STATE CHARTERED CREDIT UNIONS IN FLORIDA: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization: STATE CHARTERED CREDIT UNIONS IN FLORIDA (EIN 59-6134207)
Tax period: 2012-01-01 to 2012-12-31
Filed: 2014-10-31
IRS object ID: 201413049349300331
Schema version: 2012v2.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule D
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Timestamp	2014-10-31T11:53:05-00:00	Timestamp
Tax Period End Date	2012-12-31	TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	ORTH CHAKLER MURNANE AND CO CPAs	BusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

Field	Value	IRS element (for citing)
Address Line1	12060 SW 129 COURT SUITE 201	AddressLine1
City	MIAMI	City
State	FL	State
ZIP Code	33186	ZIPCode

Field	Value	IRS element (for citing)
Return Type	990	ReturnType
Tax Period Begin Date	2012-01-01	TaxPeriodBeginDate

Filer Filer

Field	Value	IRS element (for citing)
EIN	596134207	EIN

Name Name

Field	Value	IRS element (for citing)
Business Name Line1	1ST CREDIT UNION OF GAINESVILLE	BusinessNameLine1

Field	Value	IRS element (for citing)
Name Control	1STC	NameControl
Phone	3523728225	Phone

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	PO BOX 357940	AddressLine1
City	GAINESVILLE	City
State	FL	State
ZIP Code	326357940	ZIPCode

Officer Officer

Field	Value	IRS element (for citing)
Name	TIMOTHY CANNON	Name
Title	CEO	Title
Date Signed	2014-10-28	DateSigned
Authorize Third Party	true	AuthorizeThirdParty

Preparer Preparer

Field	Value	IRS element (for citing)
Name	DOUGLAS ORTH	Name
Phone	3052328272	Phone

Field	Value	IRS element (for citing)
Tax Year	2012	TaxYear
Build TS	2016-02-25 16:41:14Z	BuildTS

Form 990 IRS990

Name Of Principal Officer Business NameOfPrincipalOfficerBusiness

Field	Value	IRS element (for citing)
Business Name Line1	TIMOTHY CANNON	BusinessNameLine1

Address Principal Officer US AddressPrincipalOfficerUS

Field	Value	IRS element (for citing)
Address Line1	PO BOX 357940	AddressLine1
City	GAINESVILLE	City
State	FL	State
ZIP Code	326357940	ZIPCode

Field	Value	IRS element (for citing)
Gross Receipts	2749716	GrossReceipts
Group Return For Affiliates	false	GroupReturnForAffiliates
Group Exemption Number	2106	GroupExemptionNumber
Organization501c	X	Organization501c
Web Site	WWW.1STCU.COM	WebSite
Type Of Organization Corporation	X	TypeOfOrganizationCorporation
Year Formation	1944	YearFormation
State Legal Domicile	FL	StateLegalDomicile
Activity Or Mission Description	PEOPLE HELPING PEOPLE TO MASTER THEIR FINANCIAL SITUATIONS, ONE SOLUTION AT A TIME.	ActivityOrMissionDescription
Nbr Voting Members Governing Body	7	NbrVotingMembersGoverningBody
Nbr Independent Voting Members	7	NbrIndependentVotingMembers
Total Nbr Employees	22	TotalNbrEmployees
Total Nbr Volunteers	7	TotalNbrVolunteers
Total Gross UBI	0	TotalGrossUBI
Contributions Grants Current Year	0	ContributionsGrantsCurrentYear
Program Service Revenue Prior Year	2791876	ProgramServiceRevenuePriorYear
Program Service Revenue CY	2696225	ProgramServiceRevenueCY
Investment Income Prior Year	74781	InvestmentIncomePriorYear
Investment Income Current Year	53491	InvestmentIncomeCurrentYear
Other Revenue Current Year	0	OtherRevenueCurrentYear
Total Revenue Prior Year	2866657	TotalRevenuePriorYear
Total Revenue Current Year	2749716	TotalRevenueCurrentYear
Grants And Similar Amnts CY	0	GrantsAndSimilarAmntsCY
Benefits Paid To Members CY	0	BenefitsPaidToMembersCY
Salaries Etc Prior Year	980697	SalariesEtcPriorYear
Salaries Etc Current Year	1156281	SalariesEtcCurrentYear
Total Prof Fundrsng Exp CY	0	TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year	0	TotalFundrsngExpCurrentYear
Other Expense Prior Year	1862852	OtherExpensePriorYear
Other Expenses Current Year	2662953	OtherExpensesCurrentYear
Total Expenses Prior Year	2843549	TotalExpensesPriorYear
Total Expenses Current Year	3819234	TotalExpensesCurrentYear
Revenues Less Expenses Prior Year	23108	RevenuesLessExpensesPriorYear
Revenues Less Expenses CY	-1069518	RevenuesLessExpensesCY
Total Assets BOY	46378672	TotalAssetsBOY
Total Assets EOY	45257755	TotalAssetsEOY
Total Liabilities BOY	42504327	TotalLiabilitiesBOY
Total Liabilities EOY	42302938	TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY	3874345	NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY	2954817	NetAssetsOrFundBalancesEOY
Mission Description	PEOPLE HELPING PEOPLE TO MASTER THEIR FINANCIAL SITUATIONS, ONE SOLUTION AT A TIME.	MissionDescription
Significant New Program Services	false	SignificantNewProgramServices
Significant Change	false	SignificantChange
Description	1ST CREDIT UNION OF GAINESVILLE IS DEDICATED TO SERVING ITS MEMBERS SAVINGS AND LOAN NEEDS. SERVICES INCLUDE AVAILABILITY OF VARIOUS TYPES OF SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, AND RETIREMENT ACCOUNTS. THE CREDIT UNION ALSO MAKES LOANS TO MEMBERS.	Description
Described In501 C3	false	DescribedIn501C3
Schedule B Required	false	ScheduleBRequired
Political Activities	false	PoliticalActivities
Donor Advised Funds	false	DonorAdvisedFunds
Conservation Easements	false	ConservationEasements
Collections Of Art	false	CollectionsOfArt
Credit Counseling	false	CreditCounseling
Term Or Permanent Endowments	false	TermOrPermanentEndowments
Report Land Bldg Equip	true	ReportLandBldgEquip
Report Invest Oth Securities	true	ReportInvestOthSecurities
Report Prog Rel Invest	false	ReportProgRelInvest
Report Other Assets	false	ReportOtherAssets
Report Other Liabilities	true	ReportOtherLiabilities
Report Fin48 Footnote	true	ReportFin48Footnote
Independent Audit Financial Stmt	true	IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt	false	ConsolidatedAuditFinancialStmt
School	false	School
Foreign Office	false	ForeignOffice
Foreign Activities	false	ForeignActivities
More Than5000 K To Organizations	false	MoreThan5000KToOrganizations
More Than5000 K To Individuals	false	MoreThan5000KToIndividuals
Professional Fundraising	false	ProfessionalFundraising
Fundraising Activities	false	FundraisingActivities
Gaming	false	Gaming
Hospital	false	Hospital
Grants To Organizations	false	GrantsToOrganizations
Grants To Individuals	false	GrantsToIndividuals
Schedule J Required	false	ScheduleJRequired
Tax Exempt Bonds	false	TaxExemptBonds
Loan To Officer Or DQP	false	LoanToOfficerOrDQP
Grant To Related Person	false	GrantToRelatedPerson
Bsnss Rltnshp With Organization	false	BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member	false	BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp	false	OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions	false	DeductibleNonCashContributions
Deductible Contributions Of Art	false	DeductibleContributionsOfArt
Terminated	false	Terminated
Partial Liquidation	false	PartialLiquidation
Disregarded Entity	false	DisregardedEntity
Related Entity	false	RelatedEntity
Related Org Controlled Entity	false	RelatedOrgControlledEntity
Activities Conducted Partnership	false	ActivitiesConductedPartnership
Schedule O Required	true	ScheduleORequired
Number Forms Transmitted With1096	698	NumberFormsTransmittedWith1096
Number W2 G Included	0	NumberW2GIncluded
Compliance With Backup Witholding	true	ComplianceWithBackupWitholding
Number Of Employees	22	NumberOfEmployees
Employment Tax Returns Filed	true	EmploymentTaxReturnsFiled
Unrelated Business Income	false	UnrelatedBusinessIncome
Foreign Financial Account	false	ForeignFinancialAccount
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTrans
Taxable Party Notification	false	TaxablePartyNotification
Non Deductible Contributions	false	NonDeductibleContributions
Indoor Tanning Services	false	IndoorTanningServices
Info In Schedule O Part VI	X	InfoInScheduleOPartVI
Nbr Voting Governing Body Members	7	NbrVotingGoverningBodyMembers
Number Independent Voting Members	7	NumberIndependentVotingMembers
Family Or Business Relationship	false	FamilyOrBusinessRelationship
Delegation Of Management Duties	false	DelegationOfManagementDuties
Changes To Organizing Docs	false	ChangesToOrganizingDocs
Material Diversion Or Misuse	false	MaterialDiversionOrMisuse
Members Or Stockholders	true	MembersOrStockholders
Election Of Board Members	true	ElectionOfBoardMembers
Decisions Subject To Approval	true	DecisionsSubjectToApproval
Minutes Of Governing Body	true	MinutesOfGoverningBody
Minutes Of Committees	true	MinutesOfCommittees
Officer Mailing Address	false	OfficerMailingAddress
Local Chapters	false	LocalChapters
Form990 Provided To Governing Body	false	Form990ProvidedToGoverningBody
Conflict Of Interest Policy	true	ConflictOfInterestPolicy
Annual Disclosure Covered Persons	true	AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement	true	RegularMonitoringEnforcement
Whistleblower Policy	false	WhistleblowerPolicy
Document Retention Policy	true	DocumentRetentionPolicy
Compensation Process CEO	true	CompensationProcessCEO
Compensation Process Other	true	CompensationProcessOther
Investment In Joint Venture	false	InvestmentInJointVenture
Upon Request	X	UponRequest

The Books Are In Care Of TheBooksAreInCareOf

Field	Value	IRS element (for citing)
Name Person	1ST CREDIT UNION OF GAINESVILLE	NamePerson
Telephone Number	3523728225	TelephoneNumber

Address US AddressUS

Field	Value	IRS element (for citing)
Address Line1	412 E UNIVERSITY AVENUE	AddressLine1
City	GAINESVILLE	City
State	FL	State
ZIP Code	32602	ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (12 entries)

TitleTitle	Average Hours Per WeekAverageHoursPerWeek	Average Hours Per Week RelatedAverageHoursPerWeekRelated	Individual Trustee Or DirectorIndividualTrusteeOrDirector	Reportable Comp From OrganizationReportableCompFromOrganization	Reportable Comp From Related OrgsReportableCompFromRelatedOrgs	Other CompensationOtherCompensation	OfficerOfficer
RALPH HILLIARD
CHAIRMAN	001.00	001.00	X	0	0	0
DONNA MCAFEE
VICE CHAIRMAN	001.00	001.00	X	0	0	0
REIDA SQUIRES
SECRETARY	001.00	001.00	X	0	0	0
ALAN MORROW
TREARURER	001.00	001.00	X	0	0	0
GWENDOLYN DAWSON
DIRECTOR	001.00	001.00	X	0	0	0
JOHN POWER
DIRECTOR	001.00	001.00	X	0	0	0
TIM GOOD
DIRECTOR	001.00	001.00	X	0	0	0
TIMOTHY J CANNON
CEO	040.00	040.00		125319	0	9839	X
ASHRAF ELKOTANEY
CFO	040.00	040.00		23080	0	0	X
PATSY LINDAMOOD
PRESIDENT/CEO	040.00	040.00		70710	0	0	X
CRAIG PLEDGER
CFO	040.00	040.00		31827	0	5344	X
DEBORAH THOMAS
VP OF OPERATIONS	040.00	040.00		51515	0	7070	X

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	302451	TotalReportableCompFromOrg
Total Other Compensation	22253	TotalOtherCompensation
Number Individuals GT100 K	1	NumberIndividualsGT100K
Formers Listed	false	FormersListed
Total Comp GT150 K	false	TotalCompGT150K
Compensation From Other Sources	false	CompensationFromOtherSources

Program Service Revenue ProgramServiceRevenue (2 entries)

DescriptionDescription	Business CodeBusinessCode	Total Revenue ColumnTotalRevenueColumn	Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome
LOANS TO MEMBERS	522100	1942517	1942517
FEES/CHARGES/OTHER	522100	753708	753708

Field	Value	IRS element (for citing)
Total Program Service Revenue	2696225	TotalProgramServiceRevenue

Investment Income InvestmentIncome

Field	Value	IRS element (for citing)
Total Revenue Column	53491	TotalRevenueColumn
Related Or Exempt Function Income	53491	RelatedOrExemptFunctionIncome

Total Revenue TotalRevenue

Field	Value	IRS element (for citing)
Total Revenue Column	2749716	TotalRevenueColumn
Related Or Exempt Function Income	2749716	RelatedOrExemptFunctionIncome

Grants To Domestic Orgs GrantsToDomesticOrgs

Field	Value	IRS element (for citing)
Total	0	Total

Grants To Domestic Individuals GrantsToDomesticIndividuals

Field	Value	IRS element (for citing)
Total	0	Total

Foreign Grants ForeignGrants

Field	Value	IRS element (for citing)
Total	0	Total

Benefits To Members BenefitsToMembers

Field	Value	IRS element (for citing)
Total	0	Total

Comp Current Officers Directors CompCurrentOfficersDirectors

Field	Value	IRS element (for citing)
Total	324704	Total
Program Services	324704	ProgramServices

Comp Disqual Persons CompDisqualPersons

Field	Value	IRS element (for citing)
Total	0	Total

Other Salaries And Wages OtherSalariesAndWages

Field	Value	IRS element (for citing)
Total	405679	Total
Program Services	405679	ProgramServices

Pension Plan Contributions PensionPlanContributions

Field	Value	IRS element (for citing)
Total	8894	Total
Program Services	8894	ProgramServices

Other Employee Benefits OtherEmployeeBenefits

Field	Value	IRS element (for citing)
Total	357493	Total
Program Services	357493	ProgramServices

Payroll Taxes PayrollTaxes

Field	Value	IRS element (for citing)
Total	59511	Total
Program Services	59511	ProgramServices

Fees For Services Management FeesForServicesManagement

Field	Value	IRS element (for citing)
Total	0	Total

Fees For Services Legal FeesForServicesLegal

Field	Value	IRS element (for citing)
Total	84371	Total
Program Services	84371	ProgramServices

Fees For Services Accounting FeesForServicesAccounting

Field	Value	IRS element (for citing)
Total	29795	Total
Program Services	29795	ProgramServices

Fees For Services Lobbying FeesForServicesLobbying

Field	Value	IRS element (for citing)
Total	0	Total

Field	Value	IRS element (for citing)
Fees For Services Prof Fundraising		FeesForServicesProfFundraising

Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees

Field	Value	IRS element (for citing)
Total	0	Total

Fees For Services Other FeesForServicesOther

Field	Value	IRS element (for citing)
Total	31583	Total
Program Services	31583	ProgramServices

Advertising Advertising

Field	Value	IRS element (for citing)
Total	70623	Total
Program Services	70623	ProgramServices

Office Expenses OfficeExpenses

Field	Value	IRS element (for citing)
Total	382712	Total
Program Services	382712	ProgramServices

Information Technology InformationTechnology

Field	Value	IRS element (for citing)
Total	294800	Total
Program Services	294800	ProgramServices

Royalties Royalties

Field	Value	IRS element (for citing)
Total	0	Total

Occupancy Occupancy

Field	Value	IRS element (for citing)
Total	72700	Total
Program Services	72700	ProgramServices

Travel Travel

Field	Value	IRS element (for citing)
Total	35779	Total
Program Services	35779	ProgramServices

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

Field	Value	IRS element (for citing)
Total	0	Total

Conferences Meetings ConferencesMeetings

Field	Value	IRS element (for citing)
Total	7182	Total
Program Services	7182	ProgramServices

Interest Interest

Field	Value	IRS element (for citing)
Total	140981	Total
Program Services	140981	ProgramServices

Payments To Affiliates PaymentsToAffiliates

Field	Value	IRS element (for citing)
Total	10328	Total
Program Services	10328	ProgramServices

Depreciation Depletion DepreciationDepletion

Field	Value	IRS element (for citing)
Total	109415	Total
Program Services	109415	ProgramServices

Insurance Insurance

Field	Value	IRS element (for citing)
Total	19541	Total
Program Services	19541	ProgramServices

Other Expenses OtherExpenses

Field	Value	IRS element (for citing)
Description	SEE SCHEDULE ATTACHED	Description
Total	1373143	Total
Program Services	1373143	ProgramServices

All Other Expenses AllOtherExpenses

Field	Value	IRS element (for citing)
Total	0	Total

Total Functional Expenses TotalFunctionalExpenses

Field	Value	IRS element (for citing)
Total	3819234	Total
Program Services	3819234	ProgramServices

Cash Non Interest Bearing CashNonInterestBearing

Field	Value	IRS element (for citing)
BOY	323428	BOY
EOY	533935	EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

Field	Value	IRS element (for citing)
BOY	7049230	BOY
EOY	4081445	EOY

Accounts Receivable AccountsReceivable

Field	Value	IRS element (for citing)
EOY	75735	EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

Field	Value	IRS element (for citing)
BOY	29710280	BOY
EOY	29171335	EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

Field	Value	IRS element (for citing)
BOY	149125	BOY
EOY	35873	EOY

Field	Value	IRS element (for citing)
Land Buildings Equipment Basis	2803627	LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec	1117376	LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

Field	Value	IRS element (for citing)
BOY	1761927	BOY
EOY	1686251	EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

Field	Value	IRS element (for citing)
BOY	3511509	BOY
EOY	3274243	EOY

Investments Other Securities InvestmentsOtherSecurities

Field	Value	IRS element (for citing)
BOY	3212000	BOY
EOY	5955059	EOY

Other Assets Total OtherAssetsTotal

Field	Value	IRS element (for citing)
BOY	661173	BOY
EOY	443879	EOY

Total Assets TotalAssets

Field	Value	IRS element (for citing)
BOY	46378672	BOY
EOY	45257755	EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

Field	Value	IRS element (for citing)
BOY	302556	BOY
EOY	205871	EOY

Other Liabilities OtherLiabilities

Field	Value	IRS element (for citing)
BOY	42201771	BOY
EOY	42097067	EOY

Total Liabilities TotalLiabilities

Field	Value	IRS element (for citing)
BOY	42504327	BOY
EOY	42302938	EOY

Field	Value	IRS element (for citing)
Do Not Follow SFAS117	X	DoNotFollowSFAS117

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

Field	Value	IRS element (for citing)
BOY	3874345	BOY
EOY	2954817	EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	3874345	BOY
EOY	2954817	EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

Field	Value	IRS element (for citing)
BOY	46378672	BOY
EOY	45257755	EOY

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	X	InfoInScheduleOPartXI
Reconcilation Revenue Expenses	-1069518	ReconcilationRevenueExpenses
Reconciliation Unrealized Invest	7733	ReconciliationUnrealizedInvest
Reconcilation Other Changes	142257	ReconcilationOtherChanges
Method Of Accounting Accrual	X	MethodOfAccountingAccrual
Accountant Compile Or Review	false	AccountantCompileOrReview
FS Audited	true	FSAudited

FS Audited Basis FSAuditedBasis

Field	Value	IRS element (for citing)
Financial Statement Separate	X	FinancialStatementSeparate

Field	Value	IRS element (for citing)
Audit Committee	true	AuditCommittee
Federal Grant Audit Required	false	FederalGrantAuditRequired

Schedule D IRS990ScheduleD

Field	Value	IRS element (for citing)
Included On FS	false	IncludedOnFS

Land Land

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	728453	OtherCostOrOtherBasis
Book Value	728453	BookValue

Buildings Buildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	1275140	OtherCostOrOtherBasis
Depreciation	532145	Depreciation
Book Value	742995	BookValue

Equipment Equipment

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	643994	OtherCostOrOtherBasis
Depreciation	486328	Depreciation
Book Value	157666	BookValue

Other Land Buildings OtherLandBuildings

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	156040	OtherCostOrOtherBasis
Depreciation	98903	Depreciation
Book Value	57137	BookValue

Field	Value	IRS element (for citing)
Total Of Book Value Land Buildings	1686251	TotalOfBookValueLandBuildings

Other Securities OtherSecurities (4 entries)

DescriptionDescription	Book ValueBookValue	Method Of ValuationMethodOfValuation
Financial derivatives and other financial products
Closely-held equity interests
INVESTMENTS IN CERTIFICATES OF DEPOSIT	5524000	F
SECFCU CAPITAL SHARES	431059	F

Field	Value	IRS element (for citing)
Total Of Book Value Securities	5955059	TotalOfBookValueSecurities

Other Liabilities OtherLiabilities (6 entries)

DescriptionDescription	AmountAmount
Federal income taxes
CERTIFICATES OF DEPOSIT	$6,728,008
MONEY MARKET	$11,077,939
IRAS	$1,960,581
SHARE DRAFT	$7,719,500
REGULAR SHARES	$14,611,039

Field	Value	IRS element (for citing)
Total Of Amounts	42097067	TotalOfAmounts
Footnote In Part XIII	X	FootnoteInPartXIII
Tot Revenue Etc Audited Fincl Stmt	2749716	TotRevenueEtcAuditedFinclStmt
Revenue Subtotal	2749716	RevenueSubtotal
Total Revenue Per Form990	2749716	TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt	3819234	TotExpensesEtcAuditedFinclStmt
Expenses Subtotal	3819234	ExpensesSubtotal
Total Expenses Per Form990	3819234	TotalExpensesPerForm990

Form990 Schedule D Part XIII Form990ScheduleDPartXIII

Field	Value	IRS element (for citing)
Identifier	X	Identifier
Return Reference	2	ReturnReference
Explanation	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 THE 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 IRS RELEASED TECHNICAL ADVICE MEMORANDUMS TO SPECIFIC STATE CHARTERD CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX UBIT. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. AS A RESULT OF ADOPTING THE INCOME TAX TOPIC OF THE FASB ASC, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED 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, 2011. THE IRS AND STATE, WHERE APPLICABLE, HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR YEARS IN WHICH NO TAX RETURN WAS FILED. MANAGEMENT HAD DETERMINED THAT THE FINANCIAL IMPACT, IF ANY, OF NOT FILING UBIT-RELATED INCOME TAX RETURNS IN PREVIOUS YEARS WOULD NOT BE MATERIAL TO THE CREDIT UNIONS FINANCIAL STATEMENTS FOR THE 15 MONTH PERIOD ENDED MARCH 31, 2013.	Explanation

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (9 entries)

ExplanationExplanation
Form 990 Part XI Line 9 ADJUSTMENT ENTRIES POSTED TO REVERSE THE 2011 AUDIT ADJUSTMENTS RECORDED BY MANAGEMENT IN 2012.
Form 990 Part VI Section A Line 6 THE CREDIT UNION HAS MEMBERS.
Form 990 Part VI Section A Line 7A MEMBERS OF THE BOARD OF DIRECTORS ARE ELECTED FOR 3 YEAR TERMS BY THE MEMBERSHIP OF THE CREDIT UNION. ELECTIONS ARE HELD ANNUALLY.
Form 990 Part VI Section B Line 11B FORM 990 IS REVIEWED BY MANAGEMENT.
Form 990 Part VI Section B Line 12C THE AUDIT COMMITTEE HAS THE RESPONSIBILITY TO REVIEW ANY CONFLICT OF INTEREST DISCLOSURES.
Form 990 Part VI Section B Line 15A THE COMPENSATION OF THE CEO IS SET BY THE BOARD. THEY OBTAIN SURVEYS PREPARED BY CUES AND CUNA. THE DATA IS COMPARED AT THE POSITION LEVEL, INCLUDING FACTORS SUCH AS THE NUMBER OF SERVICES, NUMBER OF MEMBERS, AND NUMBER OF LOANS. COMPENSATION IS BASED ON ANALYSIS OF THIS DATA.
Form 990 Part VI Section B Line 15B THE CEO AND COO SET COMPENSATION LEVELS FOR OTHER STAFF MEMBERS BASED ON ANALYSIS DATA OBTAINED FROM SURVEYS PREPARED BY CUES AND CUNA.
Form 990 Part VI Section C Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV WEBSITE VIA THE QUARTERLY 5300 FILING.
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.