2014-11-17T15:37:59-06:00 2013-12-31 261694946 SCHWARTZ COLE AND ASSOCIATES LLC 11776 W SAMPLE RD STE 106 CORAL SPRINGS FL 330653180 990 2013-01-01 580800932 GEORGIA UNITED CREDIT UNION GEOR 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 TODD GUSTAFSON CFO 7704766487 2014-11-15 true DANIEL J COLE P00055998 9547551760 2014-11-17 2013 2015-11-30 17:44:51Z DEBBIE SMITH 6705 SUGARLOAF PKWY DULUTH GA 30097 101119785 false X WWW.GEORGIAUNITEDCU.ORG 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 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 9 271 106272 -133653 0 38992503 38588968 1935803 3912741 0 40928306 42501709 0 4541591 3589997 14667806 14983268 0 0 16220671 16775530 35430068 35348795 5498238 7152914 925003975 957149295 822917088 855052796 102086887 102096499 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 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. 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 true false true true true true false false false false false false false false false false false false true false true false false false false false false false false false false false false true 26100 0 true 271 true true true false false false false false X 9 9 false false false false true true true true true false true true false true true true true true true true true true X JAY JONES 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 ROBERT SMITH FORMER TREAS 5.00 X 0 0 0 DOROTHY DUSENBERRY SECRETARY 5.00 X 0 0 0 THOMAS DICKSON CHAIRMAN 5.00 X 0 0 0 DR JAMES WILLIAMS VICE-CHAIR 5.00 X 0 0 0 JACK LAVENDER FORMER DIREC 5.00 X 0 0 0 RANDY DENNIS TREASURER 5.00 X 0 0 0 MONSIGNOR STEPHEN CHURCHWELL DIRECTOR 5.00 X 0 0 0 TOM COCHRAN DIRECTOR 5.00 X 0 0 0 DR STEVEN WHATLEY 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 DOUG FOOTE FORMER CEO 45.00 X 390525 0 25500 DEBBIE SMITH CEO 45.00 X 238838 0 21028 TODD GUSTAFSON CFO 45.00 X 231897 0 10500 THOMAS BARTHOLOMEW CHIEF INFORM 45.00 X 199776 0 18277 JASON HALPERIN FORMER CMO 45.00 X 104388 0 31273 SHAWN TURPIN VP BRANCH DE 45.00 X 154252 0 7000 KIM WALL DIR. OF COMM 45.00 X 145267 0 11481 RENE MCDANIEL DIR. OF RISK 45.00 X 127952 0 9757 JAY JONES DIRECTOR OF 45.00 X 125564 0 11415 ANTHONY FRAZIER DIR OF IS 45.00 X 110293 0 10054 BILL BLAND DIST. DIR. 45.00 X 102364 0 10185 1931116 166470 11 false true false WEBER MARKETING GROUP 225 TERRY AVE N 400 SEATTLE WA 98109 CONSULTING 1108360 PRO CONSTRUCTION OF GA LLC 4549 KNIGHT RD MACON GA 31220 CONSTRUCTION 592567 AT&T ATLANTIC STATION ATLANTA GA 30301 COMMUNICATIONS 359567 NCR CORPORATION 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 HARWARE/MAINT. 294451 JACK HENRY & ASSOCIATES 663 W HWY 60 MONETTE MO 65708 DTA PROC. 264787 5 INTEREST ON LOANS 25068684 25068684 OTHER OPERATING INCOME 7254867 7254867 FEE INCOME 5781399 5781399 OTHER NON OPERATING INCOME 377746 377746 NON-MEMBER ATM 525990 106272 106272 38588968 3870608 3870608 57927309 732900 57921397 696679 5912 36221 42133 42133 42501709 42395437 106272 3589997 1262958 10263165 1224056 1416112 816977 23776 55529 1472462 1666638 6640774 2294573 316116 21 692517 PROVISION FOR LOAN LOSSES 2050000 LOAN SERVICING 1563124 35348795 0 0 0 12971276 11858206 195584231 63296640 4021829 452184568 471154200 41681271 14973788 26907038 26707483 197253720 319516015 40103142 60594922 925003975 957149295 17095529 10581186 805821559 844471610 822917088 855052796 X 102086887 102096499 102086887 102096499 925003975 957149295 7152914 -7201842 58540 X false true X true false 9751581 9751581 20348951 5146722 15202229 11580739 9827066 1753673 26707483 FED. GOV'T AVAILABLE FOR SALE 313340707 F OTHER INVESTMENTS 6175308 C 319516015 OTHER ASSETS 44283381 NCUA SHARE INSURANCE FUND 8393554 INTANGIBLE ASSETS 2806515 FORECLOSED ASSETS 1621485 ACCRUED INTEREST LOANS 1463702 ACCRUED INTEREST INVESTMENTS 1239905 MEMBER CAPITAL AT CORP CU 786380 INVESTMENTS IN OTHER CU'S 60594922 MEMBER SHARE ACCOUNTS 844213780 ACCRUED INTEREST ON SHARES 257830 844471610 X 42501709 42501709 42501709 35348795 35348795 35348795 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 12/31/13. 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. X X X X false true false DOUG FOOTE FORMER CEO 376247 14278 25500 14740 416025 DEBBIE SMITH CEO 224344 14494 21028 10760 259866 TODD GUSTAFSON CFO 220500 11397 10500 10760 242397 THOMAS BARTHOLOMEW CHIEF INFORMATION 191020 8756 18277 14740 218053 SHAWN TURPIN VP BRANCH DEV 147500 6752 7000 4913 161252 KIM WALL DIR. OF COMM. DEV. 129806 15461 11481 4913 156748 SCHEDULE J, PAGE 1, PART I, LINE 4 DEBBIE SMITH 0 150,000 0 TODD GUSTAFSON 0 75,000 0 THOMAS BARTHOLOMEW 0 75,000 0 SHAWN TURPIN 0 50,000 0 DOUG FOOTE FORMER CEO SPLIT DOLLAR X 4000000 4021829 false true true 4021829 SCHEDULE L, PART V PART II, LINE 1, THE LOAN IS A DEPOSIT TO A SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A LOAN 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 - 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 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. FORM 990, PAGE 6, PART VI, LINE 6 CREDIT UNION HAS MEMBERS WHICH ARE REQUIRED TO FIT THE CREDIT UNION'S FIELD OF MEMBERSHIP PROFILE, AND CHOOSE TO JOIN. 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. 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. FORM 990, PAGE 6, PART VI, LINE 11B 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, PAGE 6, PART VI, LINE 12C CONFLICT OF INTEREST ARE MONITORED BY THE HUMAN RESOURCES DEPARTMENT AS WELL AS THE INTERNAL AUDIT FUNCTION OF THE CREDIT UNION. ENFORCMENT IS ALSO DONE BY REVIEW OF POSSIBLE CONFLICTS OF INTEREST BEFORE ANY NEW CONTRACTS ARE ENTERED INTO. FORM 990, PAGE 6, PART VI, LINE 15A CEO COMPENSATION REVIEWED BY BOARD OF DIRECTORS COMPENSATION 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. FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION OF OTHER OFFICERS IS REVIEWED BY CEO, AND APPROPRIATE MANAGEMENT. 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. FORM 990, PART XI, LINE 9 RESERVE TRANSFERS 58,540