2014-11-17T13:40:23-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2013-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL J KIRK SENIOR VICE PRESIDENT/CFO 6072578500 2014-11-06 1 KENNETH WELCH P01329104 5712279500 2013 2015-11-30 17:44:51Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 33132168 0 X WWW.MYCFCU.COM X CU 1953 NY WE ARE A FULL SERVICE FINANCIAL INSTITUTION PROVIDING FINANCIAL AND BANKING SERVICES TO OUR MEMBERS. THE CREDIT UNION OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS AS WELL AS 1ST & 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS. 9 8 191 12 154694 5450 0 0 29555212 30699502 3369055 2426047 0 0 32924267 33125549 0 0 4504768 3809021 8947550 9477287 0 0 0 10018331 11091721 23470649 24378029 9453618 8747520 834846948 871814855 732425478 762069732 102421470 109745123 X TO PROVIDE THE HIGHEST LEVEL OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE THRIFT, SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCIAL WELL-BEING; TO PROVIDE SOUND FINANCIAL MANAGEMENT IN ORDER TO MAINTAIN EARNINGS FOR OUR CONTINUED GROWTH AND TO PROVIDE OUR EMPLOYEES WITH A CHALLENGING AND REWARDING CAREER. 0 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO 59,867 MEMBERS AND OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS. THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST & 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 23,380 LOANS OUTSTANDING AS OF DECEMBER 31, 2013. THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, OUR CALL CENTER AND ATM'S. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 1 16311 0 1 191 1 1 1 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 X PAUL KIRK 6072578500 1030 CRAFT ROAD ITHACA NY 14850 JAMES PLACE DIRECTOR 1.00 X 0 0 0 SUSAN T SCHATTSCHNEIDER BOARD VICE-CHAIR 1.00 X X 0 0 0 JOSEPH H DURING JR TREASURER 1.00 X X 0 0 0 ROBERT CREE SECRETARY 1.00 X X 0 0 0 AMY GONZALEZ DIRECTOR 1.00 X 0 0 0 JAMES G HENION DIRECTOR 1.00 X 0 0 0 CLAUDE S HEWITT DIRECTOR 1.00 X 0 0 0 BRIAN MITTEER CHAIR 2.00 X X 0 0 0 LISA WHITAKER CEO 50.00 X X 452686 0 28627 PAUL J KIRK CFO 50.00 X 219237 0 25363 WILLIAM CRANE CAO 50.00 X 190213 0 24749 BETH PUTNAM CRO 50.00 X 157987 0 17306 CATHERINE BENSON CLO 50.00 X 153424 0 19211 ELLEN COVEY SVP OPERATIONS 50.00 X 157027 0 16885 MARTHA PRESTON MORTGAGE LOAN SALES ASSOCI 50.00 X 129036 0 14411 PATRICK WOODS AVP OF COMMERCIAL LENDING 50.00 X 105276 0 13967 ROBERT WITTY FORMER CEO 0.00 X 249745 0 25755 1814631 0 186274 9 1 1 0 UNITED SOLUTIONS 1585 SUMMIT LAKE DRIVE TALLAHASSEE FL 32317 CORE PROCESSOR 1509123 FISERV INC 75 REMITTANCE DRIVE SUITE 6974 CHICAGO IL 60675 EFT & BILL PAY 867727 FRED RIGER ADVERTISING PO BOX 1623 BINGHAMTON NY 139021623 MARKETING FIRM 436744 IMMEDIATE MAILING SERVICE 245 COMMERCE BLVD LIVERPOOL NY 13088 MAIL SERVICE PROVIDER 375411 SEIBOLD SECURITY INC 37 RICHMOND STREET ROCHESTER NY 14607 ATM SALES AND SERVICE 194965 9 LOAN INTEREST 522100 22224463 22224463 FEE INCOME 522100 7200282 7045588 154694 OTHER INCOME 900099 1274757 1274757 30699502 1993015 1993015 439651 6619 433032 433032 433032 33125549 30544808 154694 2426047 X 3809021 1288803 6167281 577652 896738 546813 54791 3872662 2175475 932934 54689 591119 548830 LOAN SERVICING EXPENSE 890652 EDUCATIONAL AND PROMOTI 874511 PROVISION FOR LOAN LOSS 783225 MICELLANEOUS EXPENSES 257371 55462 24378029 172608848 169910479 364243 472308 482433124 525574238 373978 444152 16398047 8601645 7757753 7796402 161493440 157808516 9815562 9808760 834846948 871814855 4450498 2637822 8510271 9074229 719464709 750357681 732425478 762069732 X 0 0 15582928 15582928 86838542 94162195 102421470 109745123 834846948 871814855 X 8747520 -1423845 -22 X X 0 1 X 1 0 0 1 X 2448082 2448082 7954894 7954894 1911143 1911143 3906469 3906469 177459 8601645 -8424186 7796402 FHLB CAPITAL STOCK 1921000 C SECURITIES AFS 155520121 F SECURITIES HELD TO MATURITY 160000 C OTHER INVESTMENTS 207395 C 157808516 MEMBER SHARE ACCOUNTS 750357681 750357681 X PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROW ACCOUNTS FOR MORTGAGE LOANS ON THEIR BALANCE SHEET. THESE ACCOUNTS ARE PAID DIVIDENDS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC CREDIT UNION'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION AND SUBSIDIARY EVALUATED THEIR TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 AND 2012. THE CREDIT UNION AND SUBSIDIARY'S 2010 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 LISA WHITAKER CEO 343373 0 94500 0 14813 0 25500 0 3127 0 481313 0 0 0 PAUL J KIRK CFO 170382 0 40000 0 8855 0 22236 0 3127 0 244600 0 0 0 WILLIAM CRANE CAO 146861 0 35000 0 8352 0 19542 0 5207 0 214962 0 0 0 BETH PUTNAM CRO 122932 0 30000 0 5055 0 15936 0 1370 0 175293 0 0 0 CATHERINE BENSON CLO 120784 0 30000 0 2640 0 15694 0 3517 0 172635 0 0 0 ELLEN COVEY SVP OPERATIONS 122085 0 30000 0 4942 0 14670 0 2215 0 173912 0 0 0 ROBERT WITTY FORMER CEO 249745 0 0 0 0 0 25500 0 255 0 275500 0 0 0 LISA WHITAKER LISA WHITAKER IS CEO/PRESIDENT/DIRECTOR OF CFCU COMMUNITY CREDIT UNION 1509123 PRESIDENT/CEO/DIRECTOR LISA WHITAKER IS ON THE BOARD OF UNITED SOLUTIONS WHICH IS THE CREDIT UNION'S CORE PROCESSOR 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. MEMBERSHIP IN THE CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF ALL RESIDENTS LIVING, WORKING OR ATTENDING SCHOOL IN TOMPKINS AND CORTLAND COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION A LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION A LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. MEMBERS ARE ENTITLED TO VOTE ON DISSOLVING THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY THE CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET ANNUALLY BY THE BOARD OF DIRECTORS. THEY UTILIZE A COMPENSATION SURVEY AND A SALARY RANGE PROVIDED BY A THIRD PARTY VENDOR AS TOOLS TO DETERMINE THE SALARY. THE COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE CEO AS PART OF THE ANNUAL REVIEW PROCESS. THE CEO USES SALARY RANGES PROVIDED BY A THIRD PARTY TO DETERMINE THESE SALARIES. THE SALARIES ARE APPROVED BY THE BOARD AS PART OF THE ANNUAL BUDGETING PROCESS. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2013. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BALANCE SHEET IS POSTED MONTHLY IN THE LOBBY OF EACH BRANCH LOCATION. THE MINUTES TO OUR BOARD OF DIRECTORS MEETINGS AND BYLAWS ARE AVAILABLE FOR REVIEW UPON REQUEST IN OUR MAIN OFFICE (THE DOCUMENTS MUST BE REVIEWED ON-SITE). WE ALSO FILE A QUARTERLY CALL REPORT WITH NCUA WITH DETAILED FINANCIAL AND MISCELLANEOUS INFORMATION WHICH IS AVAILABLE TO THE GENERAL PUBLIC AT WWW.NCUA.GOV. FORM 990, PART IX, LINE 11G EDP PROGRAMS-ESS 64,586. EDP PROGRAMS-DEALER LOANS 16,802. ATM SPACE RENTAL 32,191. SUPPLIES/PRINTING-CRAFT ROAD 813. SUPPLIES/PRINTING-CAMPUS STORE 2,938. SUPPLIES/PRINTING-ITHACA COLLEGE 976. SUPPLIES/PRINTING-TRIPHAMMER 7,650. SUPPLIES/PRINTING-EAST HILL 10,260. SUPPLIES/PRINTING-MEADOW STREET 11,388. SUPPLIES/PRINTING-RTE 281 9,526. SUPPLIES/PRINTING-PORT WATSON 6,772. SUPPLIES/PRINTING-BORG WARNER 527. SUPPLIES/PRINTING-ELECTRONIC PROCES 38,257. SUPPLIES/PRINTING-MORTGAGE 40,134. SUPPLIES/PRINTING-IAAC 9,789. SUPPLIES/PRINTING-WEALTH MANAGEMENT 6,121. SUPPLIES/PRINTING-CONSUMER LENDING 10,210. SUPPLIES/PRINTING-DEALER LOANS 1,366. SUPPLIES/PRINTING-BUSINESS LENDING 416. SUPPLIES/PRINTING-ASSET RECOVERY 265. SUPPLIES/PRINTING-LOAN SERVICES 3,277. SUPPLIES/PRINTING-MEMBER RELATIONS 15,141. SUPPLIES/PRINTING-ADMIN 16,777. SUPPLIES/PRINTING-GENERAL 168,497. COPY MACHINE EXPENSE-CAMPUS STORE 2,422. COPY MACHINE EXPENSE-ITHACA COLLEGE 110. COPY MACHINE EXPENSE-TRIPHAMMER 2,139. COPY MACHINE EXPENSE-EAST HILL 4,791. COPY MACHINE EXPENSE-MEADOW STREET 1,918. COPY MACHINE EXPENSE-RTE 281 2,900. COPY MACHINE EXPENSE-PORT WATSON 4,444. COPY MACHINE EXPENSE-MORTGAGE 8,383. COPY MACHINE EXPENSE-WEALTH MANAGEM 1,523. COPY MACHINE EXPENSE-1030 CRAFT ROA 11,915. COPY MACHINE EXPENSE-1050 CRAFT ROA 3,929. ATM SUPPLIES 11,921. MICRO-FILMING FEES 7,800. INSURANCES-MORTGAGE 8,971. INSURANCES-GENERAL 168,262. INSURANCES-CUSO 814. FEDERAL RESERVE & OTHER BANK FEES 7,552. FEDERAL RESERVE & OTHER BANK FEES 95,211. DEBIT CARD EXPENSES 1,347,396. DEBIT CARD FRAUDS 59,366. ATM NETWORK PROCESSING FEES 306,444. ATM MERCHANT SURCHARGES 6,609. ATM SERVICING-LOOMIS 116,223. PROFESSIONAL & OUTSIDE SERVICES-ELE 22,519. PROFESSIONAL & OUTSIDE SERVICES-MOR 40,615. PROFESSIONAL & OUTSIDE SERVICES-IAA 24,593. PROFESSIONAL & OUTSIDE SERVICES-CON 39. PROFESSIONAL & OUTSIDE SERVICES-MEM 16,380. PROFESSIONAL & OUTSIDE SERVICES-ADM 166,063. PROFESSIONAL & OUTSIDE SERVICES-GEN 828,295. ARMORED MOTOR SERVICES-CAMPUS STORE 2,500. ARMORED MOTOR SERVICES-ITHACA COLLE 2,503. ARMORED MOTOR SERVICES-TRIPHAMMER 6,929. ARMORED MOTOR SERVICES-EAST HILL 6,110. ARMORED MOTOR SERVICES-MEADOW STREE 6,792. ARMORED MOTOR SERVICES-RTE 281 6,184. ARMORED MOTOR SERVICES-PORT WATSON 4,800. ARMORED MOTOR SERVICES-BORG WARNER 4,045. ARMORED MOTOR SERVICES-ELECTRONIC P 587. ARMORED MOTOR SERVICES-FRB 12,387. LEAGUE DUES 50,342. PROFESSIONAL ORGANIZATIONS-ADMIN 15,257. FORM 990, PART XI, LINE 9: ROUNDING -22. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESSES HAVE NOT CHANGED SINCE THE PRIOR YEAR. CFCU FINANCIAL SERVICES INC 1030 CRAFT ROAD ITHACA NY 14850 161485702 AUTO LEASING NY CFCU COMMUNITY CREDIT UNION C 7116 298799 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0