2014-08-15T10:51:32-00:00 2013-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2013-01-01 596134207 1ST CREDIT UNION OF GAINESVILLE 1STC 3523728225 PO BOX 357940 GAINESVILLE FL 326357940 TIMOTHY CANNON CEO 2014-08-15 true DOUGLAS ORTH 3052328272 2014-08-15 2013 2015-11-30 17:44:51Z TIMOTHY CANNON PO BOX 357940 GAINESVILLE FL 32602 3127032 false X WWW.1STCU.COM X 1944 FL PEOPLE HELPING PEOPLE TO MASTER THEIR FINANCIAL SITUATIONS, ONCE SOLUTION AT A TIME. 7 7 21 8 0 0 2696225 3039149 53491 86483 1400 2749716 3127032 0 0 1163622 1189592 0 0 2655613 1748520 3819235 2938112 -1069519 188920 45257755 44660513 42302938 41540063 2954817 3120450 PEOPLE HELPING PEOPLE TO MASTER THEIR FINANCIAL SITUATIONS, ONCE SOLUTION AT A TIME. false false 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. false false false false false false false false false true true false false true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false true 509 0 true 21 true false false false false false false X 7 7 false false false false true true true true true false false false true true true false true true true false X 1ST CREDIT UNION OF GAINESVILLE 3523728225 412 E UNIVERSITY AVENUE GAINESVILLE FL 32602 RALPH HILLIARD CHAIR 001.00 X 0 0 0 DONNA MCAFEE VICE CHAIR 001.00 X 0 0 0 REIDA SQUIRES SECRETARY 001.00 X 0 0 0 ALAN MORROW TREASURER 001.00 X 0 0 0 GWENDOLYN DAWSON DIRECTOR 001.00 X 0 0 0 JOHN POWER DIRECTOR 001.00 X 0 0 0 TIM GOOD DIRECTOR 001.00 X 0 0 0 TIMOTHY J CANNON CEO 040.00 X 130284 0 19112 YADLINE SAINT-FORT VP OF ACCOUNTING/CFO 040.00 X 49292 0 3910 179576 23022 1 false false false INCOME ON LOANS 522100 2136764 2136764 FEES, CHARGES, MISCELLANEOUS 522100 902385 902385 3039149 86483 86483 1400 1400 1400 1400 3127032 3127032 0 0 0 0 202598 202598 0 658912 658912 10800 10800 237407 237407 79875 79875 0 67707 67707 28769 28769 0 0 62774 62774 78412 78412 372436 372436 339602 339602 0 80255 80255 38631 38631 0 22068 22068 91808 91808 7034 7034 85691 85691 30161 30161 SEE ATTACHED SCHEDULE 443172 443172 0 2938112 2938112 533935 730399 4081445 1945779 75735 113369 29171335 29628326 35873 56706 2308874 550984 1686251 1757890 3274243 3998942 5955059 5956059 443879 473043 45257755 44660513 205871 589061 42097067 40951002 42302938 41540063 X 2954817 3120450 2954817 3120450 45257755 44660513 188920 -23287 X false true X true false false 728453 728453 1320115 458012 862103 200534 70654 129880 59772 22318 37454 1757890 Financial derivatives and other financial products Closely-held equity interests INVESTMENTS IN CERTIFICATES OF DEPOSIT 5525000 F SECFCU CAPITAL SHARES 431059 F 5956059 Federal income taxes CERTIFICATES OF DEPOSIT 5889488 MONEY MARKET 9636476 IRAS 1659800 SHARE DRAFT 7888493 REGULAR SHARES 15876745 40951002 X 3127032 3127032 3127032 2938112 2938112 2938112 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 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 CHARTERED 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, 2012. 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 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014. 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 6 THE CREDIT UNION HAS MEMBERS. 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.