -741878 -449007 X false true X true false false 82642 27004 55638 713860 435126 278734 224997 120736 104261 438633 Financial derivatives and other financial products Closely-held equity interests Federal income taxes NON-MS DAILY SHARE ACCOUNTS 1193526 DAILY SHARE ACCOUNTS 791853986 PSA-30 SHARE ACCOUNTS 11887249 PSA-90 SHARE ACCOUNTS 284807204 HOLIDAY ACCUMULATION ACCOUNT 9180000 UNCOLLECTED DEPOSITS-CASH LETTER 13369 CIF CERTIFICATES 250000 CERTIFICATES 67071000 MEMBERSHIP CAPITAL SHARES 8780464 1175036798 X 13103478 -468064 -468064 13571542 13571542 9245603 9245603 468064 468064 9713667 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, 2013. 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. XI 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. X X X false false false DAVID BREHMER CEO 260000 59150 49790 15949 17958 402847 MARK BROWN SVP/CFO 145771 22998 6901 9282 15091 200043 FRED EISEL SVP/CIO 131480 39052 5365 8372 15155 199424 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 B, Line 11 THE SVP/CFO ARE 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 DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL IN THE AMOUNT OF 264,991 PLUS RECLASSIFICATION ADJUSTMENT FOR NET GAINS INCLUDED IN NET INCOME OF 184,016. 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 X, Line 10 U.S BANK ACCOUNT 4,170 ADVANTAGE DRAFTING 3,552 UNCOLLECTED ACH 4,299 UNCOLLECTED CASH LETTER 7,938 OUTSTANDING FCCCU SHARE DRAFT 38,443 18,484